1. Report Industry Investment Ratings No information about industry investment ratings is provided in the content. 2. Core Views of the Reports Tin - Market sentiment has improved, and the fundamentals are strong. Hold long positions and monitor macro - end changes and the supply recovery in Myanmar in the fourth quarter. If Myanmar's supply recovers smoothly, tin prices may weaken; otherwise, they are expected to remain strong [2]. Industrial Silicon - The spot price of industrial silicon is stable, while the futures price fluctuates downward. In November, there is still a risk of inventory accumulation, but the pressure is reduced compared to October. The price is expected to fluctuate at a low level, with the main price range between 8,500 - 9,500 yuan/ton [4]. Polysilicon - The market remains in a state of high - level price fluctuations. There is an expectation of inventory accumulation in all links. Pay attention to the support level of the spot price, the establishment of the platform company, production control, and demand - side orders. For trading, focus on the 50,000 support level for futures, and hold and observe ETFs/related stocks [5]. Copper - The copper market is in a wait - and - see mode. Macro factors such as interest rate cuts, tariffs, and overseas liquidity will affect copper prices. Fundamentally, the supply of copper ore is tight, and downstream demand is resilient. The bottom of copper prices is expected to gradually rise, with the main contract focusing on the 86,500 support level [8]. Zinc - The fundamentals and macro factors of zinc have limited changes. The supply is expected to face less pressure, and the demand is average. The LME zinc price has an upper - bound pressure, while the export of zinc ingots may boost domestic zinc prices. The main contract of Shanghai zinc is expected to range between 22,300 - 23,000 [10]. Nickel - The nickel market is in a state of long - short entanglement. Macro factors exert pressure, and the supply of refined nickel is high. The supply of nickel ore is stable, and the price of nickel - iron is under pressure. The market is expected to fluctuate weakly, with the main contract ranging between 118,000 - 124,000 [11]. Stainless Steel - The stainless - steel market is weak. Macro driving forces are weakening, the supply of nickel ore is stable, and the price of nickel - iron is under pressure. The supply is still under pressure, and demand is insufficient. The market is expected to fluctuate weakly, with the main contract ranging between 12,400 - 12,800 [12]. Aluminum Alloy - The casting aluminum - alloy market has reached a new high. The cost is strongly supported, but demand is weak due to high prices. Inventory is accumulating. The price of ADC12 is expected to fluctuate strongly, with the main contract ranging between 20,800 - 21,400 yuan/ton [15][17]. Lithium Carbonate - The lithium - carbonate market fluctuates widely. The supply is gradually increasing, and demand is optimistic. The price is expected to fluctuate in the short term. Pay attention to the resumption of production of large factories and downstream demand changes [20]. Aluminum - The alumina market is in a weak - supply and weak - demand situation, with prices expected to fluctuate weakly. The electrolytic aluminum market is driven by macro factors, with strong capital sentiment but weak fundamentals. The price may test the 22,000 pressure level [21]. 3. Summaries According to Relevant Catalogs Tin - **Price and Basis**: SMM 1 tin price increased by 1.15% to 291,000 yuan/ton, and the LME 0 - 3 premium increased by 155.03% to 85.00 dollars/ton [2]. - **Fundamentals**: In September, domestic tin ore imports decreased by 15.13% month - on - month. In October, SMM refined tin production increased by 53.09% [2]. - **Inventory**: SHEF inventory increased by 1.23% to 5,992.0 tons, and social inventory increased by 5.22% to 7,033.0 tons [2]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - permeable SI5530 industrial silicon remained unchanged at 9,500 yuan/ton, and the basis increased by 52.38% [4]. - **Fundamentals**: In October, the national industrial silicon production increased by 7.46% to 45.22 million tons, and the national operating rate increased by 9.98% to 68.12% [4]. - **Inventory**: The weekly social inventory decreased by 1.08% to 55.20 million tons [4]. Polysilicon - **Price and Basis**: The average price of N - type granular silicon remained unchanged at 50,500 yuan/ton, and the N - type material basis increased by 117.76% [5]. - **Fundamentals**: In October, polysilicon production increased by 3.08% to 13.40 million tons, and the import volume increased by 28.46% to 0.13 million tons [5]. - **Inventory**: The polysilicon inventory decreased by 0.77% to 25.90 million tons [5]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper increased by 0.03% to 86,795 yuan/ton, and the import profit and loss increased by 84.77 yuan/ton [8][9]. - **Fundamentals**: In October, electrolytic copper production decreased by 2.62% to 109.16 million tons, and the electrolytic copper rod operating rate increased by 1.54 percentage points [8]. - **Inventory**: The domestic social inventory decreased by 2.10% to 19.59 million tons, and the SHFE inventory decreased by 0.95% to 11.50 million tons [8]. Zinc - **Price and Basis**: The price of SMM 0 zinc ingot decreased by 0.22% to 22,610 yuan/ton, and the import profit and loss increased by 542.25 yuan/ton [10]. - **Fundamentals**: In October, refined zinc production increased by 2.85% to 61.72 million tons, and the galvanizing operating rate decreased by 2.41 percentage points [10]. - **Inventory**: The seven - region social inventory of Chinese zinc ingots decreased by 1.30% to 15.96 million tons, and the LME inventory increased by 1.63% to 3.6 million tons [10]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel decreased by 0.70% to 120,450 yuan/ton, and the LME 0 - 3 decreased by 2.10% to - 201 dollars/ton [11]. - **Fundamentals**: The production of Chinese refined nickel increased by 0.84% to 35,900 tons, and the import volume increased by 124.36% [11]. - **Inventory**: The SHFE inventory increased by 1.19% to 37,187 tons, and the social inventory increased by 2.14% to 49,133 tons [11]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.39% to 12,700 yuan/ton, and the basis decreased by 2.20% [12]. - **Fundamentals**: The production of Chinese 300 - series stainless - steel crude steel increased by 0.38% to 182.17 million tons, and the import volume increased by 2.70% [12]. - **Inventory**: The social inventory of 300 - series stainless steel decreased by 0.65% to 48.89 million tons, and the SHFE warehouse receipt decreased by 0.42% to 7.14 million tons [12]. Aluminum Alloy - **Price and Basis**: The price of SMM aluminum alloy ADC12 remained unchanged at 21,500 yuan/ton, and the refined - scrap spread of Foshan crushed aluminum increased by 2.42% [15][17]. - **Fundamentals**: In October, the production of recycled aluminum alloy ingots decreased by 2.42% to 64.50 million tons, and the operating rate of recycled aluminum alloy decreased by 2.95% [15][17]. - **Inventory**: The weekly social inventory of recycled aluminum alloy ingots increased by 1.82% to 5.58 million tons [15][17]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate increased by 1.22% to 83,300 yuan/ton, and the basis (based on SMM battery - grade lithium carbonate) increased by 30.17% [20]. - **Fundamentals**: In October, the production of lithium carbonate increased by 5.73% to 92,260 tons, and the demand increased by 8.70% [20]. - **Inventory**: The total inventory of lithium carbonate in October decreased by 10.90% to 84,234 tons [20]. Aluminum - **Price and Basis**: The price of SMM A00 aluminum increased by 0.23% to 21,670 yuan/ton, and the import profit and loss increased by 170.1 yuan/ton [21]. - **Fundamentals**: In October, the production of alumina increased by 2.39% to 778.53 million tons, and the production of electrolytic aluminum increased by 3.52% to 374.21 million tons [21]. - **Inventory**: The social inventory of Chinese electrolytic aluminum remained unchanged at 62.70 million tons, and the LME inventory decreased by 0.21% to 54.4 million tons [21].

Report Industry Investment Ratings - No investment ratings were provided in the reports. Core Views Polyolefin Industry - PP shows both increasing supply and demand. Supply rises due to fewer maintenance shutdowns, and demand remains resilient in sectors like automotive and home appliances. However, there is a slight inventory build - up this week under the pressure of new production capacity. PE has weak supply and demand. Although unplanned maintenance eases supply pressure, imported goods are still abundant, and demand outside of agricultural films generally declines. There is overall insufficient support, and while inventory decreased this week, port inventory remains high. The cost side shows oil prices fluctuating and coal prices rising, with a slight improvement in PDH profits. High inventory and cost support continue to compete, and market expectations remain weak [2]. Methanol Industry - The Iranian gas restriction has been postponed. As of November 12th, Iran's shipments reached 430,000 tons, maintaining a relatively high level, putting significant pressure on the port methanol market. Prices and basis are weakly oscillating. In the inland market, Jiutai had an unexpected maintenance, but subsequent domestic production will continue to increase. Overseas gas restriction is less than expected. On the demand side, multiple MTO units reduced their loads due to profit reasons, and traditional downstream industries made rigid - demand purchases. The current market is trading under the "weak reality" logic, with the core contradiction being high port inventory. The inventory contradiction of the 01 contract cannot be resolved, and the weak reality will continue to be traded before the Iranian gas restriction [6]. Natural Rubber Industry - On the supply side, there are still occasional rainfall disruptions in overseas production areas, but overall, the output during the peak season is expected to be strong, and raw material prices have some downward space. The domestic production area is gradually entering the production - reduction period, and domestic raw material prices are firm. On the demand side, some northern regions are gradually entering the off - season this month, market sales are slowing down, and most companies are digesting inventory and purchasing as needed. As the market gradually digests inventory, some companies made small - scale replenishments in the middle of the month. In summary, short - term macro fluctuations are large, and rubber prices are expected to oscillate. In the future, attention should be paid to the raw material output in the peak - season of the main production areas and macro changes. If raw material supply is smooth, prices will be weak; if not, prices may be stable. It is expected that rubber prices will fluctuate around 15,000 - 15,500 [9]. Polyester Industry - **PX**: Asian and domestic PX loads remain high. In the short - term, PTA load is maintained, and previous terminal and polyester demand has improved more than expected. With low polyester inventory, it is expected that the load will remain relatively high from November to December, and there is still support on the short - term PX demand side. However, the overall support from the cost side is limited due to the weak supply - demand outlook for crude oil. Recently, the market has been trading on the expectations of PTA anti - involution and tight mid - term PX supply - demand. PX has shown a strong trend. But the terminal demand is entering the off - season, and there are concentrated PTA device maintenance plans in November, so the PX supply - demand outlook is loose, and price drivers are limited. Strategically, PX may oscillate in the range of 6,200 - 6,800 in the short - term, and short - selling can be considered above 6,800 [10]. - **PTA**: There are still many PTA device maintenance plans in November. Terminal and polyester demand has improved more than expected, and with low polyester inventory, it is expected that the load will remain relatively high from November to December. The PTA supply - demand is expected to be in a tight balance in November, but it is expected to be loose from February to the first quarter of next year. In terms of absolute price, the price driver is limited, and the support for PTA is limited. Although PTA - related stocks and absolute prices have been boosted by recent PTA production - cut rumors, the basis is still weakly operating. It is expected that the PTA rebound will be limited. Strategically, TA should be treated as oscillating in the range of 4,300 - 4,800 in the short - term, and short - selling on rallies is recommended; a rolling reverse spread for TA1 - 5 can be considered [10]. - **Ethylene Glycol**: Recently, some coal - based ethylene glycol plants have undergone maintenance, but Zhenhai Refining & Chemical's plant is restarting, and previously shut - down coal - based plants are planned to restart in the middle and late part of the month. Domestic supply remains high, and North American ethylene glycol load has increased to a high level, with no reduction in Middle - East supply. November will see a concentrated arrival of overseas ethylene glycol shipments. Although the polyester load is maintained above 91%, the expected high inventory build - up from November to December puts pressure on ethylene glycol prices. Strategically, hold out - of - the - money call options with a strike price of no less than 4,100 for EG2601; implement a reverse spread for EG1 - 5 on rallies [10]. - **Short - fiber**: Currently, short - fiber factories have low inventory levels and reasonable processing fees, so short - term supply remains relatively high. In terms of demand, there is an expectation of seasonal weakening in terminal demand in November. As raw material prices decline, short - fiber prices follow suit, and there has been some purchasing at low prices in the market. Overall, the short - term supply - demand pattern is still weak. Although there are expectations of PTA production cuts, the medium - term supply - demand weakness is difficult to change, and with the weak supply - demand outlook for upstream crude oil, price drivers are weak. It is expected that the rebound space for short - fiber is limited, and processing fees may be compressed. Strategically, the single - side strategy is the same as that for PTA; the processing fee on the futures market is expected to oscillate in the range of 800 - 1,100, and short - selling on rallies is recommended [10]. - **Bottle chips**: In mid - November, there are both maintenance and restart of the Huarun plant. According to Longzhong Information, the commissioning of Dongying Fuhai's new plant has been postponed, so there is little change in domestic supply. Considering the off - season market demand in November, the demand for soft drinks and catering has declined slightly, and the demand side provides insufficient support for bottle chips. The supply - demand situation for bottle chips remains loose. Therefore, bottle - chip social inventory is likely to enter the seasonal inventory - build - up phase. PR will mainly fluctuate with the cost side, and processing fees will be less boosted by supply - demand and will change dynamically with raw material costs. Strategically, the single - side strategy for PR is the same as that for PTA; the processing fee on the PR main - contract futures market is expected to fluctuate in the range of 300 - 450 yuan/ton [10]. Pure Benzene and Styrene Industry - **Pure Benzene**: Recently, there are new production capacities coming on - stream and plant restarts for pure benzene, and the import volume is expected to remain high. Although there are maintenance plans, overall supply may still be loose. On the demand side, some downstream industries are in the red, and the overall demand change is limited. Although the weekly inventory has decreased, the supply pressure remains. The overall supply - demand outlook for pure benzene is loose, and cost support is limited. Since the current valuation of pure benzene is low, future attention should be paid to plant changes. Strategically, BZ2603 has weak self - driving force and should be treated as short - selling on rallies following oil prices [11]. - **Styrene**: Two new styrene plants are operating stably, and previously shut - down plants have restarted, increasing production. There are still maintenance expectations in November, and overall supply may be maintained. The downstream EPS industry has entered the seasonal off - season, and due to high finished - product inventory, there are expectations of production cuts to maintain prices. Overall, the supply - demand outlook for styrene is in a tight balance, and price drivers are still insufficient. Attention should be paid to plant restarts, production cuts, and cost changes. Strategically, the price of EB12 should be treated as short - selling on rallies following cost changes [11]. LPG Industry - No overall view was provided in the report, only price, inventory, and开工率 data were presented [13]. Crude Oil Industry - Previously, due to the expectation that the US government shutdown would end soon and the strong performance of European diesel under continuous sanctions on Russia by Europe and the US, oil prices rebounded. However, the weak supply - demand pattern of crude oil still limits the increase. Overnight, on one hand, both OPEC and EIA monthly reports raised oil production forecasts, increasing concerns about supply over - capacity; on the other hand, there are signs of peace talks between Russia and Ukraine, and the geopolitical premium has declined. Overnight, oil prices dropped significantly. Under the continuous pressure of OPEC+ to increase production, the supply - demand outlook for crude oil in the fourth quarter is weak, and oil prices face pressure on rebounds. In the short - term, a bearish view is taken. Attention should be paid to the actual sanctions on Russia by Europe and the US and the geopolitical situation between Russia and Ukraine [16]. Summary by Directory Polyolefin Industry Price and Spread - Futures prices of L2601, L2605, PP2601, and PP2605 all increased slightly on November 12th compared to November 11th. The spreads L15 and PP15 also increased. Spot prices of East - China PP raffia and North - China LLDPE rose, while North - China LL basis and East - China pp basis decreased [2]. Inventory - PE enterprise inventory increased by 17.84% to 490,000 tons, and social inventory decreased by 1.86% to 500,000 tons. PP enterprise inventory increased by 0.81% to 600,000 tons, and trader inventory increased by 3.91% to 229,000 tons [2]. Operating Rate - PE device operating rate increased by 2.13% to 82.6%, and downstream weighted operating rate decreased by 1.15% to 44.9%. PP device operating rate increased by 0.93% to 77.8%, PP powder operating rate decreased by 2.07% to 42.5%, and downstream weighted operating rate increased by 1.0% to 53.1% [2]. Methanol Industry Price and Spread - Futures prices of MA2601 and MA2605 increased on November 12th compared to November 11th. MA15 spread and Taicang basis changed. Spot prices in Inner Mongolia North Line remained unchanged, while those in Henan Luoyang decreased slightly, and in Taicang port increased. Regional spreads also changed [4]. Inventory - Methanol enterprise inventory decreased by 4.44% to 369,250 tons, port inventory increased by 1.75% to 1.544 million tons, and social inventory increased by 0.49% [5]. Operating Rate - Domestic upstream enterprise operating rate increased by 0.41% to 76.09%, overseas upstream enterprise operating rate increased by 1.92% to 72.0%, Northwest enterprise sales - to - production ratio increased by 5.57% to 103. Downstream, the operating rate of externally - sourced MTO units increased by 1.09% to 84.98%, formaldehyde operating rate increased by 0.23% to 30.0%, and MTBE operating rate increased by 0.80% to 70.2% [6]. Natural Rubber Industry Price and Spread - Spot prices of Yunnan state - owned whole - latex and Thai standard mixed rubber increased on November 12th compared to November 11th. The basis of whole - latex and non - standard price spread decreased. Cup - rubber and glue prices changed slightly [9]. Production and Consumption - September production in Thailand, Indonesia, and India changed, with Thailand and Indonesia decreasing and India increasing. September production in China increased. Tire production and export data also changed, with domestic tire production increasing and export volume decreasing [9]. Inventory - Bonded - area inventory increased by 0.40% to 449,455 tons, and Shanghai Futures Exchange factory - warehouse futures inventory increased by 8.80% to 48,586 tons [9]. Polyester Industry Price and Spread - Upstream prices of Brent crude oil, WTI crude oil, and other raw materials changed. Downstream polyester product prices such as POY, FDY, and DTY also changed, along with their cash - flows. PX - related prices and spreads, PTA - related prices and spreads, and MEG - related prices and spreads all had fluctuations [10]. Inventory - MEG port inventory increased by 17.6% to 661,000 tons [10]. Operating Rate - China's PX operating rate increased by 2.8% to 89.8%, PTA operating rate decreased by 2.1% to 76.4%, MEG comprehensive operating rate decreased by 4.9% to 72.4%, and polyester comprehensive operating rate decreased by 0.4% to 91.3% [10]. Pure Benzene and Styrene Industry Price and Spread - Upstream prices of CFR Northeast - Asia ethylene, CFR China pure benzene, etc. changed. Downstream styrene - related prices and spreads, and pure - benzene and styrene downstream cash - flows also had fluctuations [11]. Inventory - Styrene inventory in East - China ports and pure - benzene inventory in Jiangsu ports decreased [11]. Operating Rate - The Asian pure - benzene operating rate remained unchanged at 78.8%, domestic hydro - benzene operating rate decreased by 3.4% to 55.7%, and downstream EPS operating rate decreased by 13.3% to 54.0% [11]. LPG Industry Price and Spread - Futures prices of PG2512, PG2601, etc. increased on November 12th compared to November 11th. Spreads such as PG12 - 01, PG12 - 02, etc. also increased. Spot prices in South - China and basis changed [13]. Inventory - LPG refinery storage capacity ratio decreased by 1.98% to 25.7%, port inventory decreased by 3.65% to 298,000 tons, and port storage capacity ratio decreased by 3.66% to 48.7% [13]. Operating Rate - Upstream main - refinery operating rate decreased by 2.31% to 78.64%, downstream PDH operating rate increased by 2.17% to 75.5%, MTBE operating rate increased by 0.84% to 68.6%, and alkylation operating rate decreased by 6.11% to 41.6% [13]. Crude Oil Industry Price and Spread - Brent, WTI, and SC crude oil prices changed on November 12th compared to November 11th. Spreads such as Brent M1 - M3, WTI M1 - M3, etc. also changed. Refined - oil prices and spreads, and refined - oil cracking spreads all had fluctuations [16].

1. Report Industry Investment Rating - No information provided in the given reports. 2. Core Views - The reports present the latest data on various financial products including stock index futures spreads, precious metal futures and spot prices, container shipping industry indices, and related market indicators, offering a snapshot of the market conditions on November 13, 2025 [1][4][6]. 3. Summary by Related Catalogs Stock Index Futures Spreads - **IF**: The current - spot spread was -17.91, up 7.46 from the previous day, with a 1 - year historical quantile of 44.60% and an all - time quantile of 25.70%. Different inter - period spreads also showed specific values and changes [1]. - **IH**: The current - spot spread was -1.50, up 0.13, with a 1 - year historical quantile of 46.30% and an all - time quantile of 48.10%. Inter - period spreads had their own values and changes [1]. - **IC**: The current - spot spread was -88.05, up 30.56, with a 1 - year historical quantile of 28.60% and an all - time quantile of 5.30%. Inter - period spreads also had corresponding data [1]. - **IM**: The current - spot spread was -116.58, down 8.14, with a 1 - year historical quantile of 95.00% and an all - time quantile of 16.20%. Inter - period spreads were presented as well [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., showed specific values and changes, along with their historical quantiles [1]. Bond Futures Spreads - **Basis**: TS basis had an IRR of 1.5571, down 0.0174, with a historical quantile of 24.30%. Other bond basis data like TF, T, and TL also had their values and changes [3]. - **Inter - period Spreads**: For different bonds like TS, TF, T, and TL, inter - period spreads had specific values and changes, along with their historical quantiles [3]. - **Cross - variety Spreads**: Spreads between different bond futures such as TS - TF, TS - T, etc., were reported with their values and changes [3]. Precious Metals - **Domestic Futures**: AU2512 contract closed at 945.76 yuan/g on November 12, down 0.33% from the previous day. AG2512 contract closed at 12073 yuan/kg, up 1.62% [4]. - **Foreign Futures**: COMEX gold主力 contract closed at 4201.40, up 1.65%. COMEX silver主力 contract closed at 53.23 dollars/ounce, up 4.22% [4]. - **Spot Prices**: London gold was at 4194.61 dollars/ounce, up 1.68%. London silver was at 53.26 dollars/ounce, up 3.99% [4]. - **Basis**: Gold TD - Shanghai gold主力 had a basis of -1.45, up 0.93, with a 1 - year historical quantile of 74.20%. Silver TD - Shanghai silver主力 had a basis of 19, up 34, with a 1 - year historical quantile of 98.30% [4]. - **Ratios**: COMEX gold/silver ratio was 78.93, down 2.47%. Shanghai Futures Exchange gold/silver ratio was 78.34, down 1.92% [4]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield was 4.08%, down 1.2%. The US dollar index was 99.48, unchanged [4]. - **Inventory and Positions**: Inventories of gold and silver in domestic and foreign exchanges showed different changes, and ETF positions also had slight changes [4]. Container Shipping Industry - **Indices**: SCFIS (European route) was 1504.80, up 24.50% compared to November 3. SCFI comprehensive index was 1495.10, down 3.59% compared to October 31 [6]. - **Futures Prices and Basis**: Futures contracts like EC2602, EC2604, etc., had price changes. The basis of the main contract was 32.7, up 72.9 from the previous day [6]. - **Fundamentals**: Global container shipping capacity supply was 3339.88 million TEU, up 0.04%. Shanghai port on - time rate was 49.08%, up 14.75% [6].

1. Report Industry Investment Rating No information provided. 2. Core Views - Steel: Currently, the apparent demand for steel is seasonally weak, and destocking has slowed down. Considering the high steel inventory and winter storage pressure, the iron - making capacity of steel mills in the January contract is likely to decline. The iron ore supply in the January contract is turning loose, and there is a basis for negative feedback in the iron - element chain. It is not recommended to go long. The long - coking coal and short - hot - rolled coil arbitrage can continue to be held. For single - side trading, it is advisable to wait and see, and pay attention to the support levels of 3000 for rebar and 3200 for hot - rolled coil [1]. - Iron Ore: The iron ore price is strengthening, and the basis is continuing to narrow. If the steel mill losses continue to intensify and the finished product destocking is not as expected, the iron ore price may hit a new low. However, the probability of negative feedback in iron - making capacity is low under the current profit rate and inventory level of steel mills. For the long - coking coal and short - iron ore arbitrage, partial profit - taking can be considered, and then pay attention to this arbitrage again after the coking coal price stabilizes [4]. - Coking Coal and Coke: The coking coal futures showed a weak and volatile trend yesterday, with a certain deviation between the futures and spot markets. The coke futures were in a low - level volatile trend. The coke is still expected to raise prices due to cost support. For both coking coal and coke, single - side trading should be viewed as volatile, and 1 - 5 positive arbitrage is recommended, while guarding against the negative feedback risk caused by the decline in steel prices [7]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar: Spot prices in East, North, and South China remained unchanged at 3190, 3210, and 3270 yuan/ton respectively. Futures contract prices had small fluctuations, with the 05, 10, and 01 contracts at 3096, 3138, and 3038 yuan/ton respectively [1]. - Hot - rolled Coil: Spot prices in East and North China increased by 10 yuan/ton, and remained unchanged in South China. Futures contract prices also rose, with the 05, 10, and 01 contracts at 3267, 3288, and 3255 yuan/ton respectively [1]. Cost and Profit - Costs: Steel billet price remained at 2930 yuan/ton, and plate billet price at 3730 yuan/ton. Jiangsu electric - furnace rebar cost decreased by 1 yuan to 3273 yuan/ton, and Jiangsu converter rebar cost decreased by 11 yuan to 3173 yuan/ton [1]. - Profits: Profits of rebar and hot - rolled coil in different regions all decreased, with the largest decline in North China hot - rolled coil profit by 14 yuan to - 124 yuan/ton [1]. Production and Inventory - Production: Daily average pig iron output decreased by 2.1 to 234.2, a decline of 0.9%. Five - major steel products output decreased by 18.5 to 856.7, a decline of 2.1%. Rebar and hot - rolled coil production also decreased [1]. - Inventory: Five - major steel products inventory decreased by 10.2 to 1503.6, a decline of 0.7%. Rebar inventory decreased by 10.0 to 592.5, a decline of 1.7%, while hot - rolled coil inventory increased by 3.9 to 410.5, an increase of 0.9% [1]. Transaction and Demand - Building material trading volume increased slightly by 0.1 to 9.2, an increase of 0.6%. The apparent demand for five - major steel products, rebar, and hot - rolled coil all decreased significantly, with the largest decline in rebar apparent demand by 13.7 to 218.5, a decline of 5.9% [1]. Iron Ore Prices and Spreads - Warehouse receipt costs of various iron ore types increased slightly, with an increase of about 0.4%. The basis of the 01 contract for various iron ore types continued to narrow, with the largest decline in the 01 contract basis of Carajás fines by 23.6% [4]. - The 5 - 9 spread increased by 3.0 to 23.0, an increase of 15.0%, the 9 - 1 spread decreased by 3.5 to - 49.5, a decline of 7.6%, and the 1 - 5 spread increased slightly by 0.5 to 26.5, an increase of 1.9% [4]. Supply - The 45 - port arrival volume decreased by 477.2 to 2741.2, a decline of 14.8%, and the global shipment volume decreased by 144.8 to 3069.0, a decline of 4.5%. However, the national monthly import volume increased by 1111.6 to 11632.6, an increase of 10.6% [4]. Demand - The daily average pig iron output of 247 steel mills decreased by 2.1 to 234.2, a decline of 0.9%. The 45 - port daily average desilting volume increased slightly by 0.8 to 320.9, an increase of 0.2%. The national monthly pig iron and crude steel output decreased by 5.4% and 5.0% respectively [4]. Inventory - The 45 - port inventory increased by 229.4 to 15128.19, an increase of 1.5%, the 247 steel mills' imported iron ore inventory increased by 160.1 to 9009.9, an increase of 1.8%, and the inventory available days of 64 steel mills remained unchanged at 21 days [4]. Coking Coal and Coke Prices and Spreads - Coke: The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1662 yuan/ton, and the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) increased by 11 to 1700 yuan/ton. Futures contract prices also increased slightly [7]. - Coking Coal: The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged at 1420 yuan/ton, and the price of Mongolian No. 5 raw coal (warehouse receipt) decreased by 30 to 1301 yuan/ton. Futures contract prices increased slightly [7]. Supply - Coke production: The daily average output of all - sample coking plants decreased by 1.0 to 63.6, a decline of 1.5%, and the daily average output of 247 steel mills decreased by 0.1 to 46.1, a decline of 0.3% [7]. - Coking coal production: The raw coal output of Fenwei sample coal mines decreased by 3.4 to 848.4, a decline of 0.4%, and the clean coal output decreased by 2.0 to 433.0, a decline of 0.5% [7]. Demand - Coke demand: The pig iron output of 247 steel mills decreased by 2.1 to 234.2, a decline of 0.9% [7]. - Coking coal demand: The coke production of all - sample coking plants and 247 steel mills decreased [7]. Inventory - Coke inventory: The total coke inventory decreased by 13.0 to 887.1, a decline of 1.4%. The inventory of all - sample coking plants, 247 steel mills, and ports all decreased [7]. - Coking coal inventory: The clean coal inventory of Fenwei coal mines decreased by 0.8 to 80.4, a decline of 0.9%. The inventory of all - sample coking plants and ports increased, while the inventory of 247 steel mills decreased [7].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Malaysian BMD crude palm oil futures are in low - level volatile consolidation, with a potential upward rebound but also a risk of technical decline due to concerns about export slowdown and high seasonal production. In China, there is a possibility of a short - term breakthrough to fill the gap around 8,950 yuan. - Before the USDA monthly report, the upside of CBOT soybean oil is limited. In China, recent factory soybean oil inventory reduction boosts the basis quote, but overall market demand is limited as it is not the stocking season [1]. 2.2 Pork - Spot prices are weak, and supply is normal. The overall slaughter plan completion is fast. Based on the planned November slaughter volume, the slow progress may boost November pig prices. The market is in a range - bound pattern, and when prices fall to previous lows, second - round fattening may increase. The 3 - 7 spread reverse arbitrage can be held [3]. 2.3 Meal - The market is waiting for the USDA monthly report. There is an expectation of a decrease in soybean yield, and three US soybean importers have resumed licenses, strengthening the support for US soybeans. However, China's 13% tariff on US soybeans affects export. In China, high soybean inventory and reserve rotation expectations suppress the market. The soybean meal market is expected to be in a narrow - range shock [7]. 2.4 Corn - In the Northeast, prices rise with the increase in northern port prices and state reserve purchases. In North China, price - holding sentiment is strong, and deep - processing enterprises raise prices to purchase. Although there is selling pressure due to concentrated supply, prices are also supported by costs and policies. In the short term, the reduction in corn supply leads to a rebound in the futures market, but the rebound is limited [9]. 2.5 Sugar - After short - covering, raw sugar rebounded from around 14 cents/pound. Heavy rainfall in Brazil may affect sugarcane crushing. India plans to export 150 tons of sugar, but exports are uncertain. In China, due to import quotas, the opening of the sugar - pressing season in Guangxi may be postponed, and prices are expected to fluctuate [14][15]. 2.6 Cotton - The US cotton market is in low - level volatile consolidation. China's cancellation of additional tariffs on US agricultural products restores some confidence in US cotton purchases, but global high yields limit the market. In China, the Zhengzhou cotton market faces hedging pressure but also has cost support. The overall demand is weak, and short - term prices are expected to fluctuate within a range [16]. 2.7 Eggs - The inventory of laying hens in November is expected to remain high, and egg supply pressure persists. Consumption is weak, and the market is in an inventory digestion period. Current egg prices are at a bottom - range, supported by farmers' reluctance to sell and traders' potential bargain - hunting [18]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean Oil**: On November 12, the spot price in Jiangsu was 8,560 yuan, up 0.12% from the previous day; the futures price of Y2601 was 8,288 yuan, up 0.61%; the basis was 272 yuan, down 12.82%. Warehouse receipts decreased by 1.44% [1]. - **Palm Oil**: The spot price in Guangdong was 8,620 yuan, up 0.12%; the futures price of P2601 was 8,744 yuan, down 0.30%; the basis was - 124 yuan, up 22.50%. The import cost decreased by 0.59%, and the import profit increased by 6.07% [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 10,110 yuan, up 0.80%; the futures price of OI601 was 9,840 yuan, up 0.66%; the basis was 270 yuan, up 5.88% [1]. 3.2 Pork - **Futures**: The basis of the main contract decreased by 71.79%. The prices of live hog 2605 and 2601 increased by 0.58% and 0.34% respectively. The 1 - 5 spread decreased by 9.68%, and the main contract positions decreased by 4.52% [3]. - **Spot**: Spot prices in most regions decreased. The daily slaughter volume increased by 1.04%, the weekly white - striped pork price decreased by 0.53%, the weekly piglet price decreased by 15.00%, and the monthly breeding sow inventory decreased by 0.07% [3]. 3.3 Meal - **Soybean Meal**: The spot price in Jiangsu was 3,050 yuan, down 0.33%; the futures price of M2601 was 3,028 yuan, up 0.16%; the basis decreased by 250.00%. The import crushing profit from Brazil increased by 36.4% [7]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,500 yuan, down 1.19%; the futures price of RM2601 was 2,494 yuan, down 0.24%; the basis decreased by 80.00%. The import crushing profit from Canada remained unchanged [7]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged, the futures price of the main soybean contract increased by 0.36%, and the basis decreased by 7.81%. The spot price of imported soybeans in Jiangsu remained unchanged, the futures price of the main soybean No. 2 contract increased by 0.16%, and the basis decreased by 3.23% [7]. 3.4 Corn - **Corn**: The price of corn 2601 remained unchanged, the Pingcang price in Jinzhou Port increased by 0.46%, the basis increased by 333.33%, the 1 - 5 spread increased by 3.90%, and the import profit increased by 3.69% [9]. - **Corn Starch**: The price of corn starch 2601 remained unchanged, and the basis remained unchanged [9]. 3.5 Sugar - **Futures**: The price of sugar 2601 decreased by 0.04%, the price of ICE raw sugar increased by 2.03%, and the 1 - 5 spread decreased by 2.90% [14]. - **Spot**: The spot price in Nanning remained unchanged, and the price in Kunming decreased by 0.27%. The national cumulative sugar production increased by 12.03%, the cumulative sales increased by 9.17%, and the industrial inventory decreased by 41.20% [14]. 3.6 Cotton - **Futures**: The price of cotton 2605 decreased by 0.26%, the price of cotton 2601 decreased by 0.33%, the price of ICE US cotton increased by 1.39%, and the 5 - 1 spread increased [16]. - **Spot**: The Xinjiang arrival price and CC Index increased slightly, and the FC Index decreased by 0.53%. The commercial inventory increased by 70.4%, the industrial inventory increased by 9.7%, and the import volume increased by 42.9% [16]. 3.7 Eggs - **Futures**: The prices of egg contracts 12 and 01 decreased by 2.82% and 1.51% respectively. The basis increased by 55.82%, and the 12 - 01 spread decreased by 17.19% [18]. - **Spot**: The egg - producing area price decreased by 0.29%, the egg - chick price remained unchanged, the culled - hen price decreased by 1.95%, and the breeding profit decreased by 8.51% [18].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Short - term may fluctuate between 6200 - 6800. With the terminal demand entering the off - season and many PTA device maintenance plans in November, the supply - demand is expected to loosen, and the price drive is limited. [1] - PTA: Supply - demand is expected to be in a tight balance in the short - term, but mid - term supply - demand is relatively loose. The price rebound is limited, and it is expected to fluctuate between 4300 - 4800. [1] - MEG: Although the polyester load can be maintained, the inventory accumulation in November and December is expected to be high, and the price is under pressure. [1] - Short - fiber: The short - term supply - demand pattern is weak, and the rebound space is limited. The processing fee may be compressed. [1] - Bottle - chip: The supply - demand is in a loose pattern, and the social inventory is likely to enter the seasonal inventory accumulation channel. The price follows the cost - end fluctuation. [1] Methanol Industry The market is trading the "weak reality" logic, with the core contradiction being the high port inventory. The 01 contract's inventory problem cannot be solved, and it is weak before the Iranian gas restriction. [2] Polyolefin Industry PP shows both supply and demand growth but accumulates inventory slightly this week due to new production capacity pressure. PE has weak supply and demand, and although it has destocked this week, the port inventory is still high. The market expectation is still weak. [5] Glass and Soda Ash Industry - Soda Ash: The overall supply - demand pattern is bearish. Although the disk rebounds in the short - term, the mid - term demand is weak, and it is recommended to wait for the opportunity to short after the rebound. [7] - Glass: The short - term has certain rigid demand support, but the mid - to long - term demand is worrying, and it is expected to be weak in the short - term. [7] PVC and Caustic Soda Industry - Caustic Soda: The supply - demand has pressure, with increasing supply and weak demand from the main downstream. The price is expected to be weak in the long - term but may have short - term support from downstream replenishment. [8] - PVC: The supply - demand surplus problem is not improved, with increasing supply pressure and weak demand expectation. The price is expected to be weak at the bottom. [8] Natural Rubber Industry The short - term rubber price is expected to fluctuate. If the raw material output in the main production areas is smooth, there is room for further decline; otherwise, it may run around 15000 - 15500. [9] Crude Oil Industry The short - term oil price is expected to fluctuate within a range, and Brent crude oil may run between 60 - 66 US dollars per barrel. [10] Pure Benzene and Styrene Industry - Pure Benzene: The supply - demand is expected to be loose, and the price drive is weak. The BZ2603 can be treated as short on rallies following the oil price. [14] - Styrene: The supply - demand may turn loose, and the price drive is insufficient. The EB12 can be shorted on rebounds. [14] 3. Summary According to Relevant Catalogs Polyester Industry Upstream Prices - Brent crude oil (January) rose 1.10 to 65.16 US dollars per barrel, a 1.7% increase; WTI crude oil (December) rose 0.91 to 61.04 US dollars per barrel, a 1.5% increase. [1] - CFR Japan naphtha decreased by 2 to 577 US dollars per ton, a 0.3% decrease. [1] Downstream Polyester Product Prices and Cash Flows - POY150/48 price rose 45 to 6600 yuan/ton, a 0.7% increase; FDY150/96 price rose 35 to 6805 yuan/ton, a 0.5% increase. [1] - The cash flows of different polyester products have different changes, such as POY150/48 cash flow increasing by 146.1%. [1] PTA - related Prices and Spreads - PTA East - China spot price decreased by 5 to 4600 yuan/ton, a 0.1% decrease; TA futures 2601 decreased by 56 to 4648 yuan/ton, a 1.2% decrease. [1] MEG Port Inventory and Arrival Expectations - MEG port inventory increased by 9.9 to 66.1 million tons, a 17.6% increase; the arrival expectation decreased by 0.8 to 18.1 million tons, a 4.2% decrease. [1] Polyester Industry Chain Start - up Rate Changes - Asian PX start - up rate increased by 2.1 percentage points to 80.2%; China PX start - up rate increased by 2.7 percentage points to 89.8%. [1] Methanol Industry Methanol Prices and Spreads - MA2601 closed at 2082 yuan/ton, down 19 yuan, a 0.9% decrease; MA2605 closed at 2194 yuan/ton, down 14 yuan, a 0.63% decrease. [2] Methanol Inventory - Methanol enterprise inventory increased by 1.04 to 38.641%, a 2.75% increase; methanol port inventory increased by 1.06 to 151.7 million tons, a 0.71% increase. [2] Methanol Upstream and Downstream Start - up Rates - Upstream domestic enterprise start - up rate increased by 0.31 to 76.09%, a 0.41% increase; downstream external - procurement MTO device start - up rate increased by 0.92 to 84.98%, a 1.09% increase. [2] Polyolefin Industry Prices and Spreads - L2601 closed at 6760 yuan/ton, down 42 yuan, a 0.62% decrease; PP2601 closed at 6429 yuan/ton, down 51 yuan, a 0.79% decrease. [5] Inventory - PE enterprise inventory increased by 7.42 to 49.0 million tons, a 17.84% increase; PP enterprise inventory increased by 0.48 to 60.0 million tons, a 0.81% increase. [5] Upstream and Downstream Start - up Rates - PE device start - up rate increased by 1.72 to 82.6%, a 2.13% increase; PP device start - up rate increased by 0.72 to 77.8%, a 0.93% increase. [5] Glass and Soda Ash Industry Prices and Spreads - Glass: North - China quoted price decreased by 20 to 1110 yuan/ton, a 1.77% decrease; glass 2601 decreased by 22 to 1069 yuan/ton, a 2.02% decrease. [7] - Soda Ash: North - China quoted price remained at 1300 yuan/ton; soda ash 2601 increased by 16 to 1226 yuan/ton, a 1.32% increase. [7] Supply - Soda Ash start - up rate decreased by 1.72 percentage points to 86.89%; soda ash weekly output decreased by 1.3 to 75.76 million tons, a 1.71% decrease. [7] Inventory - Glass factory inventory increased by 296.6 to 6579.00 million weight - boxes, a 4.72% increase; soda ash factory inventory increased by 4.2 to 170.20 million tons, a 2.54% increase. [7] PVC and Caustic Soda Industry Prices and Spreads - 32% liquid caustic soda in Shandong (converted to 100%) remained at 2500 yuan/ton; East - China calcium - carbide - based PVC market price remained at 4520 yuan/ton. [8] Inventory - Liquid caustic soda East - China factory inventory decreased by 0.8 to 21.5 million tons, a 3.5% decrease; PVC upstream factory inventory decreased by 0.3 to 33.5 million tons, a 1.0% decrease. [8] Upstream and Downstream Start - up Rates - Caustic soda industry start - up rate increased by 1.5 to 89.9%, a 1.7% increase; PVC total start - up rate increased by 2.2 to 79.3%, a 2.8% increase. [8] Natural Rubber Industry Spot Prices and Basis - Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai increased by 150 to 14700 yuan/ton, a 1.03% increase; the whole - latex basis increased by 165 to - 395 yuan/ton, a 29.46% increase. [9] Production and Consumption Data - September Thai production decreased by 26 to 451.50 million tons, a 5.45% decrease; September domestic tire production increased by 53.3 to 10348.7 million pieces, a 0.52% increase. [9] Crude Oil Industry Crude Oil Prices and Spreads - Brent crude oil rose 1.10 to 65.16 US dollars per barrel, a 1.72% increase; WTI crude oil rose 0.91 to 61.04 US dollars per barrel, a 1.51% increase. [10] Refined Oil Prices and Spreads - NYM RBOB increased by 4.09 to 201.20 US cents per gallon, a 2.07% increase; ICE Gasoil increased by 27.25 to 749.25 US dollars per ton, a 3.77% increase. [10] Pure Benzene and Styrene Industry Upstream Prices and Spreads - Brent crude oil (December) rose 1.10 to 65.16 US dollars per barrel, a 1.7% increase; CFR China pure benzene decreased by 3 to 663 US dollars per ton, a 0.5% decrease. [14] Styrene - related Prices and Spreads - Styrene East - China spot price decreased by 90 to 6250 yuan/ton, a 1.4% decrease; EB futures 2512 decreased by 84 to 6231 yuan/ton, a 1.3% decrease. [14] Inventory - Pure benzene Jiangsu port inventory increased by 3.6 to 12.10 million tons, a 42.4% increase; styrene Jiangsu port inventory decreased by 1.37 to 17.93 million tons, a 7.1% decrease. [14] Industry Chain Start - up Rates - Asian pure benzene start - up rate remained at 78.8%; domestic pure benzene start - up rate increased by 1.0 to 75.1%, a 1.4% increase. [14]

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | Z0016628 | 2025年11月12日 | 品种 | 最新值 | 历史1年分位数 | 全历史分位数 | 价差 | 校前一日变化 | | | | | | | | | -25.37 | 17.80% | F期现价差 | -2.31 | 35.20% | H期现价差 | 47.40% | -1.63 | -1.78 | 44.60% | 期现价差 | | | | | | | IC期现价差 | -10.61 | 11.8096 | 1.60% | -118.61 | -150.39 | -12 38 | IM期现价差 | 40.00% | 10.10%6 | 次月-当月 | -13.40 | 0.80 | 34.00% | 31.70% | | | 季月-当月 | -3 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Polyester Industry - PX: In the short - term, it may fluctuate between 6200 - 6800. Suggest to reduce long positions on rallies and short above 6800 [1]. - PTA: It is expected to have a limited rebound, with short - term trading range between 4300 - 4800. Adopt a rolling reverse spread strategy for TA1 - 5 [1]. - Ethylene Glycol: Hold out - of - the - money call options with a strike price of no less than 4100 for EG2601 and conduct a high - level reverse spread for EG1 - 5 [1]. - Short Fiber: The rebound space is limited, and the processing fee may be compressed. The strategy is the same as PTA, and the processing fee on the disk may fluctuate between 800 - 1100 [1]. - Bottle Chip: PR follows the cost - end fluctuations, and the processing fee on the main contract disk is expected to fluctuate between 300 - 450 yuan/ton [1]. Methanol Industry The market is trading the "weak reality" logic, with the core contradiction being high port inventory. Before the gas restriction in Iran, the 01 contract's inventory problem cannot be solved [2]. Polyolefin Industry PP and PE have differentiated fundamentals. PP shows both supply and demand growth but accumulates inventory slightly this week. PE has weak supply and demand, with high port inventory. The market outlook remains weak [5]. Glass and Soda Ash Industry - Soda Ash: The overall supply - demand pattern is bearish. In the short - term, it is advisable to wait and see, and look for opportunities to short on rebounds later [7]. - Glass: It is expected to be weak in the short - term. In the long - term, the industry needs capacity clearance to solve the over - supply problem [7]. PVC and Caustic Soda Industry - Caustic Soda: The price is expected to trend downwards in the long - term but may have short - term support from downstream demand. Monitor the downstream restocking rhythm [8]. - PVC: The supply - demand remains in an over - supply pattern, and the price is expected to continue the weak trend at the bottom [8]. Natural Rubber Industry In the short - term, the rubber price is expected to fluctuate. If the raw material output in the main production areas is smooth, there is further downside potential [9]. Crude Oil Industry The short - term oil price is expected to fluctuate within a range, with Brent crude oil likely to trade between 60 - 66 dollars per barrel [10]. Pure Benzene and Styrene Industry - Pure Benzene: The supply - demand is expected to be loose, and the price driver is weak. Short - term BZ2603 should be treated as short on rallies following the oil price [14]. - Styrene: The supply - demand may turn loose, and the price driver is insufficient. EB12 should be shorted on price rebounds [14]. 3. Summaries by Relevant Catalogs Polyester Industry - **Upstream Prices**: Brent crude oil (January) rose 1.7% to 65.16 dollars per barrel, and WTI crude oil (December) rose 1.5% to 61.04 dollars per barrel. CFR Japan naphtha decreased by 0.3% to 703 dollars per ton [1]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price rose 0.7% to 6600 yuan/ton, and its cash flow increased by 146.1% [1]. - **PX - related Prices and Spreads**: CFR China PX decreased by 0.8% to 821 dollars per ton, and PX spot price (in RMB) decreased by 2.0% to 6706 yuan/ton [1]. - **PTA - related Prices and Spreads**: PTA East China spot price decreased by 0.1% to 4600 yuan/ton, and TA futures 2601 decreased by 1.2% to 4648 yuan/ton [1]. - **MEG - related Prices and Spreads**: MEG East China spot price decreased by 0.1% to 3981 yuan/ton, and EG futures 2601 decreased by 2.0% to 3875 yuan/ton [1]. - **Polyester Industry Chain Operating Rates**: Asian PX operating rate rose 2.1% to 80.2%, and PTA operating rate decreased by 1.6% to 76.4% [1]. Methanol Industry - **Methanol Prices and Spreads**: MA2601 closed at 2082 yuan/ton, down 0.90% from the previous day. The basis of Taicang decreased by 22.86% [2]. - **Methanol Inventory**: Methanol enterprise inventory increased by 2.75% to 38.641%, and methanol port inventory increased by 0.71% to 151.7 million tons [2]. - **Methanol Upstream and Downstream Operating Rates**: The operating rate of domestic upstream enterprises rose 0.41% to 76.09%, and the operating rate of downstream MTO plants rose 1.09% to 84.98% [2]. Polyolefin Industry - **Polyolefin Prices and Spreads**: L2601 closed at 6760 yuan/ton, down 0.62% from the previous day. PP2601 closed at 6429 yuan/ton, down 0.79% [5]. - **PE and PP Inventory**: PE enterprise inventory increased by 17.84% to 49.0 million tons, and PP enterprise inventory increased by 0.81% to 60.0 million tons [5]. - **PE and PP Upstream and Downstream Operating Rates**: PE device operating rate rose 2.13% to 82.6%, and PP device operating rate rose 0.93% to 77.8% [5]. Glass and Soda Ash Industry - **Glass and Soda Ash Prices and Spreads**: Glass 2601 decreased by 2.02% to 1069 yuan/ton, and soda ash 2601 increased by 1.32% to 1226 yuan/ton [7]. - **Supply and Inventory**: Soda ash operating rate decreased by 1.72% to 86.89%, and glass factory inventory increased by 4.72% to 6579 million weight boxes [7]. - **Real Estate Data**: New construction area increased by 0.09% month - on - month, and sales area decreased by 6.50% [7]. PVC and Caustic Soda Industry - **PVC and Caustic Soda Prices and Spreads**: Shandong 32% liquid caustic soda (converted to 100%) remained unchanged at 2500 yuan/ton, and East China ethylene - based PVC market price decreased by 2.1% to 4600 yuan/ton [8]. - **Supply and Demand**: Caustic soda industry operating rate rose 1.7% to 89.9%, and PVC total operating rate rose 2.8% to 79.3% [8]. - **Inventory**: Liquid caustic soda East China factory inventory decreased by 3.5% to 21.5 million tons, and PVC total social inventory increased by 0.2% to 54.6 million tons [8]. Natural Rubber Industry - **Spot Prices and Basis**: Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai rose 1.03% to 14700 yuan/ton, and the basis of whole - latex increased by 29.46% [9]. - **Production and Operating Rates**: Thailand's September production decreased by 5.45% to 451.50 million tons, and the operating rate of semi - steel tires for automobiles rose 0.26% to 73.67% [9]. - **Inventory Changes**: Bonded area inventory increased by 0.40% to 449455 tons, and natural rubber factory - warehouse futures inventory on the SHFE increased by 8.80% to 48586 tons [9]. Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent crude oil rose 1.72% to 65.16 dollars per barrel, and WTI crude oil rose 1.51% to 61.04 dollars per barrel [10]. - **Refined Oil Prices and Spreads**: NYM RBOB rose 2.07% to 201.20 cents per gallon, and ICE Gasoil rose 3.77% to 749.25 dollars per ton [10]. - **Refined Oil Crack Spreads**: US gasoline crack spread rose 3.57% to 23.46 dollars per barrel, and Singapore diesel crack spread rose 10.62% to 30.73 dollars per barrel [10]. Pure Benzene and Styrene Industry - **Upstream Prices and Spreads**: Brent crude oil (December) rose 1.7% to 65.16 dollars per barrel, and CFR China pure benzene decreased by 0.5% to 663 dollars per ton [14]. - **Styrene - related Prices and Spreads**: Styrene East China spot price decreased by 1.4% to 6250 yuan/ton, and EB cash flow (non - integrated) decreased by 35.0% to - 257 yuan/ton [14]. - **Inventory and Operating Rates**: Pure benzene Jiangsu port inventory increased by 42.4% to 12.10 million tons, and styrene Jiangsu port inventory decreased by 7.1% to 19.30 million tons [14].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views Steel Industry - Yesterday, steel and iron ore showed relatively strong performance, while coking coal declined significantly due to the "supply guarantee" expectation. With the expected decline in hot metal and high steel inventories, the hot metal production of steel mills in the January contract is likely to fall rather than rise. The iron element supply in the January contract is turning loose, and there is a basis for negative feedback in the iron element chain. The main interference later lies in the winter iron ore replenishment of steel mills. The long - coking coal and short - hot - rolled coil arbitrage can be continued, and the main risk is the coal mine复产 situation. For single - side trading, it is advisable to wait and see, and pay attention to the support levels of 3000 for rebar and 3200 for hot - rolled coil [1]. Iron Ore Industry - Night trading of iron ore was strong, and the basis narrowed. On the supply side, the global iron ore shipment volume decreased this week, and the arrival volume at 45 ports declined, but the subsequent average arrival volume is expected to rise. On the demand side, the steel mill profit margin dropped significantly, hot metal production declined from a high level, and the replenishment demand of steel mills weakened. If the steel mill losses continue to increase and the finished product destocking is not as expected, the iron ore price may hit a new low. However, under the current profit rate and inventory level of steel mills, the probability of negative feedback in hot metal is low. In terms of strategy, the long - coking coal and short - iron ore arbitrage can partially stop profit, and wait for the coking coal to stabilize [4]. Coke and Coking Coal Industry - Coke futures showed a weak downward trend, and the spot - futures market was not in sync. The third round of coke price increase was implemented on November 5th, and the fourth round was launched on November 7th but not yet landed. On the supply side, coking coal prices in the Shanxi market were strong, providing cost support for coke, but coking enterprises still faced losses after the price increase, and their开工 rate decreased. On the demand side, environmental protection restrictions in Tangshan and Shanxi led to a significant decline in steel mill hot metal production, and steel prices were weak, suppressing the coke price increase. In terms of inventory, there was a slight destocking in coking plants, ports, and steel mills. Coke may still have a price increase expectation due to cost support. The strategy is to view it with a side - way trend, with a reference range of 1650 - 1780, and suggest a long - January and short - May arbitrage for coke [7]. - Coking coal futures also showed a weak downward trend, with a certain divergence between the spot and futures markets. The domestic coking coal market continued to be strong, but the price increase was too fast, making traders cautious. On the supply side, some coal mines in Shanxi and Inner Mongolia resumed production, and the Mongolian coal customs clearance increased significantly in November. On the demand side, the decline in profit and environmental protection restrictions led to a significant decline in hot metal production, and the replenishment demand of steel mills weakened. In terms of inventory, there was destocking in coal mines and steel mills, and inventory accumulation in coking plants, coal washing plants, ports, and border ports. The strategy is to view it with a side - way trend, with a reference range of 1170 - 1290, and suggest a long - January and short - May arbitrage for coking coal [7]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China were 3190 yuan/ton, 3210 yuan/ton, and 3270 yuan/ton respectively, with changes of 0, +10, and +10 yuan/ton. Rebar futures contracts (05, 10, 01) decreased by 13, 3, and 19 yuan/ton respectively. - Hot - rolled coil spot prices in East China, North China, and South China were 3260 yuan/ton, 3190 yuan/ton, and 3270 yuan/ton respectively, with changes of - 10, 0, and +10 yuan/ton. Hot - rolled coil futures contracts (05, 10, 01) decreased by 10, 9, and 10 yuan/ton respectively [1]. Cost and Profit - The billet price was 2930 yuan/ton, down 10 yuan/ton, and the slab price was 3730 yuan/ton, unchanged. - The profits of hot - rolled coils in East China, North China, and South China were - 30, - 110, and - 40 yuan/ton respectively, with changes of - 3, - 3, and - 13 yuan/ton. The profits of rebar in East China, North China, and South China were - 110, - 100, and - 10 yuan/ton respectively, with changes of - 3, +7, and +7 yuan/ton [1]. Production and Inventory - The daily average hot metal production was 234.2 tons, down 2.1 tons (- 0.9%). The production of five major steel products was 856.7 tons, down 18.5 tons (- 2.1%). Rebar production was 208.5 tons, down 4.1 tons (- 1.9%), and hot - rolled coil production was 318.2 tons, down 5.4 tons (- 1.7%). - The inventory of five major steel products was 1503.6 tons, down 10.2 tons (- 0.7%). Rebar inventory was 592.5 tons, down 10 tons (- 1.7%), and hot - rolled coil inventory was 410.5 tons, up 3.9 tons (0.9%) [1]. Trading Volume and Demand - The building materials trading volume was 91, down 17 (- 15.6%). The apparent demand for five major steel products was 866.9 tons, down 49.5 tons (- 5.4%). The apparent demand for rebar was 218.5 tons, down 13.7 tons (- 5.9%), and the apparent demand for hot - rolled coil was 314.3 tons, down 17.6 tons (- 5.3%) [1]. Iron Ore Industry Price and Spread - The warehouse receipt costs of various iron ore powders decreased slightly, and the basis of some varieties changed. The 5 - 9, 9 - 1, and 1 - 5 spreads of iron ore futures contracts changed by +0.5, - 1.0, and +0.5 respectively [4]. Supply and Demand - The arrival volume at 45 ports decreased by 477.2 tons (- 14.8%) this week, and the global shipment volume decreased by 144.8 tons (- 4.5%). - The daily average hot metal production of 247 steel mills decreased by 2.1 tons (- 0.9%), the daily average port clearance volume at 45 ports increased by 0.8 tons (0.2%), the national monthly pig iron production decreased by 374.7 tons (- 5.4%), and the national monthly crude steel production decreased by 387.8 tons (- 5.0%) [4]. Inventory - The 45 - port inventory increased by 229.4 tons (1.5%) compared with Monday, the imported ore inventory of 247 steel mills increased by 160.1 tons (1.8%), and the inventory available days of 64 steel mills remained unchanged [4]. Coke and Coking Coal Industry Price and Spread - Coke prices: The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged. Coke futures contracts (01, 05) decreased by 59 and 46 yuan/ton respectively. - Coking coal prices: The price of Shanxi medium - sulfur main coking coal (warehouse receipt) remained unchanged, while the price of Mongolian 5 raw coal (warehouse receipt) decreased by 33 yuan/ton (- 2.4%). Coking coal futures contracts (01, 05) decreased by 53 and 31 yuan/ton respectively [7]. Supply and Demand - Coke production (weekly): The daily average production of all - sample coking plants decreased by 1.0 tons (- 1.5%), and the daily average production of 247 steel mills decreased by 0.1 tons (- 0.3%). - Coking coal production (weekly): The raw coal production decreased by 3.4 tons (- 0.4%), and the clean coal production decreased by 2.0 tons (- 0.5%) [7]. Inventory - Coke inventory (weekly): The total coke inventory decreased by 13 tons (- 1.4%), the inventory of all - sample coking plants decreased by 1.6 tons (- 2.6%), the inventory of 247 steel mills decreased by 2.4 tons (- 0.4%), and the port inventory decreased by 9 tons (- 4.3%). - Coking coal inventory (weekly): The clean coal inventory of Fenwei coal mines decreased by 0.8 tons (- 0.9%), the coking coal inventory of all - sample coking plants increased by 17.5 tons (1.7%), the coking coal inventory of 247 steel mills decreased by 9 tons (- 1.1%), and the port inventory increased by 14.1 tons (4.9%) [7].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - In the context of strong supply and weak demand, the log futures market is expected to continue its weak and volatile trend. Although the supply of logs is expected to increase this week and the spot price is declining, putting pressure on the market, the current low futures price and the significant inversion between domestic and foreign prices provide some support from import costs, limiting the downward space of the futures price. [2][3] 3. Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On November 11, the price of log2511 remained unchanged at 740.0, while log2601 decreased by 6.0 to 776.5, with a decline of 0.77%. Log2603 dropped by 3.5 to 791.5, a decrease of 0.44%, and log2605 fell by 2.5 to 810.5, a decline of 0.31%. [1] - **Spot Prices**: The spot prices of various types of logs at ports such as Rizhao and Taicang remained unchanged on November 11 compared to the previous day. The CFR prices of radiata pine and spruce in the outer - market also remained stable. [1] - **Cost**: The RMB - US dollar exchange rate was 7.124 on November 11, with a slight increase of 0.004 compared to the previous day. The import theoretical cost was 812.17 yuan, an increase of 0.38 yuan. [1] Supply - **Monthly Supply**: In October, the port shipment volume was 201.3 million cubic meters, a 13.99% increase from September. The number of ships at the port increased by 8.0 to 54.0, a 17.39% increase. [1] - **Weekly Supply**: From November 10 - 16, 2025, the number of pre - arrival New Zealand log ships at 13 Chinese ports was 12, a 25% week - on - week decrease. The total arrival volume was about 39.5 million cubic meters, a 26% week - on - week decrease. [2] Inventory - **Weekly Inventory**: As of November 7, the total inventory of domestic softwood logs was 293 million cubic meters, a 1.74% increase from the previous week. The inventory in China, Shandong, and Jiangsu all showed varying degrees of increase. [1][2] Demand - **Weekly Demand**: As of November 7, the average daily outbound volume of logs in China was 6.63 million cubic meters, a 6% increase from the previous week. The average daily outbound volume in Shandong increased by 19%, while that in Jiangsu decreased by 6%. [2]