Report Industry Investment Rating - The investment view on asphalt is weak and volatile [3]. Core Viewpoint - Crude oil prices have dropped from short - term highs, and asphalt has continued to decline due to poor fundamentals. The supply and demand of asphalt in China have both declined this week. The overall inventory is in a destocking pattern, and the cost is influenced by the fluctuation of crude oil prices. The overall trend of asphalt continues to follow the fluctuation of crude oil [3]. Summary by Directory 1. Main Views and Strategy Overview - **Supply**: In November, the production plan of domestic asphalt refineries decreased. The planned output of domestic asphalt refineries in November 2025 was 1.312 million tons, a month - on - month decrease of 292,000 tons (18.2%) and a year - on - year decrease of 91,000 tons. This week, both supply and demand of domestic asphalt declined. The decline in supply was mainly due to the active reduction of production capacity by some refineries and the suspension of production in some others [3]. - **Demand**: Affected by the capital situation and cold air in the north, the markets in Shandong and North China were sluggish. The demand in the north gradually stopped, and the downstream demand in the south increased and decreased intermittently. The overall demand declined. This week's total shipment volume was 445,000 tons, a week - on - week decrease of 5.1%. It is expected that the industry's shipment volume will further decline next week [3]. - **Inventory**: This week, the factory and warehouse inventories in various regions of China showed a mixed trend of increase and decrease, and the overall inventory continued to be destocked. The destocking performance in East China was particularly prominent [3]. - **Cost**: At the beginning of this week, international oil prices rose slightly for three consecutive days due to multiple positive factors. In the later part of the week, oil prices fell for two consecutive days due to concerns about interest rate cuts, rising risk - aversion sentiment, and other factors. Overall, the oil price at the end of this week dropped compared with last week, and the average price this week also decreased compared with last week [3]. - **Investment View and Trading Strategy**: The investment view is weak and volatile. The trading strategy for unilateral trading is weak and volatile, and there is no arbitrage strategy [3]. 2. Price - The document provides the mainstream market prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China) from 2025/01 to 2025/11 [5]. 3. Spread, Basis, and Delivery Profit - **Spread**: The document shows the asphalt crack spread (BU - (SC*6.35)) and the spread between asphalt and coker feedstock from 2021 to 2025 [15]. - **Basis**: It presents the basis of asphalt in main regions (South China, East China, Shandong) from 2024/01 to 2025/10 [16]. 4. Supply - **Production Plan Expectation**: It shows the monthly production plan and actual production of asphalt in China from 2025 - 01 to 2025 - 10, as well as the production in North China, South China, Shandong, and East China in different years [19][23][26]. - **Capacity Utilization**: It provides the capacity utilization rates of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 to 2025 [31][33][35][37]. - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt production in China from 2018 to 2025 [42]. 5. Cost and Profit - **Production Gross Margin**: It shows the production gross margin of asphalt in Shandong from 2021 to 2025 [45][46]. - **Diluted Asphalt**: It provides the price, premium/discount, port inventory in China and Shandong of diluted asphalt from 2022 to 2025 [49][50]. 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [54][57]. - **Social Inventory**: It presents the social inventory in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [60]. 7. Demand - **Shipment Volume**: It shows the shipment volume of asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [63]. - **Downstream开工率**: It provides the开工率 of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025 [66][67][69]. - **Modified Asphalt开工率**: It shows the开工率 of modified asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [72].

Report Summary 1. Market Performance - On November 7, the A-share market fluctuated downward, with AI software and hardware sectors leading the decline and chemical stocks surging. The Shanghai Composite Index closed down 0.25% at 3997.56 points, the Shenzhen Component Index dropped 0.36%, the ChiNext Index fell 0.51%, the Northbound 50 Index rose 0.19%, the Science and Technology Innovation 50 Index declined 1.47%, the Wind All A Index dropped 0.26%, the Wind A500 Index fell 0.18%, and the CSI A500 Index declined 0.2%. The total trading volume of A-shares was 2.02 trillion yuan, down from 2.08 trillion yuan the previous day [5]. 2. Index Quotes | Index | Closing Price | Change (%) | Trading Volume (Billion Yuan) | Trading Volume (Billion) | | --- | --- | --- | --- | --- | | SSE 50 | 3038.3455 | -0.21 | 1198.48 | 212.50 | | CSI 300 | 4678.7944 | -0.31 | 7541.878 | 267.89 | | CSI 1000 | - | -0.13 | 4196.11 | - | [3] 3. CFFEX Stock Index Option Trading | Index | Call Option Volume (Million Contracts) | Put Option Volume (Million Contracts) | Volume PCR | Call Option Open Interest (Million Contracts) | Put Option Open Interest (Million Contracts) | Open Interest PCR | | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2.45 | 1.38 | 0.73 | 7.29 | 3.08 | 0.73 | | CSI 300 | 9.41 | 5.44 | 0.88 | 20.06 | 9.40 | 0.88 | | CSI 1000 | 23.14 | 12.17 | 0.90 | 31.29 | 14.79 | 1.12 | [3] 4. Volatility Analysis - The report provides historical volatility and volatility cone data for SSE 50, CSI 300, and CSI 1000, as well as their respective volatility smile curves and next-month at-the-money implied volatility [3][4].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - The shipping market in 2026 will see the market balance shift towards shippers due to intensified supply - demand imbalance, with continuous decline in freight rates and key opportunities in supply chain optimization and data - based procurement [5]. - In November, shipping capacity has recovered, with available capacity on US gateway routes increasing by 10 - 15% compared to before. The overall TPBB route capacity is expected to fluctuate between 83% - 88%. Market demand in November remains healthy after the pre - peak season booking rush [5]. - The EC market is in a weak oscillation mainly because MSK's late - November quotes are significantly lower than other airlines. Short - term macro - level positives, capacity control, and multiple rounds of price - support expectations will still support the market. Before the peak - season expectations are falsified, the main contracts are likely to maintain a relatively strong oscillation, but the market has already factored in a certain premium [6]. 3. Summary by Relevant Catalogs Shipping Freight Index - **Spot Freight Index**: The Shanghai Export Container Freight Composite Index (SCFI) is currently at 1495, down 3.59% from the previous value; the China Export Container Freight Index (CCFI) is at 1058, up 3.60%. Different regional routes show varying trends, such as SCFI - US West down 16.43%, SCFIS - US West up 9.12%, etc [3][4]. - **Contract Index**: For contracts like EC2506, EC2608, etc., their current values, previous values, and corresponding percentage changes are provided. For example, EC2506 is currently at 1376.1, down 2.69% [4]. - **Contract Positions**: Information on contract positions such as EC2606, EC2608, etc., including current positions, previous positions, and changes in positions is given. For example, the current position of EC2606 is 1452, a decrease of 3 from the previous value [4]. - **Monthly Spread**: The current monthly spreads for 12 - 02, 12 - 04, and 02 - 04 are 220.0, 647.4, and 427.4 respectively, with corresponding changes compared to the previous values [4]. Market News and Analysis - CMA states that no route can replace the Suez Canal, will continue to operate through it, and expects to increase voyages via the canal in the future [5]. - Maersk starts to focus on price competition and a strategy of service premium from Q8 [5]. - Maersk's CEO Vincent is optimistic about returning to the Red Sea and mentions that the supply chain will fundamentally change due to Trump's tariffs [5]. Market Outlook and Strategy - The short - term market is supported by macro - level positives, capacity control, and price - support expectations. It is recommended to buy on dips for the main contracts, while closely monitoring suspension of voyages and airlines' loading rates [6]. - The recommended strategy is to wait and see [7].

【塑料数据周报（PP&PE ）】 国贸期货 能源化工研究中心 2025-11-10 叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 张国才 从业资格证号：F03133773 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 L L DPE :现货价格持稳，盘面震荡偏弱 投资咨询业务资格：证监许可【2012】31号 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）本周国内聚丙烯产量79.65万吨，相较上周的78.92万吨增加0.73万吨，涨幅0.92%；相较去年同期的66.9万吨增加12.75万吨，涨幅19.06%。（2）聚丙 | | | | 烯平均产能利用率77.78%，环比上升0.72%；中石化产能利用率75.77%，环比下降0.19%。 | | | | （1）平均开工上涨0.52个百分点至53.14%。前期部分企业因原料波动或检修导致开工滞后，电商双十一备货拉动终端需求，BOPP、透明包装、物流包装 | | 需求 | 偏多 | 等应用领域订单小增，相关行业开工负荷稳 ...

Group 1: Report Summary - Report title: "Precious Metals Weekly Report (AU, AG): Precious metals gradually stabilize and may continue to build a volatile platform" [1] - Report date: November 10, 2025 - Core view: In the short term, precious metal prices are expected to remain range - bound, but there is still upward potential in the long term. The underlying logic of the precious metals bull market remains solid. It is recommended to focus on long - term allocation by buying on dips [5] Group 2: Market and Influencing Factors - Market performance last week: Precious metals generally stabilized and built a volatile platform. In the first half of the week, the precious metal prices were affected by the rising US dollar index and the Fed's cautious attitude towards a December rate cut. Later, the prices rebounded due to increased market uncertainty and the alleviation of US dollar liquidity tensions [3] - Key influencing factors: The US dollar index breaking through 100, the Fed's attitude towards a December rate cut, the US employment market situation, consumer confidence, the US government shutdown, and the potential impact of Trump's tariff rulings [3][5] Group 3: Data Tracking Gold - related data - London spot gold: $4000.289/ounce, down $2.401 (- 0.06%) from the previous period [4] - Shanghai gold futures: 921.26 yuan/gram, down 0.66 yuan (- 0.07%) from the previous period [4] - Gold SPDR - ETF holdings: 1042.06 tons, up 2.86 tons (0.28%) from the previous period [4] Silver - related data - London spot silver: $48.3260/ounce, down $0.3302 (- 0.68%) from the previous period [4] - Shanghai silver futures: 11484 yuan/kg, up 43 yuan (0.38%) from the previous period [4] - Silver SLV - ETF holdings: 15089 tons, down 101 tons (- 0.67%) from the previous period [4] Group 4: Outlook and Strategy - Short - term outlook: Precious metal prices are expected to remain range - bound. It is recommended to pay attention to the progress of the US government shutdown and Trump's tariff rulings [5] - Long - term outlook: The precious metals bull market's underlying logic remains solid. The continuous rise in the US federal government debt, the Fed's rate - cut cycle, complex global geopolitical situations, and continued central bank gold purchases will support the upward movement of the gold price center [5] - Strategy: It is recommended to focus on long - term allocation by buying on dips [5] Group 5: Central Bank Gold Purchases - China's central bank: Increased gold reserves for the 12th consecutive month. As of the end of October, China's gold reserves were reported at 74.09 million ounces (about 2304.457 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons) [89] - Global central banks: Net gold purchases of about 633.6 tons in the first three quarters of 2025, a year - on - year decrease of about 12.1%. The third - quarter purchases increased by 27.85% quarter - on - quarter to 219.9 tons [89]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The domestic soybean purchase and shipping profitability is poor. With the expectation of China's purchase of US soybeans, the short - term domestic futures market is expected to follow the US market and continue to be volatile and slightly stronger. However, the expected global soybean supply surplus situation will limit the rebound height of the futures market. Future drivers depend on the USDA November supply - demand report and South American weather [11]. 3. Summary by Related Catalogs 3.1 Basis and Spread Data - **Basis Data**: On November 7th, the basis of the main contract of soybean meal in Dalian was 62, down 20; the basis of 43% soybean meal in Tianjin was 2, down 10; in Rizhao it was - 18, down 10; in Zhangjiagang it was 2, up 10; in Dongguan it was - 58, down 10; in Zhanjiang it was - 18; in Fangcheng it was - 38, down 10. The basis of rapeseed meal in Guangdong was 91, up 23 [6]. - **Spread Data**: The RM1 - 5 spread was 123, down 10; the soybean meal - rapeseed meal spread in the spot market in Guangdong was 300, and the spread in the futures market (main contract) was 519, unchanged [7]. 3.2 Supply - related Data - **USDA Forecast**: The USDA currently estimates the US soybean inventory - to - consumption ratio for the 25/26 season at 6.9%. The expected yield per acre of 33.5 bushels may be lowered, and the export forecast has room for an upward adjustment. The US soybean supply - demand balance is expected to be tight. Attention should be paid to the next USDA supply - demand report [8][9]. - **Brazilian Soybean Planting**: As of November 1st, according to CONAB data, the Brazilian soybean planting rate was 47.1%, up from 34.4% last week, compared with 53.3% in the same period last year and a five - year average of 64.7%. Attention should be paid to the relatively dry weather in Rio Grande do Sul in southern Brazil in the next few weeks and the impact of the weak La Nina weather pattern [10]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the supply in the fourth quarter is still expected to be abundant. The purchase progress for the December - January shipping period is slow, and the supply gap in the first quarter of next year is uncertain [11]. 3.3 Demand - related Data - Livestock and poultry are expected to maintain high inventory levels in the short term, which supports feed demand. However, current breeding profits are in the red, and national policies tend to control the inventory and weight of pigs, which may affect long - term supply. The downstream of soybean meal has been cautious in recent transactions, and the pick - up performance has declined [11]. 3.4 Inventory - related Data - Domestic soybean and soybean meal inventories are at historically high levels for the same period, and inventory is expected to start declining in November. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [11]. 3.5 Exchange Rate, Basis Price, and Profit - related Data - The US dollar - to - RMB exchange rate was 7.0837, and the futures market profit from importing Brazilian soybeans was 145 yuan/ton [7].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views of the Report - The current macro - level is in a relatively vacuum period, A - shares lack a clear upward main line, market trading volume remains low, and stock indices continue to fluctuate, while having strong support below due to policy protection and abundant macro - liquidity [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term reminder of interest rate risks suppresses the upward space [1]. Summaries According to Related Catalogs Macro Finance - **Stock Index**: A - shares lack a clear upward main line, trading volume is low, and the index fluctuates while having strong support below [1]. - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but short - term interest rate risk warnings suppress the upward space [1]. Non - ferrous Metals - **Copper**: High prices suppress downstream demand, and market risk preference declines, but the downward space is expected to be limited [1]. - **Aluminum**: The industrial driving force is limited in the near term, and the price maintains high - level fluctuations [1]. - **Alumina**: Domestic production capacity continues to be released, production and inventory increase, and the fundamentals are weak. Attention should be paid to cost support [1]. - **Zinc**: LME inventory continues to decline, and the risk of cornering the market drives the price up. The price is expected to remain high, but chasing high prices requires caution due to domestic over - supply [1]. - **Nickel**: The short - term price may rebound with fluctuations, but beware of high inventory suppression. The long - term pattern of primary nickel is over - supply [1]. - **Stainless Steel**: The social inventory has slightly decreased, and the production schedule in October is stable. The futures price fluctuates at the bottom, and short - term operations are recommended [1]. - **Tin**: In the long - term, pay attention to the opportunity of buying on dips [1]. Precious Metals and New Energy - **Precious Metals**: They are expected to continue to fluctuate in a range in the short term, with support below. Pay attention to the progress of the US government shutdown and Trump's tariff ruling [1]. - **Industrial Silicon**: Northwest production capacity resumes, southwest start - up is weaker than usual, and the impact of the dry season weakens. Polysilicon production in November decreases [1]. - **Lithium Carbonate**: It fluctuates. The traditional peak season for new energy vehicles is coming, energy storage demand is strong, but the hedging pressure is large [1]. Ferrous Metals - **Rebar**: There are concerns about potential weakening of industrial demand in the off - season. After the realization of macro - sentiment, pay attention to the upward pressure [1]. - **Hot - Rolled Coil**: The off - season effect is not obvious, but the industrial structure is still loose. Pay attention to the upward pressure on the price after the realization of macro - sentiment [1]. - **Iron Ore**: The near - month contract is restricted by production cuts, but the far - month has upward opportunities [1]. - **Glass**: Supply and demand are supportive, the valuation is low, but short - term sentiment dominates and the price fluctuates strongly [1]. - **Soda Ash**: It follows glass, but the supply and demand are average, and the upward resistance of the price is large [1]. - **Coking Coal and Coke**: Coking coal's trend is tangled near the previous high, and coke's high - point price includes the expectation of five rounds of price increases. The steel - coke game is intense, and the price may return to the shock range [1]. Agricultural Products - **Palm Oil**: It still faces the dual pressures of seasonal production increase and weak exports in the short term. A rebound may occur if export data improves in November [1]. - **Soybean Oil**: The purchase of US soybeans by China may bring a loose expectation, and the rebound momentum is insufficient [1]. - **Rapeseed Oil**: The meeting between Chinese and Canadian leaders brings a relaxation expectation, and the bumper harvest of Canadian rapeseed presses the price [1]. - **Cotton**: The new - year cotton demand is uncertain. The downward space of the futures price is limited, but the basis and the futures price may be under pressure [1]. - **Sugar**: The price has seasonal upward momentum in the short term, but the rebound space is expected to be limited after the new sugar is listed [1]. - **Corn**: The supply still faces selling pressure, and the short - term price is expected to fluctuate at a low level, with a medium - to - long - term rebound expected [1]. - **Soybeans**: The domestic soybean futures are expected to follow the US market and fluctuate strongly in the short term, but the global supply pattern restricts the rebound height [1]. - **Paper Pulp**: The trading logic is about the old warehouse receipts of the 11 - contract. The downward pressure on the futures price is large, and a 11 - 1 reverse spread is recommended [1]. - **Hogs**: The futures price follows the spot price and stabilizes and then weakens. There is still pressure on the supply in November [1]. Energy and Chemicals - **Fuel Oil**: OPEC+ plans to maintain a small increase in production in December, geopolitical speculation cools down, and market sentiment eases [1]. - **Asphalt**: The short - term supply - demand contradiction is not prominent, and it follows crude oil. The profit is relatively high [1]. - **BR Rubber**: It is bearish. The cost support weakens, and the supply is loose [1]. - **PTA**: Gasoline profit and low benzene price support PX. Overseas and domestic device problems lead to a decline in PTA production [1]. - **Ethylene Glycol**: The price follows the decline of crude oil, but the cost support from coal strengthens slightly [1]. - **Short - Fiber**: The price follows the cost closely, and the basis strengthens [1]. - **Styrene**: The Asian benzene price is weak, the arbitrage window is closed, and the profit of styrene plants decreases [1]. - **Urea**: The export sentiment eases, and the upward space is limited, but there is support from anti - involution and cost [1]. - **PE**: The inventory pressure is large under high supply, the maintenance intensity weakens, and the downstream demand increases slowly [1]. - **PVC**: The supply pressure is large due to reduced maintenance and new production capacity, but the cost support strengthens [1]. - **Caustic Soda**: There is a risk of cornering the market due to planned alumina production in Guangxi, reduced maintenance concentration, and limited near - month warehouse receipts [1]. - **LPG**: The international oil and gas fundamentals are loose, and the domestic spot market stabilizes [1]. Others - **Container Shipping on European Routes**: Macro - positive sentiment is digested, the expected price increase in the peak season is pre - priced, and the shipping capacity supply in November is relatively loose [1]

1. Report Industry Investment Rating - The investment view on the synthetic rubber industry is bearish. The significant decline in butadiene prices has deepened market pessimism, causing a sharp drop in the futures price. Attention should be paid to the adjustment rhythm of spot prices and the price guidance of natural rubber [2]. 2. Core View of the Report - Low - priced butadiene is the main factor affecting the market. The sharp decline in butadiene prices has led to a pessimistic market sentiment, and the futures price of butadiene rubber has dropped significantly. Although there are some changes in supply and demand, the overall market is under pressure from cost - side factors [2]. 3. Summary by Related Catalogs 3.1 Market Review - As of November 6, 2025, the ex - factory price of Sinopec's BR9000 was 10,200 yuan/ton, and that of PetroChina's main sales companies was between 10,200 - 10,300 yuan/ton. The listed price of PetroChina's Southwest sales company was 10,600 yuan/ton. This week, although the butadiene rubber plant of Sichuan Petrochemical restarted, due to the impact of the decline in butadiene prices, the ex - factory prices of Sinopec and PetroChina's butadiene rubber decreased by 800 yuan/ton, and the price of private resources in Shandong fell below 10,000 yuan/ton [2][5]. 3.2 Supply and Demand Analysis 3.2.1 Supply - Last week, the domestic butadiene production was 10.92 million tons, with a capacity utilization rate of 4.85%. The production of high - cis butadiene rubber was 2.69 million tons, with a capacity utilization rate of - 6.71%. Some butadiene plants such as Nanjing Chengzhi, Sierbang, and Yanshan Petrochemical remained shut down, while some plants like Beifang Huajin and Qilu Petrochemical resumed production. In the butadiene rubber sector, the plant of Sichuan Petrochemical restarted, and those of Yangzi Petrochemical and Zhejiang Petrochemical were under maintenance [2]. 3.2.2 Demand - In the semi - steel tire market, the sales of four - season tires were mediocre. The northern market entered the off - season, while the southern market provided some support. In the snow - tire market, the channel inventory was sufficient, waiting for the rise of terminal demand. In the all - steel tire market, the transaction price remained stable. Some manufacturers recovered 1 - 2 points of previous promotional policies in November, and there was a possibility of price increases in the future [2]. 3.2.3 Inventory - Last week, the butadiene port inventory was 2.98 million tons, a decrease of 6.88% compared to the previous week. The inventory of high - cis butadiene rubber enterprises and traders was 2.929 million tons, a decrease of 5.15%. Some butadiene plants resumed production, and the inventory of some suppliers increased. There were imported cargoes arriving at the port, but the short - term tradable volume was limited [2]. 3.3 Price Analysis - The prices of synthetic rubber products such as butadiene, butadiene rubber, and styrene - butadiene rubber all showed a downward trend. For example, the ex - factory price of butadiene from Dalian Hengli decreased by 900 yuan/ton compared to the previous week, a decline of 12.15% [7]. 3.4 Correlation Analysis - The report provides the correlation coefficient heat maps of the price trends of crude oil, synthetic rubber, and natural rubber - related varieties for 1 - month and 3 - month periods, showing the relationships between different varieties [8]. 3.5 Device Analysis - It details the maintenance and operation status of butadiene and high - cis butadiene rubber plants in China in 2025, including the maintenance time, capacity, and future plans of each plant [9]. 3.6 Transaction Strategy - For single - side trading, there is no recommended strategy. For arbitrage, attention should be paid to the strategy of going long on BR and short on NR/RU. Key factors to monitor include downstream demand, cost changes, plant maintenance, and geopolitical situations [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On November 7, concerns about the slowdown of economic growth boosted the precious metal prices, and the continuous increase of China's gold reserves by the central bank supported the gold price. However, due to the Senate Democrats' proposal to extend the AIA subsidy and the Fed officials' cautious attitude towards December interest - rate cuts, the upward momentum of precious metal prices was limited. It is expected that the short - term precious metal prices will maintain a range - bound oscillation, but there is still upward space in the long term. Long - term investors are advised to allocate on dips [3][4]. - In the medium - to - long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition will increase the credit risk of the US dollar. Global central banks' gold purchases continue, so the medium - to - long - term center of gold prices is likely to move up [3][4]. Group 3: Summary by Relevant Catalogs 1. Price Tracking of Domestic and Foreign Gold and Silver (15 - point prices) - On November 7, 2025, compared with November 6, London gold spot rose 0.3% to $4007.42/ounce, London silver spot rose 0.7% to $48.71/ounce, COMEX gold rose 0.2% to $4015.20/ounce, COMEX silver rose 0.6% to $48.51/ounce, AU2512 rose 0.4% to 921.26 yuan/gram, AG2512 rose 0.5% to 11484 yuan/kilogram, AU (T + D) rose 0.3% to 918 yuan/gram, and AG (T + D) rose 0.6% to 11481 yuan/kilogram [3][4]. 2. Spread/Ratio Price Tracking (15 - point prices) - On November 7, 2025, compared with November 6, the spread of gold TD - SHFE active price changed by 41.7%, the spread of silver TD - SHFE active price changed by - 84.2%, the spread of gold domestic - foreign (TD - London) changed by 7.9%, the spread of silver domestic - foreign (TD - London) changed by 1.3%, the SHFE gold - silver main ratio changed by - 0.1%, the COMEX gold - silver main ratio changed by - 0.4%, AU2602 - 2512 changed by 7.6%, and AG2602 - 2512 changed by - 8.0% [3][4]. 3. Position Data - On November 7, 2025, compared with November 6, the gold ETF - SPDR was 1042.06 tons with a 0.16% increase, the silver ETF - SLV was 15088.6327 tons with a - 0.17% decrease. COMEX gold non - commercial long positions increased 1.85%, non - commercial short positions increased 9.43%, non - commercial net long positions increased 0.13%. COMEX silver non - commercial long positions increased 0.97%, non - commercial short positions decreased 0.21%, non - commercial net long positions increased 1.43% [3][4]. 4. Inventory Data - On November 7, 2025, compared with November 6, SHFE gold inventory increased 2.05% to 89616 kilograms, SHFE silver inventory decreased 2.64% to 623052 kilograms. COMEX gold inventory decreased 0.31% to 37729455 troy ounces, COMEX silver inventory decreased 0.28% to 480115942 troy ounces [3][4]. 5. Interest Rate/Exchange Rate/Stock Market - On November 7, 2025, compared with November 6, the US dollar/Chinese yuan central parity rate decreased - 0.04% to 7.08, the US dollar index decreased - 0.15% to 99.55, the 2 - year US Treasury yield decreased - 0.56% to 3.55%, the 10 - year US Treasury yield remained unchanged at 4.11%, the VIX decreased - 2.15% to 19.08, the S&P 500 increased 0.13% to 6728.80, and NYMEX crude oil increased 0.52% to 59.84 [3][4].

Industry Investment Rating - No relevant information provided Core Viewpoints - Gasoline profit and low benzene prices jointly support PX. The gasoline crack spread has risen above $15, prompting refineries to prioritize gasoline production and reduce feedstock for aromatics units. The processing fee of PTA has been compressed to less than 200 again. Industry profits are still constrained by overcapacity due to new plant commissions. Although the peak seasons of "Golden September and Silver October" are over, export demand may improve under the background of the easing of the Sino - US trade war. The downstream weaving has performed well recently, and the current peak season is expected to last until November. It is necessary to pay attention to whether the reduction of Sino - US tariffs can further stimulate domestic exports. Bottle chips and staple fibers follow the cost [2] Summary by Related Indicators Spot Price Changes - PTA spot price increased from 4540 to 4575, up 35 [2] - MEG internal price increased from 3972 to 4013, up 41 [2] - PTA closing price decreased from 4688 to 4664, down 24 [2] - MEG closing price increased from 3924 to 3942, up 18 [2] - 1.4D direct - spun polyester staple fiber price increased from 6380 to 6415, up 35 [2] - Short - fiber basis decreased from 135 to 122, down 13 [2] - 12 - 1 spread decreased from 34 to 38, down 4 [2] - Polyester staple fiber cash flow increased from 240 to 246, up 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5400 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 980 to 1015, up 35 [2] - East China water bottle chip price decreased from 5700 to 5698, down 2 [2] - Hot - filled polyester bottle chip price decreased from 5700 to 5698, down 2 [2] - Carbonated - grade polyester bottle chip price decreased from 5800 to 5798, down 2 [2] - Outer - market water bottle chip price remained unchanged at 760 [2] - Bottle chip spot processing fee decreased from 488 to 442, down 45.66 [2] - T32S pure polyester yarn price remained unchanged at 10310 [2] - T32S pure polyester yarn processing fee decreased from 3930 to 3865, down 35 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price decreased from 14490 to 14465, down 25 [2] - Polyester - cotton yarn profit decreased from 1593 to 1579, down 13.75 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7020 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 608 to 564, down 43.66 [2] - Primary low - melting - point staple fiber price remained unchanged at 7480 [2] Operating Rate and Sales Rate - Direct - spun staple fiber load (weekly) increased from 93.90% to 94.40%, up 0.01 [3] - Polyester staple fiber sales rate decreased from 86.00% to 48.00%, down 38.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 63.50% [3] - Regenerated cotton - type load index (weekly) increased from 51.00% to 51.50%, up 0.01 [3]