1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The LPG futures market is expected to continue its oscillatory consolidation this week due to coastal cooling and increasing chemical demand. There are still traditional heating expectations in the market, causing the far - month prices to be stronger and the monthly spread to decline. The PG - SC ratio remains high. In the short term, the driving logic of PG is unclear, and the fundamentals remain tight. Attention should be paid to the price trends of crude oil and natural gas, as well as overseas fundamental changes [4]. 3. Summary by Relevant Catalogs 3.1 Energy Chemical Product Price Monitoring - The report provides the closing price, daily, weekly, monthly, and annual price changes of various energy - chemical products, including exchange rates, precious metals, crude oil, and chemical products. For example, the current price of LPG is 4272 yuan/ton, with a daily increase of 0.16%, a weekly decrease of 0.49%, a monthly increase of 4.96%, and an annual decrease of 3.09% [3]. 3.2 LPG Market Analysis 3.2.1 Supply - Last week, the total commercial volume of LPG decreased by 2.19% to about 519,000 tons, with industrial gas at 58,000 tons (-1.77%), and civil gas at 173,000 tons (-1.21%). The arrival volume of LPG was 72,000 tons (-29.35%). Some enterprises in Shandong and North China carried out device maintenance, and only one enterprise in the Northeast resumed production, leading to a decline in domestic commercial volume. International prices generally fell, and due to poor chemical profits and tight supply - demand of non - US goods, some Chinese buyers intended to purchase US goods [4]. 3.2.2 Demand - In winter, the heating demand for LPG is gradually increasing, and the combustion demand is improving, with a slow recovery in overall demand. In the C4 deep - processing sector, the resumption of maleic anhydride units downstream of n - butane in November may drive up demand, but the profit of deep - processing units is under pressure, which restricts the rebound of raw material prices. In the isobutane sector, the operation of dehydrogenation units has improved the demand. In the propane deep - processing sector, demand has increased month - on - month, and the operating rate has returned to a high level, but recent sharp increases in raw material prices and unchanged terminal demand have led to continuous losses in device profits, dampening the enthusiasm of enterprises [4]. 3.2.3 Inventory - Last week, the LPG inventory in factories was 418,800 tons (-0.18%), and the port inventory was 298,000 tons (-3.65%). Refineries in various regions were generally stable. Some regions improved sales through price advantages, while others withheld sales due to low - supply expectations. Port arrivals decreased, and with the improvement of chemical demand as the temperature dropped, the overall demand increased, resulting in a significant reduction in port inventory [4]. 3.2.4 Basis and Position - The average weekly basis was 81.80 yuan/ton in East China, 94.20 yuan/ton in South China, and 150.20 yuan/ton in Shandong. The total number of LPG warehouse receipts increased by 250 to 4444 lots, and the lowest deliverable area was East China [4]. 3.2.5 Chemical Downstream - The operating rates of PDH, alkylation, and MTBE were 75.45%, 56.50%, and 41.60% respectively. The profits of PDH - made propylene, MTBE isomerization, and alkylation in Shandong were - 461 yuan/ton, - 679 yuan/ton, and - 151 yuan/ton respectively [4]. 3.2.6 Valuation - The PG - SC ratio was 1.27 (-0.90%), and the PG secondary - to - main monthly spread was 72 yuan/ton (-10.00%). In the fourth quarter, gas prices remained strong, while crude oil trended downward, and the oil - gas cracking spread maintained high - level oscillations [4]. 3.2.7 Other Factors - The Fourth Plenary Session of the 20th Central Committee clarified the development goals and key tasks for the "15th Five - Year Plan" period. Positive progress was made in the China - US summit in Busan, with the US making a series of commitments to suspend or cancel tariffs, export controls, and industrial investigations against China. Military confrontation between the US and Venezuela intensified, and there were continuous market news disturbances. Russian energy facilities were attacked, and there were expectations of maintenance for some cracking units in Japan and South Korea. The US and Europe imposed sanctions on two Russian refineries, and India re - planned its energy procurement plan [4]. 3.3 Investment and Trading Strategies - Investment view: The LPG market is expected to oscillate. In the short term, the driving logic is unclear, and the fundamentals remain tight. - Trading strategy: For unilateral trading, it is recommended to wait and see; for arbitrage, go long on PG2604 and short on PG2603. Attention should be paid to China - US tariffs, US sanctions against Russia, freight rate changes, and device changes [4]. 3.4 Other Information - The report also provides information on LPG futures price trends, regional spot prices and basis, factory and PDH device maintenance plans, and various price spread data for different regions and products [5][8][9][10][12].

1. Report Industry Investment Ratings - Industrial Silicon: Oscillating [7] - Polysilicon: Oscillating [8] - Lithium Carbonate: Bullish [86] 2. Core Views of the Report - The market is pricing in the expectation of mine restart and continues to trade based on demand narratives. Industrial silicon and polysilicon are in a state of double - reduction in supply and demand in November, while lithium carbonate shows an increase in supply and strong demand [7][8][86]. - For industrial silicon, due to the dry season in the southwest, production is decreasing, and prices are expected to oscillate between 8200 - 9400. Polysilicon's production cut in November and the steady progress of capacity storage maintain the view of long - term improvement in fundamentals, with prices oscillating between 4.8 - 5.8. Lithium carbonate is bullish, but the upward trend depends on the supply - side restart situation [7][8][86]. 3. Summaries According to the Directory 3.1 Industrial Silicon (SI) - **Supply**: National weekly production is 9.10 tons, a 7.85% decrease from the previous week. In November, the planned production is 38.95 tons, a 13.88% decrease from the previous month. The dry season in the southwest has led to a large - scale furnace shutdown [7]. - **Demand**: The weekly production of polysilicon is 2.92 tons, a 5.05% decrease from the previous week, and the planned production in November is 12.01 tons, a 10.37% decrease from the previous month. The organic silicon weekly production is 4.79 tons, a 5.51% increase from the previous week, and the planned production in November is 21.76 tons, a 3.82% increase from the previous month [7]. - **Inventory**: The explicit inventory is 69.23 tons, a 1.22% increase from the previous week, showing a slight accumulation. The industry inventory is 46.14 tons, a 3.06% increase from the previous week [7]. - **Cost and Profit**: The national average cost per ton is 9245 yuan, a 1.66% increase from the previous week, and the profit per ton is - 45 yuan, a 225 - yuan decrease from the previous week. The average profit per ton in the main production areas has increased [7]. - **Investment View**: In the short term, prices are expected to oscillate between 8200 - 9400 [7]. 3.2 Polysilicon (PS) - **Supply**: National weekly production is 2.92 tons, a 5.05% decrease from the previous week, and the planned production in November is 12.01 tons, a 10.37% decrease from the previous month [8]. - **Demand**: The weekly production of silicon wafers is 13.24GW, a 1.54% decrease from the previous week, and the planned production in November is 57.66GW, a 4.93% decrease from the previous month [8]. - **Inventory**: Factory inventory is 27.69 tons, a 0.25% increase from the previous week, showing continuous accumulation [8]. - **Cost and Profit**: The national average cost per ton is 41603 yuan, a 0.12% increase from the previous week, and the profit per ton is 8647 yuan, a 50 - yuan decrease from the previous week [8]. - **News**: The total investment in capacity storage may range from 20 billion to 30 billion yuan, but the specific amount is uncertain [8]. - **Investment View**: In the short term, prices are expected to oscillate between 4.8 - 5.8 [8]. 3.3 Lithium Carbonate (LC) - **Supply**: National weekly production is 2.15 tons, a 2.15% increase from the previous week. The planned production in November is about 9.21 tons, a 0.20% decrease from the previous month [86]. - **Import**: In September, the import volume of lithium carbonate was 1.96 tons, a 10.30% decrease from the previous month, and the import volume of lithium concentrate was 52.05 tons, a 10.61% increase from the previous month [86]. - **Material Demand**: The weekly production of iron - lithium materials is 9.69 tons, a 9.52% increase from the previous week, and the weekly production of ternary materials is 1.97 tons, a 2.61% increase from the previous week [86]. - **Terminal Demand**: In September, the production of new energy vehicles was 1.617 million, a 16.29% increase from the previous month, and the sales volume was 1.604 million, a 14.96% increase from the previous month. From January to October, the cumulative tender for energy storage was 201.5GWh, a 44% increase year - on - year [86]. - **Inventory**: Social inventory (including warehouse receipts) is 12.40 tons, a 2.67% decrease from the previous week, showing continuous destocking [86]. - **Cost and Profit**: The cash production cost of外购 lithium mica for lithium extraction is 82865 yuan/ton, a 3.28% decrease from the previous week, and the production profit is - 5626 yuan/ton, a 3204 - yuan increase from the previous week [86]. - **Investment View**: Bullish, but the upward trend depends on the supply - side restart situation [86].

Report Industry Investment Rating - The investment rating for the methanol industry is a weak and volatile outlook [2] Core Viewpoints of the Report - This week, the overall supply of methanol was abundant, with high inventory levels and slow de - stocking, exerting significant downward pressure on prices. The demand was weak and differentiated, providing only limited support to the market. Although the cost side was supported by relatively strong raw materials, the production profit was under pressure, and the support was limited. The market sentiment was generally cautious, and the short - term price was likely to continue the weak and volatile pattern. It is recommended to wait and see or seek opportunities within a certain range instead of aggressively short - selling [2] Summary by Relevant Catalogs Supply - This week, the domestic methanol supply remained abundant. The industry's operating load increased slightly, especially in the Northwest region. The capacity utilization rates of mainstream production processes such as coal - based and coke - oven gas - based methanol increased. Although some plants were newly shut down or continued to be out of operation, more plants resumed production, and the overall output showed an upward trend. The import volume was stable, and the port arrivals were sufficient. Coupled with the high previous inventory, the market supply was well - supported. Inland enterprises were eager to sell, and the flow of goods between ports and inland areas was smooth [2] Demand - This week, the downstream demand for methanol was generally weak and differentiated. The demand from the main downstream olefin (CTO/MTO) sector had some local support, and the purchasing willingness of some enterprises increased slightly. However, the overall industry operation did not improve significantly, and the incremental consumption of methanol was limited. The traditional downstream sectors performed differently. The operating loads of formaldehyde and MTBE increased slightly, while those of dimethyl ether and acetic acid decreased, and DMF remained stable. Most traditional products only met their rigid demand and had a weak willingness to increase purchases actively. The downstream buying interest at ports was insufficient, and although the local demand in inland areas improved slightly due to olefin procurement, it was not a widespread phenomenon. Overall, the demand side provided weak support to the methanol market [2] Inventory - This week, the methanol inventory was under high - level pressure. The port inventory remained at a historically high level. Although the unloading rhythm in some areas and the提货 volume in individual warehouses fluctuated slightly, the overall de - stocking speed was slow. With sufficient future arrivals, the port inventory pressure was not effectively relieved. The inventory in some ports in East China increased slightly, and that in South China adjusted slightly. The inland market inventory was differentiated. Most enterprises' inventories accumulated, while only a few regions saw a slight decline in inventory due to supply reduction caused by plant maintenance. Affected by sufficient supply, weak demand, and the back - flow of low - priced port goods, inland enterprises faced difficulties in selling, and the overall inventory remained at a relatively high level [2] Profit - This week, the overall profit of methanol was under pressure, and different production processes showed different performances. The profit of coal - based methanol shrank significantly as the rising price of raw coal pushed up production costs while the spot price of methanol declined, squeezing the profit margin. The profit of coke - oven gas - based methanol also decreased, and the loss of natural - gas - based methanol widened. The cost pressure was continuously transmitted to the production end. The profit of downstream sectors improved locally. Some products saw a slight improvement in profit due to the decline in methanol prices or their own supply - demand adjustments, but most downstream industries were still in the loss range, and the profit transmission in the entire industrial chain was not smooth, with no obvious improvement in the profitability [2] Macro and Geopolitical Factors - Iranian President Pezeshkian stated in a recent speech that the United States armed Israel while telling Iran not to have missiles or the right to self - defense. Iran does not want war but will not allow other countries to violate its rights. Pezeshkian also said that Iran has no intention of manufacturing nuclear weapons and is willing to negotiate within the framework of international law, but will not accept humiliation [2] Investment View - It is expected that the short - term price of methanol will continue the weak and volatile pattern. Attention should be paid to the inventory de - stocking rhythm and plant start - stop dynamics. It is not recommended to aggressively short - sell, and it is advisable to wait and see or seek opportunities within a certain range [2] Trading Strategy - For single - sided trading, it is recommended to wait and see with a bearish view; for arbitrage, it is also recommended to wait and see [2]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - Near the new crops in the Northern Hemisphere and the listing of domestic cane sugar, Zhengzhou sugar is expected to be mainly volatile and weak. The large current import volume of raw sugar and the gradually released pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, suppress the futures market. In the domestic supply side, Yunnan sugar mills started the first pressing two days ago, and Guangxi sugar mills are expected to start mass - production in mid - to - late November, which may create new selling pressure. However, as the current futures market is close to the domestic sugar - making cost, it is expected to show a resistant decline before the listing of domestic new sugar [4] 3. Summary According to Relevant Catalogs 3.1 Domestic Spot Price and Futures Price - In the domestic spot market, on November 7, 2025, the price per ton of sugar in Nanning Warehouse, Guangxi was 5760 yuan, up 40 yuan; in Kunming, Yunnan, it was 5650 yuan, down 10 yuan; in Dali, Yunnan, it was 5500 yuan, down 10 yuan; in Rizhao, Shandong, it was 5820 yuan, unchanged. The price of SR01 was 5457 yuan, up 9 yuan; the price of SR05 was 5397 yuan, up 9 yuan; the spread between SR01 and SR05 was 60 yuan, unchanged [4] 3.2 International Exchange Rate and Commodity Price - The exchange rate of RMB against the US dollar was 7.1393, down 0.0015; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of the ICE raw sugar main contract was 14.13, down 0.09; the price of the London white sugar main contract was 573, up 3; the price of the Brent crude oil main contract was 63.7, up 0.13 [4]

Report Summary 1. Industry Investment Ratings - No specific industry investment ratings are provided in the reports. 2. Core Views - **Steel**: The valuation of steel is not high, but the rebound driving force is insufficient. In the short - term, the macro - economic outlook may be in a vacuum, and the focus is on industrial contradictions. The steel price is unlikely to be further suppressed, but there is no strong driving force for price increases. The overall industrial logic is a gradual decline in steel production, with potential for a sector - wide resonance increase later [2]. - **Silicon Ferrosilicon and Manganese Silicon**: Market sentiment has declined, and prices are oscillating. The fundamentals have concerns such as high supply, large inventory de - stocking pressure, and weak downstream demand, so prices may be under pressure and oscillate [3][5]. - **Coking Coal and Coke**: The fourth round of price increases for coke has started, and the industrial pressure in the steel off - season has increased. The supply of coking coal is still tight, but the positive supply factors are weakening, and the negative demand factors are emerging. The sector is expected to be in a state of oscillation [6]. - **Iron Ore**: The short - term supply of iron ore is relatively strong, mainly due to arrival rhythms. With the decline in molten iron production, the port inventory of iron ore will continue to rise, and the previous short positions can be held [7]. 3. Summary by Category **Futures Market Data** - **Futures Closing Prices and Changes**: On November 7, for far - month contracts (RB2605, HC2605, etc.), prices showed various changes. For example, RB2605 closed at 3095 yuan/ton, down 1 yuan (- 0.03%); for near - month contracts (RB2601, HC2601, etc.), RB2601 closed at 3034 yuan/ton, up 6 yuan (0.20%). There were also corresponding changes in cross - month spreads, basis, and other indicators [1]. **Steel** - **Market Situation**: Weekend steel spot prices dropped slightly, with a decline of 10 - 20 yuan, and trading volume was low. In the short - term, the macro - economic outlook is in a vacuum, and the focus is on industrial contradictions. The steel price is unlikely to be further suppressed, but there is no strong driving force for price increases. The long - term trend is a gradual decline in steel production, with potential for a sector - wide resonance increase later [2]. **Silicon Ferrosilicon and Manganese Silicon** - **Market Situation**: Affected by external macro - factors, market sentiment has declined, and the prices of silicon ferrosilicon and manganese silicon have followed suit. The fundamentals have concerns such as high supply, large inventory de - stocking pressure, and weak downstream demand. Prices may be under pressure and oscillate, and future attention should be paid to supply - demand changes [5]. **Coking Coal and Coke** - **Market Situation**: The fourth round of price increases for coke has started, and the spot market sentiment is average. The supply of coking coal is still tight, but the positive supply factors are weakening, and the negative demand factors are emerging. The steel off - season has increased industrial pressure, and the sector is expected to be in a state of oscillation [6]. **Iron Ore** - **Market Situation**: The short - term supply of iron ore is relatively strong, mainly due to arrival rhythms. With the decline in molten iron production, the port inventory of iron ore will continue to rise, and the previous short positions can be held [7].

Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is strongly supported by PX, with a slight increase in the PTA market. The spot supply is sufficient, and the spot basis fluctuates within a limited range. The gasoline supply contraction leads to an expansion of gasoline profits, which indirectly supports the price of PX. The PTA supply side contracts slightly, the polyester start - up is stable, and the polyester load remains above 90%. The export of domestic polyester is still optimistic. Although the "Golden September and Silver October" period has ended, the export demand may improve under the easing of the Sino - US trade war [2]. - The ethylene price fails to support the strength of the ethylene glycol price. New device startups continuously put pressure on the ethylene glycol price. The low - inventory - induced spot tightness is mainly reflected through the basis. The coal price rises, but it does not provide stronger cost support for ethylene glycol, and the profit of coal - based ethylene glycol has been repaired. The Sino - US trade negotiation is reached, and the tariff reduction may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2]. Summary by Related Catalogs Market Data - **INE Crude Oil and PTA - SC**: On November 6, 2025, INE crude oil was 460.4 yuan/barrel, and PTA - SC was 1342.2 yuan/ton. On November 7, 2025, INE crude oil was 460.6 yuan/barrel, and PTA - SC was 1316.8 yuan/ton, with a change of 0.20 and - 25.45 respectively [2]. - **PTA/SC Ratio**: It decreased from 1.4012 on November 6, 2025, to 1.3934 on November 7, 2025, a change of - 0.0078 [2]. - **CFR China PX**: It decreased from 826 on November 6, 2025, to 823 on November 7, 2025, a change of - 3 [2]. - **PX - Naphtha Spread**: It decreased from 249 on November 6, 2025, to 247 on November 7, 2025, a change of - 1 [2]. - **PTA Main Contract Futures Price**: It decreased from 4688 yuan/ton on November 6, 2025, to 4664 yuan/ton on November 7, 2025, a change of - 24.0 [2]. - **PTA Spot Price**: It increased from 4540 on November 6, 2025, to 4575 on November 7, 2025, a change of 35.0 [2]. - **PTA Spot Processing Fee**: It increased from 120.9 yuan/ton on November 6, 2025, to 188.8 yuan/ton on November 7, 2025, a change of 67.9 [2]. - **PTA Disk Processing Fee**: It decreased from 268.9 yuan/ton on November 6, 2025, to 262.8 yuan/ton on November 7, 2025, a change of - 6.1 [2]. - **PTA Main Contract Basis**: It increased from (80) on November 6, 2025, to (78) on November 7, 2025, a change of 2.0 [2]. - **PTA Warehouse Receipt Quantity**: It increased from 75888 on November 6, 2025, to 89012 on November 7, 2025, a change of 13124 [2]. - **MEG Main Contract Futures Price**: It increased from 3924 yuan/ton on November 6, 2025, to 3942 yuan/ton on November 7, 2025, a change of 18.0 [2]. - **MEG - Naphtha**: It increased from (145.36) on November 6, 2025, to (143.55) on November 7, 2025, a change of 1.8 [2]. - **MEG Domestic Market Price**: It increased from 3972 on November 6, 2025, to 4013 on November 7, 2025, a change of 41.0 [2]. - **MEG Main Contract Basis**: It increased from 70 on November 6, 2025, to 73 on November 7, 2025, a change of 3.0 [2]. Industry Chain Start - up Situation - **PX Start - up Rate**: It increased from 86.21% on November 6, 2025, to 88.03% on November 7, 2025, a change of 1.82% [2]. - **PTA Start - up Rate**: It decreased from 77.84% on November 6, 2025, to 77.42% on November 7, 2025, a change of - 0.42% [2]. - **MEG Start - up Rate**: It remained unchanged at 63.74% from November 6 to 7, 2025 [2]. - **Polyester Load**: It increased from 89.56% on November 6, 2025, to 89.70% on November 7, 2025, a change of 0.14% [2]. Polyester Product Data - **POY150D/48F**: The price increased from 6515 on November 6, 2025, to 6560 on November 7, 2025, a change of 45.0. The cash flow increased from 53 to 54, a change of 1.0 [2]. - **FDY150D/96F**: The price increased from 6730 on November 6, 2025, to 6770 on November 7, 2025, a change of 40.0. The cash flow decreased from (232) to (236), a change of - 4.0 [2]. - **DTY150D/48F**: The price increased from 7790 on November 6, 2025, to 7840 on November 7, 2025, a change of 50.0. The cash flow increased from 128 to 134, a change of 6.0 [2]. - **Long - Filament Sales Volume**: It decreased from 70% on November 6, 2025, to 48% on November 7, 2025, a change of - 22% [2]. - **1.4D Direct - Spun Polyester Staple Fiber**: The price increased from 6380 on November 6, 2025, to 6415 on November 7, 2025, a change of 35. The cash flow decreased from 268 to 259, a change of - 9.0 [2]. - **Polyester Staple Fiber Sales Volume**: It decreased from 70% on November 6, 2025, to 46% on November 7, 2025, a change of - 24% [2]. - **Semi - Gloss Chip**: The price increased from 5555 on November 6, 2025, to 5575 on November 7, 2025, a change of 20.0. The cash flow decreased from (7) to (31), a change of - 24.0. The sales volume decreased from 143% to 53%, a change of - 90% [2]. Device Maintenance - A 2.2 - million - ton PTA device in East China reduced its load slightly, and the recovery time is to be tracked [2].

Report Summary 1. Core View - In the short term, the macro - level is in a relative policy window period. The A - share market lacks a clear upward mainline, trading volume remains low, and stock indices continue to fluctuate and are in an accumulation phase. The US government's continuous shutdown risks increase the adjustment pressure on US stocks and impact the domestic equity market, but the impact is mainly at the A - share opening stage, and the intraday trend can be repaired by domestic liquidity and market sentiment, providing space for short - term stock index operations. In the long - term, the market is expected to have further upward space, but the pace will be gradual. Key factors such as overseas liquidity release or substantial improvement in domestic fundamentals will drive the market upward [6]. 2. Data Summary 2.1 Currency Market | Variety | Closing Price | Change from Previous Value (bp) | | --- | --- | --- | | DR001 | 1.33 | 1.55 | | DR007 | 1.41 | - 1.24 | | GC001 | 1.20 | - 12.00 | | GC007 | 1.47 | - 0.50 | | SHBOR 3M | 1.58 | - 0.35 | | LPR 5 - year | 3.50 | 0.00 | | 1 - year Treasury Bond | 1.40 | - 0.04 | | 5 - year Treasury Bond | 1.59 | 0.53 | | 10 - year Treasury Bond | 1.81 | 0.77 | | 10 - year US Treasury Bond | 4.11 | 0.00 | Last week, the central bank conducted 495.8 billion yuan of reverse repurchases and 700 billion yuan of 91 - day outright reverse repurchases in the open market. There were 2068 billion yuan of reverse repurchases and 700 billion yuan of 91 - day outright reverse repurchases due, resulting in a net withdrawal of 1572.2 billion yuan. This week, 495.8 billion yuan of reverse repurchases will mature, with 78.3 billion, 117.5 billion, 65.5 billion, 92.8 billion, and 141.7 billion yuan maturing from Monday to Friday respectively [4]. 2.2 Stock Index Market | Variety | Closing Price | Change from Previous Day (%) | | --- | --- | --- | | CSI 300 | 4679 | - 0.31 | | IF Current Month | 4673 | - 0.2 | | SSE 50 | 3038 | - 0.21 | | IH Current Month | 3039 | - 0.1 | | CSI 500 | 7328 | - 0.24 | | IC Current Month | 7292 | - 0.2 | | CSI 1000 | 7542 | - 0.13 | | IM Current Month | 7493 | 0.1 | | IF Trading Volume | 86450 | - 22.4 | | IF Open Interest | 257486 | - 2.7 | | IH Trading Volume | 37804 | - 26.6 | | IH Open Interest | 90943 | - 5.5 | | IC Trading Volume | | - 19.9 | | IC Open Interest | 240492 | - 3.6 | | IM Trading Volume | 187617 | - 7.8 | | IM Open Interest | 356424 | 1.9 | Last week, the CSI 300 rose 0.82% to 4678.8, the SSE 50 rose 0.89% to 3038.3, the CSI 500 fell 0.04% to 7327.9, and the CSI 1000 rose 0.47% to 7541.9. Among the Shenwan primary industry indices, power equipment (5%), steel (4.4%), basic chemicals (3.5%), banks (2.8%), and comprehensive (2.6%) led the gains, while computer (- 2.5%), medicine and biology (- 2.4%), automobile (- 1.2%), food and beverage (- 0.6%), and household appliances (- 0.5%) led the losses. The daily trading volumes of A - shares last week were 1910.4 billion, 1753.4 billion, 1718.3 billion, 1860 billion, and 1833.1 billion yuan respectively, with the average daily trading volume decreasing by 260.55 billion yuan compared to the previous week [5]. 2.3 Stock Index Futures Premium and Discount | | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | 3.77% | 3.78% | 3.13% | 3.23% | | IH Premium/Discount | - 0.45% | 0.04% | 0.34% | 0.58% | | IC Premium/Discount | 14.91% | 12.17% | 10.13% | 10.16% | | IM Premium/Discount | 19.55% | 15.71% | 12.96% | 12.36% | Note: The values in brackets are the annualized premium/discount rates (green indicates premium, red indicates discount) [7].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content. Group 2: Report's Core View - The pulp fundamentals have no significant improvement, but there is a potential shortage of delivery resources for the 26-year Russian needle pulp, and the futures market may be priced based on Russian needle pulp and high-quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [10]. Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On November 7, 2025, SP2601 was 5394 with a daily increase of 0.48% and a weekly increase of 3.49%; SP2511 was 4872 with a daily decrease of 0.16% and a weekly increase of 0.54%; SP2605 was 5398 with a daily increase of 0.26% and a weekly increase of 2.62% [5]. - **Spot Prices**: On November 7, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; Russian Needle was 5100 with no change; hardwood pulp Goldfish was 4250 with no change [5]. - **Foreign Offers**: In November 2025, the offer of Chilean Silver Star was 680 dollars/ton, down 20 dollars/ton from the previous period; Brazilian Goldfish was 530 dollars/ton, up 3.92% from the previous period; Chilean Venus was 590 dollars/ton, unchanged [5]. - **Import Costs**: In November 2025, the import cost of Chilean Silver Star was 5559, down 2.83% from the previous period; Brazilian Goldfish was 4344, up 3.87% from the previous period; Chilean Venus was 4830, unchanged [5]. Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, up 12.54% from August; hardwood pulp was 135.6 tons, up 7.79% from August. The domestic production of hardwood pulp on November 6, 2025, was 25 tons, and chemimechanical pulp was 23.5 tons [5]. - **Inventory**: As of November 6, 2025, the pulp port inventory was 200.8 tons, a decrease of 5.3 tons from the previous period, a 2.6% decline. The futures delivery warehouse inventory was 22.4 tons [5][10]. - **Demand**: The production of offset paper on November 6, 2025, was 20.80 tons; coated paper was 8.50 tons; tissue paper was 28.36 tons; white cardboard was 35.70 tons. White cardboard showed an obvious increase in both volume and price, while cultural paper had frequent price - increase letters, but whether they can be implemented remains to be observed, and overall demand was still weak [5][10]. Pulp Valuation Data - **Basis**: On November 7, 2025, the basis of Russian Needle was 228 with a quantile level of 0.905; Silver Star was 628 with a quantile level of 0.872 [5]. - **Import Profit**: On November 7, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.513; hardwood pulp Goldfish was - 94 with a quantile level of 0.558 [5].

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - On November 6, the A - share market rose unilaterally with increased trading volume. The Shanghai Composite Index rose nearly 1% and returned to the 4000 - point mark. The computing power hardware industry chain exploded, and the electric power grid theme continued to ferment [3]. 3. Summary by Related Content Market Quotes Review - **Index Performance**: The Shanghai Composite Index closed up 0.97% at 4007.76 points, the Shenzhen Component Index rose 1.73%, the ChiNext Index rose 1.84%, the CSI 300 rose 1.43%, the Beijing Stock Exchange 50 fell 0.38%, the STAR 50 rose 3.34%, the Wind All - A rose 1.19%, the Wind A500 rose 1.51%, and the CSI A500 rose 1.54%. The A - share market had a full - day trading volume of 2.08 trillion yuan, compared with 1.89 trillion yuan the previous day [3]. - **Specific Index Data**: The closing price of the SSE 50 was 3044.7416, with a trading volume of 50.63 billion and a turnover of 1439.34 billion yuan, up 1.22%. The CSI 300 closed at 4693.4032, with a trading volume of 224.24 billion and a turnover of 5536.42 billion yuan, up 1.43%. The CSI 1000 closed at 7551.8299, with a trading volume of 4051.69 billion and a turnover of 263.61 billion yuan, up 1.17% [3]. CFFEX Stock Index Option Trading Situation - **Option Volume and Position**: For the SSE 50, the call option trading volume was 4.07 million, the put option trading volume was 3.11 million, the call option position was 7.29 million, the put option position was 4.19 million, the trading volume PCR was 0.74, and the position PCR was 0.66. For the CSI 300, the call option trading volume was 13.74 million, the put option trading volume was 8.62 million, the call option position was 20.00 million, the put option position was 10.75 million, the trading volume PCR was 0.59, and the position PCR was 0.86. For the CSI 1000, the call option trading volume was 26.01 million, the put option trading volume was 13.93 million, the call option position was 31.01 million, the put option position was 14.85 million, the trading volume PCR was 0.87, and the position PCR was 1.09 [3]. Volatility Analysis - **Historical Volatility and Volatility Cone**: The report presents the historical volatility and volatility cone of the SSE 50, CSI 300, and CSI 1000, including the 10%, 30%, 60%, 90% quantile values, minimum, maximum, and current values, as well as historical volatility data for different periods (5 - day, 20 - day, 40 - day, 60 - day, 120 - day) [3]. - **Volatility Smile Curve and Next - Month At - the - Money Implied Volatility**: The report shows the volatility smile curves and next - month at - the - money implied volatility of the SSE 50, CSI 300, and CSI 1000 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic soybean purchase and shipping profit is poor, the domestic market valuation is low. With the expectation of China's purchase of US soybeans, the import cost is expected to rise, and the futures market is expected to rebound to repair the crushing profit, showing a volatile and strong trend. However, the expected loose global soybean supply pattern limits the rebound height of the futures market. Attention should be paid to the subsequent Sino - US policies, USDA report adjustments, and the driving evolution brought by South American weather changes [9]. 3. Summary by Relevant Catalogs 3.1 Basis and Spread Data - **43% Soybean Meal Spot Basis**: On November 6th, the basis in Dalian was 82, up 55; in Tianjin it was 12, up 25; in Rizhao it was - 8, up 45; in Zhangjiagang it was - 8, up 35; in Dongguan it was - 48, up 25; in Zhanjiang it was - 18, up 35; in Fangcheng it was - 28, up 25 [6]. - **Rapeseed Meal Spot Basis**: In Guangdong, it was 76, down 34 on November 6th [6]. - **Soybean Meal - Rapeseed Meal Spread**: The spot spread in Guangdong was 519, down 17; the futures spread of the main contract was 457, up 45 [7]. 3.2 Supply Situation - **US Soybeans**: The USDA currently estimates the US soybean stock - to - consumption ratio for the 25/26 season at 6.9%, with the expected yield of 53.5 bushels per acre potentially being lowered and the export expectation having room for an upward adjustment. The US soybean supply - demand balance is expected to be tight [7]. - **Brazilian Soybeans**: As of October 25th, the Brazilian soybean sowing rate was 34.4%, compared to 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. The southern part of Rio Grande do Sul in Brazil is expected to be relatively dry, and attention should be paid to the impact of the La Nina weather pattern [8]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the domestic soybean meal supply in the fourth quarter is still expected to be loose. The far - month purchase and shipping progress is slow [9]. 3.3 Demand Situation - **Livestock and Poultry**: In the short term, livestock and poultry are expected to maintain high inventory levels, and the capacity reduction is not obvious, which supports feed demand. However, the current breeding profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the far - month supply [9]. - **Downstream Transactions**: Recently, the downstream transactions of soybean meal have been cautious, but the pick - up performance has been good [9]. 3.4 Inventory Situation - **Soybean and Soybean Meal**: Domestic soybean and soybean meal inventories are at historical highs, and it is expected that the inventory will start to decline in November. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [9].