Group 1: Report Overview - Report Title: Shipping Derivatives Data Daily Report [4] - Research Institution: Guomao Futures Research Institute, Energy and Chemical Research Center [5] - Date: November 20, 2025 [5] Group 2: Shipping Index Data Spot Freight Index - **Shanghai Containerized Freight Index (SCFI)**: Current value is 1451, down 2.92% from the previous value of 1495 [5] - **China Containerized Freight Index (CCFI)**: Current value is 1094, up 3.39% from the previous value of 1058 [5] - **SCFI - US West Coast**: Current value is 1823, down 17.59% from the previous value of 2212 [5] - **SCFIS - US West Coast**: Current value is 1238, down 6.85% from the previous value of 1329 [5] - **SCFI - US East Coast**: Current value is 2600, down 8.71% from the previous value of 2848 [5] - **SCFI - Northwest Europe**: Current value is 1417, up 7.11% from the previous value of 1323 [5] - **SCFIS - Northwest Europe**: Current value is 1357, down 9.77% from the previous value of 1504 [5] - **SCFI - Mediterranean**: Current value is 2029, unchanged from the previous value [5] Futures Contract Data - **Contract Prices**: EC2506 at 1382.0 (down 0.22%), EC2608 at 1490.1 (down 1.29%), EC2610 at 1110.0 (down 0.18%), EC2512 at 1763.3 (down 0.35%), EC2602 at 1640.1 (down 2.26%), EC2604 at 1162.7 (down 1.43%) [5] - **Contract Positions**: EC2606 at 1582 (down 3), EC2608 at 1212, EC2610 at 2520, EC2512 at 9568 (down 864), EC2602 at 40244 (up 1384), EC2604 at 15944 (down 201) [5] - **Monthly Spreads**: 12 - 02 at 123.2 (up 31.8), 12 - 04 at 600.6 (up 10.7), 02 - 04 at 477.4 (down 21.1) [5] Group 3: Market News and Events - **Holiday Arrangement**: The last trading Monday in February 2026 for container shipping index (European line) futures EC2602 is February 9 [6][8] - **Geopolitical Event**: Iran carried out a maritime attack near the Oman Gulf targeting Israel [6] - **Shipping Route Change**: CMA CGM JULES VERNE/ MEX1 is directly passing through the Red Sea/Suez Canal instead of rounding the Cape of Good Hope as scheduled [6] Group 4: Spot Price and Market Logic - **Spot Prices**: In late November, NSK quoted 2020, HPL 2850, 00CL 2300, CMA 3150, MSC 2350, HML 2500, YML 2550, ONE 2650; in early December, MSK quoted 3200, HPL 3250, ONE 2450 (MSK's final December quote was 2500) [7] - **Market Logic**: There are still expected 1 - 2 rounds of price increases during the peak season. The price increases in early December conflict with the price differentiation in late November. The loading situation in November needs to be monitored to see if it can support the December price hikes. The timing and magnitude of the peak price in December are uncertain [7] Group 5: Contract Adjustment and Strategy - **Contract Adjustment**: The final trading day of the container shipping index (European line) futures EC2602 is February 9, 2026. The delivery settlement price is now calculated based on the weighted average of the underlying index prices on January 26, February 2, and February 9, 2026, instead of February 9, 16, and 23. This adjustment is favorable for the EC2602 contract, but investors should avoid chasing high prices [8] - **Investment Strategy**: Adopt a wait - and - see approach as the EC2512 contract is gradually losing trading value [9]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The central bank will have 11220 billion yuan of reverse repurchase operations due this week, and there will be 120 billion yuan of treasury cash fixed deposits due on Thursday. The central bank will maintain a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [4]. - Yesterday, the macro news was calm, and the stock index showed a differentiated trend. Small and medium - cap stocks were relatively weak, while large - cap stocks were more resilient. The market is in a state of long - short interweaving, lacking a core driving force. The stock index is expected to continue the volatile pattern with support at the bottom and pressure upwards. Short - term market differences will be digested during the volatility, waiting for a new driving force to push the index up [6]. 3. Summary by Relevant Catalogs 3.1 Interest Rate Market - DRO01 closed at 1.42%, down 10.66bp; DR007 closed at 1.51%, down 1.08bp; GC001 closed at 1.63%, down 6.50bp; GC007 closed at 1.51%, down 5.00bp; SHBOR 3M closed at 1.58%, unchanged; LPR 5 - year was 3.50%, unchanged; 1 - year treasury bond yield was 1.40%, down 0.30bp; 10 - year treasury bond yield was 1.81%, up 0.40bp; 10 - year US treasury bond yield was 4.12%, down 1.00bp [3]. - Last week, the central bank conducted 11220 billion yuan of reverse repurchase operations, with 4958 billion yuan of reverse repurchase due, resulting in a net investment of 6262 billion yuan [3]. 3.2 Stock Index Market - Yesterday, the CSI 300 rose 0.44% to 4588.3; the SSE 50 rose 0.58% to 3020.3; the CSI 500 fell 0.4% to 7122.7; the CSI 1000 fell 0.82% to 7387.2. The trading volume of the two markets was 17259 billion yuan, a decrease of 2002 billion yuan from the previous day. The industry sectors had more decliners than gainers [5]. - The IF contract had a trading volume of 122613, up 0.6%, and an open interest of 272167, down 2.3%; the IH contract had a trading volume of 53539, down 2.2%, and an open interest of 95237, down 2.5%; the IC contract had a trading volume of 132592, down 1.4%, and an open interest of 248512, down 2.2%; the IM contract had a trading volume of 227467, up 4.5%, and an open interest of 364139, up 0.6% [5]. 3.3 Futures Premium and Discount Situation - The IF premium rates for the current - month, next - month, current - quarter, and next - quarter contracts were 19.46%, 6.12%, 3.69%, and 3.73% respectively; the IH premium rates were 14.19%, 3.77%, 1.39%, and 1.38% respectively; the IC premium rates were 15.75%, 11.61%, 10.48%, and 11.09% respectively; the IM premium rates were - 7.88%, 14.66%, 13.00%, and 12.79% respectively [7].

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 数据日报 投资咨询号: Z0021658 从业资格号: F03110419 2025/11/20 | 指标 | | 11月19日 | 涨跌 | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 98 | -11 | 1600 | ----- 18/19 ----- 22/23 | ----- 19/20 ----- 23/24 | == - 24/25 | | ==== 21/22 - 25/26 | | | 天津 日照 | 38 -2 | | 1200 800 400 | | | | | | | 43%豆粕现货基差 | | | | | | | | | | | (对主力合约) | 张家港 | 28 | | 400 | | | | | | | | | | | 01/21 | | 02/21 03/24 04/24 05/25 06/25 07/26 08/26 09/26 | | 10/27 11/27 | ...

Group 1: Investment Rating - Not provided in the content Group 2: Core Viewpoints - On November 19, 2025, the main contract of Shanghai gold futures closed up 1.09% to 937 yuan/gram, and the main contract of Shanghai silver futures closed up 2.19% to 12,148 yuan/kilogram [5]. - Due to the increase in the number of unemployment - benefit applicants and poor ADP employment data, the probability of the Fed cutting interest rates in December has rebounded. According to CME interest - rate tools, the probability has risen above 30%, boosting the precious - metal prices to stabilize and rebound [5]. - After the liquidity risks in US stocks and cryptocurrencies are gradually released, precious metals return to the partial safe - haven logic, which also supports their prices [5]. - In the short term, as the missing US economic data is gradually released, precious - metal prices are expected to stabilize and maintain high - level fluctuations. Short - term attention should be paid to the US non - farm payrolls report. The strategy is to buy on dips or sell out - of - the - money put options [5]. - In the long term, since the Fed is still in an interest - rate cut cycle, global geopolitical uncertainties persist, US debt is unsustainable, and major - power games intensify, which will increase the credit risk of the US dollar in the long run, and global central banks' gold purchases continue. The long - term center of gold prices is likely to move up. Long - term investors are advised to mainly allocate by buying on dips [5]. Group 3: Data Summaries Price Tracking - On November 19, 2025, London gold spot was at $4,092.16/ounce, London silver spot was at $51.43/ounce, COMEX gold was at $4,092.80/ounce, COMEX silver was at $51.29/ounce, AU2512 was at 937 yuan/gram, AG2512 was at 12,141 yuan/kilogram, AU (T + D) was at 934.70 yuan/gram, and AG (T + D) was at 12,140 yuan/kilogram. Compared with November 18, the price changes were 2.1%, 3.9%, 2.1%, 4.1%, 2.0%, 3.9%, 2.0%, and 3.8% respectively [3]. Spread/Ratio - On November 19, 2025, the gold TD - SHFE active spread was - 2.3 yuan/gram, the silver TD - SHFE active spread was - 1 yuan/kilogram, the gold internal - external spread (TD - London) was 2.27 yuan/gram, the silver internal - external spread (TD - London) was - 976 yuan/kilogram, the SHFE gold - silver main ratio was 77.18, the COMEX + London main ratio was 79.80, AU2602 - 2512 was 3.06 yuan/gram, and AG2602 - 2512 was 7 yuan/kilogram. Compared with November 18, the changes were 9.0%, - 133.3%, - 31.2%, 5.0%, - 1.8%, - 1.9%, 8.5%, and - 41.7% respectively [3]. Position Data - As of November 18, 2025, the gold ETF - SPDR was 1,041.43 tons, the silver ETF - SLV was 15,218.41892 tons, COMEX gold non - commercial long positions were 332,808 contracts, non - commercial short positions were 66,059 contracts, non - commercial net long positions were 266,749 contracts, COMEX silver non - commercial long positions were 72,318 contracts, non - commercial short positions were 20,042 contracts, and non - commercial net long positions were 52,276 contracts. Compared with November 17, the changes were 0.00%, 0.00%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [3]. Inventory Data - On November 19, 2025, SHFE gold inventory was 90,426 kilograms, and SHFE silver inventory was 547,685 kilograms. Compared with November 18, the changes were 0.00% and - 2.84% respectively. On November 18, COMEX gold inventory was 37,224,744 ounces, and COMEX silver inventory was 465,535,121 ounces. Compared with November 17, the changes were - 0.25% and - 0.85% respectively [3]. Interest Rate/Exchange Rate - On November 19, 2025, the dollar index was 99.59, the 2 - year US Treasury yield was 3.58%, the 10 - year US Treasury yield was 4.12%, NYMEX crude oil was 24.69, the dollar/yuan central parity rate was 7.09, VIX was 60.57, and the S&P 500 was 6,617.32. Compared with November 18, the changes were 0.06%, - 0.56%, - 0.24%, 10.32%, 0.02%, 1.42%, and - 0.83% respectively [4].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The steel market's sentiment has cooled, and trading volume has weakened. The steel price may gradually decline in the future, and it is necessary to wait for the reduction logic to be realized [2]. - The supply and demand of ferrosilicon and silicomanganese are poor, and the prices are under pressure. The prices will continue to be under pressure due to the excess supply and demand pattern [3][5]. - The expected increase in Mongolian coal imports suppresses the far - month coking coal price. The coking coal and coke prices are expected to be weak in November, with limited decline, and may rise again in mid - December [6][7]. - The fundamentals of iron ore are weak, but the macro - sentiment is strong. The inventory will continue to accumulate, and the operation should be short - selling on rallies [8]. Summary by Category Futures Market - On November 19, for far - month contracts: RB2605 closed at 3116.00 yuan/ton with a rise of 18.00 yuan; HC2605 closed at 3281.00 yuan/ton with a fall of 11.00 yuan; I2605 closed at 755.00 yuan/ton with a rise of 2.50 yuan; J2605 closed at 1795.50 yuan/ton with a fall of 15.00 yuan; JM2605 closed at 1210.50 yuan/ton with a fall of 32.50 yuan [1]. - For near - month contracts: RB2601 closed at 3070.00 yuan/ton with a fall of 15.00 yuan; HC2601 closed at 3277.00 yuan/ton with a fall of 6.00 yuan; I2601 closed at 791.50 yuan/ton with a rise of 6.00 yuan; J2601 closed at 1639.00 yuan/ton with a fall of 27.00 yuan; JM2601 closed at 1139.50 yuan/ton with a fall of 33.00 yuan [1]. - On November 19, the spread between HC and RB was 207.00 yuan/ton with a rise of 11.00 yuan; the ratio of RB to I was 3.88 with a fall of 0.02; the ratio of coking coal to coke was 1.44 with a rise of 0.02; the threaded steel disk profit was - 113.23 yuan/ton with a fall of 13.93 yuan; the coking disk profit was 123.47 yuan/ton with a rise of 15.44 yuan [1]. Steel - The futures price fell slightly on Wednesday, and the spot trading volume declined. The market's initiative to chase up was still weak. Before early December, the risk preference was differentiated. The steel production is expected to gradually decline in the future, and it is necessary to wait for the reduction logic to be realized [2]. Ferrosilicon and Silicomanganese - As the steel price is under pressure and the steel mill's profit shrinks, the direct demand for ferrosilicon and silicomanganese has weakened significantly. The weekly apparent demand has dropped to the lowest point of the year. The negative feedback pressure is gradually accumulating, and the prices are under pressure [3]. Coking Coal and Coke - The spot market sentiment of coking coal has weakened, with most auction prices falling. The expected increase in Mongolian coal imports suppresses the far - month coking coal price. In November, the coal price is under downward pressure, and the market is expected to be weak and volatile. It may rise again in mid - December [6][7]. Iron Ore - The short - term arrival of iron ore has weakened slightly, and the inventory will continue to accumulate. The iron ore price is under pressure due to the expected reduction of steel mills' production, and the operation should be short - selling on rallies [8]. Investment Strategies - For steel, take a wait - and - see approach for single - side trading. Consider participating in the spot - futures positive arbitrage for hot - rolled coils or using option strategies to assist spot sales [9]. - For ferrosilicon and silicomanganese, investment clients should short - sell on rallies, and industrial clients can use put - spread options to protect spot positions [9]. - For coking coal and coke, take a short - term approach for single - side trading, wait and see for the medium - and long - term, and consider partially closing the previously recommended hedging short positions [7][9]. - For iron ore, hold short positions [9].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Recently, the PX market has shown a rebound due to multiple factors. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited, driven by two key factors: the soaring gasoline profit margin, which prompts refineries to reduce raw material input in aromatic units and increase gasoline production; and the drop in benzene prices to a nearly three - year low, leading refineries to lower the load of reforming and STDP units to limit benzene output and thus PX supply [2]. - The PTA supply side has slightly shrunk, while polyester operation remains stable with a load above 90%. Domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period has ended, downstream weaving has performed well, and export demand may improve. The costs of bottle chips and short fibers follow these trends [2]. Group 3: Summary by Related Data Price and Price Change - PTA spot price remained at 4610 from November 18 to 19, 2025; MEG inner - market price dropped from 3952 to 3919, a decrease of 33; PTA closing price rose from 4670 to 4712, an increase of 42; MEG closing price dropped from 3907 to 3903, a decrease of 4 [2]. - 1.4D direct - spinning polyester staple fiber price rose from 6350 to 6370, an increase of 20; short - fiber basis dropped from 147 to 128, a decrease of 19; 12 - 1 spread decreased from 42 to 48, a decrease of 6 [2]. - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 950 to 970, an increase of 20 [2]. - East China water bottle chip price rose from 5716 to 5758, an increase of 42; hot - filling polyester bottle chip price rose from 5716 to 5758, an increase of 42; carbonated - grade polyester bottle chip price rose from 5816 to 5858, an increase of 42; outer - market water bottle chip price remained at 760 [2]. - Bottle chip spot processing fee increased from 451 to 504, an increase of 53; T32S pure polyester yarn price remained at 10300; T32S pure polyester yarn processing fee decreased from 3950 to 3930, a decrease of 20 [2]. - Polyester - cotton yarn 65/35 45S price remained at 16300; cotton 328 price rose from 14280 to 14320, an increase of 40; polyester - cotton yarn profit decreased from 1692 to 1664, a decrease of 28 [2]. - Primary three - dimensional hollow (with silicon) price remained at 7020; hollow short - fiber 6 - 15D cash flow increased from 555 to 566, an increase of 11; primary low - melting - point short - fiber price remained at 7480 [2]. Market Conditions - In the short - fiber market, the main futures of polyester staple fiber rose 22 to 6244. The prices of polyester staple fiber production factories were stable, while those of traders were warm. Downstream demand was cautious, and on - site transactions were differentiated [2]. - In the bottle - chip market, the mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5730 - 5820 yuan/ton, with the average price rising 15 yuan/ton compared to the previous working day. PTA and bottle - chip futures fluctuated first down and then up. The supply - side quotation first fell and then rose. The market trading atmosphere was fair, and downstream terminals mainly had rigid demand. The price center of bottle chips slightly increased today [2]. Operating Rate and Production and Sales - Direct - spinning short - fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95%; polyester staple fiber production and sales decreased from 65.00% to 44.00%, a decrease of 21.00%; polyester yarn operating rate (weekly) remained at 66.00%; regenerated cotton - type load index (weekly) remained at 51.10% [3].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The terminal demand is strong, the de - stocking amplitude is increasing, and the lower - end support is strengthening. Additionally, the mine end restricts the increase in lithium salt production, and the upper - end pressure is released slowly. Therefore, lithium carbonate is recommended to be treated bullishly in the short term [2]. 3. Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 88,900 yuan, up 1,500 yuan; SMM industrial - grade lithium carbonate average price is 86,500 yuan, up 1,450 yuan [1]. - Futures contracts: The closing prices of lithium carbonate 2512, 2601, 2602, 2603, and 2604 are 99,060 yuan (up 4.63%), 99,300 yuan (up 4.97%), 99,380 yuan (up 4.94%), 99,300 yuan (up 4.99%), and 100,260 yuan (up 5.38%) respectively [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 1,086 dollars/ton, up 30 dollars/ton [1]. - Lithium mica (Li2O: 1.5% - 2.0%) average price is 1,625 yuan/ton, up 50 yuan/ton; lithium mica (Li2O: 2.0% - 2.5%) average price is 2,575 yuan/ton, up 110 yuan/ton; phospho - lithium - aluminum stone (Li2O: 6% - 7%) average price is 8,950 yuan/ton; phospho - lithium - aluminum stone (Li2O: 7% - 8%) average price is 10,400 yuan/ton, up 500 yuan/ton [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 38,165 yuan, up 365 yuan; the average price of ternary material 811 (polycrystalline/power type) is 161,150 yuan, up 300 yuan; the average price of ternary material 523 (single - crystal/power type) is 143,050 yuan, up 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 143,350 yuan, up 400 yuan [2]. Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan, up 50 yuan; the price difference between battery - grade lithium carbonate and the main contract is - 4,280 yuan, down 10,400 yuan; the price difference between the near - month and the first - continuous contract is - 140 yuan, down 240 yuan; the price difference between the near - month and the second - continuous contract is - 320 yuan, down 200 yuan [2]. Inventory - The total weekly inventory is 120,472 tons, down 3,481 tons; the smelter weekly inventory is 28,270 tons, down 2,445 tons; the downstream weekly inventory is 48,772 tons, down 3,236 tons; other weekly inventory is 50,000 tons, up 4,343 tons; the daily registered warehouse receipts are 155 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 89,477 yuan, and the profit is - 1,822 yuan; the cash cost of purchasing lithium mica concentrate externally is 94,173 yuan, and the profit is - 8,745 yuan [2]. Market Events - On November 19, Liontown held a lithium spodumene concentrate auction. The auction target was 10,000 wet tons of 5.2% lithium spodumene, and the final transaction price was CIF SC6 1,254 dollars/dry ton. The goods are expected to be shipped in the first half of January 2026 [2]. - The Guangzhou Futures Exchange adjusted the trading fee standard for relevant lithium carbonate futures contracts. Starting from the trading time on November 20, 2025, the trading fee standard for the lithium carbonate futures LC2601 contract was adjusted to 0.012% of the transaction amount, and the intraday flat - today fee standard was also adjusted to 0.012% of the transaction amount [2]. - Shengxin Lithium Energy (002240.SZ) announced that it plans to sign a "Cooperation Framework Agreement from 2026 - 2030" with Huayou Holdings Group for lithium salt product business cooperation. Huayou Holdings Group is expected to purchase 221,400 tons of lithium salt products from the company from 2026 to 2030 [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - PTA prices rose due to concerns about reduced PX supply and extended maintenance of a 2.2 million - ton PTA plant in East China, with spot basis strengthening and average downstream polyester sales [2]. - PX prices rebounded due to factors like high gasoline profit rates and low pure - benzene prices, which limited PX production. PTA supply slightly shrank, polyester开工 remained stable above 90%, and domestic polyester exports were optimistic. The downstream weaving industry performed well after "Golden September and Silver October" [2]. - The inventory of ethylene glycol in East China ports increased by 120,000 tons. New plant launches pressured ethylene glycol prices, and coal price increases did not strongly support costs. The Sino - US trade negotiation may increase textile and clothing export demand [2]. Group 3: Summary According to Related Catalogs Market Data - **INE Crude Oil**: Price increased from 458.8 to 464.5 yuan/barrel, a change of 5.70 yuan [2]. - **PTA - SC**: Value increased from 1335.9 to 1336.4, a change of 0.58 [2]. - **PTA/SC (Ratio)**: Decreased from 1.4007 to 1.3959, a change of - 0.0047 [2]. - **CFR China PX**: Price increased from 827 to 832, a change of 5 [2]. - **PX - Naphtha Spread**: Increased from 256 to 264, a change of 8 [2]. - **PTA Main Futures Price**: Increased from 4670 to 4712 yuan/ton, a change of 42.0 yuan/ton [2]. - **PTA Spot Price**: Increased from 4610 to 4640 yuan/ton, a change of 30.0 yuan/ton [2]. - **PTA Spot Processing Fee**: Increased from 176.1 to 188.4 yuan/ton, a change of 12.2 yuan/ton [2]. - **PTA Futures Processing Fee**: Increased from 246.1 to 260.4 yuan/ton, a change of 14.2 yuan/ton [2]. - **PTA Main Basis**: No change, remaining at (72) [2]. - **PTA Warehouse Receipt Quantity**: No change, remaining at 111,696 [2]. - **MEG Main Futures Price**: Decreased from 3907 to 3903 yuan/ton, a change of - 4.0 yuan/ton [2]. - **MEG - Naphtha**: Decreased from (146.49) to (146.68) yuan/ton, a change of - 0.2 yuan/ton [2]. - **MEG Domestic Market**: Decreased from 3952 to 3919 yuan/ton, a change of - 33.0 yuan/ton [2]. - **MEG Main Basis**: Decreased from 36 to 26, a change of - 10.0 [2]. Industry Chain Operating Conditions - **PX Operating Rate**: Remained at 87.39% [2]. - **PTA Operating Rate**: Remained at 74.55% [2]. - **MEG Operating Rate**: Decreased from 61.86% to 60.73%, a change of - 1.13% [2]. - **Polyester Load**: Remained at 88.69% [2]. Product Data - **POY 150D/48F**: No change [2]. - **POY Cash Flow**: Decreased from 70 to 55, a change of - 15.0 [2]. - **FDY 150D/96F**: No change [2]. - **FDY Cash Flow**: Decreased from (175) to (190), a change of - 15.0 [2]. - **DTY 150D/48F**: No change [2]. - **DTY Cash Flow**: Decreased from 150 to 135, a change of - 15.0 [2]. - **Long - Filament Sales Volume**: Increased from 41% to 65%, a change of 24% [2]. - **1.4D Direct - Spun Polyester Staple Fiber**: Increased from 6350 to 6370 yuan/ton, a change of 20 yuan/ton [2]. - **Polyester Staple Fiber Cash Flow**: Increased from 185 to 190, a change of 5.0 [2]. - **Staple - Fiber Sales Volume**: Increased from 49% to 73%, a change of 24% [2]. - **Semi - Gloss Chip**: Increased from 5565 to 5570 yuan/ton, a change of 5.0 yuan/ton [2]. - **Chip Cash Flow**: Decreased from (50) to (60), a change of - 10.0 [2]. - **Chip Sales Volume**: Decreased from 49% to 48%, a change of - 1% [2]. Device Maintenance - A 900,000 - ton/year ethylene glycol plant in Singapore, originally planned to restart around the end of December 2025, has postponed its restart, and the specific restart plan is unknown [2].

Group 1: Report Industry Investment Rating - No relevant content was provided Group 2: Core Viewpoints of the Report - The fundamentals of pulp have not improved significantly. The current futures price is close to the import cost of the deliverable, and there is limited room for further increase. Consider closing the 12 - 1 reverse spread and initiating a 1 - 3 or 1 - 5 reverse spread [5][10] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On November 19, 2025, SP2601 was 5396, down 0.22% day - on - day and 1.57% week - on - week; SP2512 was 4858, down 0.29% day - on - day and 0.61% week - on - week; SP2605 was 5398, down 0.22% day - on - day and 1.46% week - on - week [5] - **Spot Prices**: On November 19, 2025, the price of coniferous pulp Silver Star was 5550, unchanged day - on - day and week - on - week; Russian coniferous pulp was 5400, unchanged; broadleaf pulp Golden Fish was 4400, unchanged [5] - **Outer - Market Quotes**: In November 2025, the outer - market quote for Chilean Silver Star was 680 dollars, down 2.86% from the previous period; Brazilian Golden Fish was 530 dollars, up 3.92%; Chilean Venus was 590 dollars, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5559, down 2.83% from the previous period; Brazilian Golden Fish was 4344, up 3.87%; Chilean Venus was 4830, unchanged [5] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, up 12.54% month - on - month; broadleaf pulp was 135.6 tons, up 7.79% month - on - month. The domestic production of broadleaf pulp on November 13, 2025, was 22.9 tons; chemimechanical pulp was 23.6 tons [5] - **Inventory**: As of November 13, 2025, the pulp port inventory was 211 tons, up 6.1% from the previous period; the futures delivery warehouse inventory was 22.2 tons [5] - **Demand**: As of November 13, 2025, the production of offset paper was 20.90 tons; coated paper was 8.30 tons; tissue paper was 28.48 tons; white cardboard was 36.20 tons [5] Pulp Valuation Data - **Basis**: On November 19, 2025, the Russian coniferous pulp basis was 542, with a quantile level of 0.961; the Silver Star basis was 692, with a quantile level of 0.908 [5] - **Import Profit**: On November 19, 2025, the import profit of coniferous pulp Silver Star was - 9, with a quantile level of 0.594; broadleaf pulp Golden Fish was 56, with a quantile level of 0.704 [5]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - On November 18, the A - share market fluctuated downward with over 4100 stocks falling. The lithium - battery industry chain had a full - scale correction, and sectors like electrolyte and solid - state batteries led the decline. Industries such as steel, chemical, coal, and non - ferrous metals had relatively large declines. The board index fell 1.16%, the North Securities 50 fell 2.92%, the Science and Technology Innovation 50 rose 0.29%, the Wind All - A fell 0.93%, the Wind A500 fell 0.82%, and the CSI A500 fell 0.79%. The A - share trading volume for the whole day was 1.95 trillion yuan, compared with 1.93 trillion yuan the previous day [5] 3. Summary by Relevant Catalogs Market Index Quotes - **Index Closing Prices and Changes**: The closing price of the Shanghai Composite 50 was 1062.01, down 0.30%, with a trading volume of 43.59 billion yuan and a turnover of 177.71 billion; the Shanghai and Shenzhen 300 closed at 4568.1928, down 0.65%, with a trading volume of 277.48 billion yuan and a turnover of 7448.1007 billion, and another data point showed a 1.00% decline and a trading volume of 4180.65 billion; the CSI 1000 data was not fully presented in terms of closing price and change [3] CFFEX Stock Index Option Trading Situation - **Option Volume and Position**: For the Shanghai Composite 50, the call option volume was 2.92 million, the put option volume was 0.56 million, the total option volume was 7.82 million, the call option position was 3.18 million, the put option position was 0.69 million, the total position was 4.54 million, the volume PCR was 1.63, and the position PCR was 4.63. For the Shanghai and Shenzhen 300, the call option volume was 9.30 million, the put option volume was 6.63 million, the volume PCR was 0.71, the call option position was 23.59 million, the put option position was 13.26 million, the total position was 10.33 million, the position PCR was 0.78, and another position - related value was 15.93 million. For the CSI 1000, the call option volume was 32.35 million, the put option volume was 17.54 million, the total option volume was 33.59 million, the call option position was 14.81 million, the put option position was 0.84 million, the total position was 16.99 million, the volume PCR was 16.60, and the position PCR was 0.98 [3] Volatility Analysis - **Historical Volatility and Volatility Cone**: Historical volatility and volatility cone data were presented for the Shanghai Composite 50, Shanghai and Shenzhen 300, and CSI 1000, including different percentile values (such as 10%, 30%, 60%, 90% etc.) and the current value, as well as data for different time - periods (5 - day, 20 - day, 40 - day, 60 - day, 120 - day). Volatility smile curves and next - month at - the - money implied volatility were also provided for each index [3][4]