1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The PTA price rebounded rapidly in the afternoon due to the news of the "anti - involution" policy. Although the PTA price only rebounded slightly before, with the cost support from rising crude oil prices and policy expectations, it rebounded after long - term low - level operation. The downstream polyester开工率 remains above 91%, and the overall polyester sales are relatively high. The demand in the overseas market for Chinese textile and clothing products is expected to pick up after the positive news from the Sino - US economic and trade negotiations. The ethylene glycol price is under pressure due to domestic device commissioning, and it is expected that the polyester will operate weakly as the polyester peak season is ending and the crude oil fundamentals are downward [2] 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil price dropped from 468.9 yuan/barrel on October 27, 2025, to 462.7 yuan/barrel on October 28, 2025, a decrease of 6.20 yuan/barrel [2] - **PTA**: PTA - SC increased from 1208.5 yuan/ton to 1251.5 yuan/ton, PTA/SC ratio rose from 1.3546 to 1.3722. PTA主力期价 decreased from 4616 yuan/ton to 4614 yuan/ton, while the PTA现货价格 increased from 4505 yuan/ton to 4535 yuan/ton. The现货加工 fee rose from 111.7 yuan/ton to 180.7 yuan/ton, and the盘面加工 fee increased from 222.7 yuan/ton to 259.7 yuan/ton [2] - **PX**: CFR中国PX decreased from 821 to 814, and the PX - naphtha spread dropped from 240 to 236 [2] - **MEG**: MEG主力期价 decreased from 4109 yuan/ton to 4069 yuan/ton. The MEG - naphtha was (125.88) yuan/ton on October 27 and (128.07) yuan/ton on October 28. The MEG内盘 decreased from 4183 to 4167 [2] 3.2 Industry Chain Operation - **开工率**: PX开工率 increased from 84.62% to 86.21%, PTA开工率 remained at 79.46%, MEG开工率 rose from 63.50% to 64.41%, and the polyester负荷 remained at 89.28% [2] 3.3 Product Sales and Cash Flow - **Polyester Filament**: POY150D/48F price increased from 6400 to 6415, POY现金流 decreased from (103) to (108). FDY150D/96F price increased from 6655 to 6690, FDY现金流 increased from (348) to (333). DTY150D/48F price increased from 7730 to 7740, DTY现金流 decreased from 27 to 17. The long - filament sales decreased from 70% to 63% [2] - **Polyester Staple Fiber**: 1.4D直纺涤短 price increased from 6405 to 6445, 涤短现金流 increased from 252 to 272. The short - fiber sales decreased from 83% to 43% [2] - **Polyester Chip**: The semi - bright chip price increased from 5545 to 5560, 切片现金流 decreased from (58) to (63). The chip sales decreased from 222% to 57% [2] 3.4 Device Maintenance - An East China 2.2 - million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - In the short term, there is a supply - demand mismatch due to strong terminal demand and continuous destocking of social inventory, pushing up prices. The cost support moves up due to rising ore prices, so prices are likely to move upwards. However, as prices rise, hedging positions on the supply side are gradually released, with lithium mica lithium extraction as the main incremental supply. In the long term, the pattern of oversupply remains unchanged, and capacity clearance is still awaited [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 78,500 with a rise of 1,950; SMM industrial - grade lithium carbonate has an average price of 76,300 with a rise of 2,000 [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has a price of 925 with a rise of 19; lithium mica (Li20: 1.5% - 2.0%) has a price of 1,265 with a rise of 45; lithium mica (Li20: 2.0% - 2.5%) has a price of 2,065 with a rise of 75; phosphorus lithium aluminum stone (Li20: 6% - 7%) has a price of 7,415 with a rise of 165; phosphorus lithium aluminum stone (Li20: 7% - 8%) has a price of 8,825 with a rise of 225 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 35,440 with a rise of 470; the average price of ternary material 811 (polycrystalline/power type) is 157,500 with a rise of 300; the average price of ternary material 523 (single - crystal/power type) is 138,200 with a rise of 1,100; the average price of ternary material 613 (single - crystal/power type) is 137,350 with a rise of 400 [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,200 with a change of - 50; the difference between battery - grade lithium carbonate and the main contract product is - 3,140 with a change of 2,210; the difference between the near - month and the first - continuous contract is - 680 with a change of - 60; the difference between the near - month and the second - continuous contract is - 840 with a change of 60 [2] Inventory - The total inventory (weekly, tons) is 130,366 with a change of - 2,292; the inventory of smelters (weekly, tons) is 33,681; the inventory of downstream (weekly, tons) is 55,275 with a change of - 2,460; the inventory of others (weekly, tons) is 41,410 with a change of 770; the registered warehouse receipts (daily, tons) is 27,335 with a change of - 404 [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 79,394, and the profit is - 2,006; the cash cost of externally purchased lithium mica concentrate is 83,024, and the profit is - 7,646 [3] Industry News - Apian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation under the World Bank to launch a $1 - billion critical minerals, metals, and mining fund focusing on emerging markets [3]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - The news of the PTA industry advancing the "anti-involution" policy has driven the rapid rise of PTA prices. However, with the post - market decline of crude oil, PTA prices may fall back [2]. - Although the overall load of domestic PTA plants has been adjusted down due to low processing fees, the polyester industry's profit is still constrained by over - capacity pressure from new production capacity and overseas plant commissioning [2]. - After long - term low - level operation, PTA prices rebounded rapidly due to policy expectations. Currently, the operating rate of polyester downstream remains above 91%, with demand slightly exceeding expectations and recent polyester production and sales being relatively high [2]. - Against the backdrop of positive news from the China - US economic and trade negotiations over the weekend, overseas demand for Chinese textile and clothing products is expected to recover [2]. Group 3: Summary by Index Price Changes - PTA spot price increased from 4505 to 4535, up 30 [2]. - MEG inner - market price decreased from 4183 to 4167, down 16 [2]. - PTA closing price decreased from 4616 to 4614, down 2 [2]. - MEG closing price decreased from 4109 to 4069, down 40 [2]. - 1.4D direct - spinning polyester staple fiber price increased from 6405 to 6445, up 40 [2]. - Short - fiber basis increased from 78 to 103, up 25 [2]. - 11 - 12 spread decreased from 14 to 36, down 22 [2]. - Polyester staple fiber cash flow increased from 240 to 246, up 6 [2]. - 1.4D imitation large - denier fiber price remained unchanged at 5400 [2]. - The price difference between 1.4D direct - spinning and imitation large - denier fiber increased from 1005 to 1045, up 40 [2]. - East China water - bottle chip price increased from 5725 to 5732, up 7 [2]. - Hot - filling polyester bottle chip price increased from 5725 to 5732, up 7 [2]. - Carbonated - grade polyester bottle chip price increased from 5825 to 5832, up 7 [2]. - Outer - market water - bottle chip price increased from 755 to 760, up 5 [2]. - Bottle - chip spot processing fee decreased from 472 to 459, down 13.29 [2]. - T32S pure polyester yarn price increased from 10300 to 10320, up 20 [2]. - T32S pure polyester yarn processing fee decreased from 3865 to 3875, down 20 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16350 [2]. - Cotton 328 price decreased from 14565 to 14525, down 40 [2]. - Polyester - cotton yarn profit decreased from 1598 to 1587, down 11.40 [2]. - Primary three - dimensional hollow (with silicon) fiber price increased from 6955 to 7000, up 40 [2]. - Hollow staple fiber 6 - 15D cash flow increased from 502 to 522, up 19.71 [2]. - Primary low - melting - point staple fiber price remained unchanged at 7410 [2]. Market Conditions - Polyester staple fiber: The main futures of polyester staple fiber rose 50 to 6250. In the spot market, the prices of polyester staple fiber production plants were raised, and trader prices were warming up. Downstream buyers purchased as needed, and on - site transactions were limited [2]. - Polyester bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5730 - 5830 yuan/ton, with the average price rising 15 yuan/ton compared to the previous working day. PTA continued to rise, enhancing cost support. With the increasing willingness of suppliers to offer prices, the market negotiation increased slightly [2]. Operating Rates and Sales - Direct - spinning staple fiber load (weekly) increased from 93.90% to 94.40%, up 0.01 [3]. - Polyester staple fiber production and sales decreased from 80.00% to 40.00%, down 40.00% [3]. - Polyester yarn operating rate (weekly) remained unchanged at 63.50% [3]. - Regenerated cotton - type load index (weekly) decreased from 51.50% to 51.00%, down 0.01 [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp fundamentals have not improved significantly, but there is a potential shortage of delivery resources for the 2026 domestic needle pulp, and the futures price may be priced based on the Russian needle pulp and high - quality coniferous pulp; maintain the 12 - 1 reverse spread strategy [10] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On October 28, 2025, the futures prices of SP2601, SP2511, and SP2605 were 5226, 4828, and 5270 respectively, with day - on - day changes of - 0.61%, - 0.17%, and - 0.53%, and week - on - week changes of 1.08%, - 0.62%, and 0.84% [5] - The spot prices of coniferous pulp silver star, Russian needle, and broad - leaf pulp Jinge were 2500, 5100, and 4250 respectively, with no day - on - day or week - on - week changes [5] Outer - Disk Quotes and Import Costs - Outer - disk quotes: The quotes of Chilean silver star, Japanese golden, and Chilean Venus were 680, 530, and 590 dollars respectively, with month - on - month changes of - 2.86%, 3.92%, and 0.00% [5] - Import costs: The import costs of Brazilian goldfish and Chilean Venus were 4344 and 4830 respectively, with month - on - month changes of 3.87% and 0.00% [5] Supply - Side Data - In September 2025, the import volumes of coniferous pulp and broad - leaf pulp were 69.1 and 135.6 tons respectively, with month - on - month changes of 12.54% and 7.79% [5] - The pulp shipment volume to China in August 2025 was 162 tons, with a 4.50% increase [5] - The domestic production of broad - leaf pulp and chemimechanical pulp in different weeks from August 28 to October 23, 2025, showed certain fluctuations [5] Inventory Data - As of October 23, 2025, the pulp port inventory was 205.5 tons, with a 0.9% decrease compared to the previous period, showing a narrow - range de - stocking trend [5][10] - The inventory in the futures delivery warehouse also showed a certain change trend from August 28 to October 23, 2025 [5] Demand - Side Data - The production volumes of double - offset paper, coated paper, tissue paper, and white cardboard from August 28 to October 23, 2025, showed certain fluctuations [5] Valuation Data - On October 28, 2025, the Russian needle pulp basis was 272 with a quantile level of 0.917, and the silver star pulp basis was 672 with a quantile level of 0.892 [5] - The import profits of coniferous pulp silver star and broad - leaf pulp goldfish were - 59 and - 94 respectively, with quantile levels of 0.512 and 0.556 [5] Market Situation - On the supply side, Chile's Arauco company's October coniferous pulp silver star offer was 680 dollars/ton, a decrease of 20 dollars/ton; the broad - leaf pulp star offer was 540 dollars/ton, remaining unchanged [5] - On the demand side, the current demand for paper products is basically stable, the paper product prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [10]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 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 in a weak - oscillating pattern. The large current import volume of raw sugar and the gradual release of the pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, suppress the futures market. The first sugar mills in Yunnan started squeezing two days ago, and sugar mills in Guangxi are expected to start concentrated squeezing in mid - to - late November, which may create new selling pressure. However, as the current futures price is close to the domestic sugar - making cost, the futures market is expected to show a resistant decline before the listing of new domestic sugar [3]. 3) Summary by Relevant Catalog Domestic Spot Price and Futures Price - In the domestic spot market, on October 28, 2025, the price in Nanning Warehouse, Guangxi was 5780 yuan/ton with no change; in Kunming, Yunnan, it was 5720 yuan/ton, down 5 yuan; in Dali, Yunnan, it was 5565 yuan/ton with no change; in Rizhao, Shandong, it was 5850 yuan/ton, down 20 yuan. The basis and its changes are also provided. In the futures market, SR01 was 5483 yuan, up 38 yuan, and SR05 was 5418 yuan, up 19 yuan. The spread between SR01 and SR05 was 19 [3]. International Exchange Rate and Commodity Price - The exchange rate of RMB against the US dollar was 7.124, down 0.0023; 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 ICE raw sugar's main contract was 14.47 with no change, the price of London white sugar's main contract was 573, up 3, and the price of Brent crude oil's main contract was 65.04 with no change [3].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The short - term prices of copper, aluminum, zinc, and nickel in the non - ferrous metals industry are expected to be affected by macro and industrial factors. Copper and aluminum prices may maintain a relatively strong trend due to positive macro - sentiment and limited industrial drivers. Zinc prices are expected to oscillate at a high level, and nickel prices may be mainly influenced by macro factors and oscillate strongly in the short term [1]. 3. Summary by Metals Copper - **Price and Inventory**: LME copper futures price is 10871.5 with a 0.09% change, and the spot price is 10807 with a 0.21% change. SHFE copper price is 88370 (futures) and 88400 (spot) with changes of 2.14% and 0.74% respectively. The LME copper inventory is 500000 tons, and the SHFE copper inventory is 135975 tons with a - 0.28% change [1]. - **Market Analysis**: Macro - factors such as the expected Fed rate cut and eased Sino - US trade friction are positive for copper prices. However, high copper prices suppress downstream demand, resulting in a slight increase in domestic copper inventories and a weak market [1]. Aluminum - **Price and Inventory**: LME aluminum futures price is 2842 with a - 0.3% change, and the spot price is 1979 with a - 0.51% change. SHFE aluminum price is 21200 (futures) and 21360 (spot) with changes of 0.33% and 0.64% respectively. The LME aluminum inventory is 1500000 tons, and the SHFE aluminum inventory is 469275 tons with a - 0.81% change [1]. - **Market Analysis**: Positive macro - sentiment and limited industrial drivers may lead to a relatively strong price trend. High aluminum prices boost sellers' enthusiasm but weaken downstream demand, resulting in a slight increase in domestic inventories and a weak market [1]. Zinc - **Price and Inventory**: LME zinc futures price is 3010.5 with a 0.19% change, and the spot price is 3227 with a - 0.2% change. SHFE zinc price is 22365 (futures) and 22290 (spot) with changes of 0.09% and 0.04% respectively. The LME zinc inventory is 1500000 tons, and the SHFE zinc inventory is 37050 tons with a - 1.46% change [1]. - **Market Analysis**: Positive macro - sentiment, a decrease in refined zinc production in September, and an increase in export expectations lead to an upward repair of the domestic zinc price. It is recommended to pay attention to LME zinc inventory and squeeze - out risks, and short - term zinc prices are expected to oscillate at a high level [1]. Nickel - **Price and Inventory**: LME nickel futures price is 15335 with a - 0.17% change, and the spot price is 15085 with a - 0.03% change. SHFE nickel price is 122400 (futures) and 123680 (spot) with changes of 0.46% and 0.2% respectively. The LME nickel inventory is 100000 tons, and the SHFE nickel inventory is 244830 tons with a 0.15% change [1]. - **Market Analysis**: The expectation of a Fed rate cut supports the non - ferrous metals sector. Short - term nickel prices may be mainly influenced by macro factors and oscillate strongly. In the long term, there is still pressure of primary nickel surplus [1]. Tin - **Price and Inventory**: LME tin futures price is 35710 with a 0.49% change, and the spot price is 35925 with a 0.04% change. SHFE tin price is 286720 (futures) and 283500 (spot) with changes of 0.57% and 0.85% respectively. The LME tin inventory is not clearly stated, and the SHFE tin inventory is 5766 tons with a 1.32% change [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The USDA's estimated ending inventory of US soybeans for the 25/26 season is 300 million bushels, and the expected yield of 53.5 bushels per acre may be revised downward. Exports depend on Sino-US policies. As of the week of October 18, 2025, the planting rate of Brazilian soybeans for the 2025/26 season was 21.7%, up from 11.1% last week, compared to 17.6% in the same period last year and a five-year average of 27.7%. Some areas in Brazil have experienced dry weather recently, but its persistence is not strong, and the expected impact is limited [7]. - In November, domestic soybean meal is expected to start destocking, but the supply of domestic soybean meal in the fourth quarter is still expected to be abundant. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain. In the short term, livestock and poultry are expected to maintain high inventory, and the reduction of production capacity is not obvious, which supports the demand for soybean meal. However, the current breeding profit is in a loss, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The downstream trading of soybean meal is normal, and the pick - up is good [8]. - Domestic soybean and soybean meal inventories are at historically high levels for the same period; the number of days of soybean meal inventory in feed enterprises has dropped to a low level. Overall, China's soybean purchase contracts are relatively poor, the domestic market valuation is low, the sowing in Brazil is going smoothly, and there are no obvious problems with the planting weather. The supply pressure of domestic soybean and soybean meal spot is still large. Before the Sino - US policy is clear, the market has no obvious driving force and will mainly fluctuate. Pay attention to Sino - US policies and South American weather changes [8]. 3. Summary by Relevant Catalogs 3.1 Basis and Spread Data - **Soybean Meal Spot Basis**: The basis of 43% soybean meal spot (against the main contract) varies by region. For example, in Zhangjiagang it is 28, in Dongguan it is not provided, in Zhanjiang it is 48, and in Fangcheng it is 28. The basis of rapeseed meal spot in Guangdong is 55, with a decrease of 9 [6]. - **Spread Data**: The spread of RM1 - 5 is 1500, with a decrease of 13; the spot spread of soybean meal - rapeseed meal in Guangdong is 300, and the spread of soybean meal - rapeseed meal on the main contract is 597, with a decrease of 11 [7]. 3.2 Supply - related Data - **USDA Estimate**: The estimated ending inventory of US soybeans for the 25/26 season is 300 million bushels, and the expected yield of 53.5 bushels per acre may be revised downward, with exports depending on Sino - US policies [7]. - **Brazilian Planting**: As of the week of October 18, 2025, the planting rate of Brazilian soybeans for the 2025/26 season was 21.7%, up from 11.1% last week, compared to 17.6% in the same period last year and a five - year average of 27.7%. Some areas in Brazil have experienced dry weather recently, but its persistence is not strong, and the expected impact is limited [7]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the supply of domestic soybean meal in the fourth quarter is still expected to be abundant. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain [8]. 3.3 Demand - related Data - **Livestock and Poultry Demand**: Livestock and poultry are expected to maintain high inventory in the short term, and the reduction of production capacity is not obvious, which supports the demand for soybean meal. However, the current breeding profit is in a loss, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The downstream trading of soybean meal is normal, and the pick - up is good [8]. 3.4 Inventory - related Data - **Domestic Inventory**: Domestic soybean and soybean meal inventories are at historically high levels for the same period; the number of days of soybean meal inventory in feed enterprises has dropped to a low level [8].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No information provided in the content. 3. Summary by Related Catalog Historical Volatility - This section presents the historical volatility data of various commodity options, including the main contract price, price change, daily volatility, and historical volatility for different time - periods (HV20, HV40, HV60, HV120) of multiple commodities such as metals (e.g.,沪铝,沪铜,沪锌), energy (e.g.,原油), agricultural products (e.g.,白糖,玉米), and chemical products (e.g., PVC,甲醇). For example,沪铝's main contract price is 21360 with a 0.61% increase, and its daily volatility is 19.32%, HV20 is 9%, HV40 is 8%, HV60 is 7%, and HV120 is 9% [5]. Implied Volatility - It shows the implied volatility of the main contract at - the - money options (主力平值IV) for different commodities like多晶硅,丙烯,尿素, etc. For instance, the主力平值IV of多晶硅 is 33% and 61% [8]. - There are also historical trend charts for some commodities such as工业硅,铁矿,豆油,菜油,原油, and橡胶, which display the relationship between the main contract closing price, main contract at - the - money implied volatility, and HV60 over time [10][11]. Main Contract At - the - Money IV Quantile - Information about the main contract at - the - money IV quantile value is presented, but the specific data is incomplete as only "120%" is given without clear context [12].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On October 27, the domestic butadiene market continued to decline. Although the synthetic rubber futures supported the morning market prices, downstream buying interest weakened, and suppliers lowered prices, leading to lower afternoon transactions and a downward trend in the market [3]. - China's high - cis butadiene rubber capacity utilization rate was 69.04%, up 1.05% from the previous working day. The theoretical production profit of butadiene rubber was stable at 48 yuan/ton [3]. - With increasing cost - side negatives and no improvement in demand, and butadiene rubber entering centralized maintenance, the domestic butadiene rubber market is expected to continue weak consolidation, with the spot market potentially becoming more weakly consolidated and real - time transactions continuing to offer discounts [3]. - Strategy: BR is expected to move in a consolidation pattern; when the spread widens again, consider going long on BR and short on RU or NR [3]. Summary by Relevant Catalogs Domestic Futures Market of Synthetic Rubber - For BR2512.SHF, the closing price was 10995 yuan/ton, down 125 yuan (-1.12%); the settlement price was 11045 yuan/ton, down 110 yuan (-0.99%); the trading volume was 131980, up 31320 (31.11%); the open interest was 49618, down 17076 (-25.60%); the warehouse receipt quantity remained unchanged at 8920 [3]. - In terms of price spreads, the spread between consecutive months and cross - month spreads showed different degrees of decline, such as the spread between consecutive two and consecutive three was -10 yuan/ton, down 15 yuan (-300%); the spread between BR and RU was -4385 yuan/ton, down 170 yuan (-4.03%) [3]. Crude Oil Market - WTI was at 61.75 US dollars/barrel, up 2.37 US dollars (3.99%); Brent was at 65.26 US dollars/barrel, up 1.37 US dollars (2.14%); SC was at 465 yuan/barrel, up 5.2 yuan (1.13%) [3]. Butadiene (BD) Market - The domestic market prices in regions such as Hangzhou, Jiangsu, and Shandong all declined. For example, the price in Hangzhou was 8450 yuan/ton, down 100 yuan (-1.17%) [3]. - Some domestic factory ex - factory prices decreased, such as Nanjing Yangzi and Guangzhou Petrochemical, down 200 yuan/ton (-2.33%) [3]. - International prices: CFR China remained unchanged at 990 US dollars/ton; FD Northwest Europe was at 730 US dollars/ton, down 15 US dollars (-2.01%) [3]. - In the industrial chain, the cost of carbon - four extraction increased by 173.54 yuan/ton (2.54%), and the profit decreased by 173.54 yuan/ton (-9.81%); the profit of oxidative dehydrogenation decreased by 100 yuan/ton (-64.94%) [3]. Butadiene Rubber (BR) Market - Domestic market prices in regions such as North China, East China, and South China remained unchanged, as did the ex - factory prices of some enterprises like Qilu Petrochemical and Yangzi Petrochemical [3]. - International prices: FOB China, CFR Northeast Asia, and CFR Southeast Asia remained unchanged [3]. - In the industrial chain, the cost decreased by 206 yuan/ton (-1.81%), and the profit increased by 206 yuan/ton (130.38%); the production capacity utilization rate decreased by 3.12 percentage points (-4.17%), and the production volume decreased by 0.13 million tons (-4.17%) [3]. - Inventories: Commercial inventories increased by 750,000 tons (2.69%), and trader inventories decreased by 340,000 tons (-7.00%) [3]. - In terms of price spreads, the spread between high - cis and BR increased by 125 yuan/ton (73.53%); the spread between Thai mixed and butadiene rubber increased by 100 yuan/ton (2.53%) [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The EC market is in a downward trend mainly due to some airlines starting to lower quotes for the first ten days of November. The European line is in the regular year - end price - holding stage, with the first attempt in late October showing initial results in stopping the decline, and it has entered the second round in early November. Future price - holding attempts are expected in the next two months. The strategy is to wait and see, and future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November [5][6] Summary by Relevant Information Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1403, a previous value of 1310, and a change of 7.11%. For different routes, SCFI - US West has a current value of 2153, a change of 11.21%; SCFIS - US West has a current value of 1107, a change of 28.42%; SCFI - US East has a current value of 3032, a change of 6.27%; SCFI - Northwest Europe has a current value of 1246, a change of 8.82%; SCFIS - Northwest Europe has a current value of 1312, a change of 15.09%; SCFI - Mediterranean has a current value of 1746, a change of 8.25%. The China Export Container Freight Index (CCFI) has a previous value of 973, with a change of - 100.00% [3] - **Contracts**: For contracts like EC2506, EC2608, etc., most show a downward trend in price. For example, EC2506 has a current value of 1387.1, a previous value of 1397.9, and a change of - 0.77% [3] - **Positions**: There are changes in positions for different contracts. For example, EC2606 position has a current value of 1371, a previous value of 1377, and a change of (6) [3] - **Monthly Spreads**: The 10 - 12 monthly spread has a current value of - 644.1, a previous value of - 693.2, and a change of 49.1; the 12 - 2 monthly spread has a current value of 203.4, a previous value of 230.0, and a change of (26.6); the 12 - 4 monthly spread has a current value of 596.2, a previous value of 651.4, and a change of (55.2) [3] Market News - The US Treasury Secretary Scott Bessent said he reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. US President Donald Trump is confident of reaching an agreement with Chinese leaders after the Sino - US high - level economic officials' trade consultations [4] - CMA CGM, Maersk, and Mediterranean Shipping have started to re - flag some ships to India. India's shipping policies attract shipping orders and ship registrations, while the US's shipping revitalization in 2025 has weaker results [4] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current about $4 billion as the regional situation stabilizes and ship traffic returns to pre - crisis levels [4] - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations and provide market access for exporters [4] EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, 00CL quoted 2600, etc. In early November, ISK quoted 2400, HPL quoted 2500, etc., with some prices showing changes [5] - **Strategy**: The recommended strategy is to wait and see [6]