1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The supply of lead is increasing while the demand is weak, which restricts the price increase. The strength - weakness analysis is neutral, and the price range is 17,200 - 17,800 yuan/ton. The total inventory of lead in five regions has decreased, and the absolute inventory is at a historically low level for the same period. The processing fee of lead concentrate remains weak [3][5][7]. - The primary lead production is under pressure, but the profit of secondary lead enterprises continues to expand, and the production increase expectation is strong. Consumption is gradually entering the off - season, and the enthusiasm of dealers to take delivery has decreased. The start - up rate of battery factories may decline, and raw material procurement may be restricted. The spot end's role in pushing up the price has weakened. It is recommended to hold long positions cautiously, and internal - external positive arbitrage can be carried out [7]. 3. Summary According to Relevant Catalogs 3.1 Transaction Aspect (Price, Spread, Inventory, Capital, Transaction Volume, Open Interest) - **Price and Spread**: The closing price of the main contract of Shanghai lead last week was 17,595 yuan, with a weekly increase of 3.05%. The closing price of the night session yesterday was 17,575 yuan, with a night - session decline of 0.11%. The LME lead cash - forward spread changed from - 41.85 to - 36.64, with a change of 5.21. The premium of lead in the bonded area remained unchanged at 112.5. The spot premium of Shanghai 1 lead changed from - 25 to - 10, with a change of 15. The spread between secondary lead and primary lead changed from - 50 to - 75, with a change of - 25 [8]. - **Inventory**: From October 16th to October 23rd, the domestic lead inventory decreased from 37,700 tons to 31,900 tons, still at a relatively low level for the same period in history. The SHFE lead warehouse receipt inventory decreased by 9,034 tons to 23,048 tons, the total SHFE lead inventory decreased by 5,368 tons to 36,333 tons, the social inventory decreased by 5,800 tons to 31,900 tons, and the LME lead inventory decreased by 15,025 tons to 235,375 tons [7][8]. - **Transaction Volume and Open Interest**: The trading volume of the main contract of Shanghai lead last week was 79,514 lots, an increase of 39,872 lots from the previous week. The open interest was 83,846 lots, an increase of 43,628 lots from the previous week. The trading volume of LME S - lead 3 was 4,991 lots, a decrease of 997 lots from the previous week, and the open interest was 142,000 lots, an increase of 6,194 lots from the previous week [8] 3.2 Lead Supply (Lead Concentrate, Waste Batteries, Primary Lead, Secondary Lead) - **Lead Concentrate**: The processing fee of lead concentrate continues to be weak. The spot import TC of 60% lead concentrate decreased to - 125 US dollars/ton this week. The import lead concentrate processing fee decreased from - 110 to - 125 US dollars/ton, and the import lead concentrate smelting profit decreased by 152 yuan/ton to - 1,850 yuan/ton. The domestic lead concentrate processing fee remained at 350 yuan/ton, and the domestic lead concentrate smelting profit remained at - 2,800 yuan/ton [5][7][8]. - **Primary Lead and Secondary Lead**: The primary lead production is under pressure, but the profit of secondary lead enterprises continues to expand, and the production increase expectation is strong. Some secondary lead enterprises in some regions are under maintenance due to environmental protection control, but the profit of primary lead has increased, and the supply of waste batteries is abundant. Secondary lead enterprises in Anhui have resumed production more [7]. 3.3 Lead Demand (Lead - Acid Batteries, End - Users) - **Lead - Acid Batteries**: Consumption is gradually entering the off - season. The enthusiasm of dealers to take delivery has decreased, the start - up rate of battery factories may decline, and raw material procurement may be restricted. The start - up rate of lead - acid battery enterprises in previous years is shown in the data, and the monthly finished - product inventory days of battery enterprises and dealers are also provided [7][46]. - **End - Users**: The actual consumption of lead in previous years is shown in the data, along with the monthly production of automobiles and motorcycles [48].

国泰君安期货·能源化工 胶版印刷纸周度报告 国泰君安期货研究所·石忆宁 投资咨询从业资格号：Z0022533 日期：2025年10月26日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情走势 02 供需数据 03 行情研判 04 行业资讯 现货价格 成本利润 季节性特征 供给 需求 库存 进出口 行情研判 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1、据卓创资讯数据监测统计，本周四双胶纸库存天数较上周四上升1.34%，本周增幅环比收窄0.03个百分点。行业开工整体回升，但市场需 求暂无好转，下游出版印刷的订单增量有限，经销商主动补库意向薄弱，纸厂延续累库趋势。 2、据卓创资讯数据统计，本周双胶纸开工负荷率在51.24%，环比上升2.63个百分点，本周趋势由降转升。虽然北方仍有部分中小产线停机 或转产，但上周复产的规模产线恢复至正常开工水平，带动本周行业开工整体回升。 资料来源：国泰君安期货研究 Special report on ...

Report Summary 1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Views - **LPG**: Short - term upward drivers are weakening, and macro risks still exist. The supply of domestic LPG has decreased, and the demand for civil use is recovering. The PDH and MTBE device operating rates have increased. The prices in East and South China have declined, while Shandong's prices have rebounded after a fall. It is recommended to closely monitor macro - factors, import costs, and international geopolitical situations [3][4]. - **Propylene**: The supply and demand are relatively loose, and it is expected to fluctuate weakly in the short term. The supply has slightly decreased this week, and the demand from downstream industries remains weak. Although the supply and demand are expected to increase next week, the pattern of loose supply and demand will not change. It is recommended to pay attention to PDH device shutdown dynamics and the propylene - powder price difference [7]. 3. Section Summaries LPG Part - **Price & Spread** - Domestic spot prices: Shandong's civil gas prices have rebounded, while prices in other regions such as East and South China have declined. Imported gas prices and FEI, CP have first fallen and then risen, with a significant increase in FEI [10]. - Regional quotations, discounts, and freight: The freight from the Middle East to the Far East has continued to decline, and the freight from the United States to the Far East has stopped falling. The FEI discount has improved [24]. - Propane prices: They have rebounded from a low level [37]. - **Supply** - International shipping: The arrival of international ships in China has decreased compared to last week, mainly in South China, due to sea gales [3]. - Domestic production: The total commercial volume of LPG is 537,000 tons, a 2.4% decrease from last week. The propane commercial volume has decreased due to less - than - expected ship arrivals [60][70]. - Shipment volume: The shipment volumes of the United States, Canada, and the Middle East have changed to varying degrees, with overall decreases in some regions [47][48][49]. - **Demand & Inventory** - Chemical demand: The operating rates of PDH and MTBE have increased [74]. - Domestic refinery inventory: The inventory of civil gas is at a relatively high level year - on - year, with limited changes this week [84]. - Port inventory: The inventory is at a high level year - on - year, mainly with destocking on a month - on - month basis [89]. Propylene Part - **Price & Spread** - Upstream prices: Brent, WTI, and other upstream prices have increased, while some prices such as NAP in Shandong have decreased [100]. - Propylene prices: International/US - dollar prices have slightly corrected from a high level, and domestic prices have stopped falling and stabilized [103][111]. - Mid/upstream and downstream profits: Profits in various sectors have changed, with significant decreases in some sectors such as PDH [100][102]. - **Balance Sheet** - Operating rates: The operating rates of PDH and some downstream industries have increased, while the operating rates of some upstream and downstream industries have decreased [120]. - Supply and demand balance: The supply and demand of propylene are relatively loose, with expected increases in both supply and demand next week, but the loose pattern will not change [7].

Report Overview - Report Title: Short Fiber and Bottle Chip Weekly Report - Report Date: October 26, 2025 - Report Author: Chen Xinchao, He Xiaoqin, Qian Jiayin Industry Investment Ratings - Short Fiber (PF): Short - term range - bound, medium - term bearish [3] - Bottle Chip (PR): Range - bound with a downward bias [2] Core Views - **Short Fiber**: Cost support is weak, and the market is range - bound. Although upstream oil issues have pushed up crude oil prices, the supply of naphtha remains in excess. The improvement in domestic demand needs to be verified, and there are still uncertainties in Sino - US trade negotiations [8]. - **Bottle Chip**: Cost support is weak, and the market is range - bound. In the fourth quarter, factory operations are expected to remain around 80%. Demand from October to November is expected to decline quarter - on - quarter, and there is still pressure on inventory accumulation in the near term [9]. Summary by Section Short Fiber (PF) - **Supply**: Short - fiber factory operations are maintained, with an average operating rate of 94.3%. Spinning - grade direct - spun polyester staple fiber operations are maintained at 94.5%. In the future, operations are expected to fluctuate in the range of 93% - 95%. Recently, downstream procurement has been relatively active, and factories may have the incentive to slightly increase operations [8]. - **Demand**: There has been a significant amount of positive - feedback restocking in the market, and short - fiber inventories have continued to decline. After the comprehensive cooling, the downstream market has improved, and the terminal has placed additional orders. Both woven grey fabrics and yarns have reduced their inventories, alleviating pressure, and profits have also improved. However, after a round of positive - feedback restocking following the increase in raw material prices, the terminal sentiment has gradually cooled off around the weekend, and the sustainability of the peak season still needs to be observed. The current situation of foreign trade is still not good [8]. - **Valuation**: The current spot premium is 1000 - 1100 yuan/ton, which is neutral. The futures margin is 1000 yuan/ton, and the valuations of the margin and the inter - month spread are basically reasonable, while the basis is relatively high [8]. - **Strategy**: Hold the 01 - 02 calendar spread long position; go long PF and short PR in the 2601 contract [8]. Bottle Chip (PR) - **Supply**: In the fourth quarter, factory operations are expected to remain around 80%. This week, operations have slightly increased to 82%. On the one hand, processing margins have recovered, and on the other hand, it is the off - season for demand. In the future, operations are expected to remain at around 80%, with no strong motivation for significant production cuts or increases. Fuhai is expected to start production in November, increasing the actual supply [9]. - **Demand**: Low - price procurement has still shown significant volume, including purchases by large enterprises and speculative demand. Bottle - chip factory inventories have remained at around 17 days. From October to November, demand is expected to decline quarter - on - quarter. The operations of beverage factories have decreased to around 60% - 70%, and the operations of edible oil and sheet material factories have also decreased. Sea freight rates have declined, and the export volume in subsequent months is generally in line with the seasonality of domestic demand. The export volume from October to November is expected to be in the range of 50 - 550,000 tons. The United States has removed bottle chips from the exemption list, and attention should be paid to the impact of export replacement in subsequent months [9]. - **Valuation**: The current spot processing margin is 500 - 550 yuan/ton, which is relatively high. The processing margins of the November and December futures contracts are 450 - 500 yuan/ton, which are also relatively high but may be difficult to compress due to the weak cost [9]. - **Strategy**: Hold the calendar spread long position; go long TA and short PR in the December contract (enter when the processing margin is around 480 - 500 yuan/ton); go long PF and short PR in the 01 contract [9]. Cost and Profit - **Bottle Chip**: Aggregate costs have risen to around 5100 - 5200 yuan/ton. Bottle - chip processing margins have been passively compressed, with the spot processing margin around 480 - 550 yuan/ton. The export profit, calculated based on the domestic aggregate cost, is approximately 800 - 850 yuan/ton, indicating a relatively high level of export profit [45]. Inventory - **Bottle Chip**: The overall PTA inventory of polyester factories has increased. Domestic polyester bottle - chip factory inventories have decreased to around 17 days. From October to November, inventory accumulation is expected to continue. According to CCF data, the preliminary estimate of social inventory in September was 2.77 million tons, the estimate for October is 3 million tons, and the estimate for November is 3.24 million tons [50][55]. - **Short Fiber**: There has been positive - feedback restocking in the market, and short - fiber inventories have continued to decline. The 1.4D equity inventory is 3.4 days, and the physical inventory is 15 days (a decrease of 0.8 days compared to the previous period) [8]. Device Changes - **Bottle Chip**: Sanfangxiang has slightly increased its operations. A 600,000 - ton polyester bottle - chip device at Huarun's Jiangyin factory has been shut down. The 750,000 - ton device in Yisheng Hainan and the 350,000 - ton device in Yisheng Dalian remain shut down. Fuhai's new 300,000 - ton device is expected to start production in November [56]. Demand - **Bottle Chip**: The operations of beverage enterprises have gradually declined to 50% - 75%. In the sheet material sector, operations in East China are at 50% - 70%, and operations in South China are at 40% - 60%. The average operations of edible oil enterprises are around 50% - 70% [60][61]. - **Short Fiber**: After the comprehensive cooling, the downstream market has improved, and the terminal has placed additional orders. Both woven grey fabrics and yarns have reduced their inventories, alleviating pressure, and profits have also improved. However, the sustainability of the peak season still needs to be observed. The current situation of foreign trade is still not good [8]. Export - **Bottle Chip**: In September 2025, the total export volume of polyester bottle chips and slices was 593,000 tons, a year - on - year increase of 12.9%. Among them, the export volume under tariff code 39076910 was 125,000 tons, a year - on - year increase of 39.3%, and the export volume under tariff code 39076110 was 468,000 tons, a year - on - year increase of 7.5% [86].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall view is that due to the expected high - yield in South America, there is no basis for a bull market. However, cost support makes a significant decline unlikely. The market is expected to be generally oscillating with an upward bias, in the range of 950 - 1150 cents per bushel [5]. - Negative factors include the return of the rainy season in Brazil, improved precipitation, accelerated sowing progress, and the expected increase in Brazil's planting area in the 2025/26 season [5]. - Positive factors are the possible intensification of the biodiesel policy to support prices, the possible agreement on purchasing US agricultural products after the APEC meeting between Chinese and US leaders, and the possible reduction in South American soybean production due to La Nina weather [5]. 3. Summary by Related Catalogs Market Price - This week, the price of US soybeans oscillated and closed higher. The market is optimistic about the meeting between the Chinese and US presidents during APEC next week, and the return of the rainy season in Brazil is expected to speed up the planting progress. Next week's focus points are the follow - up progress of Sino - US relations, the weather in South American main producing areas, and the progress of the biodiesel policy [8]. - This week, the price of US soybean meal oscillated and rose. The market is optimistic about the meeting between Chinese and US presidents during the APEC meeting in South Korea next week, and the possible delay of Indonesia's B50 biodiesel policy, which weakens the oil market and provides additional support for soybean meal [12]. - This week, the price of US soybean oil oscillated and declined. The possible delay of Indonesia's biodiesel B50 addition policy has raised concerns about the oil consumption outlook, putting pressure on the global oil market [14]. - Since September 19, the USDA has suspended data updates [16][18][20]. - On October 24, the spot price of soybeans in Mato Grosso, Brazil, slightly increased to 119.35 reais per bag, and the spot price at Brazilian ports increased to 138.66 reais per bag [22][24]. Supply Factors - The drought situation in US soybean - producing areas remained unchanged, with a drought rate of 68%, the same as last week [27]. - The temperature in US producing areas will be warmer in the next two weeks, and precipitation in the Great Lakes region will be less, which is conducive to the completion of the harvest [29][31]. - In Brazil, the central - northern region has less precipitation, while the southeastern region has more precipitation. In Argentina, the precipitation in soybean - producing areas is basically normal, and the sowing work is about to start [33][35]. - As of the week ending September 26, the good - to - excellent rate of US soybeans was 62%, up from 61% last week but down from 64% in the same period last year [37]. Demand Factors - As of October 17, the US soybean crushing profit was 2.38 dollars per bushel, down from 2.72 dollars last week [41]. - The weekly export volume of US soybeans was 512,300 tons, down from 837,100 tons last week. The weekly export inspection and quarantine volume was 484,100 tons, down from 804,300 tons last week. The net sales volume this year was 724,400 tons, down from 923,000 tons last week. The net sales volume for next year was 0 tons, down from 220,000 tons last week. The quantity shipped to China last week was 0 tons [44][46][48]. Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 1.095, indicating the entry into the La Nina range [55]. - The soybean planting costs in Brazil and the US have decreased [57][59]. - As of September 23, the net short position of soybeans in CFTC was 18,200 lots, up from 14,400 lots last week. The net long position of soybean oil was 8,040 lots, down from 35,000 lots last week. The net short position of soybean meal was 82,700 lots, up from 59,400 lots last week [63][65][67].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The export window for zinc is open, and there is a certain risk - reward ratio for internal - external reverse arbitrage, but it takes time to realize profits [3] - The domestic supply side of zinc faces continuous pressure, and the consumption peak season is coming to an end. This week, zinc prices rebounded significantly due to factors such as LME inventory depletion and strong external prices [5] 3. Summary by Related Catalogs 3.1 Market Review - **Price Changes**: The closing price of SHFE Zinc Main Contract last week was 22355, with a weekly increase of 2.48%, and the closing price of the night session yesterday was 22300, with a night - session decrease of 0.25%. The price of LmeS - Zinc 3 last week was 3019.5, with a weekly increase of 2.72% [8] - **Trading Volume and Open Interest Changes**: The trading volume of SHFE Zinc Main Contract last Friday was 130461, an increase of 41774 from the previous week, and the open interest was 120167, an increase of 42945 from the previous week. The trading volume of LmeS - Zinc 3 was 11517, an increase of 416 from the previous week, and the open interest was 223518, a decrease of 753 from the previous week [8] - **Spot - Futures Price Difference Changes**: The LME zinc premium changed by 50.52, the bonded area zinc premium decreased by 45, and the spot premium of Shanghai 0 zinc, Guangdong 0 zinc, and Tianjin 0 zinc also changed [8] 3.2 Industry Chain Vertical and Horizontal Comparison 3.2.1 Inventory - Zinc ore and smelter finished products are at high levels, while the visible inventory of zinc ingots has declined. Zinc ore inventory in Lianyungang and smelter raw material inventory are at high levels, while seven - region inventory and downstream raw material inventory have decreased [10][11] 3.2.2 Profit - Zinc ore profits are at the forefront of the industry chain, and smelting profits are at a historical median level. Mining enterprise profits are stable in the short term, smelting profits have declined, and galvanized pipe enterprise profits are stable at a relatively low level [12][13] 3.2.3 Production - The smelting production rate has declined, and the downstream production rate is at a historically low level. The production rates of zinc concentrate, refined zinc, and downstream galvanizing, die - casting zinc, and zinc oxide have all declined [14][15] 3.3 Trading Aspect 3.3.1 Spot - Spot premiums are differentiated. Overseas premiums are flat this week, and LME CASH - 3M has risen to a historical high with sharp fluctuations [18][20] 3.3.2 Spread - SHFE zinc maintains a C - structure, but there are certain changes in the far - end [22] 3.3.3 Inventory - Domestic inventory has decreased slightly this week, and the open interest - to - inventory ratio has continued to decline. LME inventory is mainly concentrated in Singapore, with a slight increase this week but still at a historically low level. Bonded area inventory has decreased, and the total global visible zinc inventory has increased slightly [25][31][33] 3.3.4 Futures - The domestic open interest is at a historical median level [34] 3.4 Supply 3.4.1 Zinc Concentrate - Zinc concentrate imports have rebounded significantly, domestic zinc ore production is at a historical low, import ore processing fees have decreased this week, and domestic ore processing fees continue to decline. Ore arrival volume is at a medium level, and smelter raw material inventory is abundant [37][38] 3.4.2 Refined Zinc - Smelting production has decreased but is still at a historically high level. Smelter finished product inventory has decreased but is also at a historically high level, and zinc alloy production is at a high level [45] 3.4.3 Recycled Zinc Raw Materials - The production rate of 87 independent electric arc furnace steel mills, the average price of galvanized pipe slag, the daily consumption of scrap steel by 147 steel mills, and the average price of Hunan secondary zinc oxide all show certain trends [48][49][50][51] 3.5 Zinc Demand - The consumption growth rate of refined zinc is positive. The monthly downstream production rate has increased slightly, mostly at a historically low - to - medium level. The production rates and inventory levels of downstream galvanizing, die - casting zinc, and zinc oxide all show certain characteristics [54][57] - The real estate market is still at a low level, and the power grid shows structural increments [73] 3.6 Overseas Factors - The prices of European natural gas, carbon, and electricity all show certain trends, which have an impact on the profitability of zinc smelters in European countries [75][76][77]

ADC12-A00短期震荡 铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属组 王蓉（首席分析师/所长助理） 投资咨询从业资格号：Z0002529 王宗源（联系人） 期货从业资格号： F03142619 日期：2025年10月26日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：成本端逻辑仍在，价格存在支撑 强弱分析：中性 0 1000 2000 3000 4000 5000 6000 01-02 01-14 01-26 02-07 02-19 03-03 03-15 03-27 04-09 04-21 05-06 05-18 05-30 06-11 06-23 07-05 07-17 07-29 08-10 08-22 09-03 09-15 09-27 10-16 10-28 11-09 11-21 12-03 12-15 12-27 元/吨 佛山破碎生铝精废价差 2021 2022 2023 2024 2025 -2000 -1 ...

Report Information - Report Title: Methanol Weekly Report - Report Date: October 26, 2025 - Report Institution: Guotai Junan Futures Research Institute - Analysts: Huang Tianyuan, Yang Honghan Industry Investment Rating No relevant information provided. Core Viewpoints - Methanol is expected to fluctuate in the short - term and its medium - term price center will decline. It is under fundamental pressure but has a neutral - to - low valuation. With many important macro events recently, the short - term price will oscillate, while the high supply and port inventory pressure will suppress the upside [4]. - For trading strategies, the unilateral price center will move down; for the 01 contract, the upper pressure is at 2340 - 2350 yuan/ton, and the lower support is at 2240 - 2250 yuan/ton. It is recommended to conduct reverse arbitrage on the 1 - 5 month spread when it is high, and the spread between MA and PP is in an oscillating pattern [4]. Summary by Directory 1. This Week's Methanol Summary - **Supply**: China's methanol production decreased this week (20251017 - 1023) to 1,943,465 tons, a decrease of 39,690 tons from last week. The device capacity utilization rate was 85.65%, a 2.00% decline. Next period, the overall supply may increase as planned maintenance and production - cut devices decrease while recovery devices increase. Olefin enterprises'开工 continued to decrease due to cost pressure and downstream price drops. For traditional downstream industries, the capacity utilization of dimethyl ether may increase, that of glacial acetic acid may decline slightly, formaldehyde will likely maintain the current level, and the change in chloride capacity utilization will be small [4]. - **Demand**: As of October 22, 2025, the inventory of Chinese methanol sample production enterprises was 360,400 tons, a 0.13% increase from the previous period, and the sample enterprise orders to be delivered were 215,700 tons, a 5.79% decrease [4]. - **Inventory**: As of October 22, 2025, the total methanol port inventory in China was 1,512,200 tons, an increase of 20,800 tons from the previous data. The East China region accumulated inventory (an increase of 30,000 tons), while the South China region reduced inventory (a decrease of 9,200 tons) [4]. 2. Price and Spread - Multiple charts show the trends of methanol's basis, monthly spreads, warehouse receipts, domestic and international spot prices, and port - inland price differences from 2020 to 2025 [7][11][16]. 3. Supply - **New Capacity**: From 2024 - 2025, there were many new methanol plants in China. In 2024, the total new capacity expansion was 4 million tons, and in 2025, it was 8.3 million tons. Overseas, the total new capacity expansion in 2024 was 3.55 million tons, and in 2025, it was expected to be 3.3 million tons [23]. - **Maintenance**: There are many domestic methanol device maintenance cases, with a total affected capacity of 6.9 million tons, and the actual total loss was 1,716,220 tons [26]. - **Production and Capacity Utilization**: Charts display the trends of methanol production and capacity utilization in China and different regions, as well as production by different processes from 2018 - 2025 [27][29]. - **Import - related**: Charts show the trends of China's methanol import volume, import cost, arrival volume, and import profit from 2020 - 2025 [37]. - **Cost and Profit**: Charts present the production costs and profits of methanol produced by different processes in different regions from 2020 - 2025 [42][47]. 4. Demand - **Downstream Capacity Utilization**: Charts show the capacity utilization trends of methanol - to - olefins, dimethyl ether, formaldehyde, glacial acetic acid, MTBE, and other downstream industries in China from 2020 - 2025 [52]. - **Downstream Profits**: Charts display the profit trends of methanol - to - olefins, formaldehyde, MTBE, and other downstream industries in different regions from 2020 - 2025 [59][63]. - **Procurement Volume**: Charts show the procurement volume trends of methanol - to - olefins production enterprises and traditional downstream manufacturers in China and different regions from 2020 - 2025 [67][72]. - **Raw Material Inventory**: Charts present the inventory trends of methanol raw materials in traditional downstream industries in China and different regions from 2020 - 2025 [77]. 5. Inventory - **Factory Inventory**: Charts show the trends of methanol factory inventory in China and different regions from 2018 - 2025 [82]. - **Port Inventory**: Charts display the trends of methanol port inventory in China and different regions from 2018 - 2025 [88].

国泰君安期货·能源化工 合成橡胶周度报告 01 资料来源：隆众资讯，国泰君安期货研究 本周合成橡胶观点：基本面估值区间内运行 供应 • 本周期齐鲁石化、扬子石化顺丁橡胶装置检修影响逐步显现，叠加个别民营装置负荷小幅下降，本周期高顺顺丁橡胶产量及产能利用率表现小幅走低。 本周期高顺顺丁橡胶产量在2.95万吨，较上周下降0.05万吨，环比-1.84%，产能利用率73.45%，环比下降1.37个百分点。下周期预计浙江石化停车检修， 四川石化具体执行时间待定，但11-12月仍有振华新材料、茂名顺丁装置及浙江传化12万吨/年稀土顺丁橡胶装置检修预期存在，短时部分现货流通资源 预计延续偏紧局面。（隆众资讯） 需求 • 刚需方面，本周期轮胎样本企业产能利用率小幅提升，黑龙江、内蒙等地区降雪早于往年，雪地胎需求集中，半钢胎企业排产积极，对产能利用率形 成带动。全钢胎企业周内排产多恢复至常规水平，带动整体产能利用率小幅走高。预计下周期，样本企业产能利用率窄幅波动，半钢胎企业排产多维 持稳定，目前雪地胎订单集中、规格型号多，为保证各产品正常供应，半钢胎企业生产积极性不减；全钢胎方面，企业出货表现平稳，部分企业库存 攀升，月底有冲 ...

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年10月26日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：基本面矛盾不突出，价格表现震荡 强弱分析：中性 价格区间：270000-285000元/吨 0 5000 10000 15000 20000 25000 01-03 01-14 01-26 02-10 02-24 03-07 03-18 03-29 04-11 04-22 05-06 05-17 05-28 06-10 06-21 07-04 07-15 07-26 08-06 08-18 08-29 09-09 09-20 10-08 10-20 11-01 11-15 11-29 12-10 12-22 吨 SMM社会库存 2020 2021 2022 2023 2024 2025 0 10 20 30 40 50 60 70 80 01-03 01-14 02-02 02-17 03 ...