1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report comprehensively analyzes the supply - demand development of the polyester industry, focusing on the capacity development of raw materials and downstream polyester products. It details the growth trends, production capacity distributions, and market characteristics of PX, PTA, MEG, and various polyester products, providing an in - depth understanding of the industry's current situation and future trends [1][9]. 3. Summary by Relevant Catalogs 3.1 Raw Material - end Capacity Development 3.1.1 PX Capacity Development - From 2018 to 2023, domestic PX capacity increased from 1463000 tons to 43670000 tons. The average annual new production capacity from 2019 - 2023 was 4 - 8 million tons, with an average annual capacity growth rate of about 25%. There will be a new capacity launch window period from 2024 - 2025, but the capacity utilization rate has increased significantly [11][14][17]. - By enterprise nature, state - owned oil companies account for 38.2% of the total capacity, and private refining and chemical integration plants put into operation after 2019 account for 44.9% [17]. - Planned new capacity includes projects such as Shenghong Petrochemical (2 million tons in 2023), Zhongwei Guangdong Petrochemical (2.6 million tons in 2023), and Yulong Petrochemical (3 million tons in 2026) [16]. 3.1.2 PTA Capacity Development - Global PTA capacity is mainly concentrated in Asia, with China accounting for over 78% of Asia's capacity. From 2023 - 2025, 3 - 4 new domestic PTA plants will be put into operation annually, and in 2026, domestic production will slow down while India's new production capacity will increase [20][21]. - Domestically, PTA capacity is geographically concentrated, with over half in Jiangsu and Zhejiang, followed by coastal areas such as Liaoning, Fujian, Guangdong, and Hainan. The industry's CR2 is as high as 41%, and CR6 reaches 74% [23][24]. - The industry has good capacity matching, with an increasing proportion of large - scale and integrated plants [27]. - From 2016 - 2018, PTA profits were good due to limited new capacity growth. After 2019, with the release of private large - scale refining and chemical projects, PTA processing fees declined rapidly, and some high - cost small - scale plants were phased out [32]. 3.1.3 MEG Capacity Development - Domestic MEG capacity and production have been growing steadily, entering a new investment peak after 2018. In 2020, the capacity growth rate reached 47%. From 2021 - 2023, it continued to grow rapidly but at a declining rate. In 2024, the net investment growth rate dropped to 2.3%, and the capacity reached 3027500 tons [37][39]. - Ethylene - based MEG plants are mainly in Zhejiang, Jiangsu, and Liaoning, while coal - based plants are in Shaanxi, Xinjiang, Inner Mongolia, etc. Currently, ethylene - based capacity accounts for about 64%, and coal - based capacity accounts for 36% [41][42]. - MEG imports peaked in 2020 and have gradually declined. In 2024, the import dependence dropped to 25%. The main import sources are Saudi Arabia, Canada, and the United States. In 2025, the proportion from the United States decreased due to tariff issues [48]. - In September 2025, Yulong Petrochemical's launch marked a new expansion cycle for MEG, and the capacity growth rate will accelerate again in 2026 [50]. 3.2 Downstream Polyester Capacity Development 3.2.1 Overall Polyester Capacity - From 2019 - 2023, downstream weaving transferred and expanded, and the high pre - tax profits of polyester stimulated continuous investment planning, with an average annual investment of over 5 million tons of capacity [55]. - As of the end of 2024, the total polyester capacity was 8634000 tons, with filament accounting for about half and bottle chips accounting for nearly a quarter. The concentration of mainstream large - scale manufacturers has increased significantly, with CR3 reaching 38% and CR7 reaching 57%. Production areas are concentrated in Jiangsu, Zhejiang, and Fujian [58][59]. 3.2.2 Growth of Each Polyester Product - Since 2023, the capacity of bottle chips has increased rapidly, followed by filament and staple fiber. In 2024, the growth rate of bottle chips was still significant at 23%, while the growth rates of filament and staple fiber slowed down significantly [62]. 3.2.3 Staple Fiber Capacity - The investment growth rate of staple fiber has been relatively stable. In recent years, the years with higher growth rates were 2018, 2019, and 2021, with a capacity growth rate of over 7.5%. After a 4.8% increase in 2023, the investment growth rate slowed down significantly in 2024 and 2025. However, the capacity utilization rate was high in the past two years, resulting in production growth rates of 12.4% and 5.2% in 2023 and 2024 respectively [66]. - Staple fiber is mainly distributed in Jiangsu, Zhejiang, and Fujian, accounting for 85% in total, with Jiangsu accounting for nearly half. As the capacity expands, the downstream consumption structure has changed, and the proportion of differentiated staple fiber has increased significantly [72]. - China's staple fiber is mainly for export. After 2020, the export proportion has gradually increased, and the export destinations are relatively scattered [79]. 3.2.4 Bottle Chip Capacity - The expansion cycle of domestic polyester bottle chip capacity has two stages: 2011 - 2014 and 2018 to the present. The average annual investment growth rate in recent years has been nearly 13%, and the investment pace has accelerated since 2022 [82]. - As of November 2025, the cumulative capacity of polyester bottle chips was 2153000 tons. Four companies, Yisheng, Sanfangxiang, Huarun, and Wankai, accounted for about 78% of the capacity, with most having an integrated layout [88]. - From 2023 - 2024, many polyester bottle chip projects were launched. Newly launched single - set devices are larger in scale, reducing costs. Future launches will still be concentrated in China, mainly by large manufacturers, but some projects may be postponed due to profit issues [89]. - In 2024, China's total consumption of polyester bottle chips was about 9.8 million tons, accounting for about 1/4 of the global total. The main downstream consumption areas are soft drinks, exports, sheets and others, and oil bottles, accounting for 39%, 42.4%, 15.8%, and 2.9% respectively [92]. - The soft drink industry has a relatively large demand for bottle chips, with obvious seasonality. China is the world's largest net exporter of polyester bottle chips. Although there are trade frictions, the export market still has an optimistic outlook [95].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The soybean meal is likely to continue its oscillating trend. The soybean No. 1 contract will experience an oscillatory rebound, while the soybean meal contract will maintain an oscillatory state. This is due to a slight reduction in domestic soybean production, a likely return to normal imports of US soybeans, sufficient domestic soybean supply, an increase in oil mill operating rates, high soybean meal inventories, and strong demand [4][6]. 3. Summary According to Relevant Catalogs Market Conditions of Soybean No. 1 and Soybean Meal Contracts - The soybean No. 2601 contract is in an oscillatory adjustment. The spot price has slightly increased, with the market price of Fuyin soybeans rising from 4,040 yuan/ton to around 4,060 yuan/ton. The basis of soybean No. 1 oscillates, and the futures price maintains a premium [4]. - The soybean meal 01 contract is also in an oscillatory adjustment. The spot price of soybean meal has slightly decreased, with the price of 43% protein soybean meal in Zhangjiagang dropping from 3,000 yuan/ton to around 2,980 yuan/ton. The basis oscillates, and the futures price maintains a slight premium [4]. Supply - Side Analysis - **Domestic Soybean Production and Inventory**: Domestic soybean production has decreased, and inventory is being depleted. According to the Ministry of Agriculture and Rural Affairs' November report, poor weather in North China has led to a decline in yield, and the total domestic soybean production has been slightly adjusted down by 190,000 tons to 20.9 million tons, still higher than last year. As of November 21, the remaining soybean stocks in Heilongjiang, Anhui, Henan, and Shandong have decreased, and the inventory in Heilongjiang is lower than the same period in previous years, with faster sales [4]. - **Domestic Soybean Imports and Port Inventory**: In October, domestic soybean imports were 9.48 million tons, a 26% decrease from the previous month and a 17.2% increase year - on - year. Under the China - US trade agreement, imports of US soybeans will return to normal. However, due to the 10% basic tariff, the import cost of US soybeans is still higher than that of South American soybeans. As of November 21, the arrival of soybeans at oil mills has increased, while port soybean inventory has decreased [4]. - **US Soybean Market**: The US Department of Agriculture's November supply - demand report has adjusted down the yield and total production of US soybeans, as well as the ending inventory. The South American production remains unchanged, and the global ending inventory has been further reduced. The market is waiting for China's soybean purchases to be gradually implemented [5]. - **Oil Mill Operations and Soybean Meal Inventory**: The operating rate of oil mills has increased, and soybean meal inventory has further increased. With the large - scale import of US soybeans and a significant decrease in the cost of Brazilian soybeans, the profit margin of oil mills has improved. As of November 21, the operating rate of oil mills was 64.22%, the soybean crushing volume was 2.3344 million tons, the soybean meal production was 1.844 million tons, and the oil mill soybean meal inventory was 1.1515 million tons, all showing an upward trend. The unexecuted contracts for soybean meal were 4.5951 million tons, a decrease from the previous period. The inventory days of soybean meal in feed mills were 7.98 days, also showing a decline [5][6]. Demand - Side Analysis - **Feed Demand**: Feed demand is relatively strong. In the livestock farming sector, pig prices are low, and farming is suffering significant losses. The adjustment of the breeding sow inventory is slow. In the poultry sector, egg prices have dropped, and farming is in a continuous loss state, with an increase in culling. In October, the feed production was 29.07 million tons, a decrease from the previous month but a 6% increase year - on - year [6].

货 金 融 市场情绪转弱，铝价高位回落 研 究 院 爱尔兰都柏林大学数理金融学硕士 从业资格证：F3002734 投资咨询证：TZ0012680 南京大学学士 弘 业 期 张天骜 研 究 院 美欧制造业PMI初值低于预期，美国消费者信心指数创历史新低，美联储12月降息预期上升至五成以上，市场情 绪明显好转。今日中日关系仍然紧张，市场关注俄乌系列谈判进展。日内美元上涨人民币小幅下跌，有色金属冲高回 落，市场情绪偏向谨慎。沪铝下跌，伦铝下跌，国内现货铝下跌。 业 期 货 金 融 数据上看，今日沪铝收盘报21380，现货报21360，现货较期货贴水-20点。本周沪铝大跌，现货贴水缩窄至-10 元，今日现货成交不佳。本周国内电解铝社会库存平稳，氧化铝库存小幅下降。上期所铝库存上升，现货需求一般。 LME库存稳定，LME现货贴水扩大至-31美元，海外现货需求不佳。人民币汇率本周小幅上涨，铝价沪伦比本周持平于 7.65，内外盘走势大体相当。 弘 技术上看，今日美原油小幅下跌，伦铝小幅下跌，在2803美元附近运行。沪铝今日下跌，收于21380，技术形态 偏弱。沪铝成交上升持仓下降，市场情绪偏向谨慎。本周国内电解铝社会库存上 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The supply and demand of steel products have both increased, and steel prices are expected to fluctuate in the short - term. The profitability of steel mills is declining, and the terminal demand is still weak. Although the apparent demand has rebounded, the sustainability of the demand improvement is questionable due to seasonal factors. The cost side still provides support [5][6]. 3. Summary by Relevant Sections 3.1 Steel Product Supply and Demand - **Supply**: The weekly output of rebar from major steel mills nationwide was 2.0796 million tons (+79,600 tons), and the weekly output of hot - rolled coils was 3.1601 million tons (+23,500 tons). Some steel mills have resumed production, increasing the supply pressure [5]. - **Demand**: The apparent demand for rebar and hot - rolled coils has rebounded. Last week, the apparent demand for rebar was 2.3079 million tons (+144,200 tons), and the apparent demand for hot - rolled coils was 3.2442 million tons (+108,300 tons). However, the sustainability of the demand improvement is questionable due to seasonal factors, and the terminal demand is still weak [5]. 3.2 Inventory - **Rebar**: The total inventory of rebar was 5.5334 million tons (-228,300 tons), the social inventory was 4.0002 million tons (-157,300 tons), and the steel mill inventory was 1.5332 million tons (-71,000 tons) [8]. - **Hot - rolled Coils**: The total inventory of hot - rolled coils was 4.0211 million tons (-84,100 tons), the social inventory was 3.2409 million tons (-89,100 tons), and the steel mill inventory was 780,200 tons (+5,000 tons) [8]. 3.3 Price - **Spot Price**: As of November 21, the average national summary price of rebar was 3,268 yuan/ton, up 26 yuan/ton from last week; the average national summary price of hot - rolled coils was 3,309 yuan/ton, up 5 yuan/ton from last week [11]. - **Basis**: As of November 21, the basis of the rebar main contract was 163 yuan/ton (+26), and the basis of the hot - rolled coil main contract was 0 yuan/ton (-4) [8][14]. 3.4 Raw Materials - **Price**: The price of quasi - first - grade metallurgical coke was 1,480 yuan/ton (-50 yuan/ton), the price of main coking coal in Lvliang was 1,645 yuan/ton (unchanged), and the price of 61.5% PB powder at Qingdao Port was 788 yuan/ton (+6 yuan/ton) [16]. 3.5 Production Indicators - **Iron Water Production**: The iron water output was 2.3628 million tons, a decrease of 6,000 tons from the previous period [8][20]. - **Blast Furnace and Electric Furnace Indicators**: As of November 21, the blast furnace operating rate decreased by 0.62% month - on - month, the electric furnace operating rate increased by 1% month - on - month, the blast furnace capacity utilization rate decreased by 0.22% month - on - month, and the electric furnace capacity utilization rate decreased by 1.62% month - on - month [8]. - **Steel Mill Profitability**: As of November 21, the profitability of steel mills was 37.66%, a decrease of 1.3% from the previous period [8][24]. - **Tangshan Blast Furnace Operating Rate**: As of November 21, the blast furnace operating rate in Tangshan was 91.20%, unchanged from the previous period [29]. 3.6 Other Market Data - **Steel Export**: In October, steel exports were 9.78 million tons, a decrease of 690,000 tons from the previous month; from January to October, the cumulative steel export volume was 97.737 million tons, a cumulative year - on - year increase of 6.6% [65]. - **Automobile Production and Sales**: In September, automobile production was 3.276 million vehicles, an increase of 466,000 vehicles from the previous month; automobile sales increased by 369,400 tons from the previous month. The production of new energy vehicles was 1.617 million vehicles, an increase of 226,000 vehicles from the previous month; new energy vehicle sales increased by 209,000 tons from the previous month [69]. - **Real Estate Data**: From January to September, national real estate development investment decreased by 13.9% year - on - year, the new construction area of houses decreased by 18.9%, the completed area of houses decreased by 15.3%, the sales area of newly built commercial housing decreased by 5.5%, the sales amount of newly built commercial housing decreased by 7.9%, and the funds in place for development enterprises decreased by 8.4% [71][72].

Report Title - Iron Ore Weekly Report 20251124: Molten Iron Drops Slightly, Futures Market Fluctuates [2] Report Author - Zhou Guisheng, with qualification certificate F3036194 and investment consulting certificate Z0015986 [3] Core Viewpoints - Currently, iron ore supply is relatively abundant, while molten iron production on the demand side drops slightly but remains at a relatively high - medium level. Later, molten iron production will decline seasonally, and the steel mills' winter - storage restocking demand has not been released. In the short term, the market will maintain a fluctuating trend [5] Supply Analysis - From November 17th to November 23rd, the global iron ore shipment volume was 3.2784 billion tons, a week - on - week decrease of 2.38 million tons. Australian shipments were 1.8396 billion tons, down 2.713 million tons week - on - week; Brazilian shipments were 797.8 million tons, down 604,000 tons week - on - week. The arrival volume at 45 Chinese ports reached 2.8171 billion tons, a week - on - week increase of 548,200 tons [4] - As of November 21st, the daily average output of iron concentrate from 186 domestic mines was 475,000 tons, a week - on - week increase of 20 tons, with a capacity utilization rate of 60.79%, up 0.03% week - on - week. The mine concentrate inventory was 758,500 tons, up 16,200 tons week - on - week [4] - Global shipments decreased slightly week - on - week, with both Australian and Brazilian ores showing a decline. The arrival volume stopped falling and rebounded, and domestic ore production fluctuated slightly. Overall, the supply was relatively abundant [5] Demand Analysis - In the week of November 21st, the daily average molten iron output was 2.3628 million tons, a week - on - week decrease of 600 tons. Although the molten iron output dropped slightly and remained at a relatively high - medium level, with the continuous decline of steel mill profitability, the molten iron output will show a seasonal weakening trend later [4] - Steel mill profitability has declined, and the price of imported iron ore fluctuates in the range of $100 - $105 per ton [4] Inventory Analysis - The inventory of imported ore decreased slightly this period, and the number of ships at the port increased by 4 to 120. The port congestion increased slightly, while the steel mill inventory fluctuated at a low level, and the winter - storage restocking demand has not started yet. The overall inventory was relatively stable [4] - Port inventory decreased slightly, and steel mill inventory fluctuated at a low level. Attention should be paid to the steel mills' restocking demand later [5] Price and Spread Analysis - Spot prices rebounded slightly [6] - The spread between PB powder and Super Special powder rebounded slightly, and the spread between PB powder and Macfarlane powder fluctuated at a low level [12][16] - The 01 and 05 contract basis fluctuated slightly [4] - The 1 - 5 spread rose first and then fell, and the 01 contract basis fluctuated at a low level [20] - The screw - to - ore ratio fluctuated at a low level, and the ore - to - coke ratio rebounded slightly [27] Strategy Suggestion - The strategy is range - bound trading [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The current supply and demand of industrial silicon and polysilicon are both weak, with slow inventory depletion for industrial silicon and high inventory levels for polysilicon. Industrial silicon is expected to maintain wide - range fluctuations in the short term, while polysilicon is expected to remain in high - level oscillations, supported by anti - involution policies and market expectations. Attention should be paid to the start - up changes of large northwest factories and the implementation of policies [6][8]. 3. Summary by Related Catalogs Industrial Silicon - **Price**: The spot price of industrial silicon fluctuated significantly this week. As of November 21, 2025, the price of Xinjiang industrial silicon 553 oxygen - passed was 8900 yuan/ton, unchanged from last week. The futures main contract showed a weak oscillation, then a sharp rise and fall, and closed at 8960 yuan/ton on November 21 [6]. - **Supply**: Xinjiang's start - up rate remained stable, with stable supply. There were few changes in the start - up in Qinghai, Ningxia, and Gansu in the Northwest. Some silicon enterprises in Yunnan reduced or stopped production, with a slight decline in output. Sichuan is in the flat - water period and will enter the dry - water period at the end of the month, with a further decline in the start - up rate. Overall, industrial silicon production decreased month - on - month [6]. - **Demand**: The weekly start - up of polysilicon enterprises remained stable, with relatively stable demand for industrial silicon. The start - up of organic silicon was basically stable, with a small increase in monomer production capacity recently. After the organic silicon anti - involution meeting, the price increased, but then fell. The start - up rate of aluminum alloy enterprises increased slightly, with good downstream order demand. In October, industrial silicon exports were 45,100 tons, a 36% month - on - month and 31% year - on - year decrease [6]. - **Cost**: The cost of industrial silicon remained stable this week [6]. - **Inventory**: As of November 20, the national social inventory of industrial silicon was 548,000 tons, an increase of 2000 tons from last week [6]. - **Price Difference**: As of November 21, 2025, the price difference between Yunnan industrial silicon 553 oxygen - passed and 421 oxygen - passed was 400 yuan/ton, unchanged from last week. The price difference between Xinjiang industrial silicon 553 oxygen - passed and 421 oxygen - passed was 300 yuan/ton, also unchanged from last week [15]. - **Output**: As of November 21, 2025, the number of national industrial silicon open furnaces was 267, a decrease of 3 from the previous week; the start - up rate was 33.13%, a 0.37% decrease; the weekly output was 95,900 tons, a decrease of 400 tons from the previous week [22]. Polysilicon - **Price**: The spot price of polysilicon remained stable this week. As of November 21, 2025, the price of N - type dense material was 50,000 yuan/ton, unchanged from last week. The futures main contract fluctuated sharply at a high level and closed at 53,360 yuan/ton on November 21 [8]. - **Supply**: In November, with the shutdown of a large number of production capacities in Sichuan and Yunnan during the dry - water period, the polysilicon output is expected to be close to 120,000 tons, a significant decrease from October. The output is expected to continue to decline in December [8]. - **Demand**: The current terminal demand is weak. The terminal component prices are weakly stable, while the prices of silicon wafers and battery cells continue to fall. Downstream crystal - pulling enterprises have a low willingness to purchase and only maintain rigid restocking. In October, the polysilicon import volume was 1446.4 tons, a 12% month - on - month increase; in September, the polysilicon export volume was 1547.9 tons, a 28% month - on - month decrease [8]. - **Cost**: The cost of polysilicon remained stable this week [8]. - **Inventory**: As of November 21, the polysilicon factory inventory was 268,500 tons, an increase of 2800 tons from last week [8]. Downstream - **Silicon Wafers**: As of November 21, 2025, the average prices of N - type M10 - 182(130µm), N - type G10L - 183.75(130µm), N - type G12R - 210R(130µm), and N - type G12 - 210(130µm) were 1.25, 1.25, 1.275, and 1.575 yuan/piece respectively, a decrease of 0.115, 0.115, 0.04, and 0.05 yuan/piece from last week. Overseas demand declined, battery prices accelerated to the bottom, cost - side games increased, and the later decline space may be small [30]. - **Batteries**: As of November 21, 2025, M10 single - crystal TOPCon, G10L single - crystal TOPCon, G12R single - crystal TOPCon, and G12 single - crystal TOPCon were quoted at 0.295, 0.295, 0.278, and 0.292 yuan/watt respectively, a decrease of 0.01, 0.01, 0.004, and 0.01 yuan/watt from last week. The battery market continued to be under pressure, demand was low, inventory digestion still needed time, and price competition intensified [34]. - **Components**: As of November 21, 2025, 182 single - sided TOPCon, 210 single - sided TOPCon, 182 double - sided TOPCon, and 210 double - sided TOPCon were quoted at 0.68, 0.7, 0.68, and 0.7 yuan/watt respectively, unchanged from last week. The component market operated weakly and stably, prices were slightly loose, mainstream enterprises had not made large - scale adjustments, and the market as a whole showed a state of policy support but no demand support [38]. Organic Silicon - As of November 21, 2025, the price of organic silicon DMC in East China was 13,200 yuan/ton, an increase of 700 yuan/ton from last week. This week, the industry start - up rate was basically stable. After the anti - involution meeting, the price increased, and currently, the high - sentiment has basically been digested by the market [42]. Aluminum Alloy - As of November 21, 2025, the price of Shanghai aluminum alloy ingot ADC12 was 20,800 yuan/ton, a decrease of 400 yuan/ton from last week. Downstream orders were good, and the start - up of aluminum alloy enterprises increased slightly [46].

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of the copper market are poor, and the upward momentum of copper prices is weak. The uncertainty of the Fed's interest rate cut has increased, leading to large short - term fluctuations in copper prices. With the gradual resumption of production in Indonesian mines, weak spot demand, high inventories, and uncertain medium - term spot demand, there are risks in the copper market [3][4]. Summary by Related Information Market Sentiment and Macro - environment - The preliminary values of manufacturing PMIs in the US and Europe are lower than expected, the US consumer confidence index hits a record low, and the expectation of a Fed rate cut in December rises to over 50%, improving market sentiment. Tensions in Sino - Japanese relations persist, and the market focuses on the progress of Russia - Ukraine negotiations. The US dollar rises, the RMB falls slightly, and the sentiment in the non - ferrous metal market is cautious [3]. Copper Price and Inventory - Today, SHFE copper closes at 86,080, and the spot price is 86,310, with a spot premium of 230 points over the futures. The spot basis premium drops to 85 points, and spot trading is poor. LME spot turns to a premium of $1 this week, indicating improved foreign spot demand. US copper inventories continue to rise to a new high this week, LME copper inventories increase, and SHFE copper inventories remain stable, suggesting weak spot demand [3]. Technical Analysis - Today, LME copper moves flat around $10,778. SHFE copper rises slightly after a pull - back, closing at 86,080, with a weak technical pattern. Both trading volume and open interest of SHFE copper decline, showing a cautious market sentiment [4]. Market Outlook - The prospect of the Fed's interest rate cut is uncertain, the US AI bubble theory is negative, and domestic economic data is poor. The medium - term spot demand has high uncertainty and risks. Future attention should be paid to whether the Fed's interest rate cut cycle can continue and when the current weak spot demand at home and abroad will improve [4]. Copper Market Indicator Monitoring - From November 18th to 24th, the RMB exchange rate shows small fluctuations, the spot premium shows different changes, the Yangshan copper premium rises to $35, the LME copper - futures spread has different values, and the LME - SHFE copper ratio is around 8 [5].

芳烃市场周报： 成本端弱势延续，调油仍有驱动 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 （PX，纯苯，苯乙烯） 姜周曦琳 F03114700 Z0022394 金融研究院 2025年11月21日 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 近期PX市场 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 • 成本：国际油价当前低位震荡，支撑偏弱，石脑油价格当前573美元，PXCFR价格832美元。中石化11月PX挂牌价格小幅上调至6800元/吨，10月 中石化PX结算价格6620元/吨。 • 供给：本周PX产量为74.81万吨，环比上周-0.41%。国内PX周均产能利用率89.21%，环比上周-0.36%。亚洲PX周度平均产能利用率79.38%，环 比-0.33%。上海石化60万吨装置检修重启，中化泉州PX装置故障，目前运行负荷50%。福佳大化一套70万吨PX装置3月下旬停机。PX工厂的生产 积极性仍维持较好，海内外开工均处于高位。 • 需求：下游PTA产能利用率74.29%，环比-1.89%，同比-6.74%。周内西南及华东装置检修，供应端持续缩量，本周期国内PTA整体产能利用 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report Despite the overall increase in new - grain production, the grain quality in North China and other regions is severely differentiated. The actual supply pressure may be less than last year. The market favors high - quality corn from Northeast China, and many are stocking up there. New - grain sales are fast, and demand is strong. It is recommended that grain - using enterprises purchase at low prices and moderately increase safety reserves, while traders should buy low and sell high [7]. 3. Summary by Relevant Catalogs Market Performance - The corn main 2601 contract rebounded and was adjusted under pressure near 2190. The spot price was stable with a slight increase. The basis of corn strengthened slightly, and the futures price was at a discount. The starch main 2601 contract was slightly adjusted, and the basis fluctuated and strengthened slightly [5]. Supply - side Situation - **New - grain sales and production**: The national corn output increased to 3 billion tons, 5 million tons higher than the same period last year. As of November 20, the total national grain - sales progress was 27%, 2% faster year - on - year. If the sales progress continues, the expectation of tight supply later will increase [5]. - **Port inventory**: As of November 14, the corn inventory in the northern ports continued to rise to 117 million tons, but was significantly lower than the same period last year. The inventory of domestic and foreign - trade corn in Guangdong Port decreased [6]. - **Grain substitution and imports**: The wheat - corn price difference remained above 200, without substitution advantages. Domestic corn imports remained at a low level, but there was a possibility of replenishing and rotating imported corn [6]. Demand - side Situation - **Feed demand**: Pig farming was in a large - scale loss, but the short - term inventory was difficult to reduce. In the poultry sector, egg - chicken farming continued to lose money. However, feed demand was strong. In October, the national industrial feed output was 29.07 million tons, with a month - on - month increase and a 6% year - on - year increase [7]. - **Deep - processing demand**: The demand of deep - processing enterprises was good. Starch processing enterprises continued to make profits, with a relatively high operating rate. Alcohol processing enterprises were in a large - scale loss, but the operating rate rose again. The operating rates of downstream starch - sugar and paper - making enterprises were relatively stable [7]. External Market Situation The U.S. corn on the external market fluctuated and rebounded. The U.S. government ended the shutdown. The U.S. Department of Agriculture's November supply - demand report slightly reduced the U.S. corn yield per unit and output, but the ending inventory increased slightly, with relatively large supply pressure. The global corn ending inventory decreased slightly, and the U.S. Department of Agriculture report was neutral [6].

浮法玻璃周报 2025.11.21 分析师范阿骄 从业资格证F3054801 投资咨询证号Z0016954 浮法玻璃行情分析 ➢ 现货概况：本周浮法玻璃现货价格持续阴跌，区域分化明显。截至2025年11月20日，全国5mm浮法玻璃均价为1,106元/吨，周内下跌45元/吨，跌幅约3.9%。 沙河、湖北等主要产区价格走弱，产销率偏低，部分企业为去库采取"以价换量"策略。期货价格维持下跌趋势，主力合约逼近历史低位，市场情绪偏弱。供需基 本面承压，库存高位运行，行业利润持续收窄。本周玻璃期货总成交量显著放大，11月20日单日成交量达192.29万手，为近期峰值，显示市场交投活跃但方向 分歧加剧。持仓量维持高位，截至11月21日为194.37万手，反映空头力量持续积累。 ➢ 供给端：周内本溪一600吨/日产线冷修，国内在产日产量降至15.81万吨。此为本周唯一明确的产能退出，但整体供给仍处高位，未形成系统性减产。全国 周度产量111.02万吨，环比-0.34%，同比+0.08%。 ➢ 需求端：需求偏弱难改，截至20251117，全国深加工样本企业订单天数均值9.9天，环比-8.9%，同比-24.2%。进入11月，各大 ...