1. Report Industry Investment Rating - No information provided in the given reports 2. Core Viewpoints of the Report - The report predicts that PX, PTA, and PR will experience narrow - range fluctuations [2] 3. Summary by Related Catalogs Price Information - **Upstream**: On November 11, 2025, the futures settlement price of WTI crude oil was $61.04 per barrel, up 1.51% from the previous value; Brent crude oil was $65.16 per barrel, up 1.72%. The spot price of naphtha in CFR Japan on November 10 was $582.25 per ton, up 0.09%. The spot price of isomeric xylene in FOB South Korea on November 11 was $698.50 per ton, down 0.29%. The spot price of p - xylene (PX) in CFR China's main port on November 10 was $828.33 per ton, up 0.61% [1] - **PTA**: On November 11, 2025, the closing price of the CZCE TA main contract was 4,648 yuan per ton, down 1.19%; the settlement price was 4,678 yuan per ton, up 0.13%. The spot price of domestic PTA was 4,600 yuan per ton, up 0.11%. The CCFEI price index of domestic PTA was 4,604 yuan per ton, up 0.22%, and the external price index was $620 per ton, up 0.32% [1] - **PX**: On November 11, 2025, the closing price of the CZCE PX main contract was 6,756 yuan per ton, down 1.40%; the settlement price was 6,796 yuan per ton, down 0.03%. The domestic spot price of p - xylene was 6,556 yuan per ton, unchanged. The PXN spread on November 10 was $246.08 per ton, up 1.86%, and the PX - MX spread was $129.83 per ton, up 5.70% [1] - **PR**: On November 11, 2025, the closing price of the CZCE PR main contract was 5,696 yuan per ton, down 1.18%; the settlement price was 5,738 yuan per ton, up 0.10%. The market price of polyester bottle chips in the East China market was 5,760 yuan per ton, up 0.17%, and in the South China market was 5,800 yuan per ton, up 0.17% [1] - **Downstream**: On November 11, 2025, the CCFEI price index of polyester DTY was 8,550 yuan per ton, up 0.29%; the index of polyester POY was 6,850 yuan per ton, unchanged; the index of polyester FDY68D was 7,100 yuan per ton, up 0.71%; the index of polyester FDY150D was 6,900 yuan per ton, up 0.73%; the index of polyester staple fiber was 6,330 yuan per ton, down 0.08%; the index of polyester chips was 5,630 yuan per ton, up 0.18%; the index of bottle - grade chips was 5,760 yuan per ton, up 0.17% [2] Operating Conditions - On November 11, 2025, the operating rate of the PX in the polyester industry chain was 88.03%, unchanged; the PTA factory load rate in the PTA industry chain was 76.31%, unchanged; the polyester factory load rate was 89.70%, unchanged; the bottle chip factory load rate was 75.16%, down 1.39%; the load rate of Jiangsu and Zhejiang looms was 72.28%, unchanged [1] Production and Sales - On November 11, 2025, the sales rate of polyester filament was 54.35%, up 4.35 percentage points; the sales rate of polyester staple fiber was 41.02%, down 25.58 percentage points; the sales rate of polyester chips was 50.16%, down 32.69 percentage points [1] Device Information - A 1.1 - million - ton PTA device of South China Ineos is under maintenance, and the restart date is to be determined. A 1 - million - ton PTA device of Southwest Sichuan Energy Investment is scheduled for maintenance on November 7 [2] PX Analysis - **Important Information**: The news that the U.S. Senate passed the first - stage vote of the agreement to end the shutdown improved market sentiment, and the oil market was boosted. The CFR China price of PX on November 11 was $821 per ton. The international oil price fluctuated strongly, squeezing the cost - side support of PX. Domestic PX devices were operating relatively stably, but there was an expectation of slowdown in demand, and the market was dominated by a wait - and - see attitude [2] - **Long - Short Logic**: There was no unexpected news, and the fundamentals were operating steadily. The PX2601 contract closed at 6,756 yuan per ton (-0.62%), with an intraday trading volume of 282,000 lots. Relying on the current abundant MX supply, domestic factories could maintain the PX load effectively. The PX operating rate remained at a high level this year. The recent market was significantly disturbed by rumors. The 8.7 - million - ton PTA device put into production this year promoted the annual destocking of PX, which supported PX significantly. As the industry entered the off - season, the upstream would be more sensitive to the demand - side feedback [2] PTA Analysis - **Long - Short Logic**: The cost side remained stable. The TA2601 contract closed at 4,648 yuan per ton (-0.51%), with an intraday trading volume of 628,800 lots. The crude oil and PX markets showed weak upward momentum. The PTA spot was abundant, the downstream rigid demand was stable, the spot market fluctuated narrowly, and the basis was relatively stable. Many PTA device maintenance plans were carried out as scheduled, and the industry had long expected them. Due to the continuous low processing fees, the impact of device maintenance would be aggravated, but there was no unexpected reduction in supply. The domestic demand market was gradually weakening, but the recent inquiry atmosphere for foreign trade orders was active, and subsequent orders would increase. In the short term, the overall downstream demand was acceptable [2] PR Analysis - **Important Information**: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was between 5,710 - 5,820 yuan per ton, down 10 yuan per ton from the previous trading day. The PTA and bottle chip futures fluctuated narrowly. The supply - side quotations were mostly stable, and the downstream purchasing willingness was cautious, with general market trading atmosphere [2] - **Long - Short Logic**: Following the cost trend, the PR2601 contract closed at 5,696 yuan per ton (-0.63%), with an intraday trading volume of 31,000 lots. The supply - side operating rate was adjusted slightly, and the overall market supply was relatively sufficient. The downstream terminal purchasing enthusiasm was not high, and the attitude was cautious [2]

Report Industry Investment Rating - Not provided Core View - Although the fourth export quota of urea has boosted the recent market sentiment, the volume of 600,000 tons is not large compared to the current urea supply. The futures price has declined slightly in the past two days. However, the export quota is beneficial to alleviating the domestic supply - demand pressure, and the winter storage of urea in the fourth quarter will gradually start across the country, so the urea price is supported [1] Summary by Related Catalogs Urea Futures Price - UR01 closed at 1,640 yuan/ton on November 11, down 20 yuan/ton (-1.20%) from November 10; UR05 closed at 1,717 yuan/ton, down 15 yuan/ton (-0.87%); UR09 closed at 1,738 yuan/ton, down 17 yuan/ton (-0.97%) [1] Domestic Spot Price - Spot prices in Shandong, Henan, Hebei, Northeast, and Jiangsu remained unchanged on November 11 compared to November 10, while the price in Shandong decreased by 10 yuan/ton (-0.62%) [1] Basis and Spread - The basis of Shandong spot - UR increased by 5 yuan/ton to - 107 yuan/ton, and the 01 - 05 spread decreased by 5 yuan/ton to - 77 yuan/ton [1] Upstream Cost - The prices of anthracite coal in Henan and Shanxi remained unchanged at 1,030 yuan/ton and 930 yuan/ton respectively [1] Downstream Price - The prices of compound fertilizer (45%S) in Shandong and Henan increased by 30 yuan/ton (1.02% and 1.20% respectively), the price of melamine in Shandong decreased by 17 yuan/ton (-0.33%), and the price in Jiangsu remained unchanged [1] Important Information - The opening price of the main contract 2601 of urea futures was 1,660 yuan/ton, the highest price was 1,662 yuan/ton, the lowest price was 1,636 yuan/ton, the closing price was 1,640 yuan/ton, the settlement price was 1,648 yuan/ton, and the position was 254,037 lots [1] Trading Strategy - Stop the loss of the short put option of the 12 - contract [1]

公开资料，本公司对这些信息的推确性和完整性不作任何保证。这不保证所依据的信息和建议不会发生在何预必。我们已力求报告内容的客观、公 正. 但文中的观点、结论和建议仅供参考，不构成任何投资建议、救资者依据本报告提供的信息进行对授数资所造成的一切后果,本公司拥有负责 。本报告版权仅仅为本公司所有，未经书面许可，在何机构和个人不得以任何形式翻版、度制和发布、如引用、刊发，凝准明出处为宏源期货。且不 得对本报告进行有悖原意的引用、删节和修改。数据来源:SHM和WIND。风险提示:期市有风险,按资深谨慎! 王文虎(F03087656,Z0019472),联系电话:010-82293558 沪铜日评20251112: 美联储降息预期升温或支撑铜价 | | 变量名称 | 2025-11-11 | 2025-11-10 | 2025-11-03 较昨日变动 | | 近期走势 | | --- | --- | --- | --- | --- | --- | --- | | | 收盘价 | 86630 | 86480 | 87300 | 150.00 | | | | 成交量(手) | 74639 | 08088 | 150597 | ...

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints - The weak performance of the US private - sector employment supports the precious metal prices. The probability of the Fed's interest - rate cut in December has increased due to factors such as the decrease in the number of private - sector employees in October. Geopolitical risks and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3. Summary by Related Catalogs 3.1 Precious Metal Market Data - **Shanghai Gold**: The closing price was 933.02 yuan/g, the trading volume was 63048.00, and the position volume was - 882.00. The spread between the near - month and far - month contracts was - 1.30, and the basis between the spot and futures was - 2.38 [1] - **Shanghai Silver**: The closing price was 11865.00 yuan/10g, the trading volume was 725114.00, and the position volume was 4243002.00. The spread between the near - month and far - month contracts was 40.00, and the basis between the spot and futures was - 15.00 [1] - **COMEX International Gold Futures**: The closing price was 4133.20 US dollars/ounce, the trading volume was 223800.00, and the position volume was 291850.00. The inventory was 37575139.58 troy ounces [1] - **London Gold Spot**: The price was 4123.30 US dollars/ounce, and the holdings of SPDR Gold ETF were 1041.78 tons, and iShare Gold ETF were 482.31 tons [1] - **COMEX International Silver Futures**: The closing price was 51.08 US dollars/ounce, the trading volume was 69857.00, and the position volume was 94353.00 [1] - **London Silver Spot**: The price was 51.24 US dollars/ounce [1] 3.2 Price Ratios - The price ratio of gold to silver: Shanghai gold spot/Shanghai silver spot was 79.87, New York gold/New York silver was 80.92, and London gold spot/London silver spot was 81.74 [1] 3.3 Other Commodity and Financial Market Data - **Crude Oil**: INE crude oil was 458.80 yuan/barrel, ICE Brent oil was 63.94 US dollars/barrel, and NYMEX crude oil was 60.05 US dollars/barrel [1] - **Copper**: Shanghai copper futures were 86630.00 yuan/ton, and LME spot copper was 10840.00 US dollars/ton [1] - **Steel and Iron Ore**: Shanghai rebar was 3044.00 yuan/ton, and Dalian iron ore was 763.00 yuan/ton [1] - **Interest Rates**: The inter - bank lending rate SHIBO was 1.32, and the 10 - year US Treasury nominal yield was 4.1300 [1] - **Exchange Rates**: The US dollar index was 99.4792, the US dollar to RMB central parity rate was 7.0866, and the euro to RMB central parity rate was 8.1986 [1] - **Stock Indexes**: The Shanghai Composite Index was 4018.5972, the S&P 500 was 6851.9700, the UK FTSE 100 was 9787.1500, etc. [1] 3.4 Important Information - According to ADP, the US private sector lost an average of 11250 jobs per week in the four weeks ending October 25th. The White House National Economic Council Director said that some US data for October may be lost forever [1] 3.5 Long - Short Logic - The Republican Party's agreement to vote on extending the ACA subsidies in December is expected to lead to some cash outflows from the US Treasury's general account. The decrease in private - sector employment in October has increased the probability of the Fed's interest - rate cut in December. Geopolitical risks, the expansion of fiscal deficits in many countries, and the continuous purchase of gold by central banks around the world may support precious metal prices [1] 3.6 Trading Strategy - It is advisable to go long when the price drops. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890, and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45, and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500, and the resistance level is around 12000 - 12500 [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Although the fourth urea export quota has boosted recent market sentiment, the 600,000 - ton volume is not large compared to the current urea supply, and the futures market has declined slightly in the past two days. However, the export quota is beneficial for alleviating domestic supply - demand pressure, and the fourth - quarter urea winter storage will gradually start nationwide, so the urea price is supported. In the 10.21 report, it was recommended to sell out - of - the - money put options, and it is noted that the 12 - contract options will expire today [1] Group 3: Summary Based on Related Catalogs Urea Futures and Spot Prices - UR01 futures price closed at 1640 yuan/ton on November 11, down 20 yuan/ton (-1.20%) from November 10; UR05 closed at 1717 yuan/ton, down 15 yuan/ton (-0.87%); UR09 closed at 1738 yuan/ton, down 17 yuan/ton (-0.97%). Among domestic spot prices, only Shandong's price decreased by 10 yuan/ton (-0.62%), while other regions remained unchanged [1] Basis and Spread - The basis of Shandong spot - UR increased by 5 yuan/ton, and the 01 - 05 spread decreased by 5 yuan/ton [1] Upstream and Downstream Prices - Upstream, the prices of anthracite coal in Henan, Shanxi, and Shandong remained unchanged. Downstream, the prices of compound fertilizer (45%S) in Shandong and Henan increased by 30 yuan/ton (1.02% and 1.20% respectively), the price of melamine in Shandong decreased by 17 yuan/ton (-0.33%), and the price in Jiangsu remained unchanged [1] Important Information - The opening price of the urea futures main contract 2601 was 1660 yuan/ton, with a high of 1662 yuan/ton, a low of 1636 yuan/ton, a close of 1640 yuan/ton, a settlement price of 1648 yuan/ton, and a position of 254,037 lots [1] Trading Strategy - Stop losses for selling put options on the 12 - contract [1]

| | | 甲醇日评20251112: 低估值,弱驱动 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 变化值 指标 单位 2025/11/11 2025/11/10 | | | | 变化值 | | | | | | | (絶対值) | (相对值) | | | | MA01 元/吨 | 2082.00 | 2101.00 | -19.00 | -0.90% | | | 甲醇期货价格 | MA05 元/吨 | 2194.00 | 2208.00 | -14.00 | -0.63% | | | (收盘价) | MA09 元/吨 | 2218.00 | 2224.00 | -6.00 | -0.27% | | | | 元/吨 太仓 | 2057.50 | 2060.00 | -2.50 | -0.12% | | | | 山东 元/吨 | 2187.50 | 2180.00 | 7.50 | 0.34% | | 期现价格 | | 广东 元/吨 | 2075.00 | 2065.00 | 10.00 | 0.48% | | 及基差 | 甲醇规货价格 ...

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The production of lithium carbonate remains at a high level. High prices have increased the wait - and - see sentiment among downstream players, resulting in light trading in the spot market. However, there is an expectation of weakening in power demand, and the game between long and short positions has intensified. It is expected that lithium prices will fluctuate widely. Production enterprises can conduct sell - hedging at high prices, and speculators can try short positions with light positions after the upward trend is blocked [1]. 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures and Spot Market Data - **Futures Contracts**: On November 11, 2025, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts and other contracts of lithium carbonate futures showed different changes compared to the previous day. For example, the near - month contract closed at 84,620 yuan/ton (+120), and the consecutive - one contract closed at 86,340 yuan/ton (-780) [1]. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 902,490 lots (-84,079), and the open interest of the active contract was 526,493 lots (-7,990) [1]. - **Inventory**: The inventory was 28,099 tons (+608), and the SMM total lithium carbonate inventory decreased by 3,405 tons compared to the previous week [1]. - **Spreads**: The spreads between different contracts and the basis also showed changes. For example, the near - month - consecutive - one spread was - 2,620 yuan/ton (+900), and the basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 4,240 yuan/ton (+2,250) [1]. 3.2 Lithium - Related Raw Material Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 975 US dollars/ton, and the average prices of lithium mica (Li2O: 1.5% - 2.0%) and other lithium ores also increased to varying degrees [1]. - **Lithium Compounds**: The average prices of battery - grade lithium carbonate (99.5%/domestic), industrial - grade lithium carbonate (99.2%/domestic), and other lithium compounds increased, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 1,250 yuan/ton [1]. 3.3 Industry News - In October, the export volume of Brazilian spodumene concentrate decreased by 85% month - on - month compared to September, mainly because the largest spodumene producer in the country, Sigma Lithium, did not export during this period. However, the export volume increased by about 54% year - on - year. Sigma Lithium sold a record 58,900 tons in September to clear inventory but did not export in October [1]. 3.4 Supply and Demand Situation - **Supply**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from various raw materials also increased [1]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In November, the planned production of lithium carbonate increased, while that of lithium manganate decreased. The production of power batteries increased last week. In terms of terminal demand, the growth rate of new - energy vehicle production and sales in October slowed down month - on - month and year - on - year, 3C shipments were average, and the planned production of energy - storage batteries in November increased [1].

Group 1: Commodity Prices and Changes - Crude oil price (CFR) on November 12, 2025, was $82.28 per ton, up 0.09% from November 10, 2025 [1] - North Asia ethylene price was $741 per ton on November 10, 2025, with no change [1] - East China ethylene oxide factory - ex price was $6000 per ton on November 11, 2025, with no change [1] - Methanol spot price was $2060 per ton on November 11, 2025, with no change [1] - Inner Mongolia brown coal (tax - included, Q3000) price was $290 per ton on November 11, 2025, with no change [1] -主力合约收盘价 on November 11, 2025, was $3875 per ton, up 1.9% [1] -主力合约结算价 on November 11, 2025, was $3921 per ton, down 0.38% [1] - Near - month contract收盘价 on November 11, 2025, was $3848 per ton, with no change [1] - Near - month contract结算价 on November 11, 2025, was $3848 per ton, with no change [1] - East China market ethylene glycol intermediate price was $4000 per ton on November 11, 2025, with no change [1] - Inner - market ethylene glycol price index was $3945 per ton on November 11, 2025, up 1.8% [1] - Near - far month price difference was $3.00 on November 11, 2025, down from $88 [1] - Basis difference was $5715 per ton on November 11, 2025 [1] -综合乙二醇 price on November 11, 2025, was $6000 per ton, with no change [1] Group 2: Industry Operating Rates - Ethylene glycol production operating rate (oil - based) was 66.16% on November 11, 2025, with no change [1] - Ethylene glycol production operating rate (coal - based) was 60.48% on November 11, 2025, up 0.91% [1] - PTA factory operating rate was 89.70% on November 11, 2025, with no change [1] - Zhejiang textile machine industry PTA chain operating rate was 2.28% on November 11, 2025, with no change [1] Group 3: External Market and Gross Margin - External market crude - oil - made ethylene glycol price was $151.62 per ton on November 10, 2025, down from $146.36 [1] - External market ethylene - made ethylene glycol price was $109.65 per ton on November 10, 2025, with no change [1] - Tax - after gross margin of coal - based equipment was $1401 per ton on November 11, 2025, down from $1423.94 [1] Group 4: Price Index of Chemical Fibers - Polyester price index was $8000 per ton on November 11, 2025, up 0.29% [1] - Polyester short - fiber price index was $6330 per ton on November 11, 2025, up 0.08% [1] - Bottle - grade chip price index was $6000 per ton on November 11, 2025, with no change [1] Group 5: Equipment Operation Information - A certain 800,000 - ton equipment in East China is expected to operate at a load from May - June 2024 to now [1]

| 铅锌日评20251112：沪铅高位整理；沪锌或有回调 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025/11/12 指标 单位 今值 | | | | | 变动 近期趋势 | | SMM1#铅锭平均价格 元/吨 17,300.00 | | | | | 0.00% | | 期货主力合约收盘价 元/吨 17,440.00 | 沪铅期现价格 | | | | -0.37% | | 沪铅基差 元/吨 -140.00 | | | | | 65.00 | | 升贴水-上海 元/吨 25.00 | | | | | 25.00 | | 升贴水-LME 0-3 美元/吨 -12.30 | | | | | -1.56 | | 升贴水-LME 3-15 美元/吨 -80.40 | | | | | -0.20 | | -45.00 沪铅近月-沪铅连一 元/吨 | 价差 | | | | 55.00 | | 沪铅连一-沪铅连二 元/吨 -10.00 铅 | | | | | -10.00 | | 沪铅连二-沪铅连三 元/吨 -10.00 | | | | | -25.00 | ...

| 工业硅&多晶硅日评20251112：上方承压 | | | | | --- | --- | --- | --- | | 2025/11/12 指标 近期趋势 | 单位 | 今值 | 变动 | | 不通氧553#（华东）平均价格 | 元/吨 | 9,350.00 | 0.00% | | 工业硅期现价格 期货主力合约收盘价 | 元/吨 | 9,180.00 | -1.18% | | 基差（华东553#-期货主力） N型多晶硅料 | 元/吨 元/千克 | 170.00 51.00 | 110.00 0.00% | | 多晶硅期现价格 期货主力合约收盘价 | 元/吨 | 51,930.00 | -3.33% | | 基差 | 元/吨 | -930.00 | 1,790.00 | | 不通氧553#（华东）平均价格 | 元/吨 | 9,350.00 | 0.00% | | 不通氧553#（黄埔港）平均价格 | 元/吨 | 9,350.00 | 0.00% | | 不通氧553#（天津港）平均价格 | 元/吨 | 9,250.00 | 0.00% | | 不通氧553#（昆明）平均价格 | 元/吨 | 9,350.00 ...