Report Investment Rating - Not provided in the report Core View - The current sentiment of urea has improved, but the reversal may not have arrived from the perspective of supply and demand. The current valuation of urea is at a relatively low level, reflecting the pattern of strong supply and weak demand. After the spot price in Shanxi region fell to the near - five - year low of 1450 yuan/ton, it has temporarily stabilized. If the price continues to fall, it may lead to a further decline in the upstream's willingness to start production and accelerate the enterprise's active clearance. In the short term, the upward driving force of urea is insufficient, with large supply and inventory pressure, and downstream mainly replenishes inventory cautiously at low prices. The possible future drivers include the renovation expectation of old chemical devices on the supply side and whether new export quotas will be issued [1]. Summary by Relevant Catalog Urea Futures and Spot Prices - Urea futures prices: UR01 closed at 1633 yuan/ton, up 3 yuan or 0.18% from the previous day; UR05 closed at 1715 yuan/ton, up 5 yuan or 0.29%; UR09 closed at 1739 yuan/ton, down 1 yuan or - 0.06%. Among domestic spot prices, Shandong was 1580 yuan/ton, up 10 yuan or 0.64%; Henan, Hebei, and Northeast remained unchanged; Jiangsu was 1570 yuan/ton, up 10 yuan or 0.64% [1]. Basis and Spread - The basis of Shandong spot - UR increased by 5 yuan to - 135 yuan/ton. The spread of 01 - 05 decreased by 2 yuan to - 82 yuan/ton [1]. Upstream and Downstream Prices - Upstream: The price of anthracite coal in Shanxi remained unchanged at 930 yuan/ton. Downstream: The price of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2900 yuan/ton and 2500 yuan/ton respectively; the price of melamine in Shandong and Jiangsu remained unchanged at 5073 yuan/ton and 5150 yuan/ton respectively [1]. Important Information - The opening price of the main urea futures contract 2601 was 1625 yuan/ton, the highest price was 1644 yuan/ton, the lowest price was 1620 yuan/ton, the closing price was 1633 yuan/ton, and the settlement price was 1632 yuan/ton. The position of 2601 was 272,255 lots [1]. Trading Strategy - Sell out - of - the - money put options and hold [1]

Report Title - The daily report of Shanghai copper on November 6, 2025: The Fed's hawkish shift in interest - rate cut expectations may suppress copper prices [2] Core View - Multiple copper mines at home and abroad have production disturbances, leading to a continuously negative import index of copper concentrates in China, indicating a tight supply - demand expectation for domestic copper concentrates. The supply of scrap copper has increased, and the processing fees for domestic crude copper or anode plates have risen. The maintenance capacity of copper smelters in November has decreased month - on - month. However, due to the Fed's hawkish shift in interest - rate cut expectations and the strengthening of the US dollar index, the price of Shanghai copper may be adjusted [3]. Key Data Summary Shanghai Copper Futures - Closing price of the active contract: 85,670 on November 5, 2025, down 70 from the previous day [3]. - Trading volume: 142,332 lots on November 5, 2025, a 24.41% decrease from the previous day [3]. - Open interest: 217,024 lots on November 5, 2025, down 10,525 from the previous day [3]. - Inventory: 42,561 tons on November 5, 2025, up 1,414 tons from the previous day [3]. London Copper - Closing price of LME 3 - month copper futures (electronic trading): 10,733 on November 5, 2025, up 84 from the previous day [3]. - LME copper futures 0 - 3 month contract spread: - 38.37 on November 5, 2025, down 7.92 from the previous day [3]. - LME copper futures 3 - 15 month contract spread: 63.68 on November 5, 2025, down 1.49 from the previous day [3]. COMEX Copper - Closing price of the active copper futures contract: 4.989 on November 5, 2025, down 0.06 from the previous day [3]. - Total inventory: 363,368 on November 5, 2025, up 4,882 from the previous day [3]. Supply - Demand and Inventory Situation Supply - Supply side: Multiple copper mines at home and abroad have production disturbances, resulting in a continuously negative import index of copper concentrates in China, leading to a tight supply - demand expectation for domestic copper concentrates. The supply of scrap copper has increased, and the processing fees for domestic crude copper or anode plates have risen. The maintenance capacity of copper smelters in November has decreased month - on - month [3]. Demand - Demand side: The capacity utilization rates of refined copper rods, copper wires and cables, copper enameled wires, and brass rods have decreased compared with last week. The capacity utilization rates of recycled copper rods, copper strips, and copper tubes have increased compared with last week [3]. Inventory - Inventory side: The social inventory of electrolytic copper in China has increased compared with last week. The inventory of electrolytic copper in the London Metal Exchange has decreased compared with last week, and the inventory of COMEX copper has increased compared with last week [3]. Trading Strategy - Hold previous short positions cautiously. Pay attention to the support levels around 81,000 - 83,000 and the resistance levels around 86,000 - 89,000 for Shanghai copper. For London copper, the support levels are around 10,200 - 10,500 and the resistance levels are around 11,500 - 12,000. For US copper, the support levels are around 4.5 - 4.8 and the resistance levels are around 5.5 - 6.0 [3].

| 碳酸锂日评20251106:宽幅震荡 | | | | | | --- | --- | --- | --- | --- | | 2025-11-05 2025-11-04 2025-10-29 较昨日变化 交易日期(日) 近两周走势 | | | | | | 近月合约 收盘价 77800.00 640.00 m | | 77160.00 | 81740.00 | | | 连一合约 收盘价 79060.00 600.00 | | 78460.00 | 82740.00 | | | m | | | | | | m 79000.00 500.00 连二合约 收盘价 | | 78500.00 | 82900.00 | | | m 连三合约 收盘价 79000.00 500.00 | | 78500.00 | 82400.00 | | | 收盘价 79140.00 580.00 | | 78560.00 | 82900.00 | | | 碳酸锂期货 515731.00 -460.247.00 wn 成交量(手) 活跃合约 | | 975978.00 | 659421.00 | | | (元/吨) ( 持仓堂(手) 45 ...

| | | | 工业硅&多晶硅日评20251106：上方承压 | | | | --- | --- | --- | --- | --- | --- | | 2025/11/6 | 指标 | 单位 | 今值 | 变动 | 近期趋势 | | 不通氧553#（华东）平均价格 | | 元/吨 | 9,300.00 | 0.00% | | | 工业硅期现价格 | 期货主力合约收盘价 | 元/吨 | 9,020.00 | 1.52% | | | 基差（华东553#-期货主力） | | 元/吨 | 280.00 | -135.00 | | | N型多晶硅料 | | 元/千克 | 51.00 | 0.00% | | | 多晶硅期现价格 | 期货主力合约收盘价 | 元/吨 | 53,355.00 | -0.67% | | | 基差 | 不通氧553#（华东）平均价格 | 元/吨 元/吨 | -2,355.00 9,300.00 | 360.00 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 | 9,20 ...

Report Summary Industry Investment Rating No information provided. Core Views - The price of Shanghai lead may oscillate and decline due to weak downstream purchasing enthusiasm at high prices, improved supply tightness, and significant upward pressure on lead prices [1]. - Zinc prices lack continuous upward momentum due to weak domestic terminals and hawkish remarks on interest rate cuts by the Federal Reserve. However, in the medium - term, the zinc price may be supported as the mine end tightens in the fourth quarter, and there may be opportunities to go long after a short - term correction [1]. Summary by Directory Information - On November 3, 2025, the Jinpo Lead - Zinc Mine of Puding Derong Mining Co., Ltd., a wholly - owned subsidiary of Yunnan Luoping Zinc & Electricity Co., Ltd., obtained a new "Safety Production License" with a valid period from November 3, 2025, to November 2, 2028, and a permitted lead - zinc underground mining capacity of 200,000 tons/year. The mine has started preparations for resumption of production [1]. - On November 4, the [LME0 - 3 lead] was at a discount of $24.4 per ton with an open interest of 151,517 lots, an increase of 1,388 lots [1]. - Xingye Yinxi released its Q3 2025 report. From January to September 2025, the company produced 5,651.48 tons of tin ore (a 13.12% year - on - year decrease), 212.16 tons of silver ore (an 18.98% increase), 45,783.81 tons of zinc ore (a 1.92% increase), 13,991.67 tons of lead ore (a 2.61% increase), 1,832.67 tons of copper ore (an 18.83% decrease), 1,109.57 tons of antimony ore (a 9.83% decrease), 215,800 tons of iron ore (a 16.42% decrease), 124.57 tons of bismuth ore (an 18.33% increase), and 0.074 tons of gold ore (a 221.74% increase) [1]. - On November 4, the [LME0 - 3 zinc] was at a premium of $138.78 per ton with an open interest of 227,115 lots, an increase of 3,686 lots [1]. Investment Strategy - For lead, continue to hold previous short positions [1]. - For zinc, wait for opportunities to go long after a correction [1]. Transaction Volume and Open Interest - For lead, the trading volume of the active futures contract was 46,416 lots (a 42.05% increase), the open interest was 65,699 lots (a 0.59% decrease), and the volume - to - open - interest ratio was 0.71 (a 42.90% increase) [1]. - For zinc, the trading volume of the active futures contract was 100,837 lots (a 33.02% decrease), the open interest was 112,477 lots (a 3.80% decrease), and the volume - to - open - interest ratio was 0.90 (a 30.37% decrease) [1]. Inventory - The LME lead inventory was 208,600 tons with no change, and the Shanghai lead warrant inventory was 21,704 tons (a 0.27% increase) [1]. - The LME zinc inventory was 34,000 tons with no change, and the Shanghai zinc warrant inventory was 68,423 tons (a 0.33% increase) [1]. Lead and Zinc Price Analysis - For lead, the average price of SMM1 lead ingots was 17,325 yuan/ton (a 0.43% increase), the closing price of the futures main contract was 17,475 yuan/ton (a 0.34% increase), the Shanghai lead basis was - 150 yuan/ton (an increase of 15 yuan/ton), and the Shanghai - London lead price ratio was 8.65 (a 0.34% increase) [1]. - For zinc, the average price of SMM1 zinc ingots was 22,430 yuan/ton (a 0.36% decrease), the closing price of the futures main contract was 22,650 yuan/ton (a 0.09% decrease), the Shanghai zinc basis was - 220 yuan/ton (a decrease of 60 yuan/ton), and the Shanghai - London zinc price ratio was 7.36 (a 0.09% decrease) [1].

| 幅) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (30.00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % | % | % | % ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The report predicts that PX, PTA, and PR will experience narrow - range oscillations. The view scores for PX, PTA, and PR are all 0 [2]. Summary by Relevant Catalogs Price Information - **Upstream**: On November 4, 2025, the futures settlement price of WTI crude oil was $60.56 per barrel, down 0.80% from the previous value; Brent crude oil was $64.44 per barrel, down 0.69%. The spot price of naphtha (CFR Japan) was $576.50 per ton, down 1.01%. The spot price of xylene (isomeric grade, FOB Korea) was $686.00 per ton, up 0.07%. The spot price of PX (CFR China Main Port) was $816.00 per ton, down 0.37% [1]. - **PTA**: The closing price of CZCE TA's main contract was 4,604 yuan per ton, up 0.17%; the settlement price was 4,596 yuan per ton, down 0.22%. The domestic PTA spot price was 4,524 yuan per ton, down 0.18%. The CCFEI price index of domestic PTA was 4,510 yuan per ton, down 0.55%, and the external price index was $613.00 per ton, down 0.49% [1]. - **PX**: The closing price of CZCE PX's main contract was 6,660 yuan per ton, up 0.30%; the settlement price was 6,648 yuan per ton, down 0.21%. The domestic PX spot price remained unchanged at 6,511 yuan per ton. The PXN spread was $239.50 per ton, up 1.22%, and the PX - MX spread was $130.00 per ton, down 2.62% [1]. - **PR**: The closing price of CZCE PR's main contract was 5,666 yuan per ton, down 0.14%; the settlement price was 5,672 yuan per ton, down 0.25%. The market price of polyester bottle - chips in East China was 5,715 yuan per ton, down 0.26%, and in South China it dropped 100% to 0 [1]. - **Downstream**: CCFEI price indices of various polyester products such as polyester DTY, POY, and FDY remained mostly unchanged on November 4, 2025, with only minor fluctuations in some products [2]. Purchase and Sales and Operating Rates - **Operating Rates**: On November 4, 2025, the operating rates of PX, PTA factories, polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms in the polyester industry chain remained unchanged, at 86.21%, 79.66%, 89.56%, 75.63%, and 72.28% respectively [1]. - **Purchase and Sales**: The sales - to - production ratio of polyester filament was 48.15%, down 4.89 percentage points; that of polyester staple fiber was 42.61%, down 5.80 percentage points; and that of polyester chips was 68.45%, up 0.33 percentage points [1]. Important Information and Market Analysis - **PX**: OPEC + decided to suspend production increases in the first quarter of next year, but the poor demand outlook due to macro - economic pressure limited the rise in oil prices. The domestic PX operating rate was high, and the market lacked confidence due to the balance between new output and maintenance plans of PTA devices. Although some PX plants' reforming devices were under maintenance, the market supply remained stable. The PX benefit was expected to oscillate steadily in the short term [2]. - **PTA**: The production - cut expectation was not fulfilled. With sufficient PTA spot and no new positive drivers, the PTA market declined slightly. An additional 2.7 million - ton PTA device of Dushan Energy was under trial operation, and it was expected to replace old devices after stable operation. The overall downstream demand was weak [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in Jiangsu and Zhejiang decreased. The market atmosphere was weak, with low downstream purchasing willingness. The supply was increasing, and the demand was flat [2]. Device Information - Dushan Energy's 4 2.7 - million - ton PTA device (design capacity) started trial operation on October 25, and it planned to shut down old devices after the new one operated stably [2]

Group 1: Market Data - The values of various indicators on November 3, 2025, and November 4, 2025, are presented, including -1450.33, 6000.00, 2095.00, etc., with some showing percentage changes such as 123.00%, (1.00)%, (5.00)% [1] - The prices and quantities of different products like polyester, ethylene glycol, etc., are provided, with price units in US dollars per ton and quantity units in tons [1] Group 2: Market Situation and Outlook - The market is currently in a weak state, with inventory gradually decreasing and the market showing a downward trend. The trading volume is light, and the market is in a state of shock [2] - The price of ethylene glycol has dropped, and the market is expected to remain weak in the short term. The supply and demand relationship is unbalanced, with supply exceeding demand [2] - The polyester market is also facing pressure, with prices falling and the market outlook being cautious. The demand for polyester products is insufficient, and the market is in a state of adjustment [2]

| 铅锌日评20251105：沪铅高位回落；沪锌或有回调 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/5 | | | | | | | | | | 单位 | | 指标 | | | 今值 | | | 变动 近期趋势 | | 元/吨 | | SMM1#铅锭平均价格 | | 17,250.00 | | | | 0.15% | | 元/吨 | 沪铅期现价格 | 期货主力合约收盘价 | | 17,415.00 | | | | -0.03% | | 元/吨 | | 沪铅基差 | | -165.00 | | | | 30.00 | | 元/吨 | | 升贴水-上海 | | | 10.00 | | | 10.00 | | 美元/吨 | | 升贴水-LME 0-3 | | | -28.32 | | | -1.84 | | 美元/吨 | 价差 | 升贴水-LME 3-15 | | | -90.30 | | | -6.10 | | 元/吨 | | 沪铅近月-沪铅连一 | | | -25.00 | | | 5.0 ...

Commodity Price Information - Crude oil price on November 4, 2025, was $576.50 per ton, down 1.01% from the previous value of $582.38 [1] - The price of the Northeast Asia ethylene in the upstream cost on November 3, 2025, was $741.00 per ton, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in the East China region on November 4, 2025, was $6000.00 per ton, unchanged from the previous value [1] - The price of methanol on November 4, 2025, was $2095.00 per ton, unchanged from the previous value [1] - The含税 price of lignite in Inner Mongolia on November 4, 2025, was $290.00 per ton, unchanged from the previous value [1] - The closing price of the main contract on November 4, 2025, was $3901.00 per ton, up 571.74% compared to a certain reference [1] - The settlement price of the main contract on November 4, 2025, was $3930.00 per ton, up 1% compared to a certain reference [1] - The closing price of the near - month contract on November 4, 2025, was $3860.00 per ton, with a change compared to a certain reference [1] - The settlement price of the near - month contract on November 4, 2025, was $3891.00 per ton [1] - The price on November 4, 2025, was $4018.00 per ton, up 5.134% compared to a certain reference [1] - The market price of ethylene glycol in the East China region on November 4, 2025, was $4070.00 per ton, unchanged from the previous value [1] - The price of domestic ethylene glycol on November 4, 2025, was $3900.00 per ton, up 1.73% compared to a certain reference [1] - The price difference between near - month and far - month contracts on November 4, 2025, was $88.00 per ton, with a comparison to a previous value [1] - The basis difference on November 4, 2025, was $74.00 per ton, with a comparison to a previous value [1] Production and Operation Information - The operating rate of oil - based ethylene glycol on November 4, 2025, was 66.51%, with a comparison to a previous value [1] - The operating rate of coal - based ethylene glycol on November 4, 2025, was 9.61%, with a comparison to a previous value [1] - The load rate of the PTA industry chain factory on November 4, 2025, was 89.68%, unchanged from the previous value [1] - The load rate of the textile machine industry in the Jiangsu and Zhejiang PTA industry chain on November 4, 2025, was 72.28%, unchanged from the previous value [1] External Market and Profit Information - The price of foreign - market oil - based ethylene glycol on November 3, 2025, was $1423.1 per ton, with a comparison to a previous value [1] - The price of foreign - market ethylene - based ethylene glycol on November 3, 2025, was $1026.9 per ton, with a comparison to a previous value [1] - The after - tax gross profit of the coal - based synthesis gas method on November 4, 2025, was $1466.3 per ton, with a comparison to a previous value [1] - The after - tax gross profit of a certain equipment on November 4, 2025, was $1022.1 per ton, with a comparison to a previous value [1] Product Price Index Information - The price index of polyester on November 4, 2025, was $8500.00 per ton, unchanged from the previous value [1] - The price index of polyester chips on November 4, 2025, was $6825.00 per ton, unchanged from the previous value [1] - The price index of polyester staple fiber on November 4, 2025, was $630.00 per ton, up 0.08% compared to a certain reference [1] - The price index of bottle - grade chips on November 4, 2025, was $5715.00 per ton, up 0.26% compared to a certain reference [1]