Report Industry Investment Rating - No information provided Core View of the Report - It is expected that PX, PTA, and PR will experience narrow - range fluctuations. The view scores for PX, PTA, and PR are all 0 [2] Summary by Related Catalogs Price Information - On November 3, 2025, the futures settlement price of WTI crude oil was $61.05 per barrel, up 0.11% from the previous value; the futures settlement price of Brent crude oil was $64.89 per barrel, down 0.28% [1] - The spot price of naphtha (CFR Japan) was $582.38 per ton, up 0.32%; the spot price of xylene (isomeric grade, FOB Korea) was $685 per ton, up 0.96% [1] - The spot price of PX (CFR China Main Port) was $819 per ton, down 0.16%; the closing price of CZCE TA main contract was 4596 yuan per ton, up 0.22% [1] - The settlement price of CZCE TA main contract was 4606 yuan per ton, up 0.52%; the closing price of CZCE TA near - month contract was 4542 yuan per ton, up 0.13% [1] - The settlement price of CZCE TA near - month contract was 4552 yuan per ton, up 0.26%; the domestic spot price of PTA was 4532 yuan per ton, up 0.44% [1] - The CCFEI price index of domestic PTA was 4535 yuan per ton, up 0.55%; the CCFEI price index of PTA outer market was $616 per ton, up 0.65% [1] - The closing price of CZCE PX main contract was 6640 yuan per ton, up 0.33%; the settlement price of CZCE PX main contract was 6662 yuan per ton, up 0.85% [1] - The closing price of CZCE PX near - month contract was 6678 yuan per ton, up 0.85%; the settlement price of CZCE PX near - month contract was 6690 yuan per ton, up 1.55% [1] - The domestic spot price of PX was 6480 yuan per ton, down 0.11%; the spot price of PX (CFR China Taiwan) was $821 per ton, unchanged [1] - The spot price of PX (FOB Korea) was $796 per ton, unchanged; the PXN spread was $236.63 per ton, down 1.34% [1] - The PX - MX spread was $134 per ton, down 5.52%; the closing price of CZCE PR main contract was 5674 yuan per ton, up 0.04% [1] - The settlement price of CZCE PR main contract was 5686 yuan per ton, up 0.39%; the closing price of CZCE PR near - month contract was 5730 yuan per ton, up 0.63% [1] - The settlement price of CZCE PR near - month contract was 5730 yuan per ton, up 0.63%; the market price of polyester bottle chips in East China was 5730 yuan per ton, up 0.35% [1] - The market price of polyester bottle chips in South China was 5770 yuan per ton, up 0.35%; the CCFEI price index of polyester DTY was 8500 yuan per ton, up 0.59% [1][2] - The CCFEI price index of polyester POY was 6825 yuan per ton, up 0.74%; the CCFEI price index of polyester FDY68D was 6950 yuan per ton, unchanged [2] - The CCFEI price index of polyester FDY150D was 6700 yuan per ton, unchanged; the CCFEI price index of polyester staple fiber was 6345 yuan per ton, down 0.16% [2] - The CCFEI price index of polyester chips was 5600 yuan per ton, up 0.09%; the CCFEI price index of bottle - grade chips was 5730 yuan per ton, up 0.35% [2] Operating Conditions - On November 3, 2025, the operating rate of PX in the polyester industry chain was 86.21%, unchanged; the PTA industrial chain load rate of PTA factories was 79.66%, unchanged [1] - The PTA industrial chain load rate of polyester factories was 89.56%, up 0.22%; the PTA industrial chain load rate of bottle chip factories was 75.63%, up 2.32% [1] - The PTA industrial chain load rate of Jiangsu and Zhejiang looms was 72.28%, unchanged; the sales rate of polyester filament was 53.04%, up 9.07% [1] - The sales rate of polyester staple fiber was 48.41%, down 1.11%; the sales rate of polyester chips was 68.12%, up 22.49% [1] Device Information - The 2.7 - million - ton (designed capacity) PTA device No. 4 of Dushan Energy was tested on October 25, and after the new device runs stably, the new one will be put into operation and the old one will be shut down [2] Important News - The market remained cautious about the US attack on Venezuela, and oil prices maintained a certain risk premium. However, OPEC+ decided to increase production in December, which put pressure on oil prices. On November 3, the PX CFR China price was $819 per ton, and the international oil price fluctuated within a range, resulting in limited cost momentum. An expanded device in the Northeast restarted and was in stable production, and the overall demand performance was good [2] - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang market was 5680 - 5820 yuan per ton, remaining stable compared with the previous trading day. The positive news was less than expected, the PTA and bottle chip futures fluctuated weakly in a narrow range, the overall market atmosphere was weak, and the downstream purchasing willingness was low [2] Long - Short Logic - PX followed the cost and slightly increased. The PX2601 contract closed at 6640 yuan per ton (up 0.51%), with an intraday trading volume of 174,200 lots. Some PX factories' reforming devices were under maintenance or about to be maintained, but with the supplement of toluene and xylene, the market PX supply remained stable. Overseas devices also operated stably, and there were no unexpected new changes. The call for anti - involution in the industry increased, but in the short term, without actual actions, it had limited impact on PX supply and demand. The PX export volume from South Korea to China in October increased compared with September, and the PX profitability fluctuated and remained stable in the short term, and the industry conference had no substantial impact [2] - The production reduction expectation of PTA was not fulfilled. The TA2601 contract closed at 4596 yuan per ton (up 0.31%), with an intraday trading volume of 638,900 lots. The crude oil market fluctuated strongly, providing cost support for PTA, and the PTA market increased slightly. The spot supply was sufficient, and there were no unexpected device overhauls, and the spot basis slightly decreased. A new 2.7 - million - ton PTA device in East China was tested and produced. It was expected that enterprises would start the new device and shut down the old one later. The production reduction expectation on the supply side failed, and it might be difficult to coordinate a new production reduction plan due to the large amount of shutdown capacity of some major suppliers before. Although domestic demand was good and foreign trade orders improved recently, the overall downstream demand was still weak. Terminal customers were waiting and seeing or required a discount on the polyester product price, and the actual trading volume was small, indicating that the market had poor confidence in the subsequent market. Overall, the supply side could not relieve the pressure only through overhauls or shutdowns [2] - PR followed the cost. The PR2601 contract closed at 5674 yuan per ton (up 0.18%), with an intraday trading volume of 31,900 lots. Some devices on the supply side increased their loads, and the overall market supply was loose. The downstream terminal purchasing sentiment was cautious, and the market demand was weak [2] Trading Strategy - It is expected that PX, PTA, and PR will experience narrow - range fluctuations [2]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - Domestic smelter production increase and decrease coexist, and the supply shortage has improved. After the consumer end resumes production, it is expected to maintain just - in - time procurement. The terminal peak season is not prosperous. It is expected that the lead price may fluctuate weakly in the short term. Pay attention to the support level of 17,000 - 17,100 yuan/ton. In the future, continuous attention should be paid to the impact of raw material arrivals on smelter operations [3]. 3. Summaries According to Relevant Catalogs 3.1 Market Review - The opening of primary lead smelters increased and decreased, with small fluctuations in production. The opening of secondary lead smelters continued to rise due to improved profits and raw material supply. The opening of battery enterprises declined due to limited cost transfer. The import profit window was gradually closing, and downstream procurement was poor, leading to an increase in inventory [4][21][34][53][61][69]. - SMM 1 lead ingot average price decreased by 0.43% to 17,225 yuan/ton, Shanghai lead main contract closing price decreased by 1.17% to 17,390 yuan/ton, and LME lead closing price (electronic disk) increased by 0.42% to 2,025 US dollars/ton [10]. 3.2 Mineral Supply and TC - The tight mineral supply pattern has not been alleviated, and TC is stable with a weakening trend. Domestic lead concentrate processing fee remained flat at 350 yuan/metal ton, and imported lead concentrate processing fee remained flat at - 125 US dollars/dry ton. Smelter profits declined, and as of October 24, smelter profits (excluding by - product revenues such as zinc and copper) were 106 yuan/ton [22][27]. 3.3 Primary Lead - The primary lead operating rate decreased to 67.17% on a month - on - month basis. The total weekly production of major deliverable primary lead smelting enterprises was expected to be 50,050 tons, with some enterprises having maintenance plans and others resuming normal production [28][33]. 3.4 Secondary Lead - The price of waste batteries was firm. As of October 31, the average price of waste batteries was 10,025 yuan/ton, a month - on - month increase of 25 yuan/ton. The profit of secondary lead smelters declined slightly. As of November 3, the comprehensive profit of large - scale secondary lead enterprises was 160 yuan/ton, and that of small - and medium - scale enterprises was - 56 yuan/ton [37][46]. - The raw material inventory of secondary lead decreased, and the finished product inventory increased. As of October 30, the raw material inventory was 134,450 tons, and the finished product inventory was 3,940 tons. It is expected that the finished product inventory will further accumulate [47][49]. - The secondary lead operating rate increased by 1.2 percentage points to 43.4%. As of last Friday, the weekly production of secondary lead was 51,300 tons, with a slight decline. It is expected that the operating rate will continue to rise [50][52]. 3.5 Lead Batteries - The lead battery operating rate decreased by 6.46 percentage points to 68.9%. Due to limited terminal demand and high lead prices, some enterprises reduced production to avoid over - inventory. It is expected that the operating rate will recover this week [58][60]. 3.6 Import and Export - As of October 24, the refined lead export loss was about 3,200 yuan/ton. As of October 31, the import profit was 24.99 yuan/ton, and the import profit window was gradually closing [63][68]. 3.7 Inventory - As of October 30, the total social inventory of lead ingots in five locations was 29,800 tons, a decrease; the inventory of major deliverable primary lead brands in factories was 8,600 tons, a month - on - month increase. High lead prices suppressed downstream procurement, leading to inventory accumulation [72][78]. - As of October 31, SHFE refined lead inventory was 36,000 tons, a month - on - month decrease; as of October 30, LME inventory was 220,300 tons, a decrease [79][81]. - The monthly supply - demand balance table shows the production, import, export, consumption, and inventory data of primary and secondary lead from January 2024 to August 2025 [82].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PX, PTA, and PR are all expected to have narrow - range fluctuations [4] - The viewpoints for PX, PTA, and PR are all scored 0 [5] Summary by Related Catalogs Price Information - **Upstream**: On November 3, 2025, WTI crude oil futures settlement price was $61.05 per barrel (up 0.11%), Brent crude oil was $64.89 per barrel (down 0.28%), naphtha CFR Japan spot price was $582.38 per ton (up 0.32%), xylene (isomeric grade) FOB Korea was $685.00 per ton (up 0.96%), and PX CFR China main port was $819.00 per ton (down 0.16%) [1] - **PTA**: On November 3, 2025, CZCE TA main - contract closing price was 4,596 yuan per ton (up 0.22%), settlement price was 4,606 yuan per ton (up 0.52%), near - month contract closing price was 4,542 yuan per ton (up 0.13%), settlement price was 4,552 yuan per ton (up 0.26%), domestic PTA spot price was 4,532 yuan per ton (up 0.44%), CCFEI PTA inner - market price index was 4,535 yuan per ton (up 0.55%), and outer - market was $616.00 per ton (up 0.65% as of October 31) [1] - **PX**: On November 3, 2025, CZCE PX main - contract closing price was 6,640 yuan per ton (up 0.33%), settlement price was 6,662 yuan per ton (up 0.85%), near - month contract closing price was 6,678 yuan per ton (up 0.85%), settlement price was 6,690 yuan per ton (up 1.55%), domestic PX spot price was 6,480 yuan per ton (down 0.11% as of October 31), CFR China Taiwan was $821.00 per ton (unchanged), FOB Korea was $796.00 per ton (unchanged), PXN spread was $236.63 per ton (down 1.34%), PX - MX spread was $134.00 per ton (down 5.52%) [1] - **PR**: On November 3, 2025, CZCE PR main - contract closing price was 5,674 yuan per ton (up 0.04%), settlement price was 5,686 yuan per ton (up 0.39%), near - month contract closing price was 5,730 yuan per ton (up 0.63%), settlement price was 5,730 yuan per ton (up 0.63%), polyester bottle - chip market price in East China was 5,730 yuan per ton (up 0.35%), and in South China was 5,770 yuan per ton (up 0.35%) [1] - **Downstream**: On November 3, 2025, CCFEI price index for polyester DTY was 8,500 yuan per ton (up 0.59%), POY was 6,825 yuan per ton (up 0.74%), FDY68D was 6,950 yuan per ton (unchanged), FDY150D was 6,700 yuan per ton (unchanged), polyester staple fiber was 6,345 yuan per ton (down 0.16%), polyester chip was 5,600 yuan per ton (up 0.09%), and bottle - grade chip was 5,730 yuan per ton (up 0.35%) [2] Operating Conditions - On November 3, 2025, the operating rate of the PX in the polyester industry chain was 86.21% (unchanged), PTA factory load rate was 79.66% (unchanged), polyester factory load rate was 89.56% (up 0.22%), bottle - chip factory load rate was 75.63% (up 2.32%), and Jiangsu and Zhejiang loom load rate was 72.28% (unchanged) [1] - On November 3, 2025, the sales rate of polyester filament was 53.04% (up 9.07%), polyester staple fiber was 48.41% (down 1.11%), and polyester chip was 68.12% (up 22.49%) [1] Device Information - The 2.7 - million - ton (designed capacity) PTA device No. 4 of Dushan Energy was tested on October 25. After the new device runs stably, the new one will be put into operation and the old one will be shut down [2] Important News - **PX**: The market is still cautious about the US attack on Venezuela, and oil prices maintain a certain risk premium. OPEC+ decides to increase production in December, which exerts pressure on oil prices. On November 3, the CFR China price of PX was $819 per ton. An expanded - capacity device in the Northeast has restarted and is in stable production, and the overall demand is good [2] - **PTA**: The production - cut expectation was not fulfilled. The cost of PTA is supported by the strong - oscillating crude oil market. A new 2.7 - million - ton PTA device in East China has been tested and produced. The overall downstream demand is still weak [2] - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is between 5,680 - 5,820 yuan per ton, remaining stable. The news is less favorable than expected, and the PTA and bottle - chip futures fluctuate weakly in a narrow range. The market atmosphere is dull, and the downstream purchasing willingness is low [2][3] Long - Short Logic - **PX**: It slightly rises following the cost. The PX2601 contract closed at 6,640 yuan per ton (up 0.51%) with a trading volume of 174,200 lots. Some PX factories' reforming devices are under maintenance or will be under maintenance, but the market supply remains stable with the supplement of toluene and xylene. Overseas devices are operating stably. The call for anti - involution in the industry has increased, but it has limited impact on PX supply and demand in the short term [2] - **PTA**: The TA2601 contract closed at 4,596 yuan per ton (up 0.31%) with a trading volume of 638,900 lots. The crude oil market is strongly oscillating, supporting the cost of PTA. The spot supply is sufficient, and there is no unplanned device maintenance. The production - cut expectation on the supply side has failed. Although the domestic demand is good and foreign trade orders have improved recently, the overall downstream demand is still weak [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The current sentiment of urea has improved, but the reversal may not have arrived from the supply - demand perspective. The current urea valuation is at a relatively low level, reflecting the pattern of strong supply and weak demand. The spot price in Shanxi has temporarily stabilized after hitting a nearly five - year low of 1450 yuan/ton, and upstream enterprises are experiencing losses. If prices continue to fall, upstream production willingness may decline further. In the short term, the upward driving force for urea is insufficient due to large supply and inventory pressure, and downstream buyers mainly replenish inventory cautiously at low prices. Future potential drivers include the expected renovation of old chemical plants on the supply side and new export quota issuance [1] Group 3: Summary by Relevant Catalogs Urea Futures Prices - UR01 closed at 1623 yuan/ton on November 3, down 2 yuan (-0.12%) from October 31; UR05 closed at 1709 yuan/ton, up 6 yuan (0.35%); UR09 closed at 1742 yuan/ton, up 6 yuan (0.35%) [1] Domestic Spot Prices - In Shandong, the price was 1560 yuan/ton on November 3, down 30 yuan (-1.89%); in Shanxi, it was 1450 yuan/ton, down 10 yuan (-0.68%); in Henan, it was 1560 yuan/ton, down 20 yuan (-1.27%); in Hebei, it was 1590 yuan/ton, down 20 yuan (-1.24%); in Northeast China, it remained unchanged at 1610 yuan/ton; in Jiangsu, it was 1560 yuan/ton, down 20 yuan (-1.27%) [1] Basis and Spreads - The basis of Shandong spot - UR01 was - 149 yuan/ton on November 3, down 36 yuan from October 31; the spread of 01 - 05 was - 86 yuan/ton, down 8 yuan [1] Upstream Costs - The anthracite prices in Henan and Shanxi remained unchanged at 1030 yuan/ton and 930 yuan/ton respectively [1] Downstream Prices - The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2900 yuan/ton and 2500 yuan/ton respectively; the melamine prices in Shandong and Jiangsu remained unchanged at 5084 yuan/ton and 5150 yuan/ton respectively [1] Important Information - The opening price of the main urea futures contract 2601 was 1618 yuan/ton, the highest was 1629 yuan/ton, the lowest was 1606 yuan/ton, the closing price was 1623 yuan/ton, the settlement price was 1617 yuan/ton, and the position was 269753 lots [1] Trading Strategy - Sell out - of - the - money put options and hold [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market for polyester and related products shows fluctuations. The price of polyester fiber and related raw materials such as ethylene glycol and esters is in a state of change, with factors like supply - demand relationship, investment, and market information influencing the trends. For example, the demand for ethylene glycol has increased to some extent, but the market is still facing challenges such as weak trading volume and price volatility [2] - The investment in the industry has a certain impact on the market. Some investors' actions and expectations affect the price and trading volume of products, and the market is also affected by macro - economic and industry - specific factors [2] Summary by Related Content Price and Market Conditions - The price of polyester fiber products has experienced adjustments. The price of polyester yarn has increased slightly, and the price of ethylene glycol has also shown a rising trend, with the price reaching a certain level per ton [2] - The market is in a state of shock. The price of products such as ethylene glycol and polyester fiber is fluctuating, and the trading volume is not stable, with some periods showing weak trading [2] Supply and Demand - The demand for ethylene glycol has increased. According to information, the demand from downstream industries has recovered to some extent, which has led to a certain increase in the price of ethylene glycol [2] - The supply side also has some changes. The production and supply of related products are affected by factors such as production capacity and market conditions, and there are differences in supply in different regions [1][2] Investment and Market Expectations - Investment in the industry has an impact on the market. Some investors' actions and decisions affect the price and trading volume of products, and the market also has certain expectations for future development [2] - Market participants need to be cautious. Given the volatility of the market, investors and market participants need to pay attention to market information and risks and make decisions carefully [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The tight liquidity in the US inter - bank market may put pressure on precious metal prices in the short term, but geopolitical risks, fiscal deficit expansion expectations, and central bank gold purchases will support precious metal prices in the medium to long term [1] Summary by Related Catalogs Precious Metal Market Data - **Shanghai Gold**: The closing price was 920.20 yuan/gram, with a change of - 0.82 compared to the previous day; the trading volume was 13,234.00, and the position was 258,772.00, a decrease of 3,210.00 [1] - **Shanghai Silver**: The closing price was 32.00 yuan/ten grams, with a change of 446.00 compared to the previous day; the trading volume was 525,416.00, and the position was 634,538.00 [1] - **COMEX Gold Futures**: The closing price was 4013.70 dollars/ounce, with a change of 0.30 compared to the previous day; the trading volume was 223,800.00, and the position was 328,472.00 [1] - **COMEX Silver Futures**: The closing price was 47.91 dollars/ounce, with a change of - 0.34 compared to the previous day; the trading volume was 51,400.00, and the position was 105,276.00 [1] - **London Gold Spot**: The price was 4025.25 dollars/ounce, with a change of 13.75 compared to the previous day; SPDR Gold ETF holdings were 1039.20 tons, and iShare Gold ETF holdings were 483.00 tons [1] - **London Silver Spot**: The price was 48.78 dollars/ounce, with a change of 0.77 compared to the previous day; E - country iShare Silver ETF holdings were 15189.82 tons [1] Important Information - The US ISM manufacturing PMI in October fell to 48.7%, contracting for eight consecutive months, with weak demand and employment and cooling inflation. The US employment market is cooling, and corporate lay - offs this year have reached a new high since 2020 [1] - The US Treasury has lowered its borrowing forecast for this quarter by 21 billion dollars to 569 billion dollars due to an unexpectedly large cash balance [1] Multi - and Short - Logic - In the short term, factors such as the decreased expectation of the Fed's December interest rate cut, the one - year economic and trade agreement between China and the US, tight liquidity in the US inter - bank market, and the reduction of the US credit crisis, along with the decline in the total debt of major countries, may put pressure on precious metal prices [1] - In the medium to long term, geopolitical risks in regions such as Russia - Ukraine, the Middle East, and the US - Venezuela, the expected expansion of fiscal deficits in many countries, and continuous gold purchases by central banks around the world will support precious metal prices [1] Trading Strategy - Short - term: Lightly short the main contract at high prices. For London gold, pay attention to the support levels around 3580 - 3860 and the resistance levels around 4180 - 4384; for Shanghai gold, pay attention to the support levels around 830 - 860 and the resistance levels around 950 - 1000; for London silver, pay attention to the support levels around 39 - 42 and the resistance levels around 50 - 55; for Shanghai silver, pay attention to the support levels around 9400 - 10000 and the resistance levels around 11600 - 12400 [1]

Report Title - The report is titled "Shanghai Copper Daily Review 20251104: Stronger US Dollar Index Suppresses Copper Prices" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core View - The report indicates that although China and the US have reached a one - year economic and trade agreement and there are production disruptions in multiple overseas copper mines, the hawkish shift in the Fed's interest - rate cut expectations, a stronger US dollar index, and tighter liquidity may lead to an adjustment in Shanghai copper prices [2] Summary by Relevant Catalog 1. Shanghai Copper Futures Data - On November 3, 2025, the closing price of the active Shanghai copper futures contract was 87,300, with a volume of 150,597 lots, an open interest of 248,762 lots, and an inventory of 40,066 tons. The Shanghai copper basis was - 460, and the SMW 1 electrolytic copper - semi average price was 86,840 [2] 2. London Copper Data - On October 31, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,891.5, and the total inventory of registered and cancelled warrants was 133,600. The LME copper futures 0 - 3 - month contract spread was - 14.44, and the 3 - 15 - month contract spread was 97.5 [2] 3. COMEX Copper Data - On November 3, 2025, the closing price of the active COMEX copper futures contract was 5.051, and the total inventory was 358,486 [2] 4. Supply - Demand Logic - Supply side: There are production disruptions in multiple domestic and foreign copper mines, making China's copper concentrate import index continuously negative, leading to a tight domestic copper concentrate supply - demand expectation. The supply of scrap copper has increased, the processing fees for domestic crude copper or anode plates have risen, and the maintenance capacity of copper smelters in November has decreased month - on - month [2] - Demand side: The capacity utilization rates of refined copper rods, copper wires and cables, copper enameled wires, and copper bars have decreased compared to last week, while the capacity utilization rates of recycled copper rods, copper strips, and copper tubes have increased. The decline in copper prices has stimulated the downstream purchasing sentiment [2] - Inventory side: The social inventory of Chinese electrolytic copper has increased compared to last week, the inventory of LME electrolytic copper has decreased, and the COMEX copper inventory has increased [2] 5. Trading Strategy - Short - term investors can lightly short the main contract on rallies. Pay attention to the support level around 83,000 - 86,000 and the resistance level around 92,000 - 96,000 for Shanghai copper, the support level around 10,200 - 10,500 and the resistance level around 11,500 - 12,000 for London copper, and the support level around 4.5 - 4.8 and the resistance level around 5.5 - 6.0 for US copper [2]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View The current sentiment of urea has improved, but the supply - demand situation suggests that a reversal may not have arrived. The current urea valuation is relatively low, reflecting the pattern of strong supply and weak demand. If prices continue to fall, it may lead to a further decline in upstream production willingness and accelerate corporate self - adjustment. In the short term, there is insufficient upward driving force for urea due to large supply and inventory pressure, and downstream demand is mainly for cautious restocking at low prices. Possible future driving factors include the renovation of old chemical industry equipment on the supply side and new export quotas [1]. 3. Summary by Relevant Catalogs Urea Futures Prices - UR01 closed at 1623 yuan/ton on November 3, down 2 yuan (-0.12%) from October 31 [1]. - UR05 closed at 1709 yuan/ton on November 3, up 6 yuan (0.35%) from October 31 [1]. - UR09 closed at 1742 yuan/ton on November 3, up 6 yuan (0.35%) from October 31 [1]. Domestic Spot Prices - In Shandong, the small - particle urea spot price was 1560 yuan/ton on November 3, down 30 yuan (-1.89%) from October 31 [1]. - In Shanxi, it was 1450 yuan/ton on November 3, down 10 yuan (-0.68%) from October 31 [1]. - In Henan, it was 1560 yuan/ton on November 3, down 20 yuan (-1.27%) from October 31 [1]. Basis and Spreads - The basis of Shandong spot - UR01 was - 149 yuan/ton on November 3, down 36 yuan from October 31 [1]. - The spread of 01 - 05 was - 86 yuan/ton on November 3, down 8 yuan from October 31 [1]. Upstream Costs - The anthracite coal price in Henan and Shanxi remained unchanged at 1030 yuan/ton and 930 yuan/ton respectively from October 31 to November 3 [1]. Downstream Prices - The price of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2900 yuan/ton and 2500 yuan/ton respectively from October 31 to November 3 [1]. - The melamine price in Shandong and Jiangsu remained unchanged at 5084 yuan/ton and 5150 yuan/ton respectively from October 31 to November 3 [1]. Important Information - The opening price of the urea futures main contract 2601 was 1618 yuan/ton, the highest price was 1629 yuan/ton, the lowest price was 1606 yuan/ton, the closing price was 1623 yuan/ton, and the settlement price was 1617 yuan/ton. The持仓量 of 2601 was 269,753 hands [1]. Trading Strategy Sell out - of - the - money put options and hold them [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog - **Commodity Prices** - Crude oil price on November 4, 2025, was $582.38 per ton, up 0.32% from the previous value of $580.50 [1] - Northeast Asia ethylene price index was $741.00 per ton on November 3, 2025, unchanged from the previous value [1] - East China ethylene oxide ex - factory price was $6000.00 per ton on November 4, 2025, up 50.00 from the previous value [1] - Inner Mongolia brown coal (tax - included) pit price was $290.00 per ton on November 3, 2025, unchanged from the previous value [1] - Main contract settlement price of a certain product was $4000.00 per ton on November 3, 2025, up 0.0% from the previous value, and the close price of the near - month contract was $3891.00 per ton, up 0.16% [1] - East China market intermediate price of ethylene glycol was $4110.00 per ton on November 3, 2025, up 100.00 from the previous value [1] - Near - far price difference was $35.00 per ton on November 3, 2025, and the basis difference was -$12.00 per ton [1] - Ethylene glycol comprehensive index was 64.41 on November 3, 2025, unchanged from the previous value [1] - Oil - based ethylene glycol operating rate was 66.57% on November 3, 2025, unchanged from the previous value; coal - based ethylene glycol operating rate was 61.16% on November 3, 2025, unchanged from the previous value [1] - PTA industry plant load rate was 89.68% on November 3, 2025, up 0.22% from the previous value; Jiangsu and Zhejiang PTA weaving machine industry load rate was 72.28% on November 3, 2025, unchanged from the previous value [1] - Outer - plate oil - based ethylene glycol price was $1362.11 per ton on November 1, 2025, down $145.90 from the previous value [1] - After - tax gross profit of a certain coal - based synthetic gas method device was $1450.33 per ton on November 3, 2025, up $37.29 from the previous value [1] - Polyester price index was $8500.00 per ton on November 3, 2025, up 0.9% from the previous value; polyester staple fiber price index was $6340.00 per ton on November 3, 2025, up 0.16% from the previous value; bottle - grade chip price index was $5730.00 per ton on November 3, 2025, up 0.3% from the previous value [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **Lead**: The lead price is under pressure and may oscillate downward due to weakening downstream purchasing enthusiasm at high prices, improved supply tightness, and good refinery profits with an open import window [1]. - **Zinc**: The zinc price has some support at the bottom but limited upward momentum. The domestic mine supply pattern has tightened, and the terminal demand is weak. The Fed's hawkish stance on interest - rate cuts also suppresses the zinc price [1]. 3. Summary by Relevant Catalogs **Lead Market** - **Prices**: The SMM1 lead ingot average price remained flat, and the Shanghai lead futures main - contract closed 0.17% higher than the previous day. The LME3 - month lead futures (electronic) price was unchanged at $2,025/ton, and the Shanghai - London lead price ratio rose 0.17% to 8.60 [1]. - **Supply**: Lead concentrate imports have no expected increase, and processing fees are likely to rise. Some primary lead refineries have maintenance plans, with a slight fluctuation in production. The supply of secondary lead has increased as previously - shut - down refineries resume production [1]. - **Demand**: The terminal market has improved, and lead - acid battery enterprises' operations are stable, with an increase in demand [1]. - **Trading Strategy**: Hold existing short positions [1]. **Zinc Market** - **Prices**: The SMM1 zinc ingot average price rose 0.32%, and the Shanghai zinc futures main - contract rose 0.94%. The Shanghai - London zinc price ratio rose 0.94% to 7.40 [1]. - **Supply**: Refineries have sufficient raw material stocks, and zinc - ore processing fees are rising. Domestic zinc - concentrate processing fees may continue to decline in October. Refinery production is expected to remain around 600,000 tons per month [1]. - **Demand**: There is no significant improvement in demand. The zinc ingot export window may open as the Shanghai - London price ratio deteriorates [1]. - **Trading Strategy**: Adopt a wait - and - see approach [1]. **Other Information** - In Shandong's Binzhou, the subsequent vehicle trade - in subsidy activity will implement a "qualification first, subsidy application later" policy from November 5 to December 31, 2025 [1]. - In Guangdong's Shaoguan, the Phase I mining project for resource integration at the Fankou Lead - Zinc Mine started, with a total investment of 830 million yuan and expected annual revenue increase of over 400 million yuan after reaching full production [1].