Report Summary 1. Report Industry Investment Ratings - Steel: No specific overall industry investment rating is provided, but the strategy for steel is "oscillating weakly" [2] - Iron Ore: The strategy is "oscillating weakly" [4] - Coking Coal and Coke: Coking coal is expected to "oscillate", and coke is also expected to "oscillate" [6] - Thermal Coal: No specific investment strategy is provided [7] 2. Core Views - Steel market has low - price and high - volume trading, with steel prices rebounding slightly. However, due to weak real estate, potential weakening of domestic demand in infrastructure and consumer - related manufacturing in the fourth quarter, and the need to exchange external demand with low prices, further production cuts are needed for inventory reduction [1] - Iron ore prices are under downward pressure due to falling steel mill profitability, reduced iron - water production, and a significant increase in iron ore arrivals [3] - Driven by the sharp rise in thermal coal prices, coking coal and coke prices are oscillating and rebounding. The supply of coking coal and coke is tight, and the demand shows certain resilience [5][6] - Thermal coal prices continue to rise. The downstream non - power demand is strong, and prices are expected to be firm in the short term due to winter storage expectations and difficulty in inventory accumulation [7] 3. Summary by Related Catalogs Steel - **Market Analysis**: The closing price of the rebar futures main contract is 3037 yuan/ton, and that of the hot - rolled coil futures main contract is 3256 yuan/ton. The overall spot trading volume of steel is average, with the national building materials trading volume at 11.03 tons, showing an increase compared to the previous day and a good week - on - week performance [1] - **Supply and Demand Logic**: The weekly output of the five major steel products is 856.74 tons, a week - on - week decrease of 18.55 tons. All product outputs have declined. The real estate remains weak, and there is pressure on the domestic demand of infrastructure and consumer - related manufacturing in the fourth quarter. The inventory reduction of the five major steel products has slowed down [1] - **Strategy**: Unilateral trading is "oscillating weakly", and there are no strategies for inter - period, inter - variety, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: Iron ore futures prices are oscillating. The prices of mainstream imported iron ore varieties have risen slightly. The trading volume of national main - port iron ore is 115.4 tons, a 6.07% increase compared to the previous day, and the trading volume of forward - looking spot is 158.9 tons, a 6.00% increase. The daily average iron - water output of 247 steel mills is 234.22 tons, a decrease of 2.14 tons compared to the previous period, and the steel mill profitability rate is 39.83%, a 5.19% decrease [3] - **Supply and Demand Logic**: The apparent demand for steel has dropped significantly this week, and the steel mill profitability rate has further decreased. The iron ore arrival volume has increased significantly, and the iron - water output has decreased, resulting in reduced demand [3] - **Strategy**: Unilateral trading is "oscillating weakly", and there are no strategies for inter - period, inter - variety, spot - futures, and options trading [4] Coking Coal and Coke - **Market Analysis**: Affected by the rise in thermal coal prices and market sentiment, the coking coal and coke futures prices are oscillating and rebounding. The import volume of Mongolian coking coal has recovered, and the trading volume is average [5][6] - **Logic and Views**: For coking coal, the domestic supply recovery is slow, and imported coal is abundant, with a slightly loose overall situation but a lower inventory accumulation rate than last year. The demand is supported by the successful third - round price increase of coke. For coke, the supply is tight due to profit losses, and the demand shows certain resilience after the third - round price increase [6] - **Strategy**: Coking coal is expected to "oscillate", and coke is also expected to "oscillate". There are no strategies for inter - period, inter - variety, spot - futures, and options trading [6] Thermal Coal - **Market Analysis**: In the production areas, coal prices are rising, and the non - power demand is strong. At the ports, the trading volume of market coal is low, but traders are reluctant to sell due to rising coal mine prices and low port inventories. The price of imported coal is also rising [7] - **Demand and Logic**: In the short term, prices are oscillating and rising due to tight supply in production areas. In the long - term, the supply pattern is loose, but with the approaching of the winter heating season and strong non - power demand, attention should be paid to overall consumption and inventory replenishment [7] - **Strategy**: No specific strategy is provided [7]

Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core View of the Report - The short - term outlook for the USD/CNY exchange rate is expected to be range - bound between 7.1 and 7.15. In the short run, the strengthening of the US dollar is mainly due to the relatively weaker fundamentals and policy expectations of other major economies, giving the dollar a passive upward lift. If the relative differences narrow, the CNY has the potential to strengthen periodically. By the end of the year, if the Fed starts a substantial interest - rate cut cycle and domestic demand continues to recover, the CNY exchange - rate center may moderately rise to around 7.0. Exchange - rate policies will focus on stabilizing expectations and the pace. Attention should be paid to the possible short - term fluctuations of the US dollar and the corresponding increase in the CNY's volatility when the US government shutdown ends and a large amount of data is released [35]. 3. Summary by Relevant Catalogs 3.1 Quantity and Price Observation - The implied volatility curve of the 3 - month USD/CNY option shows an appreciation trend of the CNY, with the put - end volatility higher than the call - end [5]. - The policy counter - cyclical factor remains below 5%, and the 3 - month CNH HIBOR - SHIBOR spread fluctuates [9]. 3.2 Fundamental and View 3.2.1 Macro - Economic Situation - **US**: There are differences in the pricing of interest - rate cuts between the US and Europe. The TGA account balance increased to 905 billion on October 22, and the reserve balance of depository institutions decreased by 58.4 billion to 3.28 trillion. Fed Chairman Powell hinted in October that the Fed might stop shrinking its balance sheet in the coming months. The US central bank cut the federal funds rate by 25 basis points to 3.75% - 4.00% in October and announced the end of the balance - sheet reduction program on December 1. The September CPI increase was lower than expected, supporting future interest - rate cuts. The economic outlook was revised upward, with a slight increase in the October PMI, but the improvement in real - estate sales in September did not continue. The ADP employment data changed to weekly, and the private - sector employment in the US showed a slight recovery, indicating that the labor market was still cooling down [16][18][19]. - **China**: There is a structural differentiation in the economy. September's imports and exports exceeded expectations, but there is still significant pressure on fixed - asset investment. Consumption has been boosted by holiday spending in the short term, but high - frequency consumption data shows an increase in volume but a decrease in price. Against the background of increasing pressure, the government has loosened its policy window, and the gap between the fundamentals and market sentiment has widened [20]. 3.2.2 Economic Data - **US October PMI**: The US ISM Manufacturing PMI in October was 48.7. New orders slightly rebounded to 49.4, production declined again to 48.2, employment contracted continuously at 46.0, and the payment price dropped to a record low for the year at 58.0, indicating weak demand, slow output, labor - force reduction, and easing cost pressure [22]. 3.2.3 Exchange - Rate Drivers - **Tight USD Liquidity**: The Fed's balance - sheet reduction has led to a near - zero RRP balance, reducing the excess US dollars in the market. The increase in the TGA balance has further drained liquidity. At the end of October, the SOFR jumped significantly, indicating tight short - term funds. Against the backdrop of liquidity contraction, risk appetite declined, and the demand for safe - haven assets pushed up the US dollar [28]. - **Drivers for the USD to Break Above 100**: The market lacks a clear direction, and momentum dominates. In the fourth quarter, there is insufficient data and policy guidance, and the upward movement of the US dollar is more driven by sentiment and positions. The upward movement of the US dollar in October mainly occurred during the transition period between the Asian - European trading sessions, with limited driving force during the US trading session. The weakening of the Japanese yen, British pound, and South Korean won has contributed more to the strength of the US dollar, which has a passive upward characteristic [31]. 3.3 Macro - Economic Scenario Analysis - There are important events such as the APEC meeting from October to November, the postponement of the expiration of Sino - US tariffs in November, the Politburo meeting and the FOMC meeting in December, and the Central Economic Work Conference. In 2026, there are events such as the expiration of the Fed's temporary governor's term in January, the government work report in February, and the National People's Congress in March. The inflation realization period, the turning point of the inventory cycle, the Fed's increased easing, and the restocking cycle are also important factors to consider. Risks include the US government shutdown, liquidity risks, and the impact of the de - stocking cycle and tariffs [37][38][39].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The implementation of the EU EUDR policy may increase the cost of issuing various certificates required by the act for natural rubber-related entities, which may push up the global cost center of natural rubber, but the effect depends on the matching degree between the supply of EUDR rubber and the demand of the European market [2][41][48] - The certification process for natural rubber suppliers to enter the European market involves multiple steps and brings uncertainty, which will lead to changes in the future trade flow of natural rubber [2][41][48] - After two years of adaptation, it is difficult to reproduce last year's market this year. Although European traders' procurement rhythm was slow in the early stage of this year, the clarification of the policy implementation time may boost their procurement willingness later, but the impact on natural rubber prices may be limited [3][42][51] Group 3: Summary According to the Directory 1. EUDR Policy Review EUDR Policy Content and Development Process - The EUDR policy aims to ensure that specific commodities in the EU market are not produced through deforestation or forest degradation, covering 7 categories of commodities including rubber. Entities need to fulfill three core obligations: no deforestation, legality, and due diligence. Non - compliance will result in penalties [10][11] - The policy officially took effect on June 29, 2023, with an 18 - month transition period. After multiple adjustments, it will be implemented for large companies on December 30, 2025, and for micro and small enterprises on June 30, 2026 [11][12] EUDR Rule Points - The definitions of "deforestation" and "forest degradation" need to be clarified. EUDR requires companies to prove forest recovery after logging and provide corresponding evidence, which incurs time, labor, and material costs [13] - All operators must submit a due - diligence statement (DDS) for each batch of relevant products entering the EU market, including basic information, product information, source information, risk assessment, and compliance statements [14][15] 2. Export Characteristics of Natural Rubber Producing Countries since the Introduction of the EUDR Policy - In 2024, due to the expected implementation of the EUDR policy, European traders increased their procurement in advance, leading to an increase in the exports of natural rubber producing countries to non - Chinese markets. The trade flow of natural rubber changed microscopically [16] - In 2024, Thailand and Côte d'Ivoire were more active in EUDR certification. Some Thai standard rubber flowed to Europe, squeezing the volume to China. EUDR natural rubber had a price premium of up to over 200 dollars/ton compared to non - EUDR rubber [16][20] - In 2024, the raw material price in Thailand was the highest in recent years, due to the high premium of EUDR rubber and limited raw material output caused by heavy rainfall [21][23][49] - In 2024, the absolute and incremental exports of natural rubber to the EU from Côte d'Ivoire were the highest, while China's imports from Côte d'Ivoire decreased significantly [25] - In 2024, Indonesia's exports to China and the world slowed down, mainly due to a decline in production. In 2025, due to the widening price difference between Thai and Indonesian standards and the slowdown in demand in Europe and the United States, Indonesian rubber flowed back to China [26][29] - In 2024, Vietnam's production increased, and the increase in exports to non - Chinese markets matched the production growth [34] 3. Current Situation of European Natural Rubber and Tire Imports - In 2024, the EU's natural rubber imports increased significantly, with a month - on - month increase of 16.4%, reaching peaks in April and November. The import volume from Thailand, Vietnam, Côte d'Ivoire, and Malaysia increased, while that from Indonesia decreased [43][44] - In 2024, the EU's tire imports rebounded significantly, with a month - on - month increase of 16.44%. 40% of the imports came from China, and the import volume from Vietnam increased the most [44]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No core viewpoints explicitly stated in the provided content Summary by Directory Option Trading Volume - On November 5, 2025, the trading volume of SSE 50 ETF options was 934,300 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1,058,500 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,693,300 contracts; the trading volume of Shenzhen 100 ETF options was 93,300 contracts; the trading volume of ChiNext ETF options was 2,048,300 contracts; the trading volume of SSE 50 index options was 31,400 contracts; the trading volume of CSI 300 index options was 124,900 contracts; and the total trading volume of CSI 1000 options was 282,800 contracts [1] - A table shows the call, put, and total trading volumes of various index ETF options on a recent day, such as the total trading volume of SSE 50 ETF options being 861,500 contracts [20] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.91, with a month - on - month change of +0.08; the position PCR was reported at 0.89, with a month - on - month change of +0.00. Similar data is provided for other types of options [2] - A table presents the turnover PCR, month - on - month change, position PCR, and month - on - month change of various index ETF options [35] Option VIX - The VIX of SSE 50 ETF options was reported at 17.13%, with a month - on - month change of - 0.16%. Similar data is given for other types of options [3] - A table shows the VIX and month - on - month change values of various index ETF options [48]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The port inventory of methanol remains high, and the expected reduction in arrivals due to previous Iran sanctions has not materialized. The delay in Iran's winter maintenance announcement is the main driver of the methanol price decline. Recently, there are expectations of Iran's plant maintenance, and the market's expectation of the delayed implementation of Iran's winter maintenance has warmed up [3]. - The inventory in the inland region has rebounded again. The mainstream CTO enterprises have started to show purchasing intentions at low prices. The coal - based methanol production rate has further increased in November, and the inland inventory has started to build up from a low level. The demand for inland MTO has decreased, but attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year. Overall, the inland region is also in an inventory accumulation cycle, and the degree of support for the port remains to be observed [3]. Summary by Related Catalogs 1. Methanol Basis & Inter - period Structure - Multiple figures are presented to show methanol basis, including methanol Taicang basis vs. methanol main contract, methanol basis in different regions relative to the main futures, and inter - period spreads such as between methanol 01 and 05, 05 and 09, 09 and 01 futures contracts [7][21][23] 2. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China (PP&EG type), the import price difference between Taicang methanol and CFR China, and price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China [25][26][34] 3. Methanol Production Rate, Inventory - Information on methanol port total inventory, MTO/P production rate (including integrated ones), inland factory sample inventory, and China's methanol production rate (including integrated ones) is presented through figures [35][37][38] 4. Regional Price Differences - Figures display regional price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [40][50][53] 5. Traditional Downstream Profits - Figures show the production gross profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [51][57] Market News and Important Data Inland Region - Q5500 Ordos steam coal is 465 yuan/ton (unchanged), and the production profit of Inner Mongolia coal - based methanol is 560 yuan/ton (+13). Inner Mongolia north - line methanol is 1965 yuan/ton (+13), with a basis of 424 yuan/ton (-14); Inner Mongolia south - line methanol is 1950 yuan/ton (unchanged). Shandong Linyi methanol is 2170 yuan/ton (+10), with a basis of 229 yuan/ton (-16); Henan methanol is 2020 yuan/ton (-10), with a basis of 79 yuan/ton (-36); Hebei methanol is 2075 yuan/ton (-10), with a basis of 194 yuan/ton (-36). Longzhong's inland factory inventory is 386,410 tons (+10,350), and the northwest factory inventory is 232,500 tons (+1,200). Longzhong's inland factory pending orders are 221,093 tons (+5,535), and the northwest factory pending orders are 124,500 tons (+10,900) [1] Port Region - Taicang methanol is 2082 yuan/ton (unchanged), with a basis of - 59 yuan/ton (-26); CFR China is 241 US dollars/ton (-3), and the East China import price difference is - 31 yuan/ton (+2). Changzhou methanol is 2275 yuan/ton; Guangdong methanol is 2107 yuan/ton (+2), with a basis of - 34 yuan/ton (-24). Longzhong's total port inventory is 1,517,100 tons (+10,630), Jiangsu port inventory is 821,500 tons (-2,800), Zhejiang port inventory is 200,000 tons (+27,000), and Guangdong port inventory is 297,000 tons (-7,000). The downstream MTO production rate is 90.19% (-0.24%) [2] Regional Price Differences - The Lubei - Northwest - 280 price difference is - 90 yuan/ton (-13), the Taicang - Inner Mongolia - 550 price difference is - 433 yuan/ton (-13), the Taicang - Lunan - 250 price difference is - 338 yuan/ton (-10); the Lunan - Taicang - 100 price difference is - 12 yuan/ton (+10); the Guangdong - East China - 180 price difference is - 155 yuan/ton (+2); the East China - Sichuan - Chongqing - 200 price difference is - 283 yuan/ton (+25) [2] Strategy - Unilateral: No strategy - Inter - period: Go long on the spread between MA2601 and MA2605 when it is low - Inter - variety: No strategy [4]

Report Industry Investment Rating No relevant content provided. Core View The domestic market is relatively strong compared to the weak performance of the Asia-Pacific market on the day. Policy and capital support actions further confirm the long-term bullish pattern. However, in the short term, sector rotation continues and the internal differentiation is still prominent, and the market is still in the process of recovery. Bull market adjustments are often achieved through increased volatility, and it is expected that the market will continue the trend of shrinking volume, oscillating, and adjusting in the short term [3]. Summary by Related Catalogs Market Analysis - China has announced specific measures to implement the consensus of the China-US economic and trade consultations in Kuala Lumpur, including stopping the implementation of additional tariffs on some imported goods from the US, continuing to suspend 24% reciprocal tariffs for one year, and stopping export control measures on 15 US entities [1]. - A-share indices opened lower and closed higher. The Shanghai Composite Index rose 0.23% to 3969.25 points, and the ChiNext Index rose 1.03%. The power equipment, coal, and commercial retail sectors led the gains, while the computer, non-bank finance, and communication sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets was less than 1.9 trillion yuan [1]. - The US 10 - month ISM services PMI rose 2.4 points to 52.4, reaching an eight - month high. The three major US stock indices closed higher, with the Nasdaq rising 0.65% to 23499.8 points [1]. Futures Market - In the futures market, the basis of stock index futures declined. There was differentiation in trading volume and open interest. The trading volumes of IH, IC, and IM increased, and the open interest of stock index futures increased [2]. Strategy - The Asia - Pacific market was weak on the day, while the domestic market was relatively strong. It is expected that the market will continue the trend of shrinking volume, oscillating, and adjusting in the short term [3]. Macro - economic Charts - The report includes charts on the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [10][8]. Spot Market Tracking Charts - The daily performance of major domestic stock indices on November 5, 2025, shows that the Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 1.95%, and the ChiNext Index rose 1.03% [13]. - Charts on the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances are also included [14]. Futures Index Tracking Charts - The trading volume and open interest data of IF, IH, IC, and IM contracts are presented. For example, the open interest of IF was 116,616 (a decrease of 1,583), and the trading volume was 270,040 (an increase of 1,580) [18]. - The basis data of stock index futures for different contracts and different delivery months are provided. For example, the basis of the IF contract for the current month was - 16.46 (a decrease of 2.36) [42]. - The inter - delivery spread data of stock index futures are also given, such as the spread between the next - month and current - month contracts of IF was - 14.20 (an increase of 1.40) [49].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For industrial silicon, the spot price remains stable, the southwest region is reducing production, and the supply - demand pattern may improve. The current industrial silicon futures are affected by overall commodity sentiment and policy news. With its low valuation, there may be upward space if there is policy support [3]. - For polysilicon, the supply - demand fundamentals are average, with high inventory pressure. Although production has started to decline recently and may decrease further in November, downstream production schedules may also weaken. The futures market is affected by anti - involution policies and weak reality, with large price fluctuations [7]. Summary by Related Catalogs Industrial Silicon Market Analysis - On November 5, 2025, the industrial silicon futures price was volatile. The main contract 2601 opened at 8900 yuan/ton and closed at 9020 yuan/ton, down 5 yuan/ton (-0.06%) from the previous settlement. The open interest of the 2511 main contract was 232,849 lots, and the total number of warehouse receipts was 46,195 lots, an increase of 372 lots from the previous day [1]. - The industrial silicon spot price remained stable. The price of East China oxygen - blown 553 silicon was 9400 - 9500 yuan/ton, 421 silicon was 9600 - 9800 yuan/ton, Xinjiang oxygen - blown 553 silicon was 8700 - 8900 yuan/ton, and 99 silicon was 8700 - 8900 yuan/ton [1]. - In October 2025, China's industrial silicon production was 452,200 tons, a month - on - month increase of 31,400 tons (7.5%) and a year - on - year decrease of 17,600 tons (4%). From January to October 2025, the cumulative production was 3.4699 million tons, a year - on - year decrease of 16.6%. In November, the supply change mainly lies in the Sichuan and Yunnan regions, with the combined production in these two regions expected to decline by more than 50%, and the national total supply is expected to drop below 400,000 tons (a 12% decline) [1]. Consumption - The quoted price of silicone DMC was 11,000 - 11,300 yuan/ton. Affected by a sharp price increase of a Shandong monomer factory last week, some other monomer factories slightly increased their quotes by 100 - 300 yuan/ton, but the actual transaction price remained at a low level [2]. Strategy - Short - term range trading is recommended. For dry - season contracts, one can go long on dips [3]. Polysilicon Market Analysis - On November 5, 2025, the main contract 2601 of polysilicon futures declined, opening at 53,500 yuan/ton and closing at 53,355 yuan/ton, a decrease of 2.44% from the previous day. The open interest of the main contract was 125,062 lots (128,876 lots the previous day), and the trading volume was 175,236 lots [4]. - The polysilicon spot price weakened slightly. The price of N - type material was 49.40 - 55.00 yuan/kg, and N - type granular silicon was 50.00 - 51.00 yuan/kg. The polysilicon inventory was 26.10 (a 1.16% month - on - month increase), and the silicon wafer inventory was 18.93GW (a 2.49% month - on - month increase). The weekly polysilicon production was 28,200 tons (a 4.41% month - on - month decrease), and the silicon wafer production was 14.24GW (a 3.32% month - on - month decrease) [4][5]. - In October, the polysilicon production was expected to be about 133,500 tons, an increase from September, exceeding market expectations. In November, production in the southwest region will significantly decline [5]. Strategy - Short - term range trading is recommended. The 12 - contract is expected to oscillate in the range of 50,000 - 57,000 yuan/ton [7].

Group 1: Investment Rating - Unilateral strategy: Neutral [3] - Arbitrage strategy: Suspended [3] Group 2: Core View - Raw material supply remains tight, suppressing primary lead production while secondary lead production recovers slowly. High lead prices restrain downstream battery demand, leading to reduced consumption due to enterprise production cuts. Although social inventories are at a historical low, they are expected to accumulate in November with supply recovery and imports. Overall, lead prices are expected to remain volatile, constrained by weak consumption on the upside and supported by costs on the downside, with an estimated oscillation range of approximately 16,900 - 17,600 yuan/ton. Attention should be paid to inventory changes and the pace of consumption recovery [3] Group 3: Market News and Key Data Spot Market - On November 5, 2025, the LME lead spot premium was -$24.40/ton. The SMM 1 lead ingot spot price increased by 75 yuan/ton to 17,325 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 0 yuan/ton, the SMM Guangdong lead price increased by 100 yuan/ton to 17,400 yuan/ton, the SMM Henan lead price increased by 75 yuan/ton to 17,350 yuan/ton, and the SMM Tianjin lead spot premium increased by 50 yuan/ton to 17,400 yuan/ton. The lead concentrate - scrap lead price difference remained unchanged at -50 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,025 yuan/ton, 10,150 yuan/ton, and 10,425 yuan/ton respectively [1] Futures Market - On November 5, 2025, the Shanghai lead main contract opened at 17,425 yuan/ton and closed at 17,475 yuan/ton, up 60 yuan/ton from the previous trading day. The trading volume was 46,416 lots, an increase of 13,741 lots from the previous trading day, and the open interest was 65,699 lots, a decrease of 393 lots. The intraday price fluctuated, reaching a high of 17,585 yuan/ton and a low of 17,425 yuan/ton. In the night session, the contract opened at 17,465 yuan/ton and closed at 17,490 yuan/ton, down 0.06% from the afternoon close [2] Inventory - On November 5, 2025, the total SMM lead ingot inventory was 30,000 tons, an increase of 400 tons from the previous week. As of November 6, the LME lead inventory was 208,600 tons, a decrease of 3,925 tons from the previous trading day [2] Group 4: Graphs - The report includes 16 graphs covering various aspects such as lead price premiums, mine treatment charges, production rates, inventories, price differences, and battery production rates [4]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View The report presents the market liquidity situation on November 5, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as the stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2]. 3. Summary by Relevant Catalog I. Plate Liquidity - The report shows the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of various sectors through multiple figures [5][8]. II. Stock Index Plate - On November 5, 2025, the stock index plate had a trading volume of 761.928 billion yuan, a 1.27% increase from the previous trading day; the holding amount was 1355.869 billion yuan, a 1.90% increase; the trading - holding ratio was 56.11% [1]. - There are figures showing the price change rate, trading - holding ratio, change of settled funds, trend of settled funds, trading amount change, and the trend of the net holding ratio of the top 20 institutions of each variety in the stock index plate [5]. III. Treasury Bond Plate - The trading volume of the treasury bond plate was 292.228 billion yuan, a 6.99% decrease from the previous trading day; the holding amount was 879.757 billion yuan, a 0.54% decrease; the trading - holding ratio was 33.46% [1]. - There are figures presenting the price change rate, trading - holding ratio, change of settled funds, trend of settled funds, trading amount change, and the trend of the net holding ratio of the top 20 institutions of each variety in the treasury bond plate [5]. IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 366.701 billion yuan, a 21.36% decrease from the previous trading day; the holding amount was 564.146 billion yuan, a 1.66% decrease; the trading - holding ratio was 68.86%. The precious metal plate's trading volume was 656.625 billion yuan, a 1.24% increase; the holding amount was 419.663 billion yuan, a 2.10% decrease; the trading - holding ratio was 182.73% [1]. - There are figures showing the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the metal plate [5]. V. Energy Chemical Plate - The trading volume of the energy chemical plate was 388.690 billion yuan, an 11.30% increase from the previous trading day; the holding amount was 448.504 billion yuan, a 0.50% increase; the trading - holding ratio was 75.30% [1]. - There are figures presenting the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the energy chemical plate [5]. VI. Agricultural Product Plate - The trading volume of the agricultural product plate was 342.964 billion yuan, a 7.86% increase from the previous trading day; the holding amount was 570.204 billion yuan, a 0.71% increase; the trading - holding ratio was 58.26% [1]. - There are figures showing the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the agricultural product plate [5]. VII. Black Building Material Plate - The trading volume of the black building material plate was 247.363 billion yuan, a 5.98% increase from the previous trading day; the holding amount was 375.593 billion yuan, a 0.56% increase; the trading - holding ratio was 68.23% [2]. - There are figures presenting the price change rate, trading - holding ratio, change amount of settled funds, trend of settled funds, trading amount change rate, and the trend of the net holding ratio of the top 20 institutions of each variety in the black building material plate [5].

Industry Investment Rating - No information provided Core Viewpoints - In the production industry, most blast furnaces that were under maintenance at the end of October resumed production on November 1st. A heavy - pollution weather level - II emergency response was launched on November 3rd, with many implementing a 30% sintering production limit. As of November 5th, 14 out of 89 blast furnaces in 23 sample steel enterprises were under maintenance, and some enterprises planned to moderately reduce production. The daily average impact on molten iron production was about 39,100 tons, with a capacity utilization rate of 83.19%, an increase of 0.28% from last week and a decrease of 5.07% from the same period last year. Also, starting from 13:01 on November 10, 2025, the 24% additional tariff on US - imported goods will be suspended for one year, while the 10% tariff will be retained [1]. - In the service industry, the "15th Five - Year Plan" proposal suggests the steady development of futures, derivatives, and asset securitization. The strategic position of derivatives has been significantly elevated, and the futures industry is accelerating its transformation and upgrading [1]. Summary by Directory Upstream - In the chemical industry, the price of natural rubber has declined [2]. - In the agricultural industry, the price of palm oil has dropped [2]. - In the non - ferrous metals industry, the price of copper has slightly decreased [2]. Midstream - In the chemical industry, the PX operation rate is at a high level, and the polyester operation rate has slightly increased [3]. - In the energy industry, the coal consumption of power plants is at a low level [3]. Downstream - In the real estate industry, the sales of commercial housing in second - and third - tier cities have seasonally declined [4]. - In the service industry, the number of domestic flights has slightly increased, and the movie box office is in the off - season [4]. Key Industry Price Indicators | Industry Name | Indicator Name | Value | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2152.9 yuan/ton | 0.20% | | Agriculture | Spot price of eggs | 6.2 yuan/kg | - 0.32% | | Agriculture | Spot price of palm oil | 8652.0 yuan/ton | 2.24% | | Agriculture | Spot price of cotton | 14834.5 yuan/ton | - 0.08% | | Agriculture | Average wholesale price of pork | 18.2 yuan/kg | 1.28% | | Non - ferrous metals | Spot price of copper | 85431.7 yuan/ton | - 2.67% | | Non - ferrous metals | Spot price of zinc | 22486.0 yuan/ton | 0.96% | | Non - ferrous metals | Spot price of aluminum | 21450.0 yuan/ton | 1.29% | | Non - ferrous metals | Spot price of nickel | 121050.0 yuan/ton | - 1.20% | | Ferrous metals | Spot price of rebar | 3138.0 yuan/ton | - 1.60% | | Ferrous metals | Spot price of iron ore | 801.9 yuan/ton | - 1.80% | | Ferrous metals | Spot price of wire rod | 3305.0 yuan/ton | - 1.05% | | Ferrous metals | Spot price of glass | 14.0 yuan/square meter | 1.30% | | Non - metals | Spot price of natural rubber | 14466.7 yuan/ton | - 3.29% | | Non - metals | China Plastic City price index | 777.5 | - 0.10% | | Energy | Spot price of WTI crude oil | 60.6 dollars/barrel | 0.68% | | Energy | Spot price of Brent crude oil | 64.4 dollars/barrel | 0.06% | | Energy | Spot price of liquefied natural gas | 4288.0 yuan/ton | - 2.01% | | Energy | Coal price | 820.0 yuan/ton | 1.36% | | Chemical | Spot price of PTA | 4555.4 yuan/ton | 0.01% | | Chemical | Spot price of polyethylene | 7011.7 yuan/ton | - 1.13% | | Chemical | Spot price of urea | 1597.5 yuan/ton | - 1.84% | | Chemical | Spot price of soda ash | 1203.6 yuan/ton | - 0.53% | | Chemical | National cement price index | 136.7 | 0.18% | | Real estate | Building materials composite index | 112.0 points | - 0.94% | | Real estate | National concrete price index | 90.9 points | - 0.13% | [37]