Report Industry Investment Rating - Not provided in the content Core View of the Report - The fundamentals are entirely positive. Domestic social inventories are continuously declining, November smelting output decreased month-on-month and was significantly lower than expected, and the spot premium is continuously being repaired upwards, reflecting both consumption intensity and supply tightness. Although LME inventories are rising, overseas premiums remain high, and China's export window remains open. TC prices at home and abroad are continuously falling, and smelting comprehensive costs are starting to face losses, with supply-side pressure expected to decline in the future. The fundamentals have shifted from negative to positive, zinc is currently undervalued, the expectation of a US interest rate cut in December has increased, and there is optimism about future consumption [5] Summary by Relevant Catalogs Important Data - **Spot**: The LME zinc spot premium is $165.44 per ton. The SMM Shanghai zinc spot price changed by 190 yuan/ton to 22,560 yuan/ton, with a spot premium of 20 yuan/ton; the SMM Guangdong zinc spot price changed by 170 yuan/ton to 22,520 yuan/ton, with a spot premium of -20 yuan/ton; the Tianjin zinc spot price changed by 180 yuan/ton to 22,490 yuan/ton, with a spot premium of -5 yuan/ton [2] - **Futures**: On December 1, 2025, the main SHFE zinc contract opened at 22,450 yuan/ton and closed at 22,590 yuan/ton, up 235 yuan/ton from the previous trading day. The trading volume for the day was 128,295 lots, and the position was 105,756 lots. The highest intraday price reached 22,620 yuan/ton, and the lowest was 22,380 yuan/ton [3] - **Inventory**: As of December 1, 2025, the total inventory of zinc ingots in seven major regions monitored by SMM was 144,300 tons, a change of -3,800 tons from the previous period. As of December 1, 2025, the LME zinc inventory was 52,025 tons, a change of 275 tons from the previous trading day [4] Market Analysis - The fundamentals are entirely positive. Domestic social inventories are continuously declining, November smelting output decreased month-on-month and was significantly lower than expected, and the spot premium is continuously being repaired upwards, reflecting both consumption intensity and supply tightness. Although LME inventories are rising, overseas premiums remain high, and China's export window remains open. TC prices at home and abroad are continuously falling, and smelting comprehensive costs are starting to face losses, with supply-side pressure expected to decline in the future. The fundamentals have shifted from negative to positive, zinc is currently undervalued, the expectation of a US interest rate cut in December has increased, and there is optimism about future consumption [5] Strategy - **Single-sided**: Cautiously bullish [6] - **Arbitrage**: Inter-period positive spread arbitrage [6]

液化石油气日报 | 2025-12-02 CP价格上调，现货端受到提振 市场分析 1、\t12月1日地区价格：山东市场，4400-4500；东北市场，4000-4150；华北市场，4250-4470；华东市场，4220-4450； 沿江市场，4600-4950；西北市场，4350-4400；华南市场，4350-4500。（数据来源：卓创资讯） 2、2025年1月上半月中国华东冷冻货到岸价格丙烷593美元/吨，涨3美元/吨，丁烷583美元/吨，涨13美元/吨，折合 人民币价格丙烷4619元/吨，涨21元/吨，丁烷4541元/吨，涨99元/吨。（数据来源：卓创资讯） 3、\t2025年1月上半月中国华南冷冻货到岸价格丙烷586美元/吨，涨2美元/吨，丁烷576美元/吨，涨12美元/吨，折 合人民币价格丙烷4565元/吨，涨14元/吨，丁烷4487元/吨，涨92元/吨。（数据来源：卓创资讯） 沙特阿美公司12月CP公布，丙、丁烷均较11月上调。丙烷为495美元/吨，较上月涨20美元/吨，丁烷为485美元/吨， 较上月涨25美元/吨。现货方面，受到CP消息提振，昨日多地现货价格上涨，下游多按需采购，卖方库存尚可。供 ...

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [4][7] 2. Core Viewpoints - For soybeans, the supply contraction supports the price, and the soybean price is expected to run smoothly in the short - term under the relatively balanced supply - demand pattern. However, the purchasing enthusiasm in the sales area has weakened [1][2][3] - For peanuts, the overall supply in the producing areas is relatively tight, with regional price differentiation. The demand side purchases cautiously, and oil mills generally adopt a strategy of strict quality control and price - pressing acquisitions [4][5][6] 3. Summary by Related Catalogs 3.1 Soybean Market Analysis - **Futures**: The closing price of the soybean No.1 2601 contract was 4126.00 yuan/ton, up 18.00 yuan/ton or 0.44% from the previous day [1] - **Spot**: The edible soybean spot basis was A01 - 26, down 18 or 32.14% from the previous day. The new - season soybean prices in the Northeast producing area showed a small regional increase of about 20 - 40 yuan/ton. The remaining grain at the grass - roots level is gradually running out, and farmers generally hold their grain and are reluctant to sell. The market price is in a stalemate, and the effective supply is tight due to the hoarding psychology of traders. The policy plays a supporting role, and large enterprises are actively purchasing, but the purchasing in the sales area is cautious [1][2][3] 3.2 Peanut Market Analysis - **Futures**: The closing price of the peanut 2601 contract was 8152.00 yuan/ton, down 46.00 yuan/ton or 0.56% from the previous day [4] - **Spot**: The average spot price of peanuts was 8180.00 yuan/ton, down 20.00 yuan/ton or 0.24% from the previous day. The spot basis was PK01 - 1152.00, up 46.00 or - 3.84% from the previous day. The national average price of common peanuts was 4.10 yuan/jin, down 0.01 yuan/jin. The supply in the producing areas is tight with regional price differentiation, the demand side is cautious in purchasing, and the oil mills have a low operating rate and adopt a price - pressing acquisition strategy [4][5][6]

FICC日报 | 2025-12-02 日本股债双杀，银铜联袂上涨 市场分析 国内政策预期升温。11月14日国务院常务会议，研究深入实施"两重"建设有关工作，部署增强消费品供需适配性进 一步促进消费政策措施。11月24日，国家发展改革委价格司组织召开价格无序竞争成本认定工作座谈会。11月28 日，工信部组织召开动力和储能电池行业制造业企业座谈会，强调认真落实党中央关于综合整治"内卷式"竞争的 决策部署，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争。数据方面，中国10月出口 （以美元计价）同比下降1.1%，前值增8.3%，进出口数据受工作日天数减少以及节前抢出口影响，前期的"抢出口" 和"抢进口"有待消化，同时10月投资、消费和工业的增速也出现不同程度放缓，国内经济基础有待夯实。中国11 月官方制造业PMI环比回升至49.2，高技术制造业PMI连续10个月位于临界点50以上，受高基数影响非制造业PMI 小幅回落。12月1日，A股市场全天震荡走强，沪指涨0.65%重返3900点，消费电子板块集体爆发。商品期货收盘， 沪银主力合约涨5.86%，铂涨近4%，多晶硅、集运欧线涨超3%，焦炭、国际铜、 ...

Report Industry Investment Rating - Not provided Core View - Overseas gasoline supply is gradually recovering, leading to high short - term arrival pressure of pure benzene, and the accumulation rate of port inventory is accelerating. Downstream开工 remains at a low level in the off - season, with styrene in maintenance and low - load operation, CPL开工 further declining from a low level, and the开工 of phenol, aniline, and adipic acid slightly increasing, but terminal demand is still weak. Styrene port inventory has slightly declined, and styrene is still in the low -开工 maintenance stage, with the resumption plan postponed. Off - season downstream开工 is still low, EPS开工 with obvious seasonality continues to decline, PS开工 rebounds but inventory pressure still exists, and ABS finished product inventory pressure remains and开工 stays at a low level [3] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Figures include the basis of the pure benzene main contract, the spread between pure benzene spot and M2 paper goods, the spread between the first and third contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first and third contracts of styrene [8][12][18] II. Production Profits, Domestic and Foreign Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene plant production profits, the difference between FOB US Gulf pure benzene and FOB Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, and styrene import profits [21][23][27][33] III. Inventory and Operating Rates of Pure Benzene and Styrene - Figures show the inventory of pure benzene in East China ports, pure benzene operating rate, the inventory of styrene in East China ports, styrene operating rate, styrene's East China commercial inventory, and styrene factory inventory [39][44][45] IV. Operating Rates and Production Profits of Styrene Downstream - Figures include EPS operating rate and production profit, PS operating rate and production profit, and ABS operating rate and production profit [49][52][53] V. Operating Rates and Production Profits of Pure Benzene Downstream - Figures involve the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [58][65][73][75][85] Strategy - Unilateral: None - Basis and Inter - Period: Go long on the inter - period positive spread of EB2512 - EB2601 at low prices - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [4]

Report Industry Investment Rating - The report does not provide an overall industry investment rating. However, for the urea trading strategy, it suggests a unilateral strategy of a range - bound and bullish trend, a cross - period strategy of waiting and seeing, and no cross - variety strategy [3] Core Viewpoints - The trading atmosphere of urea has improved, with spot prices rising, but new orders may slow down. In the medium and long term, urea supply and demand remain relatively loose due to the release of new production capacity. The export expectation at the end of the year has improved, which is expected to support the spot market. Attention should be paid to the domestic spot procurement sentiment and rhythm [2] Summary by Directory 1. Urea Basis Structure - On December 1, 2025, the closing price of the urea main contract was 1675 yuan/ton (-2). The ex - factory price of small - granular urea in Henan was 1680 yuan/ton (0), in Shandong was 1690 yuan/ton (+20), and in Jiangsu was 1680 yuan/ton (+20). The basis in Shandong was 15 yuan/ton (+22), in Henan was 5 yuan/ton (+22), and in Jiangsu was 5 yuan/ton (+22) [1] 2. Urea Production - As of December 1, 2025, the enterprise capacity utilization rate was 83.71% (0.08%). The total inventory of sample enterprises was 136.39 million tons (-7.33), and the port sample inventory was 10.00 million tons (+0.00) [1] 3. Urea Production Profit and Operating Rate - On December 1, 2025, the urea production profit was 160 yuan/ton (+20). The operating rate of compound fertilizer was 37.06% (+2.45%), and the operating rate of melamine was 60.80% (-1.40%) [1] 4. Urea FOB Price and Export Profit - The export profit was 952 yuan/ton (-40). In October, 1.2 million tons of urea were exported, and the cumulative export this year exceeded 4 million tons. Urea producers have obtained a fourth - batch export quota of 600,000 tons, which improves the year - end export expectation [1][2] 5. Urea Downstream Operating Rate and Orders - As of December 1, 2025, the pre - received order days of urea enterprises were 6.65 days (-0.47) [1] 6. Urea Inventory and Warehouse Receipts - As of December 1, 2025, the total inventory of sample enterprises was 136.39 million tons (-7.33), and the port sample inventory was 10.00 million tons (+0.00). The domestic high - inventory area is Inner Mongolia, and inventory in Inner Mongolia has decreased [1][2]

化工日报 | 2025-12-02 EG主港延续累库 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3882元/吨（较前一交易日变动-3元/吨，幅度-0.08%），EG华东市场现货价3897 元/吨（较前一交易日变动+18元/吨，幅度+0.46%），EG华东现货基差4元/吨（环比+0元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-64美元/吨（环比-4美元/吨），煤基合成气制EG生产毛利为-1043 元/吨（环比-7元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为75.3万吨（环比+2.1万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为70.8万吨（环比+7.5万吨）。据CCF数据，上周华东主港计划到港总数11.1万吨，副 港到港量1.4万吨；本周华东主港计划到港总数16.1万吨，副港到港量4.1万吨，整体偏高，预计主港将继续累库。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位下降，部分短流程油化工装置生产压力较大，后续关注其裂 解环节以及乙二醇装置降负可能；海外乙二醇海外装置变化有限，短期港口库存预计持稳，但12月上旬仍有沙特 大船抵港计划。需求 ...

化工日报 | 2025-12-02 青岛港口库存环比继续回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15250元/吨，较前一日变动-160元/吨；NR主力合约12170元/吨，较前一日变动-105 元/吨；BR主力合约10310元/吨，较前一日变动-105元/吨。 现货方面，云南产全乳胶上海市场价格14850元/吨，较前一日变动-150元/吨。青岛保税区泰混14550元/吨，较前一 日变动-130元/吨。青岛保税区泰国20号标胶1835美元/吨，较前一日变动-10美元/吨。青岛保税区印尼20号标胶1725 美元/吨，较前一日变动-10美元/吨。中石油齐鲁石化BR9000出厂价格10400元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价10250元/吨，较前一日变动-100元/吨。 市场资讯 据中国海关总署11月18日公布的数据显示，2025年前10个月中国橡胶轮胎出口量达803万吨，同比增长3.8%；出口 金额为1402亿元，同比增长2.8%。其中，新的充气橡胶轮胎出口量达774万吨，同比增长3.6%；出口金额为1348 亿元，同比增长2.6%。按条数计算，出口量达58,664万条，同比增 ...

Industry Investment Rating - Gold: Cautiously Bullish [8] - Silver: Neutral [8] - Arbitrage: Buy the Gold-Silver Ratio on Dips [8] - Options: Hold Off [9] Core Viewpoints - The main trading theme in the market is clear. The weakening indicators of the US economic performance and the increasing expectation of interest rate cuts are expected to keep the gold price in a range-bound and slightly upward trend in the near term. The Au2602 contract is expected to trade between 930 yuan/gram and 980 yuan/gram. [8] - The current tightness in the silver spot market and the ongoing macroeconomic tailwinds have pushed the silver price to new highs. However, the high volatility of silver prices requires caution against the risk of sentiment reversal. The Ag2602 contract is expected to trade between 13,300 yuan/kilogram and 14,300 yuan/kilogram. [8] Summary by Relevant Catalogs Market Analysis - In November, the US ISM Manufacturing PMI dropped 0.5 points to 48.2, staying below the 50 boom-bust line for nine consecutive months and recording the largest contraction in four months. The new orders index contracted at the fastest pace since July, and the backlog of orders saw the largest decline in seven months. [1] - US Commerce Secretary Lutnick announced that the US will reduce the tariff on South Korean cars to 15% starting from November 1 and cancel the tariff on South Korean aircraft parts to align the reciprocal tariffs with those imposed on Japan and the EU. [1] Futures Quotes and Trading Volumes - On December 1, 2025, the Shanghai Gold (SHFE) main contract opened at 951.92 yuan/gram and closed at 963.28 yuan/gram, up 0.98% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 964.82 yuan/gram and closed at 964.72 yuan/gram, up 0.15% from the afternoon close. [2] - On December 1, 2025, the Shanghai Silver (SHFE) main contract opened at 12,720.00 yuan/kilogram and closed at 13,278.00 yuan/kilogram, up 4.33% from the previous trading day's close. The trading volume was 2,703,384 lots, and the open interest was 473,217 lots. In the night session, it opened at 13,303 yuan/kilogram and closed at 13,766 yuan/kilogram, up 3.68% from the afternoon close. [2] US Treasury Yield and Spread Monitoring - On December 1, 2025, the yield on the 10-year US Treasury note closed at 4.087%, unchanged from the previous trading day. The spread between the 10-year and 2-year yields was 0.561%, down 0.21 basis points from the previous trading day. [3] Changes in Positions and Trading Volumes of Gold and Silver on the SHFE - On December 1, 2025, on the Au2602 contract, the long positions increased by 3,516 lots, and the short positions increased by 2,041 lots. The total trading volume of the Shanghai Gold contracts on the previous trading day was 422,401 lots, down 32.04% from the previous trading day. [4] - On the Ag2602 contract, the long positions increased by 1,754 lots, and the short positions increased by 5,304 lots. The total trading volume of the Shanghai Silver contracts on the previous trading day was 3,619,305 lots, down 11.08% from the previous trading day. [4] Precious Metals ETF Holdings Tracking - The holdings of the gold ETF remained unchanged at 1,045.43 tons from the previous trading day. The holdings of the silver ETF increased by 29 tons to 15,611 tons from the previous trading day. [5] Precious Metals Arbitrage Tracking - On December 1, 2025, the domestic premium for gold was -13.78 yuan/gram, and the domestic premium for silver was -1,715.57 yuan/kilogram. [6] - The price ratio of the main gold and silver contracts on the SHFE was approximately 72.55, down 0.88% from the previous trading day. The price ratio of gold and silver in the overseas market was 77.79, down 1.77% from the previous trading day. [6] Fundamental Analysis - On December 1, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 60,628 kilograms, down 34.50% from the previous trading day. The trading volume of silver was 1,598,962 kilograms, up 44.53% from the previous trading day. The delivery volume of gold was 11,872 kilograms, and the delivery volume of silver was 30 kilograms. [7]

Report Summary 1. Investment Rating - No investment rating information is provided. 2. Core View - The report focuses on the overall situation of multiple industries, including upstream, mid - stream, and downstream sectors, and also mentions relevant policies and price trends. It points out that there are policy promotions in the downstream of the real estate industry and the service industry, and there are price fluctuations and changes in the operating conditions in various industries [1][2][3]. 3. Industry - Specific Summaries Upstream - **Black**: Coal prices have slightly declined [2]. - **Agriculture**: The prices of eggs and palm oil have rebounded, while the price of cotton has a 0.38% change. The average wholesale price of pork has a 0.45% change. The prices of some agricultural products such as corn, eggs, palm oil, and cotton are tracked in the price index table, with varying degrees of year - on - year changes [2][36]. - **Energy**: The price of liquefied natural gas is fluctuating, and the coal price has a - 1.57% year - on - year change on December 1 [2][36]. Mid - stream - **Chemical**: The operating rates of PX and urea have declined [3]. - **Energy**: The coal consumption of power plants is at a low level [3]. - **Infrastructure**: It is the off - season for asphalt construction [3]. Downstream - **Real Estate**: The sales of commercial housing in first, second, and third - tier cities have slightly rebounded [3]. - **Service**: The number of domestic flights is at a low level [3]. 4. Policy Information - **Production Industry**: The Ministry of Industry and Information Technology encourages Chinese photovoltaic, wind power, lithium battery, and new energy vehicle enterprises to "go global" and participate in the construction of green energy projects in countries along the "Belt and Road" [1]. - **Service Industry**: Chinese citizens can travel and conduct business in Russia without a visa from December 1, 2025, to September 14, 2026, for up to 30 days. Many cities are intensively implementing a new round of housing purchase subsidy policies, with Changzhou offering a maximum subsidy of 200,000 yuan, and about 100 cities and districts such as Hangzhou and Wuhan increasing subsidy efforts this year [1].