1. Report Industry Investment Rating - The investment ratings for RU and NR are neutral, and the rating for BR is also neutral [12] 2. Core Viewpoints of the Report - For natural rubber, the cost - side support is strong due to high raw material prices. With increasing arrivals in China and lackluster demand, there may be inventory accumulation. The supply pressure of RU may be less than NR later, which is beneficial for the spread between RU and NR to widen. For BR, the upstream production profit has recovered, but due to maintenance, the supply is not expected to increase significantly in the short - term. It mainly follows the price of upstream butadiene [12] 3. Summary by Relevant Catalogs Market To - date News and Data - Futures: On the previous trading day, the closing price of the RU main contract was 15,250 yuan/ton, down 190 yuan/ton from the previous day; the NR main contract was 12,320 yuan/ton, down 160 yuan/ton; the BR main contract was 10,520 yuan/ton, down 185 yuan/ton [2] - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 14,850 yuan/ton, down 100 yuan/ton; Qingdao Free Trade Zone Thai mixed rubber was 14,550 yuan/ton, down 150 yuan/ton; Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,840 US dollars/ton, down 20 US dollars/ton; Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 1,735 US dollars/ton, down 25 US dollars/ton; the ex - factory price of BR9000 of PetroChina Qilu Petrochemical was 10,700 yuan/ton, unchanged; the market price of BR9000 of Zhejiang Transfar was 10,450 yuan/ton, unchanged [2] Market Information - Import: In October 2025, China's natural rubber imports were 510,800 tons, a month - on - month decrease of 14.27% and a year - on - year decrease of 0.9%. From January to October 2025, the cumulative import volume was 5.2281 million tons, a cumulative year - on - year increase of 17.27% [3] - Export: In the first 10 months of 2025, China's rubber tire export volume reached 8.03 million tons, a year - on - year increase of 3.8%; the export value was 140.2 billion yuan, a year - on - year increase of 2.8%. New pneumatic rubber tire export volume reached 7.74 million tons, a year - on - year increase of 3.6%; the export value was 134.8 billion yuan, a year - on - year increase of 2.6%. In terms of the number of pieces, the export volume was 586.64 million pieces, a year - on - year increase of 4%. From January to October, the export volume of automobile tires was 6.85 million tons, a year - on - year increase of 3.3%; the export value was 115.8 billion yuan, a year - on - year increase of 2.1% [3] - Global Forecast: ANRPC's September 2025 report predicted that the global natural rubber production in September would increase by 5% to 1.433 million tons, a 1% decrease from the previous month; the consumption would decrease by 3.3% to 1.274 million tons, a 1.2% increase from the previous month. In the first three quarters, the cumulative global natural rubber production was expected to increase by 2.3% to 10.374 million tons, and the cumulative consumption was expected to decrease by 1.5% to 11.422 million tons [3] - Thailand Export: In the first three quarters of 2025, Thailand's natural rubber exports (excluding compound rubber) totaled 1.993 million tons, a year - on - year decrease of 8%. Among them, the export of standard rubber was 1.116 million tons, a year - on - year decrease of 20%; the export of smoked sheet rubber was 308,000 tons, a year - on - year increase of 22%; the export of latex was 556,000 tons, a year - on - year increase of 10%. From January to September, the total natural rubber exports to China were 759,000 tons, a year - on - year increase of 6%. Among them, the export of standard rubber to China was 459,000 tons, a year - on - year decrease of 19%; the export of smoked sheet rubber to China was 99,000 tons, a year - on - year increase of 330%; the export of latex to China was 199,000 tons, a year - on - year increase of 70% [4] - Automobile Sales: In October 2025, the retail sales of the national passenger car market reached 2.242 million vehicles, a year - on - year decrease of 0.8% and a month - on - month decrease of 0.1%. From January to October, the cumulative retail sales of passenger cars were 19.25 million vehicles, a year - on - year increase of 7.9%. In September 2025, the EU passenger car market sales increased by 10% to 888,672 vehicles. The cumulative sales in the first three quarters increased by 0.9% year - on - year to 8.06 million vehicles [4] Market Analysis Natural Rubber - Spot and Spread: On November 20, 2025, the RU basis was - 400 yuan/ton (+90), the spread between the RU main contract and the mixed rubber was 700 yuan/ton (- 40), the NR basis was 727 yuan/ton (+25); the whole latex was 14,850 yuan/ton (- 100), the mixed rubber was 14,550 yuan/ton (- 150), the 3L spot was 15,200 yuan/ton (- 100). The STR20 was quoted at 1,840 US dollars/ton (- 20), the spread between the whole latex and 3L was - 350 yuan/ton (unchanged); the spread between the mixed rubber and styrene - butadiene rubber was 3,650 yuan/ton (- 150) [5][6] - Raw Materials: Thai smoked sheet was 61.89 Thai baht/kg (+0.84), Thai glue was 57 Thai baht/kg (unchanged), Thai cup lump was 52.10 Thai baht/kg (+0.20), the spread between Thai glue and cup lump was 4.20 Thai baht/kg (+0.10) [7] -开工率: The full - steel tire operating rate was 62.04% (- 2.25%), and the semi - steel tire operating rate was 69.36% (- 3.63%) [8] - Inventory: The social inventory of natural rubber was 452,589 tons (+3,134), the natural rubber inventory at Qingdao Port was 1,061,881 tons (+5,524), the RU futures inventory was 108,470 tons (- 10,500), and the NR futures inventory was 49,695 tons (+1,109) [8] 顺丁橡胶 - Spot and Spread: On November 20, 2025, the BR basis was - 120 yuan/ton (+185), the ex - factory price of butadiene of Sinopec was 7,200 yuan/ton (unchanged), the quoted price of BR9000 of Qilu Petrochemical was 10,700 yuan/ton (unchanged), the quoted price of BR9000 of Zhejiang Transfar was 10,450 yuan/ton (unchanged), the price of private - owned high - cis butadiene rubber in Shandong was 10,080 yuan/ton (unchanged), and the import profit of high - cis butadiene rubber in Northeast Asia was - 1,512 yuan/ton (- 2) [9] -开工率: The operating rate of high - cis butadiene rubber was 72.64% (+2.71%) [10] - Inventory: The inventory of butadiene rubber traders was 4,880 tons (- 90), and the inventory of butadiene rubber enterprises was 26,630 tons (+780) [11] Strategy - For RU and NR, maintain a neutral stance. Given the high raw material prices, the cost - side support is strong. With increasing arrivals and lackluster demand, there may be inventory accumulation. It is recommended to pay attention to the reverse spread between RU01 and RU05. The unilateral trend is unclear. The supply pressure of RU may be less than NR later, which is beneficial for the spread between RU and NR to widen [12] - For BR, maintain a neutral stance. Some plants have restarted or postponed maintenance, and some have plans for future maintenance. The upstream production profit has recovered, but due to maintenance, the supply is not expected to increase significantly in the short - term. It mainly follows the price of upstream butadiene [12]

Report Investment Rating - Copper: Cautiously bullish [8] - Arbitrage: On hold - Options: Short put Core View - Although high copper prices significantly suppress consumption, due to tight supply at the mine end and better - than - expected performance of new energy sectors like photovoltaics in the second half of the year, copper prices are likely to maintain a volatile and slightly bullish pattern [8] Summary by Relevant Catalog Market News and Important Data - **Futures Quotes**: On November 20, 2025, the main Shanghai copper contract opened at 86,540 yuan/ton and closed at 86,130 yuan/ton, a 0.06% change from the previous trading day's close. The night - session main contract opened at 86,380 yuan/ton and closed at 85,920 yuan/ton, a 0.53% drop from the afternoon close [1] - **Spot Situation**: SMM's 1 electrolytic copper spot price was 86,180 - 86,690 yuan/ton on November 20, with an average premium of 80 yuan/ton over the current - month contract, down 5 yuan from the previous day. The import loss widened to around 800 yuan/ton. Market sentiment improved, and copper price drops spurred downstream restocking. Regional price differences may continue [2] - **Important Information**: US September non - farm payrolls increased by 119,000, more than double the expected level, but July and August figures were revised down by 33,000. The September unemployment rate rose to 4.4%. US initial jobless claims decreased by 8,000 to 220,000 last week, while continuing claims reached a 4 - year high. Trump may delay semiconductor tariff implementation and plans to launch an AI development plan [3] Supply - Side Analysis - **Mine End**: Chile, the world's largest copper producer, faces production constraints. This year's production is expected to increase by only 0.1% to 5.51 million tons, with a 2.5% growth to 5.6 million tons in 2026. Magna Mining's Levack mine has significant nickel, copper, and precious metal resources, with plans for restart and development in 2026 [4] - **Smelting and Imports**: In October 2025, China's refined copper imports decreased by 13.62% month - on - month and 16.32% year - on - year. Reasons include RMB exchange - rate fluctuations, lower domestic spot premiums, and closed import windows. Domestic social inventories have been rising since late September, and domestic production growth has compensated for the import shortfall [5] Demand - Side Analysis - **Consumption**: China aims to add 100 GW of new energy storage capacity from 2025 - 2027, reaching 180 GW by 2027. The US is expected to add 19 GW of storage power and 52.5 GWh of capacity in 2025. Energy storage expansion will increase demand for copper, with China's copper demand in the electric vehicle and energy - transition sectors expected to grow by 18% to 3 million tons in 2025 [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 17,375 tons to 157,925 tons. SHFE warehouse receipts changed by - 3,369 tons to 54,983 tons. On November 20, domestic electrolytic copper spot inventory was 194,500 tons, a 700 - ton change from the previous week [7] Strategy - **Copper**: Buy on dips between 85,000 - 85,500 yuan/ton for hedging, and sell - hedge enterprises can operate between 88,500 - 89,000 yuan/ton [8] - **Arbitrage**: Suspend operations - **Options**: Short put

新能源及有色金属日报 | 2025-11-21 下游维持刚需采购 铅价难有靓丽表现 市场要闻与重要数据 现货方面：2025-11-20，LME铅现货升水为-27.39美元/吨。SMM1#铅锭现货价较前一交易日变化25元/吨至17125 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至25.00元/吨，SMM广东铅现货较前一交易日变化50元/ 吨至17225元/吨，SMM河南铅现货较前一交易日变化25元/吨至17125元/吨，SMM天津铅现货升贴水较前一交易日 变化25元/吨至17125元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化0元/ 吨至9975元/吨，废白壳较前一交易日变化0元/吨至10100元/吨，废黑壳较前一交易日变化0元/吨至10325元/吨。 期货方面：2025-11-20，沪铅主力合约开于17300元/吨，收于17220元/吨，较前一交易日变化-30元/吨，全天交易日 成交37231手，较前一交易日变化-8977手，全天交易日持仓60285手，手较前一交易日变化-3610手，日内价格震荡， 最高点达到17320元/吨，最低点达到17195元/吨 ...

1. Report Industry Investment Rating - Unilateral: Neutral. Cross - period: EG2601 - EG2605 reverse spread. Cross - variety: None [3] 2. Core Viewpoints - In the futures and spot markets, the closing price of the main EG contract was 3,822 yuan/ton (a change of - 81 yuan/ton or - 2.08% from the previous trading day), the spot price in the East China EG market was 3,876 yuan/ton (a change of - 49 yuan/ton or - 1.25% from the previous trading day), and the spot basis in the East China EG market was 32 yuan/ton (a month - on - month increase of 8 yuan/ton) [1] - In terms of production profit, the production profit of ethylene - based EG was - 60 US dollars/ton (a month - on - month decrease of 1 US dollar/ton), and the production profit of coal - based syngas - to - EG was - 1,024 yuan/ton (a month - on - month decrease of 30 yuan/ton) [1] - Regarding inventory, according to CCF data, the inventory at the main ports in East China was 73.2 tons (a month - on - month increase of 7.1 tons); according to Longzhong data, the inventory at the main ports in East China was 63.3 tons (a month - on - month increase of 1.5 tons). The planned arrivals at the main ports in East China this week totaled 11.1 tons, and the arrivals at the secondary ports were 2.8 tons, showing a neutral situation [1] - On the supply side, the domestic ethylene glycol load is operating at a high level, and the domestic supply is abundant. Overseas, there are limited changes in ethylene glycol plants, and the arrival plan around mid - November is still moderately high, with port inventories expected to gradually rise. On the demand side, with the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [2] 3. Summary by Directory Price and Basis - The closing price of the main EG contract was 3,822 yuan/ton (a change of - 81 yuan/ton or - 2.08% from the previous trading day), and the spot price in the East China EG market was 3,876 yuan/ton (a change of - 49 yuan/ton or - 1.25% from the previous trading day). The spot basis in the East China EG market was 32 yuan/ton (a month - on - month increase of 8 yuan/ton) [1] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 60 US dollars/ton (a month - on - month decrease of 1 US dollar/ton), and the production profit of coal - based syngas - to - EG was - 1,024 yuan/ton (a month - on - month decrease of 30 yuan/ton) [1] International Price Difference - No specific data and analysis provided in the text Downstream Production, Sales, and Operating Rate - With the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 73.2 tons (a month - on - month increase of 7.1 tons); according to Longzhong data, the inventory at the main ports in East China was 63.3 tons (a month - on - month increase of 1.5 tons). The planned arrivals at the main ports in East China this week totaled 11.1 tons, and the arrivals at the secondary ports were 2.8 tons, showing a neutral situation [1]

原油日报 | 2025-11-21 原油与成品油市场分化加剧 市场要闻与重要数据 1、 纽约商品交易所12月交货的轻质原油期货价格下跌30美分，收于每桶59.14美元，跌幅为0.5%；1月交货的伦敦 布伦特原油期货价格下跌13美分，收于每桶63.38美元，跌幅为0.2%。SC原油主力合约收跌0.73%，报452元/桶。（来 源：Bloomberg） 2、 截至11月14日当周，美国天然气库存总量为39460亿立方英尺，较此前一周减少140亿立方英尺，较去年同期 减少230亿立方英尺，同比降幅0.6%，同时较5年均值高1460亿立方英尺，增幅3.8%。（来源：Bloomberg） 3、 当地时间20日，伊朗伊斯兰革命卫队发言人纳伊尼表示，伊朗认为冲突会随时爆发，并已经提高了战备水平。 纳伊尼指出，伊朗军方的设想是战争随时可能爆发，对此毫不怀疑。"我们持悲观态度，武装部队必须持悲观态度， 并且必须时刻做好准备。"敌人的目的是让伊朗处于"非战非和"的状态，但伊朗将变得更加强大，在各领域增强力 量。（来源：Bloomberg） 4、 德国天然气市场协调机构Trading Hub Europe（THE）周四表示，自明年 ...

贵金属日报 | 2025-11-21 2025-11-20，美国10年期国债利率收于4.09%，较前一交易日-4BP，10年期与2年期利差为0.56%，较前一交易日变 化0.01%。 上期所金银持仓与成交量变化情况： 2025-11-20，Au2602合约上，多头较前一日变化3351手，空头则是变化802手。沪金合约上个交易日总成交量为540185 手，较前一交易日变化10.99%。在沪银方面，在Ag2602合约上，多头变动6397手，空头变动7796手。白银合约上 个交易日总成交量2580885手，较前一交易日变化32.77%。 贵金属ETF持仓跟踪： 贵金属ETF方面，昨日黄金ETF持仓为1,043.72吨，较前一交易日持平。白银ETF持仓为15,227吨，较前一交易日增 加9吨。 美国9月非农大超预期 贵金属价格承压 市场分析 美国9月非农就业人口增长11.9万人，录得预期水平的两倍多，但7月和8月非农就业人数合计下修3.3万人。9月失 业率意外升至4.4%，为2021年10月以来最高；美国上周初请失业金人数下降8000人至22万人，续请失业金人数升 至4年新高。数据公布后，互换合约继续显示美联储12月 ...

FICC日报 | 2025-11-21 地缘端：以色列国防部长：必须摧毁哈马斯在加沙的地道网络，以色列军队正在不间断地工作以完成这项任务。 动态供给：动态供给：11月份剩余3周周均运力27.58万TEU，WEEK47/48/49周运力分别为27.87/26.9/27.96万TEU。 12月份月度周均运力31.3万TEU，WEEK50/51/52/53周运力分别为33.3/27/31.42/33.47万TEU。11月份共计10个空 班和1个TBN（其中MSC/PA联盟4个空班，双子星联盟1个空班，OA联盟5个空班，OA联盟的1个TBN后续预计均 转为空班）。12月份共计4个TBN和1个空班（OA联盟3个TBN，MSC/PA联盟1个TBN，MSC/PA联盟1个空班）。 12月合约:12月合约交易更多关注节奏问题，预期和现实交相辉映，估值逐步清晰，关注12月份挺价落地成色。四 季度船司需要为下一年长协谈判做准备，为了保证来年收入基本盘稳固，船司会通过供应端调节使得运价处于较 高位置。节奏方面，12月合约节奏预计首先交易涨价预期（10月中旬左右宣布11月份涨价函，10月底有部分船司 再度发布11月下半月涨价函），然后 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For industrial silicon, the spot price has a slight increase, and after the production reduction in Southwest China during the dry - season, the supply - demand pattern may improve, and inventory accumulation slows down. The industrial silicon futures are mainly affected by the overall commodity sentiment and policy news. If there are policies pushing for capacity exit, the futures price may rise. - For polysilicon, both supply and demand have weakened, with large inventory pressure and average consumption performance. The futures price is affected by anti - involution policies and weak reality, and it is expected to fluctuate mainly [2][7]. 3. Summary by Topic Industrial Silicon - **Futures Market**: On November 20, 2025, the industrial silicon futures price dropped. The main contract 2601 opened at 9365 yuan/ton and closed at 9075 yuan/ton, a change of - 2.37% from the previous settlement. The 2511 main contract held 273978 positions, and the number of warehouse receipts was 43297, a decrease of 115 from the previous day [1]. - **Spot Market**: The industrial silicon spot price increased. The price of East China oxygen - passing 553 silicon was 9500 - 9600 yuan/ton, 421 silicon was 9700 - 9900 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8900 - 9100 yuan/ton, and 99 silicon was 8900 - 9100 yuan/ton [1]. - **Inventory**: As of November 20, the total social inventory of industrial silicon in major areas was 54.8 tons, an increase of 0.2 tons from last week. The social general warehouse inventory was 12.9 tons, an increase of 0.2 tons, and the social delivery warehouse inventory was 41.9 tons, unchanged from last week [1]. - **Export and Import**: In October 2025, the export volume of industrial silicon was 4.51 tons, a sharp decrease of 36% month - on - month and 31% year - on - year. From January to October 2025, the cumulative export volume was 60.67 tons, a decrease of 1% year - on - year. The cumulative import volume from January to October 2025 was 0.86 tons, a decrease of 67% year - on - year [2]. - **Consumption**: The price of silicone DMC continued to rise, with the current market quotation ranging from 13000 to 13200 yuan/ton, an increase of about 850 yuan/ton or 6.9% from last week's average price. In October 2025, the export volume of primary polysiloxanes from China was 4.1 tons, a decrease of 13.5% month - on - month and 5.7% year - on - year [2]. - **Strategy**: Short - term range operation, and for dry - season contracts, buy on dips [2]. Polysilicon - **Futures Market**: On November 20, 2025, the main polysilicon futures contract 2601 fluctuated weakly. It opened at 54500 yuan/ton and closed at 52450 yuan/ton, a decrease of 2.33% from the previous trading day. The main contract held 134292 positions, and the trading volume was 304835 [5]. - **Spot Market**: The polysilicon spot price weakened slightly. The price of N - type material was 49.70 - 54.90 yuan/kg, and n - type granular silicon was 50.00 - 51.00 yuan/kg [5]. - **Inventory and Production**: Polysilicon factory inventory and silicon wafer inventory increased. The latest polysilicon inventory was 27.10, a change of 1.50% month - on - month, and the silicon wafer inventory was 18.72GW, a change of 1.63% month - on - month. The weekly polysilicon production was 27100.00 tons, a change of 1.11% month - on - month, and the silicon wafer production was 12.78GW, a change of - 2.59% month - on - month [5]. - **Silicon Wafer, Battery, and Component Prices**: Silicon wafer prices fell due to poor order demand. The price of domestic N - type 18Xmm silicon wafers was 1.26 yuan/piece, N - type 210mm was 1.60 yuan/piece, and N - type 210R silicon wafers was 1.27 yuan/piece. The prices of various types of battery cells and components remained stable [5][6]. - **Strategy**: Short - term range operation, and the main contract is expected to fluctuate between 48,000 and 55,000 yuan/ton [7].

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View of the Report - The zinc market shows positive fundamentals. With the significant decline in TC, the smelting comprehensive profit is severely compressed, and the supply - side pressure is expected to decrease more than expected. Although LME inventory increases, the warrant inventory remains low, and the overseas premium stays high. The unexpected seasonal decline of domestic social inventory supports zinc prices, and most micro - data has shifted from negative to positive [5]. 3. Summary by Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is $152.14 per ton. SMM Shanghai zinc spot price is 22,430 yuan per ton, up 10 yuan from the previous trading day, with a spot premium of 30 yuan per ton. SMM Guangdong zinc spot price is 22,370 yuan per ton, up 10 yuan, with a spot premium of - 40 yuan per ton. Tianjin zinc spot price is 22,390 yuan per ton, up 10 yuan, with a spot premium of - 10 yuan per ton [2]. - **Futures**: On November 20, 2025, the main SHFE zinc contract opened at 22,455 yuan per ton, closed at 22,380 yuan per ton, down 30 yuan from the previous trading day. The trading volume was 54,719 lots, and the position was 61,797 lots. The highest price was 22,495 yuan per ton, and the lowest was 22,380 yuan per ton [3]. - **Inventory**: As of November 20, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 152,700 tons, down 3,900 tons from the previous period. As of the same date, LME zinc inventory was 46,075 tons, up 1,000 tons from the previous trading day [4]. Market Analysis - **Fundamentals**: In November, domestic zinc concentrate TC decreased significantly, and overseas TC also declined. Smelters actively purchased domestic and foreign ores, and the import TC guidance price for the first quarter of next year decreased. The short - term TC decline trend continues. The smelting end is under pressure, with reduced comprehensive profits and even losses in high - cost areas, which will suppress smelting enthusiasm and reduce supply - side pressure [5]. - **Market Situation**: Although LME inventory increased, the warrant inventory is still low, and the warrant risk remains. The overseas premium is high. The unexpected seasonal decline of domestic social inventory supports zinc prices, and the spot discount has been quickly repaired after the zinc price correction [5]. Strategy - **Unilateral**: Cautiously bullish [6]. - **Arbitrage**: Carry trade in the same commodity across different delivery months [6].

氯碱日报 | 2025-11-21 期货价格及基差：SH主力收盘价2261元/吨（-4）；山东32%液碱基差177元/吨（+4）。 PVC再探底，关注装置检修动态 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4456元/吨（-36）；华东基差-36元/吨（-4）;华南基差14元/吨（-4）。 现货价格：华东电石法报价4420元/吨（-40）；华南电石法报价4470元/吨（-40）。 上游生产利润：兰炭价格800元/吨（+0）；电石价格2805元/吨（+0）；电石利润-125元/吨（+0）；PVC电石法生产毛 利-820元/吨（-50）；PVC乙烯法生产毛利-491元/吨（-26）；PVC出口利润7.4美元/吨（+2.6）。 PVC库存与开工：PVC厂内库存32.2万吨（-1.2）；PVC社会库存53.2万吨（-1.3）；PVC电石法开工率80.15%（+0.58%）； PVC乙烯法开工率71.31%（+1.18%）；PVC开工率77.48%（+0.77%）。 下游订单情况：生产企业预售量69.9万吨（-4.3）。 烧碱： 现货价格：山东32%液碱报价780元/吨（+0）；山东50%液碱报价1 ...