Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [5] Core View - In November, domestic and overseas zinc ore TC decreased significantly, squeezing smelter profits and potentially reducing supply pressure. Overseas warehouse receipts remain low with high premiums, and domestic inventories are falling, and micro - data is turning from bearish to bullish while the macro background remains positive [4] Key Data Summary Spot - LME zinc spot premium is $128.30/ton. SMM Shanghai zinc spot price is 22,630 yuan/ton, with a premium of - 40 yuan/ton; SMM Guangdong zinc spot price is 22,590 yuan/ton, with a premium of - 80 yuan/ton; Tianjin zinc spot price is 22,590 yuan/ton, with a premium of - 80 yuan/ton [1] Futures - On November 13, 2025, the SHFE zinc main contract opened at 22,630 yuan/ton, closed at 22,740 yuan/ton, up 100 yuan/ton from the previous trading day. The trading volume was 97,686 lots, and the position was 102,938 lots. The highest price was 22,760 yuan/ton, and the lowest was 22,550 yuan/ton [2] Inventory - As of November 13, 2025, SMM's seven - region zinc ingot inventory was 157,900 tons, down 1,700 tons from the previous period. LME zinc inventory was 37,800 tons, up 1,925 tons from the previous trading day [3] Market Analysis Summary - In November, domestic and overseas zinc ore TC decreased significantly. The smelting comprehensive profit has been compressed from about 1,400 yuan/ton to about 300 yuan/ton, and high - cost areas are facing losses. Overseas warehouse receipts are still low, and domestic inventories are falling [4] Strategy Summary - Unilateral: Cautiously bullish. Arbitrage: Neutral [5]

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View The copper price is expected to maintain a volatile pattern, with the support from mine - end interference at the lower end, but the demand side lacks a strong performance. The price is likely to fluctuate between 85,000 yuan/ton and 89,000 yuan/ton. Entities can arrange buy or sell hedging based on this range. Arbitrage should be postponed, and the option strategy is short put [7]. Summary by Directory Market News and Key Data - **Futures Quotes**: On November 13, 2025, the Shanghai copper main contract opened at 87,100 yuan/ton and closed at 87,550 yuan/ton, up 0.82% from the previous trading day's close. The night - session opened at 87,650 yuan/ton and closed at 87,400 yuan/ton, down 0.17% from the afternoon close [1]. - **Spot Situation**: The SMM 1 electrolytic copper spot was quoted at 87,040 - 87,380 yuan/ton, with an average premium of 50 yuan/ton over the current - month contract, down 5 yuan from the previous day. The copper price increase curbed downstream procurement. It is expected that the spot discount will not widen further near the delivery, and today's trading will center around par [2]. - **Important Information**: The US October CPI report was not released as scheduled. The 9 - month employment report may show only new employment data. Some Fed officials are cautious about further rate cuts due to inflation above the 2% target [3]. Mine End Hudbay Minerals maintained its 2025 copper and gold production guidance. It expects copper production to be near the lower limit of 117,000 - 149,000 pounds and gold production near the lower limit of 247,500 - 308,000 ounces. The company lowered the full - year comprehensive cash cost guidance for copper [4]. Smelting and Import Taseko Mines' third - quarter revenue was 174 million Canadian dollars. The core Gibraltar mine increased copper production, with improved grade and recovery rate, and reduced C1 cost. The Arizona Florence Copper project is about to produce the first batch of cathode copper [5]. Consumption In October, China's non - ferrous metal industry prosperity index was 31.8, up 1.4 points from the previous month, remaining in the lower - middle of the "normal" range. The leading index and the coincident index also increased [5]. Inventory and Warehouse Receipts LME warehouse receipts remained at 136,175 tons, SHFE warehouse receipts decreased by 131 tons to 43,957 tons. On November 10, the domestic electrolytic copper spot inventory was 201,100 tons, up 5,200 tons from the previous week [6]. Price Table Data The report provides data on copper prices, basis, inventory, warehouse receipts, arbitrage, import profit, and Shanghai - London ratio for different time points from October 15, 2025, to November 14, 2025 [25][26][27][28].

Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] Core Views - The impact of the US government shutdown persists, and the future path of the Fed's interest rate cuts remains highly uncertain due to data shortages. It is expected that the gold price will mainly show a volatile and slightly stronger pattern in the near term, with the Au2512 contract oscillating between 930 yuan/gram and 970 yuan/gram. Silver prices are also expected to maintain a volatile and slightly stronger pattern, with the Ag2512 contract oscillating between 12,200 yuan/kg and 12,700 yuan/kg. The gold-silver ratio is expected to narrow [8]. Summary by Relevant Catalogs Inflation and Fed Policy - The US Bureau of Labor Statistics failed to release the October CPI report as scheduled on Thursday. White House National Economic Council Director Hassett said that the US September employment report may be released next week, but only new employment data will be available, not the unemployment rate. Fed officials have different views on interest rate cuts. Kashkari does not support the last rate cut and has not decided on the December policy meeting. Musalem believes policymakers should be cautious about further rate cuts as inflation remains above the 2% target. Hammack thinks the Fed should keep interest rates unchanged to continue reducing inflation [1]. Futures Quotes and Volumes - On November 13, 2025, the Shanghai gold futures main contract opened at 947.60 yuan/gram and closed at 961.22 yuan/gram, a 1.63% change 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 617.04 yuan/gram and closed at 615.56 yuan/gram, a 0.04% increase from the afternoon close. The Shanghai silver futures main contract opened at 12,092.00 yuan/kg and closed at 12,588.00 yuan/kg, a 4.27% change from the previous trading day's close. The trading volume was 1,130,701 lots, and the open interest was 231,753 lots. In the night session, it opened at 7,633 yuan/kg and closed at 7,644 yuan/kg, a 0.27% decrease from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On November 13, 2025, the US 10-year Treasury yield closed at 4.08%, unchanged from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.52%, a 0.02% change from the previous trading day [3]. SHFE Gold and Silver Positions and Volume Changes - On November 13, 2025, in the Au2508 contract, long positions decreased by 2,113 lots, and short positions decreased by 2,907 lots. The total trading volume of Shanghai gold contracts the previous trading day was 529,805 lots, a 26.50% change from the previous day. In the Ag2508 contract, long positions decreased by 3,433 lots, and short positions increased by 2,219 lots. The total trading volume of silver contracts the previous trading day was 2,510,094 lots, a 69.49% change from the previous day [4]. Precious Metal ETF Holdings Tracking - The gold ETF holdings remained unchanged at 1,046.64 tons from the previous trading day, and the silver ETF holdings remained unchanged at 15,089 tons [5]. Precious Metal Arbitrage Tracking - On November 13, 2025, the domestic gold premium was -16.08 yuan/gram, and the domestic silver premium was -1,502.09 yuan/kg. The ratio of the main contracts of gold and silver on the SHFE was about 76.36, a 2.52% change from the previous trading day, and the overseas gold-silver ratio was 79.94, a 1.00% change from the previous trading day [6]. Fundamental Data - On November 13, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 66,608 kg, a 28.92% change from the previous trading day. The trading volume of silver was 605,638 kg, a -30.42% change from the previous trading day. The gold delivery volume was 11,872 kg, and the silver delivery volume was 1,650 kg [7].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report analyzes the market conditions of pure benzene and styrene. For pure benzene, due to the low refinery utilization rate in the US, strong gasoline crack spreads, and increased blending demand, the demand for Asian aromatics has risen, leading to an increase in the US pure benzene price. The arbitrage spread from South Korea to the US has been quickly repaired, and the pressure of overseas pure benzene flowing into China may ease. Domestic production utilization continues to rise, but downstream production utilization remains average. For styrene, the prices in Europe and the US have also strengthened, with a small increase in China's exports to Europe. The port inventory has continued to decline slightly, mainly driven by loss - induced production cuts, but there is an expectation of resuming production at the end of November. Attention should be paid to downstream demand performance [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spread - Figures include pure benzene's main contract basis, spot - M2 paper cargo spread, and EB's main contract basis and inter - period spread, but specific data analysis is not detailed in the provided text [8][15][20] II. Pure Benzene and Styrene Production Profits and Domestic - Foreign Spreads - Figures involve naphtha processing fees, pure benzene's FOB Korea - CFR Japan spread, styrene non - integrated production profits, and domestic - foreign spreads of pure benzene and styrene, but detailed data analysis is not given [22][25][40] III. Pure Benzene and Styrene Inventory and Production Utilization - Pure benzene's port inventory is 11.30 million tons (- 0.80 million tons), and its production utilization continues to rise. Styrene's port inventory is 174,800 tons (- 4,500 tons), and its production utilization is 69.3% (+ 2.3%), with an expectation of resuming production at the end of November [1][21][42] IV. Styrene's Downstream Production Utilization and Production Profits - EPS production profit is 209 yuan/ton (- 99 yuan/ton), with a production utilization of 51.63% (- 2.32%); PS production profit is 9 yuan/ton (- 49 yuan/ton), with a production utilization of 55.40% (+ 1.90%); ABS production profit is - 367 yuan/ton (- 53 yuan/ton), with a production utilization of 71.80% (+ 0.20%). EPS is in the off - season with reduced production, and ABS and PS production utilizations are still low [2][52][53] V. Pure Benzene's Downstream Production Utilization and Production Profits - Caprolactam production profit is - 1,640 yuan/ton (- 70), with a production utilization of 86.05% (+ 0.00%); phenol - acetone production profit is - 390 yuan/ton (+ 0), with a production utilization of 67.00% (- 8.50%); aniline production profit is 496 yuan/ton (- 63), with a production utilization of 80.17% (+ 2.43%); adipic acid production profit is - 1,313 yuan/ton (- 63), with a production utilization of 62.00% (- 3.60%) [1][63][70]

Report Summary 1. Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on observation [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View - Despite a significant drop in crude oil prices, the LPG market remained relatively strong. The external market continued its rebound, and high discounts supported the cost of arrival. The PG futures market fluctuated with a slight upward trend, while domestic spot prices showed a mixed performance. In the short term, the LPG fundamentals tightened marginally due to a decline in domestic refinery product volume and a decrease in arrivals, providing some support to the market. However, in the medium term, the overall supply - demand pattern has not reversed. Abundant overseas supplies and limited downstream chemical demand due to insufficient profit growth may restrict the market's upside potential [1] 3. Market Analysis Summary - **Regional Spot Prices on November 13**: Shandong market: 4330 - 4460 yuan/ton; Northeast market: 3960 - 4110 yuan/ton; North China market: 4200 - 4400 yuan/ton; East China market: 4250 - 4350 yuan/ton; Yangtze River region: 4520 - 4780 yuan/ton; Northwest market: 4170 - 4250 yuan/ton; South China market: 4400 - 4500 yuan/ton [1] - **China's East China Frozen Cargo Arrival Prices in the First Half of December 2025**: Propane was 550 dollars/ton, up 1 dollar/ton, equivalent to 4291 yuan/ton, up 10 yuan/ton; Butane was 541 dollars/ton, down 6 dollars/ton, equivalent to 4221 yuan/ton, down 45 yuan/ton [1] - **China's South China Frozen Cargo Arrival Prices in the First Half of December 2025**: Propane was 550 dollars/ton, up 7 dollars/ton, equivalent to 4244 yuan/ton, up 10 yuan/ton; Butane was 535 dollars/ton, down 7 dollars/ton, equivalent to 4174 yuan/ton, down 53 yuan/ton [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PVC shows a weak and volatile trend with an abundant supply due to new production capacity and a decrease in downstream demand. The export situation is uncertain, and the inventory is relatively high. Attention should be paid to relevant policies [3]. - The spot price of caustic soda remains stable. The supply increases with fewer device overhauls, and the demand varies in different sectors. The cost provides some support, and attention should be paid to the alumina plant's procurement demand and price trends [3]. Summary by Related Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4,586 yuan/ton (+5), the East China basis is -76 yuan/ton (-25), and the South China basis is 4 yuan/ton (+15) [1]. - Spot price: The East China calcium carbide method offers 4,510 yuan/ton (-20), and the South China calcium carbide method offers 4,590 yuan/ton (+20) [1]. - Upstream production profit: The semi - coke price is 800 yuan/ton (+0), the calcium carbide price is 2,830 yuan/ton (+0), the calcium carbide profit is -100 yuan/ton (+0), the PVC calcium carbide method production gross profit is -769 yuan/ton (-6), the PVC ethylene method production gross profit is -465 yuan/ton (+79), and the PVC export profit is -0.7 US dollars/ton (-8.8) [1]. - PVC inventory and operation: The in - factory inventory is 33.5 tons (-0.3), the social inventory is 54.6 tons (+0.1), the calcium carbide method operation rate is 79.57% (-0.60%), the ethylene method operation rate is 70.13% (-7.10%), and the overall operation rate is 76.71% (-2.57%) [1]. - Downstream order situation: The pre - sales volume of production enterprises is 74.2 tons (-3.2) [1]. Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2,337 yuan/ton (-7), and the basis of 32% liquid caustic soda in Shandong is 132 yuan/ton (+7) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong is 790 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1,250 yuan/ton (+0) [2]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1,478 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 814.5 yuan/ton (-40.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is -17.47 yuan/ton (+0.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 721.53 yuan/ton (+0.00) [2]. - Caustic soda inventory and operation: The liquid caustic soda factory inventory is 40.22 tons (-1.26), the flake caustic soda factory inventory is 3.02 tons (+0.12), and the operation rate is 84.10% (-0.70%) [2]. - Downstream operation of caustic soda: The alumina operation rate is 85.25% (-0.61%), the printing and dyeing operation rate in East China is 66.55% (-1.51%), and the viscose staple fiber operation rate is 89.50% (-0.10%) [2]. Market Analysis PVC - Supply: Two new sets of devices are under overhaul this week, but new production capacity is gradually being put into production, and the supply is still abundant [3]. - Demand: The downstream operation rate decreases, the low - price procurement improves, but the overall procurement sentiment is average [3]. - Export: The Indian BIS certification is cancelled, and attention should be paid to the result of anti - dumping duties. The export orders decline month - on - month, and India launched an anti - dumping investigation on PVC wallpapers on September 27 [3]. - Inventory: The social inventory decreases slightly, but the absolute value of inventory is high, and the futures warehouse receipts are still at a high level, suppressing the futures price [3]. Caustic Soda - Supply: The device overhauls decrease, and the operation rate rebounds. Attention should be paid to the 100,000 - ton production capacity release of Tangshan Sanyou [3]. - Demand: The alumina orders in Shandong are stable, but the operation rate of enterprises in Hebei decreases slightly due to environmental control. The low - price orders of high - concentration caustic soda are supported, and the inventory situation varies in different regions. The non - alumina demand is mainly for rigid procurement and will weaken in the off - season [3]. - Price: The alumina plants in Guangxi are expected to be put into production, and the caustic soda bidding is in progress, which may support the price in the next two months. The electricity price in Shandong will increase in November, the liquid chlorine price is relatively weak, and the cost provides support [3]. Strategy PVC - Single - side: Range - bound, opportunistic cash - and - carry arbitrage between futures and spot [4]. - Inter - delivery: Wait - and - see [4]. - Inter - variety: None [4]. Caustic Soda - Single - side: Range - bound [5]. - Inter - delivery: Wait - and - see [5]. - Inter - variety: None [5].

Report Industry Investment Rating - Aluminum: Cautiously bullish [9] - Alumina: Neutral [9] - Aluminum alloy: Cautiously bullish [9] - Arbitrage: SHFE aluminum positive spread [9] Core Viewpoints - The aluminum price shows a pattern of strong domestic and weak overseas. The overall supply - demand fundamentals of domestic electrolytic aluminum have not changed significantly, and the absolute value of social inventory is still low, which is difficult to put pressure on the absolute price. The macro - situation is favorable, and the aluminum price is still undervalued from the perspective of the copper - aluminum ratio. However, the domestic price increase lacks fundamental data support, and a short - term callback after the sentiment may occur, but the callback depth is limited. If the destocking of social inventory goes smoothly, the aluminum price is expected to break through upwards [6]. - For alumina, the supply of bauxite is under pressure, the smelting loss has not improved, the supply side has not seen large - scale production cuts, the pattern of supply - demand surplus remains unchanged, and the social inventory continues to increase. Although the price is undervalued, there may be disturbances in overseas mines [8]. Summary by Related Catalogs Aluminum Spot - The price of East China A00 aluminum is 21,920 yuan/ton, with a change of 250 yuan/ton from the previous trading day, and the spot premium is 0 yuan/ton, with a change of 10 yuan/ton. The price of Central China A00 aluminum is 21,780 yuan/ton, and the spot premium is - 140 yuan/ton, with a change of - 10 yuan/ton. The price of Foshan A00 aluminum is 21,760 yuan/ton, with a change of 230 yuan/ton, and the spot premium is - 160 yuan/ton, with a change of - 15 yuan/ton [1]. Aluminum Futures - On November 13, 2025, the main SHFE aluminum contract opened at 21,900 yuan/ton, closed at 22,050 yuan/ton, with a change of 285 yuan/ton. The highest price was 22,145 yuan/ton, and the lowest price was 21,860 yuan/ton. The trading volume was 295,292 lots, and the open interest was 446,659 lots [2]. Inventory - As of November 13, 2025, the domestic social inventory of electrolytic aluminum ingots was 621,000 tons, with a change of - 6,000 tons from the previous period. The warrant inventory was 64,742 tons, with a change of 924 tons from the previous trading day. The LME aluminum inventory was 553,200 tons, with a change of 9,125 tons from the previous trading day [2]. Alumina Spot Price - On November 13, 2025, the SMM alumina price in Shanxi was 2,840 yuan/ton, in Shandong was 2,790 yuan/ton, in Henan was 2,865 yuan/ton, in Guangxi was 2,925 yuan/ton, in Guizhou was 2,945 yuan/ton, and the FOB price of Australian alumina was 320 US dollars/ton [2]. Alumina Futures - On November 13, 2025, the main alumina contract opened at 2,825 yuan/ton, closed at 2,840 yuan/ton, with a change of 17 yuan/ton (0.60% change). The highest price was 2,847 yuan/ton, and the lowest price was 2,811 yuan/ton. The trading volume was 299,017 lots, and the open interest was 407,444 lots [2]. Aluminum Alloy Price - On November 13, 2025, the purchase price of Baotai civil raw aluminum was 17,100 yuan/ton, and the purchase price of mechanical raw aluminum was 17,300 yuan/ton, with a change of 100 yuan/ton compared with the previous day. The Baotai quotation of ADC12 was 21,100 yuan/ton, with a change of 100 yuan/ton compared with the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy is 72,100 tons, and the in - plant inventory is 59,000 tons [4]. Aluminum Alloy Cost and Profit - The theoretical total cost is 21,469 yuan/ton, and the theoretical profit is - 269 yuan/ton [5].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Local PDH device maintenance boosts and downstream device restart brings demand increment, driving the improvement of the propylene market trading. Propylene spot prices rebound after hitting the bottom, and the futures market is slightly supported to rebound. The supply - demand gap narrows, but the overall supply remains loose, and the inventory pressure in factories is still high. The downstream demand support may increase, and the cost support is limited. The short - term price may stop falling, but the upward driving force is limited, and it may mainly fluctuate in the bottom range [2][3] Summary by Directory 1. Propylene Basis Structure - Figures include propylene main contract closing price, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price [6][9][11] 2. Propylene Production Profit and Capacity Utilization Rate - Figures cover propylene CFR in China - naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [16][18][28] 3. Propylene Import and Export Profit - Figures involve South Korea FOB - China CFR, Japan CFR - China CFR, Southeast Asia CFR - China CFR, and propylene import profit [31][33] 4. Propylene Downstream Profit and Capacity Utilization Rate - Figures include PP powder production profit and capacity utilization rate, propylene oxide production profit and capacity utilization rate, n - butanol production profit and capacity utilization rate, octanol production profit and capacity utilization rate, acrylic acid production profit and capacity utilization rate, acrylonitrile production profit and capacity utilization rate, and phenol - acetone production profit and capacity utilization rate [39][40][53] 5. Propylene Inventory - Figures are about propylene in - factory inventory and PP powder in - factory inventory [66]

Report Industry Investment Rating No information provided. Core View of the Report The bond market is oscillating between stable growth and easing expectations. It is influenced by the stock market, the continued expectation of a Fed rate cut, and the uncertainty of global trade, which adds to the uncertainty of foreign capital inflows. Short - term attention should be paid to the policy signals at the end of the month [3]. Summary by Relevant Catalogs 1. Interest Rate Pricing Tracking Indicators - China's CPI (monthly) has a 0.20% month - on - month and year - on - year increase, while China's PPI (monthly) has a 0.10% month - on - month increase and a - 2.10% year - on - year decrease [9]. - The social financing scale is 437.72 trillion yuan, with a 0.15% month - on - month increase. M2 year - on - year is 8.20%, with a - 2.38% change. The manufacturing PMI is 49.00%, with a - 1.61% change [10]. - The dollar index is 99.17, with a - 0.31% change. The offshore dollar - to - RMB exchange rate is 7.1021, with a - 0.26% change. SHIBOR 7 - day is 1.47%, with no change. DR007 is 1.48%, with a - 0.82% change. R007 is 1.51%, with a - 1.24% change. The 3 - month interbank certificate of deposit (AAA) is 1.58%, with a + 0.16% change. The AA - AAA credit spread (1Y) is 0.08, with a + 0.16% change [10]. 2. Overview of the Treasury Bond and Treasury Bond Futures Market - On November 13, 2025, the closing prices of TS, TF, T, and TL were 102.46 yuan, 105.89 yuan, 108.41 yuan, and 116.13 yuan respectively, with price changes of - 0.01%, - 0.08%, - 0.10%, and - 0.26% [2]. - The average net basis of TS, TF, T, and TL were 0.002 yuan, 0.018 yuan, 0.025 yuan, and - 0.099 yuan respectively [2]. 3. Overview of the Money Market Funding Situation - In the first half of the year, the fiscal operation was generally stable, with revenue gradually recovering and key expenditures effectively guaranteed. Ultra - long - term special treasury bonds and special bonds were accelerating their implementation. Looking forward, positive fiscal tools will continue to be used to balance stable growth, people's livelihood protection, and risk prevention [2]. - On November 13, 2025, the central bank conducted 190 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.4% [2]. - The main term repurchase rates 1D, 7D, 14D, and 1M were 1.315%, 1.474%, 1.500%, and 1.518% respectively, and the repurchase rates have recently declined [2]. 4. Spread Overview No specific summarized information provided other than various spread - related chart descriptions. 5. Two - Year Treasury Bond Futures No specific summarized information provided other than chart descriptions such as the implied interest rate of the two - year treasury bond futures main contract and the relationship with the treasury bond yield to maturity. 6. Five - Year Treasury Bond Futures No specific summarized information provided other than chart descriptions such as the implied interest rate of the five - year treasury bond futures main contract and the relationship with the treasury bond yield to maturity. 7. Ten - Year Treasury Bond Futures No specific summarized information provided other than chart descriptions such as the implied yield of the ten - year treasury bond futures main contract and the relationship with the treasury bond yield to maturity. 8. Thirty - Year Treasury Bond Futures No specific summarized information provided other than chart descriptions such as the implied yield of the thirty - year treasury bond futures main contract and the relationship with the treasury bond yield to maturity. Strategy - For unilateral trading, with the decline of repurchase rates and the oscillation of treasury bond futures prices, the 2512 contract is neutral [4]. - For arbitrage, attention should be paid to the decline of the 2512 basis [4]. - For hedging, there is medium - term adjustment pressure, and short - side investors can use far - month contracts for appropriate hedging [4].

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] Core Viewpoints - Low inventory and tight ore costs support the lead price, but the resumption of secondary lead production, the weakening of battery consumption, and the pressure of pre - delivery inventory transfer may lead to a pullback after a surge. It is recommended to sell high and buy low. The price range is between 17,000 yuan/ton and 17,900 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations according to their own needs [3] Market News and Important Data Spot - On November 13, 2025, the LME lead spot premium was -$23.90/ton. The SMM1 lead ingot spot price increased by 175 yuan/ton to 17,500 yuan/ton compared with the previous trading day. SMM Shanghai lead spot premium remained unchanged at 0.00 yuan/ton. SMM Guangdong lead spot price increased by 200 yuan/ton to 17,575 yuan/ton. SMM Henan lead spot price increased by 200 yuan/ton to 17,575 yuan/ton. SMM Tianjin lead spot price increased by 200 yuan/ton to 17,625 yuan/ton. The lead refined - scrap price difference remained unchanged at -75 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,025 yuan/ton. The price of waste white shells remained unchanged at 10,150 yuan/ton. The price of waste black shells remained unchanged at 10,400 yuan/ton [1] Futures - On November 13, 2025, the main contract of Shanghai lead opened at 17,605 yuan/ton, closed at 17,650 yuan/ton, down 10 yuan/ton compared with the previous trading day. The trading volume was 61,405 lots, an increase of 5,562 lots compared with the previous trading day. The position was 43,468 lots, a decrease of 7,071 lots compared with the previous trading day. The intraday price fluctuated, with the highest reaching 17,815 yuan/ton and the lowest reaching 17,575 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,705 yuan/ton, closed at 17,615 yuan/ton, down 0.54% from the afternoon closing price of the previous day. According to SMM, the SMM1 lead price increased by 175 yuan/ton compared with the previous trading day. In Henan, some lead brands were sold at a premium of 100 - 150 yuan/ton over SMM1 lead. In Hunan, smelters sold at a premium of 50 yuan/ton over SMM1 lead. The futures price continued to fluctuate strongly, but downstream buyers generally adopted a wait - and - see attitude, and the intention to take delivery decreased significantly [2] Inventory - On November 13, 2025, the total SMM lead ingot inventory was 35,000 tons, an increase of 2,200 tons compared with the same period last week. As of November 13, the LME lead inventory was 223,975 tons, a decrease of 1,250 tons compared with the previous trading day [2]