Report Industry Investment Rating - Not provided Core Viewpoints - Urea spot new orders follow-up has slowed down. Affected by export news, the futures market has risen slightly and is expected to fluctuate in the short term. Agricultural autumn fertilization is ending, and compound fertilizer autumn fertilization is also wrapping up. Winter storage fertilizer production has not yet started on a large scale, and the overall operating rate has slightly decreased due to environmental protection factors. The operating rate of melamine has increased, with rigid demand for procurement. In the medium to long term, urea supply and demand remain relatively loose with the release of new production capacity. Gas-based plant maintenance in the fourth quarter is expected to start gradually in December. Affected by export quota news, urea enterprises' shipments have improved, factory inventories have decreased, and port inventories have slightly increased. The highest domestic inventory is still in Inner Mongolia. Attention should be paid to the operating rate of compound fertilizer plants in the Northeast, the raw material procurement rhythm, and the national off-season storage rhythm. According to Argus, urea producers have obtained a fourth batch of export quotas totaling 600,000 tons, which improves the year-end export outlook and is expected to support the spot market. On November 7, India's IPL issued a new round of urea import tenders, intending to tender 2.5 million tons, 1.25 million tons each for the east and west coasts. The tender closes on November 20, is valid until November 28, and the latest shipping date is January 15, 2026. Continuous attention should be paid to the spot procurement sentiment and rhythm [2] Summary by Directory 1. Urea Basis Structure - The report presents figures on Shandong and Henan urea small particle market prices, Shandong and Henan main continuous basis, urea main continuous contract price, and 1 - 5, 5 - 9, 9 - 1 spreads [3][4][5] 2. Urea Production - Figures on urea weekly production and urea plant maintenance loss volume are provided [4][5] 3. Urea Production Profit and Operating Rate - The report shows figures on production cost, spot production profit, and coal - based and gas - based capacity utilization rates [4][5] 4. Urea Overseas Prices and Export Profit - Figures on urea small particle FOB prices in the Baltic Sea, large particle CFR prices in Southeast Asia, small and large particle FOB and CFR prices in China, and urea export and on - screen export profits are presented [4][5] 5. Urea Downstream Operating Rate and Orders - Figures on compound fertilizer operating rate, melamine operating rate, and pending order days are provided [4][5] 6. Urea Inventory and Warehouse Receipts - Figures on upstream factory inventories, port inventories, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, and main contract positions and trading volumes are presented [4][5] Market Data - On November 13, 2025, the urea main contract closed at 1,658 yuan/ton (+3). The ex - factory price of small - particle urea in Henan was 1,610 yuan/ton (unchanged), in Shandong was 1,600 yuan/ton (unchanged), and in Jiangsu was 1,590 yuan/ton (-10). The price of small - block anthracite was 750 yuan/ton (unchanged). The Shandong basis was - 58 yuan/ton (-3), the Henan basis was - 48 yuan/ton (-3), and the Jiangsu basis was - 68 yuan/ton (-13). Urea production profit was 70 yuan/ton (unchanged), and export profit was 940 yuan/ton (+10) [1] - As of November 13, 2025, the enterprise capacity utilization rate was 84.08% (+0.08%), the total inventory of sample enterprises was 1.4836 million tons (-94,500 tons), and the port sample inventory was 82,000 tons (+3,000 tons) [1] - As of November 13, 2025, the compound fertilizer capacity utilization rate was 30.32% (-0.72%), the melamine capacity utilization rate was 57.48% (+4.28%), and the advance order days of urea enterprises were 7.71 days (+0.42 days) [1] Strategies - Unilateral: Range - bound, opportunistic cash - and - carry arbitrage - Inter - delivery: Wait and see - Inter - commodity: None [3]

就燃料油自身基本面而言，当前自身矛盾较为有限，高低硫价差近期处于底部反弹的阶段，但二者强弱格局暂无 太强的分化预期。 策略 燃料油日报 | 2025-11-14 油价大跌带动盘面价格走低 市场分析 上期所燃料油期货主力合约日盘收跌3.71%，报2595元/吨；INE低硫燃料油期货主力合约日盘收跌4.41%，报3164 元/吨。 昨日原油价格大跌并带动FU、LU大幅走低，欧佩克最新发布的月度石油市场报告显示，随着全球供应增加，石油 市场将在2026年出现小幅过剩。此前欧佩克平衡表预测油市会保持供不应求的格局，欧佩克的态度转向对市场整 体预期存在重要影响。此前市场对于石油过剩问题有分歧，而随着新的机构报告出炉，主要机构对于未来的过剩 前景逐步达成共识。虽然制裁导致的市场分化依然存在，但Q3以来中东、拉美以及俄罗斯的石油供应出现大幅增 长，未来石油累库的问题会更加突出。排除地缘与宏观事件对情绪面的扰动外，基本面对油价的驱动偏空，并将 带动下游燃料油价格中枢整体下移。 高硫方面：短期中性，中期偏空 低硫方面：短期中性，中期偏空 跨品种：逢低多LU2601-FU2601价差 跨期：无 期现：无 期权：无 风险 宏观风险 ...

MSC+Premier Alliance：MSC 11月下半月价格1425/2365；ONE 11月下半月船期1695/2635；HMM上海-鹿特丹11 月下半月船期报价1168/2106; YML 11/15-11/30 报价1250/2000。 Ocean Alliance：CMA 上海-鹿特丹11月下半月船期报价介于3120-3170美元/FEU，12月上半月船期报价介于 3420-3520美元/FEU，12月下半月船期报价2160/3920；EMC 11月下半月船期报价1855/2810；OOCL 11月下半月 船期报价介于2300-2400美元/FEU。 航运日报 | 2025-11-14 11月下半月运价持续修正，关注交易所对于2月合约交割结 算定义 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹47周价格1365/2280，48周价格范围为2000-2100美元/FEU；HPL -SPOT 11 月下半月船期报价1735/2835，12月上半月船期报价1935/3235，12月下半月2435/4035。马士基发布12月份涨价函 2080/3200. 地缘端：在 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The nickel market has a strong wait - and - see sentiment, with high inventories and a supply - surplus pattern remaining. Nickel prices are expected to remain in a low - level oscillation, but the impact of extreme weather in the Philippines on nickel ore supply and potential nickel price rebounds should be monitored [1][3]. - The stainless - steel market is in the consumption off - season, with inventory starting to accumulate and the cost center shifting downwards. Stainless - steel prices are expected to maintain a low - level oscillation [3][4]. 3. Directory Summaries Nickel Variety - **Market Analysis** - **Futures**: On November 13, 2025, the main contract of SHFE nickel 2512 opened at 119,000 yuan/ton and closed at 118,930 yuan/ton, a 0.03% change from the previous trading day. The trading volume was 80,848 (-17,400) lots, and the open interest was 112,711 (-4,118) lots. The contract showed a weak oscillation pattern with shrinking volume and reducing positions, indicating a strong wait - and - see sentiment. Due to weak fundamentals, the rebound momentum was weak, and it is expected to remain in a low - level oscillation [1]. - **Nickel Ore**: The nickel ore market was calm with stable prices. In the Philippines, some terminals in the Surigao mining area were still recovering from typhoon weather, and the shipping efficiency was delayed. The price of downstream nickel - iron decreased, and iron plants continued to lower their psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November decreased by 0.12 - 0.2 dollars/ton, and the current mainstream premium was +26. The Indonesian government announced a 2026 RKAB quota of 3.19 billion tons, but the actual situation depends on next year's policy changes [1]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 122,600 yuan/ton, unchanged from the previous day. The enthusiasm for spot inquiries improved, and downstream buyers made on - demand purchases. The spot premiums of each brand remained stable. The premium of Jinchuan nickel changed by 100 yuan/ton to 3,800 yuan/ton, the premium of imported nickel was unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's SHFE nickel warrant volume was 32,694 (870) tons, and the LME nickel inventory was 251,970 (-144) tons [2]. - **Strategy** - The inventory is high, and the supply - surplus pattern remains unchanged. Nickel prices are expected to remain in a low - level oscillation. In the short term, attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply and potential price rebounds. For single - side trading, range - bound operations are recommended, while there are no suggestions for inter - period, inter - variety, spot - futures, or option trading [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On November 13, 2025, the main contract of stainless steel 2601 opened at 12,470 yuan/ton and closed at 12,475 yuan/ton. The trading volume was 118,571 (+32,719) lots, and the open interest was 150,646 (-4,171) lots. It showed a narrow - range downward oscillation, similar to the trend of SHFE nickel. Entering the consumption off - season, the stainless - steel inventory showed a slight accumulation trend this week, and the futures market was still at the bottom - grinding stage [3]. - **Spot**: Downstream buyers remained in a wait - and - see state, and the spot trading was light, with on - demand purchases as the main mode. Affected by the downward shift of the cost center and trading conditions, the spot price continued to explore the bottom. The stainless - steel price in the Wuxi market was 12,750 (-75) yuan/ton, and in the Foshan market, it was 12,800 (-50) yuan/ton. The premium of 304/2B was 290 - 590 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 907.0 yuan/nickel point [3]. - **Strategy** - Due to the arrival of the consumption off - season, inventory accumulation, and the downward shift of the cost center, stainless - steel prices are expected to maintain a low - level oscillation. For single - side trading, a neutral strategy is recommended, while there are no suggestions for inter - period, inter - variety, spot - futures, or option trading [4].

油料日报 | 2025-11-14 豆一需求清淡价格维稳，花生关注产区上量与油厂动向 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4129.00元/吨，较前日变化+2.00元/吨，幅度+0.05%。现货方面，食用豆现货基 差A01-49，较前日变化-2，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆行情整体平稳，优质大豆价格依然坚挺，且受政策收储支撑，短期内豆价 仍有一定支撑力，其中高蛋白品种价格走势相对更强。目前农户销售意愿尚可，多根据市场行情调整出货节奏， 部分存在一定惜售心理。与此同时，粮食贸易企业收购较为谨慎，多数企业已有一定库存，但往销区的走货速度 相对偏缓。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江双鸭山 宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一日持平；黑龙江佳木斯富锦市场国标一等蛋 白39%蛋白中粒塔粮装车报价2.02元/斤，较前一日持平；黑龙江齐齐哈尔讷河市场国标一等蛋白39%蛋白中粒塔粮 装车报价2.04元/斤，较前一日持平；黑龙江黑河嫩江市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - PE shows a pattern of strong supply and weak demand. The high supply may continue to suppress the upside space of the polyethylene market, and it will mainly maintain a volatile consolidation pattern in the short - term. PP still has supply - demand contradictions, with the cost support strengthening slightly but still having a loosening expectation, and the market will continue to show a wide - range volatile trend. The supply surplus pressure may suppress the upward rebound space [3]. - The recommended strategy is to stay on the sidelines for single - side trading; for inter - period trading, conduct a sell - near - buy - far spread for L01 - 05 and PP01 - 05 at high prices; there is no recommendation for inter - variety trading [4]. 3. Summary According to Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Price and Basis - The closing price of the L main contract is 6,818 yuan/ton (+30), and the closing price of the PP main contract is 6,480 yuan/ton (+20). The LL spot price in North China is 6,800 yuan/ton (+0), the LL spot price in East China is 6,850 yuan/ton (+0), and the PP spot price in East China is 6,480 yuan/ton (+0). The LL basis in North China is - 18 yuan/ton (-30), the LL basis in East China is 32 yuan/ton (-30), and the PP basis in East China is 0 yuan/ton (-20) [1]. 3.1.2 Upstream Supply - The PE operating rate is 83.1% (+0.5%), and the PP operating rate is 79.6% (+1.8%) [1]. 3.1.3 Production Profit - The PE oil - based production profit is 288.4 yuan/ton (+187.2), the PP oil - based production profit is - 321.6 yuan/ton (+187.2), and the PDH - based PP production profit is - 219.6 yuan/ton (-113.8) [1]. 3.1.4 Import and Export - The LL import profit is - 29.4 yuan/ton (+43.1), the PP import profit is - 185.3 yuan/ton (-19.7), and the PP export profit is - 3.3 US dollars/ton (+2.5) [2]. 3.1.5 Downstream Demand - The PE downstream agricultural film operating rate is 50.0% (+0.0%), the PE downstream packaging film operating rate is 50.4% (-0.4%), the PP downstream woven plastic operating rate is 44.2% (-0.2%), and the PP downstream BOPP film operating rate is 62.6% (+0.2%) [2]. 3.2 Market Analysis 3.2.1 PE - Supply: The supply pressure is continuously high. Newly added maintenance of Zhenhai Refining & Chemical Line 1 and Zhongsha Petrochemical linear device, but the maintenance devices are restarting one after another, and the PE operating rate is continuously increasing. In addition, the newly added production capacity of Guangxi Petrochemical is gradually being released [3]. - Demand: The overall downstream operating rate of PE has decreased month - on - month. The increase in the agricultural film operating rate has slowed down, and the demand is expected to shrink after late November. The packaging film operating rate has decreased month - on - month, and the overall demand follow - up is still limited [3]. - Cost: The oil price has rebounded slightly after a decline, but the rebound space is limited due to supply - demand pressure, and the PE oil - based cost support is insufficient [3]. 3.2.2 PP - Supply: There is still an oversupply pattern. The 400,000 - ton new device of Guangxi Petrochemical has been put into trial production, some devices are under maintenance, and some temporary maintenance has alleviated the market supply pressure to a certain extent, but the improvement of the supply - side oversupply pattern is still limited [3]. - Demand: The overall downstream operating rate is gradually weakening, mainly replenishing inventory on a rigid basis at low prices. The demand pull of the e - commerce festival is less than that of the same period, and the demand support is relatively limited [3]. - Cost: The international oil price fluctuates widely, the external propane price rebounds slightly, and the PP cost support strengthens slightly but still has a loosening expectation [3].

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Directory Option Trading Volume - On November 13, 2025, the trading volume of SSE 50 ETF options was 915,600 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1,125,500 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,777,500 contracts; the trading volume of Shenzhen 100 ETF options was 49,900 contracts; the trading volume of ChiNext ETF options was 2,130,800 contracts; the trading volume of SSE 50 index options was 41,000 contracts; the trading volume of CSI 300 index options was 121,100 contracts; the total trading volume of CSI 1000 options was 308,500 contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the previous day, such as 425,200 call contracts and 415,300 put contracts for SSE 50 ETF options, with a total of 840,500 contracts [20] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.57, with a month - on - month change of - 0.10; the position PCR was reported at 1.04, with a month - on - month change of + 0.06. Similar data are provided for other types of options [2] - The table presents the turnover PCR, month - on - month change, position PCR, and month - on - month change of various index ETF options [31] Option VIX - The VIX of SSE 50 ETF options was reported at 16.90%, with a month - on - month change of - 0.34%. Similar data are given for other types of options [3] - The table shows the VIX and month - on - month change values of various index ETF options [47]

Report Summary 1. Core Viewpoints - The shutdown of the RFCC unit at Nigeria's Dangote refinery in December will intensify the global gasoline shortage and reduce WTI crude oil procurement, negatively impacting crude oil demand [2]. - The recent divergence between the crude oil and refined oil markets is due to the limited upward flexibility of refinery operations under refinery capacity elimination and the continuous tightness of refining capacity caused by Ukraine's attacks on Russian refineries [2]. 2. Market Data - On the New York Mercantile Exchange, the December - delivery light - sweet crude oil futures rose 20 cents to $58.69 a barrel, a 0.34% increase; the January - delivery Brent crude oil futures in London rose 30 cents to $63.01 a barrel, a 0.48% increase. The SC crude oil main contract closed down 0.62% at 452 yuan per barrel [1]. - For the week ending November 7 in the US, EIA Cushing crude oil inventory decreased by 346,000 barrels (previous value: 300,000 barrels), EIA crude oil inventory was 6.413 million barrels (expected: 1.96 million barrels, previous value: 5.202 million barrels), and EIA strategic petroleum reserve inventory was 798,000 barrels (previous value: 498,000 barrels) [1]. - The IEA monthly report forecasts the global crude oil demand growth rate in 2025 to be 788,000 barrels per day (previously expected: 710,000 barrels per day), with the total demand in 2026 expected to average 104.7 million barrels per day. OPEC + supply is expected to increase by 1.4 million barrels per day by 2025 and 1.3 million barrels per day by 2026. It also expects the growth of oil demand to slow down in the fourth quarter while supply will further increase [1]. 3. Industry News - The Trump administration has lifted restrictions on oil exploration in the 23 - million - acre Alaska National Petroleum Reserve, reversing a ban implemented by former President Biden. Alaska predicts that the oil field's crude oil production will rise to 139,600 barrels per day in fiscal year 2033, a significant increase from 15,800 barrels per day in fiscal year 2023 [1]. - South Sudan is asking crude oil producers to prepay a total of $2.5 billion and plans to repay through future production that originally belongs to Malaysia's national oil company. South Sudan's national treasury is depleted, and over 90% of its government revenue depends on crude oil exports, which have been almost entirely frozen due to the war in neighboring Sudan [1]. 4. Investment Strategy - In the short term, oil prices are expected to fluctuate weakly; in the medium term, a short - position allocation is recommended, with a strategy of shorting the calendar spread (buying far - dated contracts and selling near - dated contracts, for Brent or WTI) [3]

Report Industry Investment Rating - The investment rating for the industry is neutral [3] Core Viewpoints - Brazilian soybean production is expected to continue increasing, and the oil market will fluctuate [1] - Palm oil has been under pressure recently due to inventory build - up expectations, declining exports, and rising production, but the expectation of biodiesel experiments still provides support, and it is not likely to fall sharply in the short term [2] - The passage of the bill by the US House of Representatives and the upcoming USDA report on the 14th will put some pressure on the oil market [2] Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 8752.00 yuan/ton, a change of +8 yuan or +0.09% [1] - The closing price of the soybean oil 2601 contract yesterday was 8316.00 yuan/ton, a change of +28.00 yuan or +0.34% [1] - The closing price of the rapeseed oil 2601 contract yesterday was 9975.00 yuan/ton, a change of +135.00 yuan or +1.37% [1] Spot - The spot price of palm oil in Guangdong was 8650.00 yuan/ton, a change of -30.00 yuan or -0.35%, and the spot basis was P01 - 102.00, a change of -38.00 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8460.00 yuan/ton, a change of +10.00 yuan/ton or +0.12%, and the spot basis was Y01 + 144.00, a change of -18.00 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10330.00 yuan/ton, a change of +140.00 yuan or +1.37%, and the spot basis was OI01 + 355.00, a change of +5.00 yuan [1] Market Information Summary Brazilian Soybean Forecast - The estimated soybean production in Brazil for the 2025/26 season is 177.6016 million tons, an increase of 6.1199 million tons or 3.6% year - on - year [2] - The estimated soybean planting area in Brazil for the 2025/26 season is 49.0634 million hectares, an increase of 1.7169 million hectares or 3.6% year - on - year [2] - The estimated soybean yield in Brazil for the 2025/26 season is 3.62 tons per hectare, a decrease of 2.0 kg per hectare or 0.1% year - on - year [2] International News - The US House of Representatives has enough votes to pass the temporary appropriation bill, which will be submitted to Trump for signature today [2] - Indian palm oil imports in October were 602,381 tons, compared with 833,017 tons in September [2]

化工日报 | 2025-11-14 EG高供应，本周主港延续累库 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3892元/吨（较前一交易日变动+1元/吨，幅度+0.03%），EG华东市场现货价 3943元/吨（较前一交易日变动-22元/吨，幅度-0.55%），EG华东现货基差59元/吨（环比-3元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产利润为-62美元/吨（环比-1美元/吨），煤制合成气制EG生产利润为-987 元/吨（环比-38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66.1万吨（环比+9.9万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为61.8万吨（环比+5.4万吨）。据CCF数据，上周华东主港计划到港总数14.6万吨，副 港到港量6.1万吨；本周华东主港计划到港总数18.1万吨，副港到港量4.7万吨，本周到港计划较多，预计将再度累 库。隆众口径周四较周一累库1.3万吨。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位运行，国内供应表现宽裕；海外乙二醇海外装置变化有限， 11月中旬附近乙二醇到港计划依旧呈现中性偏多，港口库存预计逐步回升 ...