Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: November 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - Soda ash continues its weak pattern of supply - demand imbalance. In the short - term, it will experience bottom - grinding oscillations, and in the medium - to - long - term, it may be treated with a strategy of shorting on rebounds [8] - The current glass price has limited room to decline further. The mid - term market direction is still dominated by fundamentals. Without new market expectations, the downward trend of the market is difficult to reverse [9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 26, the main soda ash futures contract SA601 oscillated at a low level. The closing price was 1,175 yuan/ton, remaining unchanged from the previous day, with a daily reduction of 27,403 lots in positions [7] - Soda ash maintains a weak supply - demand imbalance. Although weekly production and operating rates have declined, the absolute output remains high. Downstream float glass has a weak supply - demand situation, and the terminal real estate and photovoltaic demand show no significant improvement. Cost supports prices, but high inventory restricts price increases [8] Glass - On the fundamental side, the spot performance is lower than market expectations. The impact of the concentrated production suspension in Shahe is less than expected. Supply is stable, inventory remains high after the holiday, and demand from the real estate market is weak. However, as industry profits decline, cold - repairs are accelerating. If 5,000 tons of production lines are cold - repaired by the end of the year, inventory can be reduced, and a new supply - demand balance can be achieved. The glass price is currently undervalued, with limited room for further decline [9] 2. Data Overview - The report presents various data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [13][17][18]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The futures market of polyolefins opened low and fluctuated. The spot prices were weak due to cautious trading sentiment. The supply may increase week - on - week, while the demand is at the end of the peak season with slow follow - up orders. With the easing of geopolitical risks, crude oil prices declined, and the polyolefin market is under pressure with a weak downward price trend [3][4] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - The plastic L2601 contract closed at 6,707 yuan/ton, down 89 yuan/ton (-1.31%), with an increase in open interest. The PP2601 contract closed at 6,265 yuan/ton, down 90 yuan (-1.42%), with a decrease in open interest. The supply may increase week - on - week as the restarted plants' load - up is slow and there is no new maintenance this week. The demand is at the end of the peak season, and downstream procurement enthusiasm is weakening. Crude oil prices are under pressure due to potential inventory build - up, and the polyolefin market is facing cost and fundamental pressures [3][4] 3.2 Industry News - On November 26, 2025, the major producers' inventory was 655,000 tons, a decrease of 30,000 tons (-4.38%) from the previous workday, compared with 605,000 tons in the same period last year. PE market prices were weakly adjusted. The LLDPE prices in North, East, and South China were in the ranges of 6,720 - 7,000 yuan/ton, 6,900 - 7,300 yuan/ton, and 6,980 - 7,350 yuan/ton respectively. The mainstream price of propylene in Shandong market rose 50 yuan/ton to 6,050 - 6,100 yuan/ton, putting pressure on PP costs. The PP market was weakly sorted, with some prices loosening by 10 - 30 yuan/ton. The mainstream prices of North, East, and South China were in the ranges of 6,140 - 6,320 yuan/ton, 6,240 - 6,430 yuan/ton, and 6,330 - 6,500 yuan/ton respectively [5] 3.3 Data Overview - The report presents multiple figures including L and PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and its year - on - year change amplitude, but specific data values are not described in detail in the text [7][10][14]

Report Information - Report Title: Asphalt Daily Report [1] - Date: November 27, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The oil price has no support, the supply and demand of asphalt are both weak, the basis has significantly narrowed, and the market will mainly move in a volatile manner [6] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: For BU2601, the opening price was 3054 yuan/ton, the closing price was 3043 yuan/ton, the highest was 3068 yuan/ton, the lowest was 3024 yuan/ton, the daily change was -0.56%, and the trading volume was 18.79 million lots. For BU2602, the opening price was 3046 yuan/ton, the closing price was 3037 yuan/ton, the highest was 3060 yuan/ton, the lowest was 3022 yuan/ton, the daily change was -0.78%, and the trading volume was 8.55 million lots [6] - **Spot Market**: The spot price of asphalt in Shandong continued to decline, while prices in other regions remained generally stable. Yangzi Petrochemical has no plan to resume asphalt production after a brief restart. Zhenhai Refining & Chemical, Dongming Petrochemical, and Shengxing Petrochemical all plan to resume asphalt production, and the asphalt plant operating rate is expected to rebound slightly. Cold air has affected most parts of China again, with road demand in the Northeast and Northwest stagnant, but there is still rush - construction demand in Shandong and other regions, and demand is expected to remain stable [6] 2. Industry News - **Shandong Market**: The mainstream transaction price of 70A asphalt was 2960 - 3470 yuan/ton, a decrease of 15 yuan/ton from the previous working day. The supply of asphalt spot resources in the Shandong market is abundant, some refineries are eager to sell contracts to preempt market demand in advance, and the quotes of some brand resources by traders have been lowered, leading to a continued downward trend in prices [7] - **East China Market**: The mainstream transaction price of 70A asphalt was 3200 - 3400 yuan/ton, remaining stable from the previous working day. The demand in the East China market continued to be weak and stable, the social inventory shipments were stable and the inventory decreased, and the overall inventory of refineries also decreased as some refineries had previously shut down. However, the asphalt production of Zhenhai and Jinling was large at the end of the month, the overall market supply was abundant, and the truck - transportation price of the main refinery in Ningbo was lowered today, so the price in the East China market is expected to decline [7] 3. Data Overview - The report presents multiple data charts, including those on South China asphalt spot prices, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][14][22]

行业 原油日报 日期 2025 年 11 月 27 日 一、行情回顾与操作建议 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot price of industrial silicon remains stable, providing limited room for futures price speculation. The weekly production reduction of industrial silicon continues to increase, and the output has slightly decreased. However, the demand side has also weakened simultaneously. The organic silicon enterprises have reached a consensus on production reduction, leading to a decline in the December operating rate, and the seasonal production reduction of polysilicon is ongoing. The imbalance between supply and demand has not been reversed. The approaching centralized cancellation of futures warehouse receipts provides spot liquidity, and the high inventory situation remains unchanged. The price of the 2601 contract will be supported by the spot price in the near - term decline and will generally continue to fluctuate strongly [4] 3. Summary by Relevant Catalogs 3.1. Market Performance - The industrial silicon futures price fluctuated within a narrow range. The closing price of Si2601 was 9,020 yuan/ton, with a gain of 0.28%. The trading volume was 369,225 lots, and the open interest was 2,639,190,529 lots, a net decrease of 3,390 lots [4] 3.2. Spot Price - The spot price was stable. The price of Sichuan 553 was 9,250 yuan/ton, and that of Yunnan 553 was 9,150 yuan/ton. The price of Sichuan 421 was 10,050 yuan/ton, the price of Xinjiang 421 was 9,700 yuan/ton, and the price of Inner Mongolia 421 was 9,700 yuan/ton [4] 3.3. Market News - On November 26th, the industrial silicon warehouse receipt volume of the Guangzhou Futures Exchange was 40,425 lots, a net decrease of 289 lots compared to the previous trading day [5] - In October 2025, the export volume of China's primary polysiloxane in the organic silicon sector was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary polysiloxane in the organic silicon sector was 460,500 tons, a year - on - year increase of 1.51% [5]

行业 国债日报 日期 2025 年 11 月 26 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) | | | 表1：国债期货11月25日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2512 | 115.720 | 115.600 | 115.320 | 115.460 | -0.400 | -0.35 | 45123 | 32229 | -15079 | | TL2603 | 115.540 | 115.380 | 115.160 | 115.280 | -0.380 | -0.33 | 123788 | 135646 | 16728 | | TL2606 | 115.610 | 115.550 | 115.310 | ...

行业 鸡蛋 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 日期 2025 年 11 月 26 日 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 26, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The spot SCFIS index rose 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping companies' price increase in December was less than expected. Maersk's quotes are the most aggressive, suppressing the price increase space of other airlines. There is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush. Shorting is not cost-effective. Pay attention to the possibility that the off-season April contract may be overvalued, and focus on the positive spread opportunity between the 02 and 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS index rose 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping companies' price increase in December was less than expected. Maersk's quotes are the most aggressive, suppressing the price increase space of other airlines. There is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Pay attention to the actual implementation of cargo volume and price increases [8] - Operation suggestions: Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush. Shorting is not cost-effective. Pay attention to the possibility that the off-season April contract may be overvalued, and focus on the positive spread opportunity between the 02 and 04 contracts [8] 2. Industry News - From November 17th to November 21st, the China Export Container Transport Market was basically stable, and the freight rates in the long-haul routes showed an adjustment trend, with the comprehensive index declining. On November 21st, the Shanghai Export Container Composite Freight Index was 1393.56 points, a 4.0% decrease from the previous period [9] - European routes: The initial value of the eurozone's consumer confidence index in November was -14.2, lower than market expectations, indicating that consumers remain cautious about the economic outlook and consumer demand is still suppressed. The recovery prospects of the European economy still face challenges. This week, the shipping demand lacked further growth momentum, and the spot market booking prices declined. On November 21st, the market freight rate from Shanghai Port to basic ports in Europe (ocean freight and ocean freight surcharges) was $1367/TEU, a 3.5% decrease from the previous period [9] - Mediterranean routes: The supply-demand fundamentals are slightly better than those of European routes, and the market freight rates increased slightly. On November 21st, the market freight rate from Shanghai Port to basic ports in the Mediterranean (ocean freight and ocean freight surcharges) was $2055/TEU, a 1.3% increase from the previous period [9] - North American routes: Due to the US government shutdown, the US September non-farm payrolls report was postponed to this week. The number of new jobs in September was 119,000, better than market expectations, but the unemployment rate rose to 4.4%, the highest in four years. The weak performance of the employment market indicates that the future US economic outlook is not optimistic. This week, the shipping demand growth was weak, and the market freight rates continued to decline. On November 21st, the market freight rates from Shanghai Port to basic ports in the US West and US East (ocean freight and ocean freight surcharges) were $1645/FEU and $2384/FEU respectively, a 9.8% and 8.3% decrease from the previous period [10] - Middle East situation: After Israel launched an air strike on Gaza, Hamas threatened to end the ceasefire agreement. The Israeli Defense Forces and Shin Bet carried out a coordinated operation in the Gaza Strip, targeting senior Hamas members involved in major attacks, maritime infiltration, tunnel construction, and hostage-taking. The US has informed mediators and partner countries preparing to join the Gaza International Stabilization Force that if Hamas refuses to disarm, Israel will be allowed to resume military operations. The Israeli military carried out multiple air strikes in Lebanon, and the situation may continue to escalate [10] 3. Data Overview 3.1 Container Shipping Spot Prices | Route | November 24, 2025 | November 17, 2025 | Change | Week-on-Week Change | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1639.37 | 1357.67 | +281.7 | +20.7% | | SCFIS: US West Routes (Basic Ports) | 1107.85 | 1238.42 | -130.57 | -10.5% | [12] 3.2 Container Shipping Index (European Routes) Futures Market | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2512 | 1,779.7 | 1,792.3 | 1,650.0 | 1,697.4 | -129.7 | -7.29% | 6884 | 6454 | -408 | | EC2602 | 1,576.2 | 1,590.0 | 1,453.5 | 1,501.8 | -122.7 | -7.78% | 51412 | 48279 | 4946 | | EC2604 | 1,141.0 | 1,159.0 | 1,126.4 | 1,140.2 | -14.6 | -1.28% | 5004 | 17016 | 920 | | EC2606 | 1,363.9 | 1,378.4 | 1,338.0 | 1,354.1 | -25.9 | -1.90% | 272 | 1629 | 95 | | EC2608 | 1,481.1 | 1,498.0 | 1,464.0 | 1,471.6 | -17.1 | -1.15% | 171 | 1399 | 74 | | EC2610 | 1,108.1 | 1,113.0 | 1,108.0 | 1,111.3 | -0.1 | -0.01% | 563 | 2556 | 65 | [6] 3.3 Shipping-related Data Charts - The report provides charts on European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of Jianxin Futures [17][21]

油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 行业 纯碱、玻璃日报 日期 2025 年 11 月 26 日 ＃summary＃ 每日报 ...

Report Overview - Report Date: November 26, 2025 [2] - Reported Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Market Review and Operation Suggestions Market Review - Zhengzhou cotton futures showed a volatile upward trend. The latest price index of Grade 328 cotton was 14,832 yuan/ton, up 39 yuan/ton from the previous trading day. The quoted price of machine-picked cotton in Northern Xinjiang was around 14,600 - 14,800 yuan/ton on a legal weight basis, with a few low prices at 14,500 - 14,600 yuan/ton. The basis of the same quality of spot goods was between CF01 + 1000 - 1350, and a few low prices were within 1000. The mainstream basis of machine-picked cotton of Grade 41 in Northern Xinjiang was above CF01 + 900 [7]. - The trading volume in the pure cotton yarn market decreased, with fewer new orders. Downstream buyers mainly made purchases based on rigid demand. High-count yarn maintained a good sales trend, and the price remained stable. The prices of other varieties of yarn decreased slightly, with some manufacturers reducing prices by 100 - 200 yuan/ton. The market for all-cotton garment greige fabrics remained sluggish, and the inventory level was still rising. The conventional varieties faced intense homogeneous competition due to poor demand, and the demand for some differentiated varieties was also scarce. In the export market, there was a significant shortage of terminal orders, and the competition among greige fabric mills for orders was fierce [7]. - Overseas, as of the week ending November 21, 2025, the cumulative inspection volume of U.S. upland cotton and Pima cotton was 1.5066 million tons, accounting for 49.1% of the estimated annual U.S. cotton production, 15% slower than the same period last year. In the domestic market, the purchase of cottonseed in Xinjiang was almost completed, and the daily inspection volume was at a peak. The market's expectation of Xinjiang's cotton production in the 2025/26 season increased with the progress of the purchase. The downstream market remained weak. Last week, the finished product inventory of spinning mills increased slightly, and the operating rate decreased slightly. In some local areas, the sales of some products were relatively good, and the pressure on the finished product inventory of downstream enterprises was not high. Spinning mills made rigid purchases of raw materials. Recently, after the cancellation of warehouse receipts from the 2024/25 season, there were few warehouse receipts from the 2025/26 season. In the short term, supported by cost, it was advisable to try to go long at low prices and pay attention to the performance of the upper pressure level [8]. Operation Suggestions - In the short term, supported by cost, try to go long at low prices and pay attention to the performance of the upper pressure level [8] 2. Industry News - As of November 23, 2025, a total of 1,044 cotton processing enterprises across the country processed cotton and conducted notarized inspections in accordance with the reform plan of the cotton quality inspection system. The cumulative inspection volume was 16,370,365 bales, totaling 3.6958 million tons, an increase of 92,000 tons from the previous day. Among them, the inspection volume in Xinjiang was 16,221,448 bales, totaling 3.6625 million tons, an increase of 91,400 tons from the previous day; the inspection volume in inland areas was 77,487 bales, totaling 17,100 tons [9] 3. Data Overview - The report presents multiple charts related to the cotton market, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, total warehouse receipts, USD/CNY exchange rate, and USD/INR exchange rate. All data sources are from Wind and the Research and Development Department of CCB Futures [18][19][16]