Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is expected to follow the cost side and fluctuate with a slightly upward trend in the short term, while the ethylene glycol price is expected to weaken and fluctuate in the short term [3][4] Summary by Related Content PTA - **Market Conditions**: On November 06, the PTA main futures contract TA2601 rose 2.27%, and the basis was -144 yuan/ton, down 70 yuan/ton from the previous day [3] - **Fundamentals**: The market price of PTA in East China was 4540 yuan/ton, up 30 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly. The PTA capacity utilization rate increased by 0.10% to 77.19% compared with the previous day. The PTA factory inventory days within the week were 4.03 days, a decrease of 0.04 days month-on-month [3] - **Main Force Movements**: Short - side main forces increased positions [3] - **Trend**: In the short term, the PTA plant operating rate decreased slightly, the inventory accumulation pressure eased, the spot processing fee was around 140 yuan/ton and operated at a low level, the supply was still in excess, the downstream polyester operating rate rebounded, and the PTA market was expected to follow the cost side and fluctuate with a slightly upward trend [3] MEG (Ethylene Glycol) - **Market Conditions**: On November 06, the ethylene glycol main futures contract eg2601 rose 0.56%, and the basis was 44 yuan/ton, down 22 yuan/ton from the previous day [4] - **Fundamentals**: The market price of ethylene glycol in East China was 3946 yuan/ton, down 22 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly, the production gross profit losses of oil - based and coal - based ethylene glycol further expanded, and the total inventory of MEG ports in East China within the week was 49.9 tons, an increase of 1.6 tons month - on - month [4] - **Main Force Movements**: There were differences between long - side and short - side main forces [4] - **Expectation**: The expected arrival volume of ethylene glycol in the future will increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol plants have been under maintenance and restarted simultaneously, and there are still plans for new plants to test - run, so there is an expectation of supply increase. Although terminal orders increased during the Double Eleven period, the peak demand season is coming to an end, and the ethylene glycol price is expected to weaken and fluctuate in the short term [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term rise of urea futures lacks strong fundamental support, and the long - term supply - demand imbalance remains. However, there may be short - term long opportunities, and the follow - up market depends on the export quota policy [3][5]. - The stock index futures are expected to continue to oscillate upward at a high level [9]. - Gold shows signs of stabilization after adjustment and can be bought at low levels [14]. - For iron ore, wait for a stabilization signal as it approaches the lower edge of the daily - level oscillation range, and there is a long - term expectation of loose supply [17][18]. - Glass is expected to maintain an oscillating trend in the short term, and its future drive lies in policy - side stimulus and anti - involution policies [21][22]. - There is a seasonal supply shortage of eggs, and long opportunities should be grasped [24]. - Pulp is expected to run weakly and should be treated as a low - level oscillation [28]. 3. Summary by Related Catalogs Urea Futures - On November 5, the urea futures 2601 contract closed at 1632 yuan/ton, up 8 yuan or 0.49% from the previous day, driven by the spot market. But in 2025, urea is in a capacity expansion cycle with nearly 7 million tons of new capacity added annually. The demand is in the traditional off - season, and the total demand increment is far less than the supply increment [3][4]. Stock Index Futures - The index closed with a solid mid -阳线. Affected by high - valuation concerns, global risk assets tumbled. The central bank carried out 700 billion yuan of outright reverse repurchase operations. The market is expected to continue to oscillate upward at a high level [9]. Gold - After more than a week of adjustment, gold shows signs of stabilization and can be bought at low levels [14]. Iron Ore - After the holiday, the terminal situation has not actually improved, and molten iron may decline periodically. Technically, it is approaching the lower edge of the daily - level oscillation range. In the long term, with the commissioning of the Simandou project, there is an expectation of loose supply [17][18]. Glass - The daily melting amount has little change, and the inventory has decreased this week. Technically, it冲高回落 today and is expected to oscillate in the short term. The future drive lies in policy - side stimulus and anti - involution policies [21][22]. Eggs - As the temperature drops, egg - laying hens in the main breeding areas in the north will enter the winter egg - laying off - season, and those in the south will enter the early stage of the winter egg - laying off - season. The monthly total supply of commercial poultry eggs will stop increasing and start to decline, and the seasonal supply shortage will become prominent [24]. Pulp - The pulp price in Shandong remains stable. The price increase of downstream paper enterprises boosts the pulp price, and the futures increase in positions and prices. The supply is still loose, and the procurement side is cautious. It is expected to run weakly and should be treated as a low - level oscillation [28].

基本情况 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 今日山东地区纸浆价格稳定，下游纸企涨价提振纸浆价格，但涨价函落地情况尚有待观察，部分浆 厂停工检修，供应端压力稍减；9月书报杂志零售额约211亿元，同比下降7%（而8月同比大增12%）， 文化纸消费并未延续8月的同比向好；而港口库存仍相对高位，限制纸浆价格。目前供需基本面未明 显波动，港口去化程度依然低于预期，下游采购心态谨慎，预计纸浆仍将偏弱运行，建议低位震荡 对待。 金 信 期 货 纸 业 日 刊 2 0 2 5 / 1 1 / 0 5 本刊由金信期货研究院撰写 纸浆期货基本面分析 GOLDTRUST FUTURES 数据来源：同花顺iFinD、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO.，LTD 纸浆指数 收盘价：纸浆指数 持仓量：纸浆指数 ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 1 / 0 5 GOLDTRUST FUTURES CO.，LTD 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势：短期PTA装置开工率小幅下降，累库压力缓解，现货加工费150元/吨左右低位运行，供应仍偏过剩，下游聚酯开工率反弹回升， 短期预计PTA市场跟随成本端震荡偏强运行。 MEG 主力合约：11月05日乙二醇主力期货合约eg2601下跌0.14%，基差为66元/吨，较前一日下跌14元/吨。 基本面：今日乙二醇华东地区市场价3968元/吨，较前一交易日下跌42元/吨。成本端原油价格窄幅震荡，油制与煤制乙二醇的生产毛 利亏损进一步扩大，周内华东地区MEG港口库存合计49.9万吨，环比增加1.6万吨。 主力动向：多空主力分歧 预期：乙二醇未来到港量预期增加，远月存在累库预期。近期部分乙二醇装置检修重启并行，且后续仍有新装置计划试车，供应端有 增量预期。双十一期间终端订单有所增加， ...

Report Summary 1. Report Industry Investment Ratings No relevant content provided. 2. Core Views - On November 4, the price of the soybean meal futures 2601 contract declined, mainly due to the obvious pattern of loose domestic supply - demand and the resonance effect of market expectation adjustment. The contract price will remain under pressure in the short - term, and short - selling opportunities should be grasped [3][6]. - The A - share market is expected to continue high - level oscillations. Gold shows signs of stabilization after more than a week of adjustment and low - buying for long positions is recommended. Iron ore is expected to decline in the short - term and should be regarded as oscillating bearishly. Glass will likely maintain an oscillating trend in the short - term. Paper pulp is expected to run weakly and should be treated as low - level oscillations [9][14][16][20][27]. 3. Summary by Related Catalogs Soybean Meal - The decline of the soybean meal futures 2601 contract price on November 4 was due to the loose domestic supply - demand pattern and market expectation adjustment. Supply - side pressure is the primary suppressing factor, with high expected soybean imports from September to December, high arrivals in November, and increasing oil mill operating rates leading to continuous inventory accumulation. The unimplemented soybean meal import agreement with Argentina has formed an expected supply increase. On the demand side, the planned reduction of the breeding sow inventory and restrictions on the slaughter scale of leading enterprises have led to weak demand. In the short - term, the contract price will be under pressure, and attention should be paid to domestic de - stocking progress and South American soybean sowing. The domestic oil mill soybean crushing volume has remained high recently, with light downstream transactions. It is expected that the oil mill operating rate will still be high in November, with a monthly soybean crushing volume of about 9 million tons and soybean meal output of about 7 million tons, higher than the average November consumption in the past three years. The oil mill soybean meal inventory is expected to rise above 1.2 million tons by the end of November, and short - selling opportunities should be grasped [3][4][5][6][23]. Stock Index Futures - The A - share market had an overall intraday pattern of rising and then falling, with a small decline at the end. The Fed's statement on a possible December interest - rate cut is still uncertain. The market is expected to continue high - level oscillations [9]. Gold - After more than a week of adjustment, gold shows signs of stabilization, and low - buying for long positions is recommended [14]. Iron Ore - After the holiday, the terminal situation has not actually improved, and molten iron output may decline periodically. Technically, it has fallen near the previous high and should be regarded as oscillating bearishly. In the short - term, supply is affected by long - term agreement negotiations and accidents, but in the long - term, supply is expected to be loose with the commissioning of the Simandou project [16][17]. Glass - The daily melting volume has changed little, and inventory has decreased this week. The subsequent driving factors mainly lie in policy - side stimulus and anti - involution policies for supply - side clearance. Technically, it rebounded slightly today and is expected to maintain an oscillating trend in the short - term [20]. Paper Pulp - The pulp price in Shandong has remained stable. Although downstream paper mills' price increases have boosted the pulp price, the supply - demand fundamentals have not changed significantly, port de - stocking is lower than expected, and the purchasing side is cautious. It is expected to run weakly and should be treated as low - level oscillations [27].

Report Information - Report Title: Jinxin Futures PTA Ethylene Glycol Daily [1] - Date: November 4, 2025 [1] PTA Analysis Market Conditions - On November 4, the PTA main futures contract TA2601 fell 0.04%, with a basis of -86 yuan/ton, up 20 yuan/ton from the previous day [3] - The market price of PTA in East China was 4,510 yuan/ton, down 30 yuan/ton from the previous trading day [3] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The PTA capacity utilization rate was 78.34%. There were many maintenance and changes of devices under low processing fees recently [3] - The inventory days of PTA factories in the week were 4.03 days, a decrease of 0.04 days compared to the previous period [3] Main Force Trends - There was a divergence between long and short main forces [3] Market Outlook - In the short term, the PTA device operating rate decreased slightly, the inventory accumulation pressure was relieved, and the spot processing fee was running at a low level of about 150 yuan/ton. The supply was still in excess, while the downstream polyester operating rate rebounded. It is expected that the PTA market will follow the cost - end and oscillate strongly in the short term [3] MEG Analysis Market Conditions - On November 4, the ethylene glycol main futures contract eg2601 fell 2.47%, with a basis of 80 yuan/ton, down 10 yuan/ton from the previous day [4] - The market price of ethylene glycol in East China was 4,010 yuan/ton, down 80 yuan/ton from the previous trading day [4] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The production gross profit losses of oil - based and coal - based ethylene glycol further expanded. The total inventory of MEG ports in East China in the week was 49.9 tons, an increase of 1.6 tons compared to the previous period [4] Main Force Trends - The long main force reduced positions [4] Market Outlook - The expected arrival volume of ethylene glycol in the future is expected to increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol devices have been under maintenance and restarted, and there are still new device trial - run plans in the future, with an expected increase in the supply side. Although the terminal orders increased during the Double Eleven period, the peak demand season is coming to an end. It is expected that the price center of ethylene glycol will oscillate weakly in the short term [4]

Group 1: Glass Futures - The glass 2601 futures fluctuated upward on November 3rd, reaching a maximum of 1,126 yuan/ton and closing slightly higher. The rise was due to the temporary dominance of the expected side in the long - short game [3]. - The core drivers are: spot price cuts stimulating demand, with many regions' sales - to - production ratios exceeding 100%, and mid - downstream replenishment providing short - term price support; coal price increases pushing up production costs and providing a rigid bottom for low prices; the approaching industry meeting spurring policy - favorable expectations, and some funds closing positions in advance to avoid risks, leading to a rise with reduced positions [3]. - Four coal - fired production lines in the Shahe area stopped feeding on November 2nd, involving a daily production capacity of 2,400 tons. After the news, local glass traders stocked up, and the sales - to - production ratio on Sunday reached 166%, the highest since the National Day holiday [3]. - In the short term, attention should be paid to the implementation and breakthrough of industry meeting policies, and short - long opportunities should be grasped [4]. - Technically, the glass futures rose and then fell today, and may maintain a volatile operation in the short term. The daily melting change is small, inventory has decreased this week, and future drivers mainly lie in policy - side stimulus and anti - involution policies for supply - side clearance [19][20]. Group 2: A - share Index - A - share's three major indexes opened lower and moved lower in the morning. The Shanghai Composite Index turned positive first near noon, and the Shenzhen Component Index and the ChiNext Index followed in the afternoon. The Shanghai Composite Index closed with a small阳线 with a long lower shadow. The market is expected to continue to fluctuate at a high level [7]. Group 3: Gold - After more than a week of adjustment, gold shows signs of stabilizing, and investors can buy on dips [12]. Group 4: Iron Ore - After the holiday, there is no actual improvement at the terminal, and hot metal production may decline periodically. Technically, it fell back near the previous high, and is regarded as oscillating bearishly [15]. - In the short term, there are long - term agreement negotiations and accident disturbances on the supply side, but in the long term, with the commissioning of the Simandou project, the expectation of loose supply still exists [16]. Group 5: Eggs - The inventory of laying hens continues to increase, and the supply of eggs is relatively sufficient, suppressing the price rebound. However, based on the current price and cost, future egg - chicken farming is expected to incur a loss of 16.90 yuan per chicken. Investors can grasp short - long opportunities [23]. Group 6: Pulp - The pulp price in Shandong remains stable. Downstream paper mills' price increases boost the pulp price, but the supply - demand fundamentals have not changed significantly, the port inventory reduction is still lower than expected, and the purchasing side is cautious. Pulp is expected to continue to operate weakly and should be treated as a low - level oscillation [26].

2025/11/03 金 信 期 货 PT A乙 二 醇 日 刊 本刊由金信期货研究院撰写 GOLDTRUST FUTURES CO.，LTD 主力合约：11月3日主力合约eg2601基差为90元/吨，较前一日下跌2元/吨 华东地区市场价4090元/吨，较前一交易日下跌21元/吨 基本面：成本端原油连续下跌后企稳，煤炭价格上涨，今日MEG期货主力合约下跌1.32%；周内华东地区MEG港口库存合计49.9万吨， 环比增加1.6万吨。 主力动向：多空主力分歧 预期：乙二醇未来到港量预期增加，远月存在累库预期。近期部分乙二醇装置检修重启并行，且后续仍有新装置计划试车，供应端有 增量预期。双十一期间终端订单有所增加，但需求旺季已近尾声，短期预计乙二醇价格重心偏弱震荡。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 PTA PTA ibaotu.com 日度市场情况 主力合约：11月3日主力合约TA2601基差为-66元/吨，较前一日上涨6元/吨 华东地区市场价4540元/吨，较前一交易日上涨30元/吨。 基本面：成本端原油连续下跌后企稳，受石油化工板块的带动， ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - The pulp market is expected to remain weak, and it is recommended to treat it as a low - level oscillation. The pulp and offset paper futures prices are likely to continue an oscillating and bearish trend, and it is advisable to sell short at high prices [4][14]. 3. Summary by Relevant Catalogs Pulp Futures Fundamental Analysis - **Basic Situation**: In Shandong, pulp prices are stable. Downstream paper mills' price increases boost pulp prices, but the implementation of price increase letters needs further observation. Some pulp mills are under maintenance, reducing supply - side pressure. In September, the retail sales of books, newspapers, and magazines were about 21.1 billion yuan, a year - on - year decrease of 7% (compared to a 12% year - on - year increase in August), and cultural paper consumption did not continue the positive trend in August. High port inventories limit pulp prices. The supply - demand fundamentals have not changed significantly, port de - stocking is lower than expected, and downstream procurement is cautious [4]. Double - Offset Paper Futures Fundamental Analysis - **Basic Situation**: In Shandong, double - offset paper prices are stable. Starting from November, many paper products from various manufacturers will increase in price by 200 yuan/ton, which is favorable for futures prices, and the futures prices continue an oscillating and slightly upward trend. It is recommended to continue to monitor the de - stocking situation [14]. Main Force Trends - For pulp, the short - side main force has increased positions, which is bearish. For double - offset paper, the short - side main force has also increased positions, which is bearish [23].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The decline of the lithium carbonate 2601 contract on October 31 was due to short - term profit - taking of funds and cautious market sentiment. However, the fundamental support remained unchanged. The current decline was a normal correction in the upward trend, and the short - term high - level volatile game pattern remained [3][4]. - For stock index futures, it was expected that the market would continue to fluctuate at a high level next week [7]. - Gold showed signs of stabilizing after more than a week of adjustment, and it was advisable to buy on dips [12]. - For iron ore, the molten iron might decline periodically, and it should be regarded as oscillating with a downward bias [15]. - For glass, the inventory had decreased this week, and the future trend mainly depended on policy - side stimulus and supply - side clearance. Technically, it was regarded as oscillating with a downward bias [19]. - For eggs, although the supply was sufficient, considering the expected losses in egg - chicken farming, there were short - term long - buying opportunities [22]. - For pulp, it was expected to continue to operate weakly and be treated as oscillating at a low level [25]. 3. Summary by Related Catalogs Hot Focus: Lithium Carbonate - On October 31, the lithium carbonate 2601 contract fell 3.42% to 82,363 yuan/ton. The decline was driven by short - term profit - taking of funds and cautious market sentiment. When the previous price approached the resistance level of 85,000 yuan/ton, some long - positions took profits, intensifying the market volatility [3]. - From the fundamental perspective, the demand side showed that the sales volume of new energy vehicles in October increased by 49.6% year - on - year, and the power battery loading volume also increased significantly. The production schedule of lithium iron phosphate in November showed the characteristic of "not being off - season in the off - season". On the supply side, although the lithium salt production increased slightly month - on - month, the production of lithium from externally purchased raw materials was generally at a loss, and lithium mica plants had a strong sentiment of holding prices, forming a cost support around 70,000 yuan/ton [3]. - The current inventory was at a historical high but continued to decline, and the futures still had a premium over the spot. The short - term decline space was limited [4]. Technical Analysis - **Stock Index Futures**: The stock index futures closed with a medium - sized阴线. The market was expected to continue to fluctuate at a high level next week. Relevant news included positive Sino - US relations and a decline in the manufacturing PMI in October [7]. - **Gold**: After more than a week of adjustment, gold showed signs of stabilizing, and it was advisable to buy on dips [12]. - **Iron Ore**: After the holiday, the terminal situation did not improve substantially, and the molten iron might decline periodically. Technically, it fell back near the previous high and was regarded as oscillating with a downward bias. In the long - term, with the commissioning of the Simandou project, the supply was expected to be loose [15][16]. - **Glass**: The daily melting volume changed little, and the inventory decreased this week. The future trend mainly depended on policy - side stimulus and supply - side clearance. Technically, the rebound ended, and it was regarded as oscillating with a downward bias after two consecutive days of negative closes [19]. - **Eggs**: The inventory of laying hens continued to increase, suppressing the price rebound. However, based on the current price and cost, the future egg - chicken farming was expected to incur a loss of 16.90 yuan per chicken, so there were short - term long - buying opportunities [22]. - **Pulp**: The pulp price in Shandong remained stable. The current supply - demand fundamentals did not change significantly, the port de - stocking was lower than expected, and the purchasing side was cautious. It was expected to continue to operate weakly and be treated as oscillating at a low level [25].