Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For jujube futures, it's necessary to be cautious when bottom - fishing. The main tone is to build a bottom through oscillation, and short - term long positions are recommended [2][3]. - For stock index futures, the Shanghai Composite Index closed with a mid - negative line, forming a three - consecutive - negative trend. The short - term market is expected to continue high - level oscillation [6]. - For gold, after a rebound, it is currently approaching an important resistance level. Oscillation will intensify at this stage, and it is expected to oscillate for some time [11]. - For iron ore, it is in the process of finding a bottom with weak domestic demand support. Technically, it is running strongly today and should be treated with a wide - range oscillation strategy, buying low and selling high [13]. - For glass, the daily melting volume changes little, and the inventory reduction is not sustainable. The main drivers are policy - side stimulus and anti - involution policies for supply - side clearance. Technically, it has broken through the support level and shows no sign of stabilization, so it should be regarded as oscillating with a downward bias [17]. - For methanol, this week, the inventory at methanol ports has accumulated, and the overall unloading speed is good. The inventory in the East China region has accumulated under stable supply, while the inventory at South China ports has slightly decreased. There are opportunities for short - term short and long - term long positions [20]. - For pulp, the import volume in October decreased month - on - month, and the domestic port inventory is on a downward trend. However, the supply in the market is still abundant. The downstream cultural paper has started sporadic publication tenders, boosting market confidence, but the social demand is flat, and the paper mill's gross profit continues to decline. The futures market has shown an oscillating and downward - biased trend recently [23]. 3. Summary by Relevant Catalogs Jujube Futures - On November 18, the jujube futures 2601 contract closed at 9,285 yuan/ton, up 1.25%. But the market doesn't have clear conditions for heavy - position bottom - fishing, and short - term long positions are appropriate [3]. - Fundamentally, the old - season inventory has increased by over 120% year - on - year. The new jujube harvesting progress is 60% - 80%. The supply - demand pressure has not been relieved. The consumption peak season has not started, and the purchasing in sales areas is cautious, lacking substantial demand support. However, the basis has converged, the futures are at a discount to the spot, the warehouse receipt registration volume is low, and the old - jujube discount delivery rule limits the decline, narrowing the downward space of the futures price [3]. - Technically, after the contract fell below 10,000 points, it entered an oscillating range. A trend reversal takes time for oscillation and bottom - building [3]. Stock Index Futures - The Shanghai Composite Index closed with a mid - negative line, forming a three - consecutive - negative trend. The Asia - Pacific market tumbled, with the Japanese and South Korean stock markets falling by over 3%. The Fed is expected not to cut interest rates in the first half of next year. The short - term market is expected to continue high - level oscillation [6]. Gold - After a rebound, gold is currently approaching an important resistance level. Oscillation will intensify at this stage, and it is expected to oscillate for some time [11]. Iron Ore - With the commissioning of the Simandou project, the expectation of supply surplus is further fermented. In terms of demand, except for the remaining momentum in exports, the real estate and infrastructure sectors are still in a downturn [13][14]. - Technically, it is running strongly today and should be treated with a wide - range oscillation strategy, buying low and selling high [13]. Glass - The daily melting volume changes little, and the inventory reduction is not sustainable. The main drivers are policy - side stimulus and anti - involution policies for supply - side clearance [17]. - Technically, it has broken through the support level and shows no sign of stabilization, so it should be regarded as oscillating with a downward bias [17]. Methanol - This week, the inventory at methanol ports has accumulated, and the overall unloading speed is good. The inventory in the East China region has accumulated under stable supply, while the inventory at South China ports has slightly decreased [20]. - There are opportunities for short - term short and long - term long positions [20]. Pulp - The import volume in October decreased month - on - month, and the domestic port inventory is on a downward trend. However, the supply in the market is still abundant [23]. - The downstream cultural paper has started sporadic publication tenders, boosting market confidence, but the social demand is flat, and the paper mill's gross profit continues to decline. The futures market has shown an oscillating and downward - biased trend recently [23].

金 信 期 货 PT A乙 二 醇 日 刊 本刊由金信期货研究院撰写 2025/11/18 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：11月18日PTA主力期货合约TA2601今天下跌0.55%，基差走弱至-79元/吨，较前一日下跌6元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价4605元/吨，较前一交易日下跌14元/吨。成本端原油价格持稳；供给端PTA产能利用率73.46%. 较前日下降2.64%；周度PTA工厂库存天数3.97天，环比减少0.12天 主力动向：多头主力减仓 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！ 预期：PTA装置开工率小幅下降，属计划范围的变动。现货加工费有所回升仍在低位运行，如果没有实质性减产政策落地远期看供应 仍偏过剩，下游聚酯开工维持高位对需求形成支撑，短期预计PTA市场跟随成本端震荡运行。 MEG 主力合约：11月18日乙二醇主力期货合约eg2601下跌0.64%，基差走强至48元/吨， ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 17, the upward movement of the soda ash futures 2601 contract was driven by the triple resonance of policy expectations, supply contraction, and cost support. However, the core contradictions of high industry inventory and weak downstream demand remain unchanged, and the short - term increase is still an event - driven rebound [3][4]. - For stock index futures, the market is expected to continue high - level oscillations in the short term [7]. - Gold is approaching an important resistance level after a rebound, and it is expected to oscillate for some time [11]. - Iron ore is in the process of bottom - seeking with weak domestic demand support. It should be treated as a wide - range oscillation, with high - selling and low - buying strategies [13]. - Glass futures are in a downward trend without a stabilization signal and should be regarded as bearish with oscillations [17]. - For methanol, there is an opportunity to short in the short term and go long in the long term, considering the inventory situation in different ports [20]. - Pulp futures are showing an oscillatory rebound trend, with a decline in imports in October, a de - stocking trend in domestic ports, but still abundant supply and weak social demand [24]. 3. Summary by Related Catalogs Soda Ash Futures - Policy aspect: The market focuses on the soda ash industry "anti - involution" seminar on November 18. Topics such as production capacity regulation and price self - discipline have triggered positive expectations, and funds have pre - arranged to boost market sentiment [4]. - Supply aspect: Since November, enterprises such as Ningxia Risheng and Chongqing Heyou have a total of 2.45 million tons of equipment under maintenance, and another 3.05 million tons of equipment are planned for maintenance. Some enterprises have stopped production due to cost pressure, leading to a decline in industry capacity utilization and a short - term relief of supply pressure [4]. - Cost aspect: Since November, the prices of coal and natural gas have risen, pushing up the marginal cost of soda ash production, and some spot quotes have been raised, forming a linkage support [4]. - Other factors: The strengthening of glass futures has driven the sentiment of the industrial chain to warm up, and the increased trading activity of funds has further magnified the upward trend [4]. Stock Index Futures - The market closed with a small negative line, and trading volume shrank again. The State Council executive meeting has deployed measures to promote consumption and stabilize investment, and a new round of reserve requirement ratio cuts and interest rate cuts is expected. The short - term market is expected to continue high - level oscillations [7]. Gold - After a period of rebound, gold is approaching an important resistance level, and the volatility has increased at this stage. It is expected to oscillate for some time [11]. Iron Ore - With the commissioning of the Simandou project, the expectation of loose supply has further fermented. On the demand side, except for the remaining momentum in exports, the real estate and infrastructure sectors are still in a weak state. Technically, it closed with a large positive line today and should be treated as a wide - range oscillation [13][14]. Glass - Technically, it has broken through the support level and is in a downward trend without a stabilization signal. The daily melting volume has little change, and the continuity of de - stocking is not strong. The main driving forces are policy - side stimulus policies and anti - involution policies for supply - side clearance [17][18]. Methanol - This week, the inventory in methanol ports in East China has accumulated due to stable supply, while the inventory in South China ports has slightly decreased. There is an opportunity to short in the short term and go long in the long term [20]. Pulp - In October, the import volume of pulp decreased month - on - month, and domestic port inventories showed a de - stocking trend. However, the supply in the market is still abundant. The sporadic publication tenders of cultural paper have boosted market confidence, but social demand is weak, and the gross profit of paper enterprises continues to decline. The futures market is showing an oscillatory rebound trend [24].

金信期货日刊 本刊由金信期货研究院撰写 2025/11/17 GOLDTRUST FUTURES CO.，LTD 玻璃期货下跌：供需失衡下的弱势延续 ibaotu.com 热点聚焦 11月14日，玻璃期货2601合约结算价报1041元/吨，单日下跌20元，跌幅1.90%，盘中最低触及1030元/ 吨，延续近期弱势格局。此次下跌并非偶然，核心驱动力仍是供需失衡与市场预期转弱的共振。 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！ 供应端刚性犹存，全国浮法玻璃日熔量维持高位，虽部分产区有短期限产，但新增产能释放与冷修减少支 撑供应，难以形成有效收缩。 需求端疲软是关键矛盾，房地产竣工面积同比下滑拖累核心需求，深加工企业订单同比降25%，叠加季节 性需求转淡预期，采购意愿低迷。 高库存压力进一步压制价格，当前全国浮法玻璃库存同比增幅近30%，远超均衡区间，去库进程缓慢。资 金面同样偏空，主力合约净空持仓扩大，技术面均线失守后弱势难改。 短期来看，供需矛盾未改，价格易跌难涨，但成本支撑与政 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The fundamentals of pulp futures have not improved. It is recommended to view it as range - bound and sell on rallies [7]. - The fundamentals of double - offset paper futures have not improved. It is recommended to view it as range - bound and sell on rallies [18]. 3. Summary by Variety Pulp - **Demand**: Demand is flat, with only rigid demand replenishment. Terminal orders in the downstream base paper market are limited, and paper mills' raw material procurement is cautious. Only sporadic publishing tenders in the cultural paper field have slightly boosted market confidence, but demand has not improved substantially. The overall operating rate of downstream finished paper has declined [5]. - **Supply**: Supply is relatively abundant. Although the domestic pulp import volume decreased in October, port inventories are still ample. Overseas prices have fluctuated, but there is no shortage of supply [5]. - **Inventory**: As of November 13, 2025, the inventory of mainstream ports in China was 211.0 million tons, a week - on - week increase of 10.2 million tons or 5.1%. The inventory shifted from narrow - range destocking to high - level accumulation [5]. - **Profit**: Paper mill profits continue to decline. Although the pulp futures market rebounded, weak downstream demand has led to a lack of support for price increases in the finished paper market, and the industry profit is contracting [6]. Double - offset Paper - **Demand**: Demand remains weak. This week, the domestic sales volume of double - offset paper was 169.6 thousand tons. Only sporadic orders were released in the publishing field, and social printing demand was sluggish. The market transaction was light, and only some downstream enterprises replenished inventory moderately [17]. - **Supply**: Supply increased slightly. This week, the operating rate of double - offset paper was 51.40%, a week - on - week increase of 0.16 percentage points, but the growth rate narrowed. The industry output reached 175.6 thousand tons, and imports remained at a low level [17]. - **Inventory**: Inventory decreased from an increase but the pressure still exists. This week, the inventory days of double - offset paper decreased by 0.66% compared with last week. Although paper mill inventories decreased slightly, the overall inventory pressure has not been substantially alleviated [17]. - **Profit**: The industry is still in a loss state. Although some paper mills' planned price increases may offset cost pressure slightly, the industry has been in a loss situation since October, and rising costs and weak demand have failed to reverse the loss pattern [17]. Waste Paper - **Demand**: Demand is strong and rising. The e - commerce festival and year - end promotions have led to concentrated procurement by downstream cardboard and carton factories. The seasonal recovery of cultural paper has also increased the demand for waste paper, driving up the procurement volume of waste cartons. The operating rate of paper mills exceeded 85%, and leading paper mills have raised purchase prices [26]. - **Supply**: Supply is continuously tight. The recycling volume of waste cartons has decreased in many domestic areas, and import restrictions and price increases of imported recycled pulp have increased the demand for domestic waste cartons. Some paper mills' maintenance has further exacerbated the supply gap [26]. - **Inventory**: Overall, there is a narrow - range destocking trend. As of November 6, the inventory of mainstream ports in China was 200.8 million tons, a week - on - week decrease of 5.3 million tons or 2.6%. Downstream cardboard factories' raw material inventories are mostly at medium - to - high levels, while paper mills' raw material inventories are generally low [26]. - **Profit**: Industry profits are clearly divided. The cost pressure of corrugated paper and boxboard paper has increased, and gross profit has shrunk. However, the demand for yarn tube paper is good, and the gross profit of some high - end paper types has remained at a good level [27]. Boxboard Paper (Packaging Paper) - **Demand**: Demand shows resilience. The e - commerce replenishment demand after the "Double 11" promotion and the subsequent Chinese New Year goods stocking demand support the demand for boxboard paper. Downstream cardboard factories have a certain demand for boxboard paper, driving some paper mills to raise prices [36]. - **Supply**: Supply is structurally tightened. Leading paper mills such as Nine Dragons and Shanying have raised prices, but due to the shortage of raw material waste paper, some medium - and large - sized paper mills in East and South China have announced machine shutdowns for maintenance in mid - November, resulting in a decrease in overall market supply [36]. - **Inventory**: The inventory turnover is 10.5 days, which is relatively controllable. However, the high - level raw material inventories of downstream cardboard factories have restricted their replenishment, and the low raw material inventories of paper mills have affected the production and stocking rhythm of boxboard paper [36]. - **Profit**: The immediate profit is 270 yuan, and profitability has some support. The price increase of boxboard paper and the rising cost of raw material waste yellow board paper have affected the profit margin, which is in a moderate recovery state [36].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The market has reached a consensus on the oversupply of crude oil, and the price is expected to fluctuate weakly. PX and PTA are expected to follow the crude oil price fluctuations. MEG is expected to continue to oscillate at the bottom. The price rebounds of BZ and EB may not be sustainable [4][5] Group 3: Summary by Commodity Crude Oil - The OPEC+ meeting decided to increase production by 137,000 barrels per day in December and suspend production increases in Q1 2026. The peak demand season is over, US crude oil inventories are rising, and production is at a record high. The market is concerned about Russian oil exports [4] PX & PTA - Domestic PX load is at a high of 90%, with multiple units restarting and increasing load. PTA has new capacity, and the supply - demand pattern is tight. PXN is stable at around $250/ton. PTA has many unit shutdowns for maintenance, with a weekly开工率 of 75.8%. There is an expectation of supply increase and demand weakness before the end of the year, with a slight inventory build - up [4][8][14] MEG - The overall load of ethylene glycol has changed little. Coal - based MEG profits are shrinking, and the开工 rate is decreasing. Cost support is weakening, port inventories are at a high, and it is expected to continue to oscillate at the bottom in the short term [5][18] BZ & EB - The pure benzene开工率 is rising, and future planned maintenance is limited. Downstream demand is weakening, but overseas blending oil demand may provide some support. Benzene ethylene开工率 is recovering, and the short - term supply contraction effect may fade. The fundamentals of BZ and EB have limited positives, and price rebounds may not be sustainable [5][26][27] Polyester - The average weekly产能利用率 of the Chinese polyester industry is 87.52%, with little change. Downstream polyester short - fiber and long - fiber inventories are slightly decreasing. The comprehensive开工率 of the Jiangsu and Zhejiang textile industry is 67.99%, and new orders are weakening [21]

Group 1: Report Summary - The report provides daily futures analysis from Goldtrust Futures on November 14, 2025, covering multiple futures including soda ash, stock index, gold, iron ore, glass, methanol, and pulp [1][2] - The overall view is that the soda ash market is in a state of cost support and oversold rebound, and investors should seize long - position opportunities. For other futures, different trading strategies are proposed based on their fundamentals and technical aspects [3][5] Group 2: Soda Ash Futures - On November 13, the soda ash futures 2601 contract closed at 1,229 yuan/ton, up 23 yuan or 1.89%, with a trading volume of 1.2939 million lots, showing a trend of rising price and volume [3] - The rise is due to cost support and technical repair, not a fundamental reversal of the supply - demand pattern. High supply and high inventory remain the core contradictions, with national soda ash inventory above 1.7 million tons, and weak demand in the glass industry [3][4] - Technically, the contract showed support at around 1,186 yuan, and recent KD and MACD indicators formed golden crosses, boosting short - term bullish sentiment [4] Group 3: Stock Index Futures - The stock index futures closed with a positive line. The Ministry of Industry and Information Technology promotes the expansion of power battery applications and supports innovation in battery - swapping models and vehicle - grid interaction pilots. OPEC's monthly report indicates a potential oversupply in the global oil market next year [8] - It is expected that the market will continue to fluctuate higher in the short term [8] Group 4: Gold Futures - After a period of adjustment, gold shows signs of rising again, and investors can buy on dips [13] Group 5: Iron Ore Futures - Iron ore is in the process of finding a bottom, with weak domestic demand support. Technically, it has broken through important support and may enter a technical short - position trend. The strategy is to short on rebounds [15] - With the commissioning of the Simandou project, the expectation of supply surplus is further fermented. On the demand side, except for exports, the real estate and infrastructure sectors are still sluggish [16] Group 6: Glass Futures - The daily melting volume of glass has little change, and inventory has decreased this week. The subsequent drivers mainly depend on policy - side stimulus and anti - involution policies for the supply side [20] - Technically, it has broken through the support level and shows no sign of stabilization, so it should be regarded as bearish with fluctuations [19] Group 7: Methanol Futures - This week, methanol inventory at ports in East China has accumulated, with a good unloading speed. In the cycle, rigid demand pick - up in Jiangsu and Zhejiang is stable month - on - month, and there is support from trans - shipment vessels in the Yangtze River area. In South China, inventory has slightly decreased [22] - Investors can seize short - term long - position opportunities [22] Group 8: Pulp Futures - In October, pulp imports decreased month - on - month, and domestic port inventory showed a downward trend, but the supply in the market is still abundant. The sporadic publication bidding of cultural paper has boosted market confidence, but the social demand is flat, and paper mills' gross profit continues to decline. The futures market has shown a volatile rebound recently [25]

Report Overview - The report is a daily publication from Goldtrust Futures Research Institute, covering PTA and MEG futures markets on November 13, 2025 [1][3][4] PTA Market Market Performance - On November 13, the PTA main futures contract TA2601 rose 0.64%, and the basis weakened to -79 yuan/ton, down 1 yuan/ton from the previous day [3] Fundamental Information - The market price of PTA in East China was 4565 yuan/ton, down 27 yuan/ton from the previous trading day - The cost of crude oil prices fell again - The PTA capacity utilization rate was 75.42% - There were many maintenance and changes in plants under low processing fees recently - The inventory days of PTA factories within the week were 4.09 days, a week-on-week increase of 0.06 days [3] Main Force Trends - There was a divergence between long and short main forces [3] Market Expectations - In the short term, the PTA plant operating rate will decline slightly, which is a planned change - The spot processing fee will recover slightly but still operate at a low level - Without substantial production reduction policies, the supply will remain in excess in the long term - The high operation of downstream polyester will support demand - The PTA market is expected to fluctuate following the cost side in the short term [3] MEG Market Market Performance - On November 13, the ethylene glycol main futures contract eg2601 rose 0.05%, and the basis was 63 yuan/ton, unchanged from the previous day [4] Fundamental Information - The market price of ethylene glycol in East China was 3943 yuan/ton, down 10 yuan/ton from the previous trading day - The cost of crude oil prices fell again, and the production margins of oil-based and coal-based ethylene glycol remained in the red - The total inventory of MEG ports in East China within the week was 56.4 tons, a week-on-week increase of 6.5 tons [4] Main Force Trends - The long main force increased positions [4] Market Expectations - The expected arrival volume of ethylene glycol in the future is high, and the visible inventory has increased significantly - The far-month may continue to accumulate inventory - Recently, some ethylene glycol plants have been under maintenance and restarted, and there are still new plants planned to be commissioned - The supply side is expected to increase - Terminal orders increased during the Double Eleven period, but the peak demand season is coming to an end - The price center of ethylene glycol is expected to fluctuate weakly in the short term [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The short - term rise of the soybean oil futures 2601 contract is a rebound, but the medium - term outlook is bearish. Investors should adopt a "short - term long, long - term short" strategy [2][3]. - The A - share market is expected to experience short - term high - level fluctuations [7]. - Gold shows signs of rising again and can be bought on dips [12]. - Iron ore may enter a technical bearish trend and shorting on rebounds is recommended [14][15]. - Glass is viewed as oscillating bearishly [17][18]. - There are short - term long opportunities in methanol [20]. - The pulp futures market shows an oscillating rebound trend [24]. 3. Summary by Related Catalogs Hot Focus - On November 12, the soybean oil futures 2601 contract closed at 8266 yuan/ton, up 36 yuan or 0.44% from the previous trading day. The rise is due to the emotional repair of the oil and fat sector and downstream replenishment demand. However, the medium - term bearish pattern remains unchanged [3]. Technical Analysis - Stock Index Futures - The three major A - share indexes opened lower and fluctuated downward in the morning. The Shanghai Composite Index ended with a doji star. The market is expected to have short - term high - level oscillations [7][8]. Technical Analysis - Gold - After a period of adjustment, gold shows signs of rising again, and low - buying for long positions is advisable [12]. Technical Analysis - Iron Ore - With the commissioning of the Simandou project, the supply is expected to be more abundant. The demand side is weak except for exports, and it may enter a technical bearish trend [14][15]. Technical Analysis - Glass - The daily melting volume of glass changes little, and the inventory has decreased this week. The future drivers depend on policy - side stimulus and anti - involution policies. It is viewed as oscillating bearishly [17][18]. Technical Analysis - Methanol - This week, the methanol port inventory has accumulated in the East China region and slightly decreased in the South China region. There are short - term long opportunities [20]. Technical Analysis - Pulp - In October, the pulp import volume decreased month - on - month, and the domestic port inventory is in a destocking trend. The supply is still abundant, and the futures market shows an oscillating rebound trend [24].

金 信 期 货 PT A乙 二 醇 日 刊 本刊由金信期货研究院撰写 2025/11/12 GOLDTRUST FUTURES CO.，LTD PTA ibaotu.com 日度市场情况 主力合约：11月12日PTA主力期货合约TA2601今天下跌0.17%，基差走弱至-78元/吨，较前一日下跌4元/吨。 基本面：今日PTA华东地区市场价4592元/吨，较前一交易日下跌12元/吨。原油价格小幅上扬，WTI站稳61美元/桶的价格，成本端 形成支持；供给端PTA产能利用率75.42%；近期低加工费下装置的检修与变动较多；周内PTA工厂库存天数4.09天，环比增加0.06 天 主力动向：多头主力减仓 预期：短期PTA装置开工率小幅下降，属计划范围的变动。现货加工费小幅回升仍在低位运行，如果没有实质性减仓政策出台远期看 供应仍偏过剩，下游聚酯高开工对需求有支撑，短期预计PTA市场跟随成本端震荡运行。 MEG 主力合约：11月12日乙二醇主力期货合约eg2601下跌0.77%，基差走强63元/吨，较前一日上涨5元/吨。 基本面：今日乙二醇华东地区市场价3953元/吨，较前一交易日下跌26元/吨。成本端原油价格上涨，油制 ...