Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 11, the price of the coking coal futures 2601 contract plunged due to the resonance of negative factors including policy signals, supply - demand patterns, and technical aspects. The market may experience short - term adjustments, and the spot may maintain range - bound oscillations [3]. - A - share major indices opened higher in the morning, then declined and fluctuated. The ChiNext and STAR Market indices led the decline, suppressing the rebound space of the broader market. The market is expected to experience short - term high - level oscillations [6]. - Gold shows signs of moving upwards again after a period of adjustment, and low - buying and long - holding are recommended [11]. - Iron ore is in the process of bottom - seeking, with weak domestic demand support. Technically, it may enter a short - selling trend, and short - selling on rebounds is advisable [13]. - The glass market is undergoing an exit process. Technically, it has broken through support and is expected to be bearish with oscillations [17]. - As the temperature drops, the egg supply will enter a seasonal shortage, and long - buying opportunities should be grasped [21]. - The pulp futures market has shown an oscillatory rebound recently. Although the import volume decreased in October and port inventories declined, the supply is still abundant, and the social demand is weak [25]. 3. Summary by Related Catalogs Hot Focus - The coking coal futures price decline on November 11 was caused by the resonance of policy signals (National Development and Reform Commission's energy supply guarantee meeting), weak demand (low profitability of downstream steel mills, falling pig iron production, and low restocking enthusiasm), and technical factors (bearish moving - average arrangement and downward - running MACD). Investors should be vigilant about the fundamental pressure in the November off - season and focus on support levels and steel mills' winter - storage progress [3]. Technical Analysis - Stock Index Futures - A - share major indices opened high and then declined, with the ChiNext and STAR Market indices being the main decliners. The market volume shrank significantly compared to the previous day. The Shanghai Composite Index closed with a small negative line. The market is expected to oscillate at high levels in the short term [6]. Technical Analysis - Gold - After a period of adjustment, gold shows signs of upward movement again, and low - buying and long - holding are recommended [11]. Technical Analysis - Iron Ore - Iron ore is seeking a bottom, with weak domestic demand support. With the commissioning of the Simandou project, the expectation of supply surplus is intensifying. Technically, it has broken through important support and may enter a short - selling trend, so short - selling on rebounds is recommended [13]. Technical Analysis - Glass - The daily melting volume of glass has changed little, and the inventory has decreased this week. The future trend mainly depends on policy - side stimulus and anti - involution policies for the supply side. Technically, it has broken through support and is expected to be bearish with oscillations [17]. Technical Analysis - Eggs - As the temperature drops, egg production in major northern and southern laying - hen breeding areas will enter the off - season, and the supply will gradually become seasonally tight. Long - buying opportunities should be grasped [21]. Technical Analysis - Pulp - In October, the pulp import volume decreased month - on - month, and domestic port inventories showed a downward trend. However, the supply in the market is still abundant. Although the cultural - paper market has seen some tender invitations, social demand is weak, and paper mills' gross profit is declining. The futures market has shown an oscillatory rebound recently [25].

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 / 1 1 GOLDTRUST FUTURES CO.，LTD PTA ibaotu.com 日度市场情况 主力合约：11月11日PTA主力期货合约TA2601今天下跌0.51%，基差走强至-74元/吨，较前一日上涨4元/吨。 基本面：今日PTA华东地区市场价4604元/吨，较前一交易日上涨10元/吨。成本端原油价格窄幅震荡；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 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：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偏强运行。 MEG 主力合约：11月11日乙二醇主力期货合约eg260 ...

Report Overview - Report Name: Jinxin Futures Daily - Date: November 11, 2025 - Author: Jinxin Futures Research Institute 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term upward trend of soda ash futures is driven by supply disruptions, but the long - term pattern of high inventory and new capacity release in the soda ash industry remains unchanged. For operation, pay attention to device restart and new capacity commissioning progress, and avoid blind chasing of highs [3][4][5]. - The Shanghai Composite Index is expected to continue high - level oscillatory upward movement. Gold shows signs of rising again and low - buying for long positions can be considered. Iron ore may enter a technical short - position trend and short on rebounds is recommended. Glass is expected to be oscillatory and bearish. Eggs present a long - position opportunity due to seasonal supply tightness. Pulp futures show an oscillatory rebound trend [8][13][15][19][22][26]. 3. Summary by Related Catalogs Soda Ash Futures - On the afternoon of November 10, the soda ash futures 2601 contract closed at 1,226 yuan/ton, up 18 yuan or 1.49% from the previous trading day, with the highest intraday reaching 1,230 yuan/ton and the trading volume increasing to over 1.54 million lots [3]. - The core driving force for the rise comes from supply - side disruptions, including production cuts by some enterprises and postponed new capacity commissioning. Low heavy - alkali inventory and the strengthening of glass futures also support the price. However, the long - term situation of high inventory and new capacity release in the soda ash industry remains, and downstream glass demand is still dragged by the real - estate sector [3][4]. - Institutions suggest paying attention to device restart and new capacity commissioning progress, not blindly chasing highs, and short - term long - position opportunities can be grasped near the 1,200 yuan/ton mark [5]. Stock Index Futures - The Shanghai Composite Index slowly oscillated upward and closed with a small positive line. Core CPI growth expanded and the price level stabilized and rebounded. The U.S. Senate reached an agreement to end the government shutdown. The market is expected to continue high - level oscillatory upward movement [8]. Gold - After a period of adjustment, gold shows signs of rising again, and low - buying for long positions can be considered [13]. Iron Ore - With the commissioning of the Simandou project, the expectation of supply relaxation has further intensified. On the demand side, except for exports, the real - estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, it has broken through an important support level and may enter a technical short - position trend, so short on rebounds is recommended [15][16]. Glass - The daily melting volume has little change, and the inventory has decreased this week. The subsequent main drivers lie in policy - side stimulus and supply - side clearance policies. Technically, it broke through the support level today and is expected to be oscillatory and bearish [19]. Eggs - As the temperature drops, laying hens in the main egg - producing areas in the north will enter the winter egg - laying off - season, and those in the south will gradually 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 gradually become prominent. Long - position opportunities can be grasped [22]. Pulp - In October, the pulp import volume decreased month - on - month, and the domestic port inventory showed a downward trend, but the market supply is still abundant. The sporadic publication bidding of cultural paper has boosted market confidence, but the social demand is weak, and the paper mill's gross profit continues to decline. The pulp futures have shown an oscillatory rebound trend recently [26].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For PTA, short - term PTA device operating rate will decline slightly as planned. Spot processing fees will recover slightly but still run at a low level. Without substantial production - cut policies, the supply will be in excess in the long - term. High downstream polyester operation supports demand, and the PTA market is expected to follow the cost side and fluctuate strongly in the short - term [3] - For MEG, the expected arrival volume in the future is large, the visible inventory rises significantly, and there may be continuous inventory accumulation in the far - month. There is an incremental expectation on the supply side. The demand peak season is near the end, and the MEG price is expected to fluctuate weakly in the short - term [4] 3. Summary according to Related Contents PTA - **Market situation**: On November 10, the PTA main futures contract TA2601 rose 1.12%, and the basis strengthened to - 78 yuan/ton, up 14 yuan/ton from the previous day [3] - **Fundamentals**: The market price in East China was 4594 yuan/ton, up 22 yuan/ton from the previous trading day. The crude oil price fluctuated narrowly. The PTA capacity utilization rate decreased by 0.71% to 75.42%. The PTA factory inventory days were 4.09 days, a week - on - week increase of 0.06 days [3] - **Main force trends**: The long - position main force reduced positions [3] MEG - **Market situation**: On November 10, the ethylene glycol main futures contract eg2601 rose 0.56%, and the basis strengthened to 72 yuan/ton, up 1 yuan/ton from the previous day [4] - **Fundamentals**: The market price in East China was 4008 yuan/ton, down 13 yuan/ton from the previous trading day. The crude oil price fluctuated narrowly. The production margins of oil - based and coal - based ethylene glycol losses expanded. The port inventory in East China was 56.4 tons, a week - on - week increase of 6.5 tons [4] - **Main force trends**: There were differences between long and short main forces [4]

Report Summary 1. Report Industry Investment Ratings No relevant content provided in the report. 2. Core Viewpoints - The short - term rise of urea futures is difficult to change the long - term supply - demand imbalance. Although the price may maintain a narrow - range shock in the short term, it is likely to return to a weak consolidation state if there is no new export quota policy. For other varieties, different trading strategies are recommended based on their respective supply - demand and technical conditions [3][4]. 3. Summary by Relevant Catalogs Urea Futures - On November 7, the urea futures 2601 contract closed at 1,668 yuan/ton, up 1.65%, with market sentiment slightly warming. The rise is mainly boosted by the spot end, strengthening the short - term bullish expectation [3]. - Currently, the agricultural demand for urea is in the final stage, and the industrial demand from compound fertilizer enterprises shows a phenomenon of following up on purchases at low prices. However, in 2025, urea is still in the capacity expansion cycle, with nearly 7 million tons of new capacity added throughout the year, and the supply is expected to be loose [3]. - In the short term, the futures price may maintain a narrow - range shock, and the follow - up market depends on the export quota policy. If new quotas are implemented, it may bring phased opportunities; otherwise, the price is likely to return to a weak state [4]. Stock Index Futures - The A - share market showed a pattern of opening low and rising in the morning and falling in the afternoon, with the Shanghai Composite Index fluctuating within 20 points and finally closing with a high - level doji. It is expected that the market will continue to fluctuate upwards at a high level next week [7][8]. Gold - After more than a week of adjustment, gold shows signs of stabilization, and investors can buy on dips [12]. Iron Ore - With the commissioning of the Simandou project, the expectation of loose supply is further fermented. The demand side is weak except for exports, and the real estate and infrastructure are still bottom - seeking. Technically, it broke down today, and the trading strategy is to short on rebounds [14][15]. Glass - The daily melting volume of glass has little change, and the inventory has decreased this week. The subsequent main drivers lie in policy - side stimulus policies and anti - involution policies for the supply side. Technically, investors can pay attention to the opportunity to go long after the price stabilizes at a low level [19][20]. Eggs - As the temperature drops, laying hens in the main egg - producing areas in the north will enter the winter egg - laying off - season, and those in the south will gradually 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 contradiction of seasonal supply shortage will gradually emerge. Investors can take long positions [23]. Pulp - The pulp price in Shandong has remained stable. The price increase of downstream paper enterprises has boosted the pulp price, and the futures have increased in positions and prices. Currently, the supply - demand fundamentals have not changed significantly, the supply is still loose, and the purchasing end is cautious. It is expected that the pulp will continue to operate weakly, and it is recommended to treat it as a low - level shock [26].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For crude oil, on November 2nd, OPEC+ decided to suspend the production increase plan in Q1 2026. Since April 2025, OPEC+ has increased production quotas by over 2.7 million barrels per day. The medium - to long - term supply - demand contradiction remains, with signs of oversupply and weak demand. If geopolitical and trade situations ease and the global economy grows weakly, there may be significant inventory accumulation from late 2025 to early 2026, and Brent crude oil prices are expected to oscillate in the range of $55 - 65 per barrel [3]. - For PX & PTA, domestic PX plants are operating stably, and with the restart of several overseas plants, the overall PX operation rate has increased. The demand side of PTA has shown good performance due to new capacity release. In a tight - balance situation, PX prices fluctuate with crude oil prices, and PXN is supported. Recently, many PTA plants have been shut down for maintenance. There are rumors of coordinated production cuts by PTA manufacturers, but before the implementation of substantial policies, there is an expectation of slight inventory accumulation with increased supply and weak demand before the end of the year. PTA processing margins are running at a low level and are expected to follow the cost side in the short term [3]. - For MEG, the load of ethylene glycol has changed little this week. The continuous contraction of coal - based ethylene glycol profits may suppress the pace of capacity release. There is still a large amount of capacity to be put into production. With limited downstream demand growth, the short - term supply - demand pressure is high, and there is a strong expectation of inventory accumulation. Port inventories have reached a new high this year, and there is an expectation of inventory accumulation by the end of the year. Ethylene glycol is expected to maintain a low - level oscillation pattern in the short term [4]. - For BZ & EB, the future supply of pure benzene is expected to remain high, and the overall downstream demand is currently decreasing marginally, remaining weak in the short term. The inventory in East China ports has started to accumulate, and the accumulation pattern is expected to continue. The processing profit of petroleum benzene has been in a low range. For styrene, short - term maintenance continues, but port arrivals are still normal. The operation rates of downstream 3S are hovering at a low level, and the inventory pressure of three major hard - plastic products is still high. The future supply - demand pattern of styrene is expected to show a rhythm of "phased improvement followed by renewed loosening." The high - inventory problem is difficult to solve in the short term, and the weak pattern may continue, with prices still in the bottom - seeking stage [4]. Summary by Related Catalogs Crude Oil - OPEC+ decided to suspend the production increase plan in Q1 2026. Since April 2025, production quotas have increased by over 2.7 million barrels per day. Medium - to long - term supply - demand contradictions remain, and prices are expected to oscillate in the $55 - 65 per barrel range [3]. PX&PTA - This week, domestic PX plants are operating stably. Overseas restarts have increased the overall operation rate. Domestic PX operation rate is high, with a domestic weekly average capacity utilization of 89.03% (+1.10% week - on - week) and an Asian weekly average of 78.9% (+5.16% week - on - week). PX - naphtha spread has reached around $250 per ton. PX prices follow crude oil prices, and PXN is supported [3][7]. - This week, the PTA spot price is 4,527 yuan/ton (+7 yuan/ton week - on - week), the weekly average capacity utilization is 77.9% (+1.52% week - on - week), and the in - plant inventory days are 4.09 days (+0.06 days week - on - week). Many plants have maintenance plans in November. After the commissioning of the 3 million - ton Dushan Energy Phase 4 plant at the end of October, there will be no new capacity in 2026. PTA processing margins are at a historical low of 140 yuan/ton (+3 yuan/ton week - on - week), and downstream demand is significantly lower than expected [3][13]. MEG - This week, the market price of ethylene glycol is 4,005 yuan/ton (- 146 yuan/ton week - on - week). The total domestic capacity utilization is 65.88% (+0.04% week - on - week), with coal - based capacity utilization at 69.29% (- 4.19% week - on - week). The profit of coal - based ethylene glycol is - 794 yuan/ton (- 197 yuan/ton week - on - week), and the profit of naphtha - based integrated production is - 135 dollars/ton (- 18 dollars/ton week - on - week). Port inventories have reached 56.4 tons (+6.5 tons week - on - week), and the supply - demand pattern shows continuous inventory accumulation [17]. BZ&EB - This week, the pure benzene operation rate is 75.14% (+1.04% week - on - week), and the styrene operation rate is 66.94% (+0.22% week - on - week). BZN has further weakened to around $75 per ton. The downstream PS operation rate is 53.5% (+1.5%), EPS operation rate is 53.9% (- 8.3%), and ABS operation rate is 71.6% (- 0.5%). The pure benzene port inventory is 12.1 tons (+3.6 tons week - on - week), and future inventory accumulation is expected. Styrene port and in - plant inventories have slightly declined after reaching the peak, and terminal demand has not shown obvious improvement [30]. Polyester Industry - This week, the average weekly capacity utilization of the domestic polyester industry is 87.38% (+0.27 week - on - week), and the comprehensive operation rate of chemical fiber weaving in the Jiangsu and Zhejiang regions is 69.45% (+0.45% week - on - week). The average terminal weaving order days are 16.10 days (- 1.76 days week - on - week). In November, the market is at the end of the traditional peak production season, and order volume has slightly declined, but there is still some support from orders for autumn - winter fabrics and next - year's spring - like fabrics. Orders are mainly for domestic restocking, and the delivery rhythm is normal, but foreign orders are still weak [23].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The coniferous pulp futures have stabilized, boosting the market and leading to a slight improvement in spot transactions. The foreign market price of broadleaf pulp has been continuously increasing, providing cost support for the firmness of the spot price. However, the pattern of high inventory and weak demand remains unchanged, and the market lacks directional guidance. It is expected that the upward space for pulp is limited, and the market will maintain a volatile trend [7]. 3. Summary by Related Catalog Demand - During the week, the production of household paper, coated paper, and white cardboard decreased, while the production of offset paper increased [6]. Supply - The sample production of Chinese broadleaf pulp was 250,000 tons, an increase of 13,000 tons compared to last week. The sample broadleaf pulp market remained stable this period, and the production enterprises' equipment returned to normal production. It is expected that the sample production will maintain a stable trend in the short term [7]. Inventory - As of November 6, 2025, the sample inventory of mainstream pulp ports in China was 2.008 million tons, a decrease of 53,000 tons compared to the previous period, with a month - on - month decline of 2.6%. The inventory showed a narrow - range destocking trend this period [7]. - The inventory changes of different ports: Qingdao Port decreased by 3.9% (from 1.41 million tons to 1.355 million tons), Changshu Port increased by 0.6% (from 503,000 tons to 506,000 tons), Gaolan Port increased by 64.7% (from 34,000 tons to 56,000 tons), Tianjin Port decreased by 29.2% (from 72,000 tons to 51,000 tons), and Rizhao Port decreased by 4.8% (from 42,000 tons to 40,000 tons) [9]. Profit - The price of domestic waste paper continued to rise, and due to strong cost pressure, the gross profit of corrugated paper, boxboard paper, and white board paper shrank. The demand for bobbin paper was good, and the increase in the price of base paper exceeded the cost, resulting in a 11.00% month - on - month increase in gross profit. Due to more positive news on the demand side of social white cardboard, the increase in base paper price was greater than that of pulp price, and the gross profit increased by 78.18% month - on - month. The price of cultural printing paper base paper remained flat, while the price of domestic chemimechanical pulp increased month - on - month, so the gross profit of double - copper paper decreased by 4.37% month - on - month [7]. - Specific profit data: The gross profit of boxboard paper decreased by 3.24% (from 683 yuan/ton to 661 yuan/ton), corrugated paper decreased by 7.79% (from 408 yuan/ton to 376 yuan/ton), bobbin paper increased by 11.00% (from 100 yuan/ton to 111 yuan/ton), white board paper decreased by 9.73% (from 339 yuan/ton to 306 yuan/ton), social white cardboard increased by 78.18% (from 110 yuan/ton to 196 yuan/ton), offset paper decreased by 2.37% (from - 253 yuan/ton to - 259 yuan/ton), double - copper paper decreased by 4.37% (from 183 yuan/ton to 175 yuan/ton), and household paper remained unchanged at 149 yuan/ton [11].

Report Information - Report Name: Goldtrust Futures Daily Journal - Report Date: November 7, 2025 - Report Institution: Goldtrust Futures Research Institute Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The short - term rise of urea futures is difficult to change the long - term supply - demand imbalance. Although the short - term futures price may maintain a narrow - range shock, the long - term price is likely to return to a weak consolidation state. Opportunities for short - term long positions can be grasped, and the follow - up market depends on the export quota policy [3][4]. - For A - share index futures, the market is expected to continue to oscillate upward at a high level [7]. - For gold, after more than a week of adjustment, there are signs of stabilization, and low - level buying for long positions can be considered [12]. - For iron ore, considering the possible short - term decline of hot metal and the approaching of the lower edge of the daily - level oscillation range, low - level long positions can be considered, but long - term supply is expected to be loose [15][16]. - For glass, pay attention to the long - position opportunities after the price stabilizes at a low level, and the subsequent driving force lies in policy - side stimulus and anti - involution policies [19][20]. - For eggs, as the supply of eggs will be seasonally tight, long - position opportunities can be grasped [22]. - For pulp, due to the stable supply and cautious purchasing attitude, it is expected to run weakly, and a low - level oscillation should be considered [25]. Summary by Related Catalogs Urea Futures - On November 6, the urea futures 2601 contract closed at 1,640 yuan/ton, with a 0.74% increase. The rise was mainly boosted by the spot end, strengthening the short - term bullish expectation [3]. - Currently, the agricultural demand for urea is in the final stage, while the industrial demand from compound fertilizer enterprises shows a phenomenon of following up on purchases when the price is low. However, in 2025, urea is in a capacity expansion cycle, with nearly 7 million tons of new capacity added throughout the year, and the supply is expected to be loose [3]. A - share Index Futures - The three major A - share indexes opened higher and moved higher in the morning and maintained an oscillating upward trend throughout the day. The trading volume of the Shanghai and Shenzhen stock markets was 2.06 trillion yuan, with the Shanghai Composite Index finally standing firmly above 4,000 points. The market is expected to continue to oscillate upward at a high level [7][8]. Gold - After more than a week of adjustment, gold shows signs of stabilization, and low - level buying for long positions can be considered [12]. Iron Ore - After the holiday, there is no actual improvement at the terminal, and hot metal may decline in the short term. Technically, it is approaching the lower edge of the daily - level oscillation range, so low - level long positions can be considered. In the long term, supply is expected to be loose with the commissioning of the Simandou project [15][16]. Glass - The daily melting volume of glass has little change, and the inventory has decreased this week. The subsequent driving force lies in policy - side stimulus and anti - involution policies for the supply side. Pay attention to the long - position opportunities after the price stabilizes at a low level [19][20]. Eggs - As the temperature drops, egg production in major laying - hen areas in the north will enter the winter off - season, and in the south, it will enter the early stage of the winter off - season. The monthly supply of commercial eggs will stop increasing and start to decline, and long - position opportunities can be grasped [22]. Pulp - The pulp price in Shandong has remained stable. The price increase of downstream paper enterprises has boosted the pulp price, and the futures have increased in position and price. However, the supply is still loose, and the purchasing attitude is cautious. It is expected to run weakly, and a low - level oscillation should be considered [25].

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].