1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On Thursday, the HC2601 contract decreased in positions and consolidated. Most provinces, municipalities, and autonomous regions have suspended automobile replacement subsidies or scrapping and renewal subsidies. The weekly output of hot-rolled coils continued to decline slightly, with the capacity utilization rate dropping to 80.13%. Downstream demand decreased slightly, and inventory increased slightly. Overall, both the output and apparent demand of hot-rolled coils have fallen from their highs, and the fundamentals are mixed, causing the hot-rolled coil futures price to enter a range-bound consolidation. Technically, the 1-hour MACD indicator of the HC2601 contract shows that DIFF and DEA have rebounded to near the 0-axis. It is recommended to conduct short-term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,254 yuan/ton, a decrease of 1 yuan; the position volume was 1,302,507 lots, a decrease of 8,957 lots; the net position of the top 20 in the HC contract was -52,146 lots, an increase of 7,583 lots; the HC1-5 contract spread was -9 yuan/ton, an increase of 3 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 137,606 tons, an increase of 12,063 tons; the HC2601 - RB2601 contract spread was 208 yuan/ton, a decrease of 9 yuan [2] 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,310 yuan/ton, unchanged; in Guangzhou, it was 3,270 yuan/ton, unchanged; in Wuhan, it was 3,330 yuan/ton, a decrease of 10 yuan; in Tianjin, it was 3,200 yuan/ton, unchanged. The basis of the HC main contract was 56 yuan/ton, an increase of 1 yuan; the price difference between hot-rolled coils and rebar in Hangzhou was 70 yuan/ton, a decrease of 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 781 yuan/wet ton, an increase of 1 yuan; the price of quasi-primary metallurgical coke in Hebei was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 148.9481 million tons, an increase of 3.5557 million tons; the inventory of coke at sample coking plants was 361,500 tons, a decrease of 12,900 tons; the inventory of coke at sample steel mills was 6.2656 million tons, a decrease of 23,200 tons; the inventory of billets in Hebei was 1.2 million tons, an increase of 4,300 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.15%, an increase of 1.42 percentage points; the blast furnace capacity utilization rate was 87.79%, a decrease of 0.80 percentage points. The weekly output of hot-rolled coils at sample steel mills was 3.1366 million tons, a decrease of 45,000 tons; the capacity utilization rate of hot-rolled coils was 80.13%, a decrease of 1.15 percentage points. The factory inventory of hot-rolled coils at sample steel mills was 775,200 tons, an increase of 900 tons; the social inventory of hot-rolled coils in 33 cities was 3.33 million tons, a decrease of 200 tons. The monthly output of domestic crude steel was 73.49 million tons, a decrease of 3.88 million tons; the net export volume of steel was 9.279 million tons, a decrease of 641,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles was 3.359 million vehicles, an increase of 83,200 vehicles; the monthly sales volume was 3.322 million vehicles, an increase of 95,600 vehicles. The monthly output of air conditioners was 18.0948 million units, an increase of 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, an increase of 674,400 units; the monthly output of household washing machines was 11.7849 million units, an increase of 1.653 million units [2] 3.6 Industry News - On November 13, Mysteel information showed that the actual output of hot-rolled coils this period was 3.1366 million tons, a decrease of 45,000 tons compared with the previous period; the factory inventory was 775,200 tons, an increase of 900 tons; the social inventory was 333,000 tons, a decrease of 200 tons; the total inventory was 4.1052 million tons, an increase of 700 tons; the apparent demand was 3.1359 million tons, a decrease of 7,100 tons compared with the previous week. According to the Passenger Car Association, from November 1 - 9, the retail sales of the national passenger car market were 415,000 vehicles, a 19% decrease compared with the same period in November last year; the retail sales of the national new energy passenger car market were 265,000 vehicles, a 5% decrease compared with the same period in November last year [2]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - On November 13, the closing price of the coking coal 2601 contract was 1214.0, down 0.29%. The spot price of Tangshan Mongolian No. 5 clean coal was 1550, equivalent to 1330 on the futures market. The mine's operating rate has declined for three consecutive weeks due to safety inspections, inventory is neutral, and the total inventory of the middle and lower reaches shows a seasonal upward trend. The daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should pay attention to risk control [2]. - On November 13, the closing price of the coke 2601 contract was 1686.0, down 0.30%. The third round of price increases for coke has been implemented. The demand for molten iron continues its seasonal decline, with a molten iron output of 234.22 (-2.14) tons. The total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants nationwide is -22 yuan/ton. The daily K - line is below the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should pay attention to risk control [2]. Summary by Relevant Catalogs Futures Market - The closing price of the JM main contract was 1214.00 yuan/ton, down 5.00; the closing price of the J main contract was 1686.00 yuan/ton, down 3.50. The JM futures contract open interest was 941024.00 lots, up 11489.00; the J futures contract open interest was 48706.00 lots, down 207.00. The net open interest of the top 20 coking coal contracts was -100998.00 lots, up 1324.00; the net open interest of the top 20 coke contracts was -3608.00 lots, up 450.00. The JM5 - 1 monthly contract spread was 47.00 yuan/ton, down 13.50; the J5 - 1 monthly contract spread was 134.00 yuan/ton, down 12.00. The coking coal warehouse receipts were 100.00, down 100.00; the coke warehouse receipts were 2070.00, unchanged [2]. Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 1100.00 yuan/ton, down 11.00; the price of Tangshan Grade I metallurgical coke was 1830.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot (CFR) was 161.30 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of Australian imported prime coking coal at Jingtang Port was 1590.00 yuan/ton, down 10.00; the price of Tianjin Port Grade I metallurgical coke was 1720.00 yuan/ton, unchanged. The price of Shanxi - produced prime coking coal at Jingtang Port was 1860.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1400.00 yuan/ton, up 70.00. The JM main contract basis was 396.00 yuan/ton, up 5.00; the J main contract basis was 144.00 yuan/ton, up 3.50 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.40 million tons, down 0.10; the weekly inventory of clean coal from 314 independent coal washing plants was 300.80 million tons, up 5.80. The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged. The monthly raw coal output was 41150.50 million tons, up 2100.80. The monthly import volume of coal and lignite was 4173.70 million tons, down 426.30. The daily average output of raw coal from 523 coking coal mines was 192.00, up 5.60. The weekly inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the weekly inventory of coke at 18 ports was 262.51 million tons, down 7.39. The weekly total inventory of coking coal in the full - sample of independent coking enterprises was 1070.02 million tons, up 17.32; the weekly inventory of coking coal in 247 steel mills nationwide was 787.30 million tons, down 9.02. The weekly inventory of coke in the full - sample of independent coking enterprises was 58.30 million tons, down 1.57; the weekly inventory of coke in 247 sample steel mills was 626.64 million tons, down 2.41. The weekly available days of coking coal in the full - sample of independent coking enterprises was 12.84 days, down 0.12; the weekly available days of coke in 247 sample steel mills was 11.07 days, down 0.50 [2]. Industry Situation - The monthly import volume of coking coal was 1092.36 million tons, up 76.14; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00. The monthly output of coking coal was 3975.92 million tons, up 279.06. The weekly capacity utilization rate of independent coking enterprises was 72.31%, down 1.13. The weekly profit per ton of coke in independent coking plants was -22.00 yuan/ton, up 10.00. The monthly output of coke was 4255.60 million tons, down 4.10 [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.15%, up 1.42; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.79%, down 0.80. The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. Industry News - Mysteel predicts that the Simandou project will gradually release its production capacity during the 14th Five - Year Plan period. Conservatively estimated, the combined output of the north and south blocks will reach 20 million tons in 2026 [2]. - China Securities Regulatory Commission Vice - Chairman Li Ming stated to continuously improve the market ecosystem for long - term investment, promote the implementation of the plan to encourage medium - and long - term funds to enter the market, and expand the scale and proportion of equity investments of social security, insurance, and annuities. Strengthen strategic reserve and market - stabilizing mechanism construction to enhance the internal stability of the capital market and prevent large fluctuations [2]. - The China Photovoltaic Industry Association is working on industry self - discipline and "anti - involution" under the guidance of relevant ministries, believing that the work will succeed. It will fight against malicious short - selling and rumor - spreading in the photovoltaic industry [2].

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The overall fundamentals of lithium carbonate may be in a stage of stable and slight increase in supply and rapid release of demand, with a slight reduction in industry inventory. The option market sentiment is bullish, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows that the double - line is above the 0 - axis and the red column is converging. The operation suggestion is to conduct short - selling transactions at high prices with a light position and pay attention to controlling risks in trading rhythm [2]. Summary by Directory Futures Market - The closing price of the main contract is 87,840 yuan/ton, up 1,260 yuan; the net position of the top 20 is - 185,604 hands, down 16,513 hands; the position of the main contract is 536,514 hands, up 7,548 hands; the spread between near and far - month contracts is - 1,220 yuan/ton, up 140 yuan; the warehouse receipt of GZEE is 27,508 hands/ton, down 779 hands [2]. Spot Market - The average price of battery - grade lithium carbonate is 84,350 yuan/ton, up 1,050 yuan; the average price of industrial - grade lithium carbonate is 82,000 yuan/ton, up 900 yuan; the basis of the Li₂CO₃ main contract is - 3,490 yuan/ton, down 210 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 934 US dollars/ton, unchanged; the average price of amblygonite is 9,510 yuan/ton, up 215 yuan; the average price of lepidolite (2 - 2.5%) is 3,360 yuan/ton, up 46 yuan; the monthly output of lithium carbonate is 51,530 tons, up 4,390 tons; the monthly import volume of lithium carbonate is 19,596.90 tons, down 2,250.01 tons [2]. Industry Situation - The monthly export volume of lithium carbonate is 150.82 tons, down 218.09 tons; the monthly operating rate of lithium carbonate enterprises is 47%, unchanged [2]. Downstream and Application - The monthly output of power batteries is 170,600 MWh, up 19,400 MWh; the price of lithium hexafluorophosphate is 151,500 yuan/ton, up 1,500 yuan; the price of lithium manganate is 33,000 yuan/ton, unchanged; the price of lithium cobaltate is 343,500 yuan/ton, unchanged; the price of ternary material (811 type): China is 164,500 yuan/ton, unchanged; the price of ternary material (622 power type): China is 144,500 yuan/ton, unchanged; the price of ternary material (523 single - crystal type): China is 156,000 yuan/ton, unchanged; the monthly operating rate of ternary cathode materials is 52%, down 1%; the price of lithium iron phosphate is 35,300 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 64%, up 5%; the monthly output of new energy vehicles is 1,772,000 vehicles, up 155,000 vehicles; the monthly sales volume of new energy vehicles is 1,715,000 vehicles, up 111,000 vehicles; the cumulative sales penetration rate of new energy vehicles is 46.75%, up 0.66%; the cumulative sales volume of new energy vehicles is 12,943,000 vehicles, up 3,193,000 vehicles; the monthly export volume of new energy vehicles is 256,000 vehicles, up 34,000 vehicles; the cumulative export volume of new energy vehicles is 2,014,000 vehicles, up 956,000 vehicles [2]. Option Situation - The 20 - day average volatility of the underlying is 35.58%, down 0.80%; the 40 - day average volatility of the underlying is 28.67%, down 1.27%; the total call position is 165,826 contracts, up 11,585 contracts; the total put position is 122,507 contracts, up 10,319 contracts; the put - call ratio of the total position is 73.88%, up 1.1413%; the implied volatility of at - the - money IV is 0.34%, up 0.0093% [2]. Industry News - All - solid - state batteries are expected to achieve technological breakthroughs and industrialization demonstration applications by around 2030. Zoubang plans to expand the production capacity of lithium hexafluorophosphate. In October, the domestic power battery loading volume increased both month - on - month and year - on - year. CATL's fifth - generation lithium iron phosphate battery has been mass - produced, and the "Chocolate Battery Swapping Alliance" will build 1,000 swapping stations by the end of 2025. The scrapping growth cycle of new energy vehicles has not yet arrived [2].

甲醇产业日报 2025-11-13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2103 | -5 甲醇1-5价差(日,元/吨) | -105 | -2 -3501 | | | 主力合约持仓量:甲醇(日,手) | 1382831 | -24489 期货前20名持仓:净买单量:甲醇(日,手) | -254452 | | | | 仓单数量:甲醇(日,张) | 11709 | 890 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2070 | 5 内蒙古(日,元/吨) | 1992.5 | 0 | | | 华东-西北价差(日,元/吨) | 72.5 | 15 郑醇主力合约基差(日,元/吨) | -33 | 10 | | | 甲醇:CFR中国主港(日,美元/吨) | 242 | 2 CFR东南亚(日,美元/吨) | 322 | 0 | | | FOB鹿特丹(日,欧元/吨) | 266 | -2 中国主港-东南亚价差(日,美元/吨) | - ...

提供上行动能，白银本轮上行逻辑与黄金相似，但涨势整体显著强于金价。技术面，RSI指标显示金价上行 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/克) | 961.22 | 15.46 沪银主力合约收盘价(日,元/千克) | 12588 | 515 | | | 主力合约持仓量:沪金(日,手) | 124239 | -301 主力合约持仓量:沪银(日,手) | 231753 | -3789 | | | 沪金主力前20名净持仓(日,手) | 113837 | 6756 沪银主力前20名净持仓(日,手) | 117855 | -10150 | | | 仓单数量:黄金(日,千克) | 90426 | 810 仓单数量:白银(日,千克) | 584014 | 954 | | 现货市场 | 上海有色网黄金现货价(日,元/克) | 957 | 13.1 上海有色网白银现货价(日,元/千克) | 12476 | 485 | | | 沪金主力合约基差(日,元/克) ...

螺纹钢产业链日报 2025/11/13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,046.00 | +8↑ RB主力合约持仓量(手) | 1857343 | -10693↓ | | | RB合约前20名净持仓(手) | -73835 | +6420↑ RB1-5合约价差(元/吨) | -54 | +4↑ | | | RB上期所仓单日报(日，吨) | 111927 | -5166↓ HC2601-RB2601合约价差(元/吨) | 208 | -9↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,240.00 | +10↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,323 | +10↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,310.00 | +20↑ 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 | | | RB 主力合约基差 ( ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The polysilicon market is facing challenges with supply - side cost pressure and weak demand in the downstream photovoltaic industry. In the short - term, the polysilicon futures are rising due to yesterday's positive news, but the probability of a pull - back on Friday is increasing. It is recommended to lay out short positions on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main polysilicon contract is 54,195 yuan/ton, up 735 yuan; the main position volume is 144,026 lots, up 3,409 lots. The basis between December and January for polysilicon is 100 yuan, up 80 yuan, and the spread between polysilicon and industrial silicon is 45,050 yuan/ton, up 785 yuan [2] 3.2 Spot Market - The spot price of polysilicon is 52,150 yuan/ton, down 50 yuan; the basis of polysilicon is - 1,310 yuan/ton, down 1,580 yuan. The average price of N - type silicon wafers (210R) is 1.29 yuan/piece, up 0.01 yuan, and the weekly average price of photovoltaic - grade polysilicon is 6.5 US dollars/kg, unchanged [2] 3.3 Upstream Situation - The closing price of the main industrial silicon contract is 9,145 yuan/ton, down 50 yuan; the spot price of industrial silicon is 9,500 yuan/ton, down 50 yuan. The monthly export volume of industrial silicon is 0 tons, and the monthly import volume is 1939.85 tons, up 602.27 tons. The monthly export volume decreased by 6,409.29 tons [2] 3.4 Industry Situation - The monthly output of industrial silicon is 402,800 tons, up 36,000 tons; the total social inventory of industrial silicon is 552,000 tons, up 10,000 tons. The monthly output of polysilicon is 130,000 tons, up 5,000 tons; the monthly import volume of polysilicon is 1,292 tons, up 286 tons. The weekly spot price of imported polysilicon materials in China is 6.91 US dollars/kg, unchanged; the monthly average import price of polysilicon is 2,350 US dollars/ton, down 270 US dollars/ton [2] 3.5 Downstream Situation - The monthly output of solar cells is 70,873,000 kilowatts, up 1,016,000 kilowatts. The average price of mainstream photovoltaic modules is 0.74 yuan/watt, unchanged; the comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 32.82, unchanged; the average price of solar cells is 0.82 yuan/W, up 0.01 yuan/W. The monthly export volume of photovoltaic modules is 129,531,200 pieces, down 19,491,300 pieces; the monthly import volume is 14,733,700 pieces, down 6,706,500 pieces. The monthly average import price of photovoltaic modules is 0.3 US dollars/piece, up 0.06 US dollars/piece [2] 3.6 Industry News - The China Photovoltaic Industry Association stated that the work is progressing steadily, and rumors are false information. From the supply side, the dry season in Southwest China has increased power costs, squeezing polysilicon production profit margins, and some bases in Sichuan and Yunnan have cut production. From the demand side, the downstream photovoltaic industry demand is weak, component bidding prices are falling, and many projects are postponed or shelved [2] 3.7 Key Points of Attention - There is no news today. N - type silicon materials and ordinary materials are differentiated. N - type silicon materials maintain a premium due to the increasing penetration of TOPCon battery technology, while ordinary materials are close to the cost line [2]

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 尿素产业日报 2025-11-13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1658 | 3 郑州尿素1-5价差(日,元/吨) | -73 | 0 | | | 郑州尿素主力合约持仓量(日,手) | 250538 | -5582 郑州尿素前20名净持仓 | -39203 | -600 | | | 郑州尿素交易所仓单(日,张) | 6958 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1630 | 0 河南(日,元/吨) | 1610 | -10 | | | 江苏(日,元/吨) | 1600 | -10 山东(日,元/吨) | 1600 | 0 | | | 安徽(日,元/吨) | 1590 | -20 郑 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The BR2601 contract is expected to fluctuate in the range of 10,400 - 10,700 in the short - term. Next week, due to the slight delay of Maoming Petrochemical's maintenance until the end of the month and the gradual output after the restart of Qilu Petrochemical, Sichuan Petrochemical, and Yangzi Petrochemical's devices, the production enterprise inventory is expected to increase, while the trading enterprise inventory is expected to decline slightly. The capacity utilization rate of the tire industry is expected to decline further as the number of maintenance days of the maintenance enterprises increases next week [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 10,480 yuan/ton, with a week - on - week increase of 50 yuan/ton; the position of the main contract is 76,365, with a week - on - week decrease of 32. The 12 - 1 spread of synthetic rubber is 0 yuan/ton, with a week - on - week decrease of 35 yuan/ton. The total number of warehouse receipts of butadiene rubber in warehouses is 2,980 tons, with a week - on - week decrease of 10 tons [2]. Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 10,400 yuan/ton; that from Daqing Petrochemical in Shandong is 10,400 yuan/ton, with a week - on - week increase of 50 yuan/ton; in Shanghai is 10,600 yuan/ton, with a week - on - week increase of 200 yuan/ton; and that from Maoming Petrochemical in Guangdong is 10,750 yuan/ton, with a week - on - week increase of 100 yuan/ton. The basis of synthetic rubber is - 30 yuan/ton, with a week - on - week decrease of 100 yuan/ton [2]. Upstream Situation - Brent crude oil is at $62.71 per barrel, with a week - on - week decrease of $2.45; WTI crude oil is at $58.49 per barrel, with a week - on - week decrease of $2.55. The price of naphtha CFR Japan is $584.25 per ton, with a week - on - week increase of $7.5. The price of Northeast Asian ethylene is $740 per ton, with no change; the intermediate price of butadiene CFR China is $790 per ton, with no change. The mainstream price of butadiene in the Shandong market is 7,150 yuan/ton, with a week - on - week increase of 175 yuan/ton. The weekly production capacity of butadiene is 155,300 tons, with a week - on - week decrease of 100 tons; the capacity utilization rate is 70.32%, with a week - on - week increase of 3.26 percentage points. The port inventory of butadiene is 29,800 tons, with a week - on - week decrease of 2,200 tons. The operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 52.45%, with a week - on - week increase of 0.15 percentage points [2]. Downstream Situation - The monthly output of cis - butadiene rubber is 130,400 tons, with a month - on - month decrease of 5,300 tons; the weekly capacity utilization rate is 65.85%, with a week - on - week decrease of 1.1 percentage points. The weekly production profit of cis - butadiene rubber is 539 yuan/ton, with a week - on - week increase of 118 yuan/ton. The social inventory of cis - butadiene rubber is 29,300 tons, with a week - on - week decrease of 1,600 tons; the manufacturer's inventory is 25,770 tons, with a week - on - week decrease of 1,430 tons; the trader's inventory is 3,520 tons, with a week - on - week decrease of 160 tons. The operating rate of domestic semi - steel tires is 73.67%, with a week - on - week increase of 0.26 percentage points; the operating rate of full - steel tires is 65.46%, with a week - on - week increase of 0.12 percentage points. The monthly output of full - steel tires is 1.314 million pieces; the monthly output of semi - steel tires is 6.025 million pieces, with a month - on - month increase of 219,000 pieces. The inventory days of full - steel tires in Shandong are 39.2 days, with a week - on - week increase of 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, with a week - on - week increase of 0.23 days [2]. Industry News - As of November 13, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 72.99%, with a week - on - week increase of 0.10 percentage points and a year - on - year decrease of 6.74 percentage points; the capacity utilization rate of full - steel tire sample enterprises is 64.29%, with a week - on - week decrease of 1.08 percentage points and a year - on - year increase of 6.04 percentage points. In October 2025, the domestic cis - butadiene rubber output was 137,600 tons, a month - on - month increase of 7,200 tons or 5.52%, and a year - on - year increase of 24.07%. The capacity utilization rate of cis - butadiene rubber in October was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. As of November 13, the domestic cis - butadiene rubber inventory was 30,800 tons, a week - on - week increase of 1,500 tons or 5.22% [2].

Report Summary 1. Industry Investment Rating No industry investment rating was provided in the report. 2. Core View - The central bank will maintain a moderately loose monetary policy, with limited room for further monetary easing this year. The market is in a policy vacuum, and interest rates are expected to fluctuate within a narrow range. It is recommended to wait and see for now. Also, be vigilant about the potential suppression of long - term interest rates due to the recovery of risk appetite [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: T, TF, TS, and TL main contract closing prices decreased by 0.1%, 0.08%, 0.01%, and 0.26% respectively. T and TF main contract volumes increased by 15,298 and 18,123 respectively, while TS and TL main contract volumes decreased by 969 and 6,059 respectively [2]. - **Futures Spreads**: Most spreads showed a downward trend, but some spreads such as T12 - TL12, TF12 - T12, TS12 - T12, and TS12 - TF12 increased [2]. - **Futures Positions**: The main contract positions of T, TF, TS, and TL all decreased, and the net short positions of the top 20 in each contract also decreased to varying degrees [2]. 3.2 Bond Market - **CTD Bonds**: The net prices of several CTD bonds decreased, such as 220017.IB, 220019.IB, etc. [2]. - **Active Treasury Bonds**: The yields of 1 - year active treasury bonds increased by 0.50bp, while the yields of 3 - year, 5 - year, 7 - year, and 10 - year active treasury bonds decreased by 0.05bp, 0.70bp, 0.75bp, and 0.30bp respectively [2]. 3.3 Interest Rates - **Short - term Interest Rates**: Most short - term interest rates decreased, such as silver - pledged overnight, 7 - day, and 14 - day rates, while Shibor 7 - day and 14 - day rates remained unchanged [2]. - **LPR Rates**: Both 1 - year and 5 - year LPR rates remained unchanged [2]. 3.4 Open Market Operations - The issuance scale of reverse repurchase was 190 billion yuan, the maturity scale was 92.8 billion yuan, and the interest rate was 1.4% for 7 days. The net investment was 97.2 billion yuan [2]. 3.5 Industry News - The central bank will implement a moderately loose monetary policy and continue to improve the monetary policy framework [2]. - Chinese and US officials expressed the need to promote the stable development of Sino - US economic and trade relations [2]. - The US federal government's shutdown ended after 43 days, but there may be a lack of employment and inflation data in October [2]. 3.6 Market Situation - On Thursday, most yields of treasury bonds increased, and treasury bond futures weakened. Domestically, economic data in October was mixed, with inflation improving but export and PMI indicators declining. Overseas, the US government shutdown ended, but there are concerns about employment and inflation, and the prospect of a Fed rate cut in December is unclear [2].