Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - SH2601 rose 2.18% to close at 2343 yuan/ton. This week, the operating loads in Northeast and South China increased, while some plants in Central and North China had maintenance and production cuts. The national average capacity utilization rate increased slightly. The downstream alumina maintained a high operating state, while the operating rates of viscose staple fiber and printing and dyeing decreased slightly this week. With the signing of orders from major downstream and restocking by non-aluminum enterprises, the inventory of liquid caustic soda plants decreased this week, but the inventory pressure remained high. The strong thermal coal price drove up the cost, and due to the weak caustic soda price, the profit of chlor-alkali declined this week. Chlor-alkali enterprises are expected to maintain a high operating state in November. The restocking of downstream alumina is restricted by low profits, and some non-aluminum demands weaken seasonally, putting pressure on the caustic soda price. Affected by the market's pessimistic expectations, the current market price of 32% liquid caustic soda in Shandong has a large premium over the 01 contract. In the short term, SH2601 is expected to fluctuate widely. Technically, pay attention to the support around 2250 and the resistance around 2400 [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda was 2343 yuan/ton, up 40 yuan; the main contract position was 134,599 lots, down 3,793 lots; the net position of the top 20 futures was -397 lots, up 13,942 lots; the main contract trading volume was 409,974 lots, down 41,379 lots. The closing price of the January contract was 2343 yuan/ton, up 40 yuan; the closing price of the May contract was 2512 yuan/ton, up 31 yuan [2]. 3.2 Spot Market - The price of 32% ion-exchange membrane caustic soda in Shandong was 800 yuan/ton, unchanged; in Jiangsu, it was 930 yuan/ton, unchanged. The converted price of 32% caustic soda in Shandong was 2500 yuan/ton, unchanged; the basis of caustic soda was 157 yuan/ton, down 40 yuan [2]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 210 yuan/ton, unchanged; in the Northwest, it was 220 yuan/ton, unchanged. The price of thermal coal was 649 yuan/ton, unchanged [2]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was -49.5 yuan/ton, up 100.5 yuan; in Jiangsu, it was 75.5 yuan/ton, unchanged [2]. 3.5 Downstream Situation - The spot price of viscose staple fiber was 13,120 yuan/ton, unchanged; the spot price of alumina was 2790 yuan/ton, unchanged [2]. 3.6 Industry News - From October 31 to November 6, the national average capacity utilization rate of caustic soda increased 0.5% to 84.8%. From October 25 to 31, the national alumina operating rate decreased 0.41% to 85.86%. From October 31 to November 6, the operating rate of viscose staple fiber decreased 0.04% to 89.60%, and the operating rate of printing and dyeing decreased 0.26% to 68.06% [2]. 3.7 Other Information - As of November 6, the inventory of liquid caustic soda plants decreased 6.29% to 414,800 tons. From October 31 to November 6, the chlor-alkali profit decreased to 464 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - EB2512 fell and then rebounded, closing at 6300 yuan/ton. This week, the 450,000 - ton Tianjin Bohua and 800,000 - ton Zhongwei Guangdong plants restarted, and new capacity utilization increased, leading to a rise in styrene production and capacity utilization. Last week, downstream operating rates mainly declined, and the consumption of downstream EPS, PS, and ABS decreased slightly. Factory and port inventories decreased, but inventory pressure remained high. Spot pure benzene and ethylene CFR Northeast Asia continued to be weak, with non - integrated process costs decreasing and profits recovering. International oil prices have been oscillating weakly recently due to inventory accumulation in the US API and EIA and a stronger US dollar. The upcoming shutdown of Hengli's 720,000 - ton plant and the increase in some downstream operating loads may intensify the short - term supply - demand tight balance of styrene, but the improvement in supply - demand under high inventory pressure has limited positive effects. Currently, non - integrated plants are deeply in the red, and integrated plants have a slight loss. The valuation is at a low level, but there is a lack of drivers for recovery. Technically, EB2512 should focus on the support around 6200 and the resistance around 6410 [2]. 3. Summary by Directory Futures Market - The closing price of the active styrene futures contract was 6300 yuan/ton, down 21 yuan; the trading volume was 273,144 lots, down 116,439 lots; the open interest was 393,351 lots, up 8449 lots. The long positions of the top 20 holders were 451,984 lots, and the short positions were 479,417 lots, with a net long position of - 27,433 lots, down 1294 lots. The closing price of the January contract was 6337 yuan/ton, down 21 yuan [2]. Spot Market - The spot price of styrene was 6722 yuan/ton, down 30 yuan. The FOB South Korea intermediate price was 781 US dollars/ton, down 3 US dollars; the CFR China intermediate price was 791 US dollars/ton, down 3 US dollars. The mainstream prices in Northeast, South, North, and East China were 6040 yuan/ton (down 35 yuan), 6450 yuan/ton (down 90 yuan), 6330 yuan/ton (down 40 yuan), and 6315 yuan/ton (down 85 yuan) respectively [2]. Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 741 US dollars/ton, unchanged; the intermediate price of ethylene CFR Southeast Asia was 731 US dollars/ton, unchanged; the intermediate price of ethylene CIF Northwest Europe was 662 US dollars/ton, unchanged; the price of ethylene FD US Gulf was 457 US dollars/ton, down 6 US dollars. The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), and Rotterdam (FOB) were 245 cents/gallon (up 1 cent), 662.52 US dollars/ton, and 674 US dollars/ton respectively. The market prices of pure benzene in South, East, and North China were 5450 yuan/ton (unchanged), 5335 yuan/ton (down 70 yuan), and 5230 yuan/ton (unchanged) respectively [2]. Industry Situation - The overall styrene plant operating rate was 66.72%, down 2.53 percentage points; the national styrene inventory was 186,036 tons, down 10,231 tons; the total inventory at the East China main port was 179,300 tons, down 13,700 tons; the trade inventory at the East China main port was 109,800 tons, down 11,200 tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 62.24% (up 0.26 percentage points), 72.1% (down 0.7 percentage points), 52% (down 1.8 percentage points), 35% (up 1 percentage point), and 66.71% (down 3.86 percentage points) respectively [2]. Industry News - From October 31 to November 6, the total output of Chinese styrene plants was 332,900 tons, a 2.94% increase from the previous period; the plant capacity utilization rate was 66.94%, a 0.22% increase from the previous period. From October 24 to 30, the consumption of downstream EPS, PS, and ABS decreased by 0.18% to 271,500 tons compared with the previous week. As of October 30, the styrene plant inventory was 186,000 tons, a 5.21% decrease from the previous week. As of November 3, the inventory at the East China port was 179,300 tons, a 7.10% decrease from the previous week; the inventory at the South China port was 27,900 tons, a 10% decrease from the previous week. From October 24 to 30, the non - integrated cost of styrene decreased to 6860.06 yuan/ton, and the profit of non - integrated plants recovered to - 400 yuan/ton [2].

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 fluctuated weakly, closing at 5,398 yuan/ton. Last week, the operating rate of petroleum benzene rose slightly, while that of hydrogenated benzene dropped significantly, resulting in a decline in domestic pure benzene production. The changes in the operating rates of the five major downstream industries of pure benzene were limited, and the overall weighted operating rate of downstream industries decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. Petroleum benzene profit decreased at a low level and was in a low - valuation state due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrogenated benzene was small, and low - priced overseas supplies continued to flow in, with the overall supply pressure at a relatively high level. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrogenated benzene plants restarted, so domestic pure benzene production is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, with little growth in downstream consumption. In terms of cost, the accumulation of API and EIA inventories in the US, combined with the strengthening of the US dollar, has led to a recent weak fluctuation in international oil prices. Technically, the daily K - line of BZ2603 should focus on the support of the lower Bollinger Band around 5,288 and the pressure of the 10 - day moving average around 5,486 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,398 yuan/ton, down 20 yuan; the settlement price was 5,389 yuan/ton, down 16 yuan. The trading volume was 7,851 lots, down 4,243 lots; the open interest was 17,435 lots, up 372 lots [2]. Spot Market - In the domestic market, the mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5,335 yuan/ton, 5,230 yuan/ton, 5,450 yuan/ton, and 5,230 yuan/ton respectively, with changes of - 70 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 5 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5,375 yuan/ton and 4,900 yuan/ton respectively, with a change of - 50 yuan/ton for Jiangsu. The offshore intermediate price of pure benzene in South Korea was 650 US dollars/ton, down 4 US dollars/ton; the CFR intermediate price of pure benzene in China was 667.08 US dollars/ton, down 3.88 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.68 US dollars/barrel, down 0.77 US dollars/barrel; the CFR intermediate price of naphtha in Japan was 577.5 US dollars/ton, up 1 US dollar/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene was 8.5 million tons, down 1.4 million tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene ports in Jiangsu increased by 42.35% to 12.1 million tons week - on - week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton week - on - week [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventory has been falling for four consecutive weeks. Recently, rebar prices have been falling continuously, and the weak expectations have been realized. The mainstream positions reduced short positions and increased long positions, and the downward momentum weakened. Short - term market trends may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA cross upward at a low level, and the green column turns red. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,037 yuan/ton, up 13 yuan; RB main contract position: 2,020,353 lots, down 11,428 lots; RB contract top 20 net position: - 113,415 lots, up 24,033 lots; RB1 - 5 contract spread: - 65 yuan/ton, up 5 yuan; RB Shanghai Futures Exchange warehouse receipt: 140,134 tons, unchanged; HC2601 - RB2601 contract spread: 219 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight) price: 3,220 yuan/ton, unchanged; Hangzhou HRB400E 20MM (actual weight) price: 3,303 yuan/ton, unchanged; Guangzhou HRB400E 20MM (theoretical weight) price: 3,280 yuan/ton, down 10 yuan; Tianjin HRB400E 20MM (theoretical weight) price: 3,180 yuan/ton, unchanged; RB main contract basis: 183 yuan/ton, down 13 yuan; Hangzhou hot - rolled coil - rebar spot spread: 100 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore powder: 782 yuan/wet ton, up 7 yuan; Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, up 50 yuan; Tangshan 6 - 8mm scrap steel: 2,190 yuan/ton, unchanged; Hebei Q235 billet: 2,930 yuan/ton, up 20 yuan; 45 - port iron ore inventory: 145.3924 million tons, up 1.1859 million tons; Sample coking plant coke inventory: 374,400 tons, up 700 tons; Sample steel mill coke inventory: 6.2888 million tons, down 43,900 tons; 247 steel mill blast furnace operating rate: 81.73%, down 3 percentage points; Tangshan billet inventory: 1.2 million tons, down 30,000 tons; 247 steel mill blast furnace capacity utilization rate: 88.59%, up 0.43 percentage points [2]. 3.4 Industry Situation - Sample steel mill rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mill rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mill rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; Chinese rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.92 million tons, up 910,000 tons [2]. 3.5 Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed asset investment: - 0.50%, down 1 percentage point; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1 percentage point; Cumulative year - on - year growth rate of infrastructure investment: 1.10%, down 0.9 percentage point; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - On November 6, Mysteel information showed that the actual rebar output was 2.0854 million tons, a week - on - week decrease of 40,500 tons; the factory inventory was 1.6684 million tons, a week - on - week decrease of 48,700 tons; the social inventory was 4.257 million tons, a week - on - week decrease of 51,100 tons; the total inventory was 5.9254 million tons, a week - on - week decrease of 99,800 tons; the apparent demand was 2.1852 million tons, a week - on - week decrease of 136,600 tons. In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period of the previous year, the total bond financing of real estate enterprises increased significantly. On Thursday, the RB2601 contract first declined and then rose. The State Council Tariff Commission announced that starting from 13:01 on November 10, 2025, it will adjust the additional tariffs on imported goods originating from the United States, and continue to suspend the implementation of the 24% additional tariff rate on the United States for one year, while retaining the 10% additional tariff rate [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The tin market presents a situation of weak supply and demand, and short - term tin prices are expected to fluctuate at high levels. Technically, with a decline in positions and price corrections, the bullish sentiment has decreased. It is recommended to wait and see for now, focusing on the range of 280,000 - 286,000 yuan/ton [3] 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin was 283,420 yuan/ton, up 1,330 yuan; the closing price of the December - January contract of Shanghai tin was - 230 yuan/ton, down 130 yuan; LME 3 - month tin was 35,745 US dollars/ton, up 75 US dollars; the main contract position of Shanghai tin was 30,385 lots, down 2,237 lots; the net position of the top 20 in futures of Shanghai tin was - 772 lots, down 235 lots; LME tin total inventory was 2,940 tons, up 80 tons; Shanghai Futures Exchange inventory of tin was 5,919 tons, up 153 tons; Shanghai Futures Exchange warehouse receipts of tin were 5,865 tons, down 94 tons [3] 3.2 Spot Market - The SMM 1 tin spot price was 282,800 yuan/ton, up 1,500 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 283,060 yuan/ton, up 1,630 yuan; the basis of the main Shanghai tin contract was - 620 yuan/ton, up 170 yuan; the LME tin premium (0 - 3) was 39.5 US dollars/ton, down 25.5 US dollars; the import volume of tin ore and concentrates was 0.87 million tons, down 0.16 million tons; the average price of 40% tin concentrate was 270,800 yuan/ton, up 1,500 yuan [3] 3.3 Upstream Situation - The average processing fee of 40% tin concentrate by Antaike was 10,500 yuan/ton, unchanged; the average price of 60% tin concentrate was 274,800 yuan/ton, up 1,500 yuan; the average processing fee of 60% tin concentrate by Antaike was 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the monthly import volume of refined tin was 1,501.64 tons, up 63.06 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu was 183,300 yuan/ton, up 1,130 yuan; the cumulative output of tin - plated sheets (strips) was 1.1093 million tons, up 0.1448 million tons; the monthly export volume of tin - plated sheets was 0.1976 million tons, up 0.031 million tons [3] 3.6 Industry News - In October 2025, the US ADP employment increased by 42,000 people, the largest increase since July 2025, higher than the market expectation of 28,000 people; the US ISM non - manufacturing PMI in October was 52.4, the highest since February 2025. The State Council will continue to suspend the implementation of the 24% additional tariff rate on US - imported goods for one year from November 10, 2025, and retain the 10% additional tariff rate. In October, the retail sales of new - energy passenger vehicles in the national market were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%, with a penetration rate of 58.7% [3] 3.7 Viewpoint Summary - The US employment market shows signs of stabilization. In the fourth quarter, the import volume of tin ore from Myanmar is expected to increase steadily but with limited increments, while imports from Africa and Australia decline unexpectedly. Indonesia plans to accelerate the release of refined tin exports in the fourth quarter. In the smelting sector, the shortage of raw materials in Yunnan is still severe, and the processing fee of tin ore remains low; in Jiangxi, the waste recycling system is under pressure, and the production of refined tin is still limited. In the demand side, the spot market of tin ingots is relatively active, and domestic inventory remains stable while LME inventory increases slightly [3]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The economic fundamentals' continuous repair and the implementation of broad fiscal policies require a low - interest - rate environment. The market generally expects the central bank to purchase medium - and short - term bonds, which may lead to a decline in short - term interest rates and potentially drive long - term interest rates down. However, there is a need to be vigilant about the potential suppression of long - term interest rates by the recovery of risk appetite. It is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: T, TF, and TL main contract closing prices decreased by 0.09%, 0.03%, and 0.28% respectively, while the TS main contract rose 0.01%. T, TF, and TL main contract trading volumes increased by 10433, 628, and 8267 respectively, and the TS main contract volume increased by 8855 [2]. - **Futures Spreads**: The spreads of TL2512 - 2603, T2512 - 2603, TF2512 - 2603, and TS2512 - 2603 changed by - 0.03, + 0.02, + 0.00, and + 0.01 respectively. Other spreads also had corresponding changes [2]. - **Futures Positions**: T, TF, and TL main contract positions decreased by 1354, 835, and 2186 respectively, while the TS main contract position increased by 894. The net short positions of T decreased by 165, while those of TF, TS, and TL increased by 1591, 621, and 88 respectively [2]. 3.2 CTD and Active Bonds - **CTD Net Prices**: Most CTD net prices decreased, such as 220017.IB decreasing by 0.1185, 250018.IB decreasing by 0.0744, etc., while 250012.IB increased by 0.0038 [2]. - **Active Bond Yields**: The yields of 1y, 3y, 7y, and 10y active bonds changed by 0bp, + 1bp, + 0.05bp, and + 0.25bp respectively, while the yields of 5y decreased by 0.15bp [2]. 3.3 Interest Rates - **Short - term Interest Rates**: The silver - pledged overnight and Shibor overnight rates decreased by 4.23bp and 0.20bp respectively, while the silver - pledged 7 - day rate increased by 1.50bp and the Shibor 7 - day rate decreased by 0.20bp [2]. - **LPR Rates**: The 1y and 5y LPR rates remained unchanged [2]. 3.4 Open Market Operations - The issuance scale of open - market operations was 92.8 billion yuan, the maturity scale was 342.6 billion yuan, and the net investment was - 249.8 billion yuan [2]. 3.5 Industry News - China announced specific measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including canceling and suspending a number of reciprocal tariff measures [2]. - China's October S&P Services PMI was 52.6, and the Composite PMI was 51.8 [2]. - Premier Li Qiang attended the opening ceremony of the 8th China International Import Expo and stated that China will adhere to high - quality development and high - level opening - up [2]. 3.6 Market Situation - On Thursday, the yields of treasury bond cash bonds weakened collectively, and treasury bond futures showed short - term strength and medium - to long - term weakness. The DR007 weighted average rate fluctuated around 1.43%. The central bank's net investment in open - market treasury bond trading in October was 2 billion yuan [2]. - Domestically, the manufacturing PMI in October decreased by 0.8% to 49%, while the non - manufacturing PMI returned to the expansion range. Overseas, the US ADP added 42,000 new jobs in October, but the labor market recovery outlook remains unclear. The Fed cut interest rates by 25 basis points in October and will end the balance - sheet reduction on December 1st [2]. 3.7 Key Events to Watch - On November 6th at 22:00, the Bank of England will announce its interest - rate decision, meeting minutes, and monetary policy report. - On November 10th at 07:50, the Bank of Japan will announce the summary of the opinions of the deliberation members of the October monetary policy meeting [3].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - As of November 6, the domestic methanol - to - olefins plant capacity utilization rate was 90.60%, a month - on - month decrease of 0.37%. The olefin industry's overall start - up continued to decline this week, and the MA2601 contract was expected to fluctuate in the range of 2080 - 2150 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract was 2125 yuan/ton, a decrease of 16 yuan/ton; the 1 - 5 spread was - 101 yuan/ton, a decrease of 6 yuan/ton; the main contract's open interest was 1368330 lots, a decrease of 4418 lots; the net long position of the top 20 futures holders was - 257497 lots; the number of warehouse receipts was 10854, a decrease of 305 [2]. 3.2 Spot Market - The price in Jiangsu Taicang was 2065 yuan/ton, an increase of 10 yuan/ton; the price in Inner Mongolia was 1965 yuan/ton, a decrease of 2.5 yuan/ton; the East - Northwest price difference was 90 yuan/ton, a decrease of 17.5 yuan/ton; the basis of the main Zhengzhou methanol contract was - 60 yuan/ton, an increase of 26 yuan/ton; the CFR price at the main Chinese port was 241 US dollars/ton, unchanged; the CFR price in Southeast Asia was 323 US dollars/ton, unchanged; the FOB price in Rotterdam was 272 euros/ton, unchanged; the price difference between the main Chinese port and Southeast Asia was - 82 US dollars/ton, unchanged [2]. 3.3 Upstream Situation - The NYMEX natural gas price was 4.24 US dollars/million British thermal units, a decrease of 0.07 US dollars/million British thermal units [2]. 3.4 Industry Situation - The inventory at East China ports was 102.15 tons, an increase of 2.42 tons; the inventory at South China ports was 49.56 tons, a decrease of 1.36 tons; the methanol import profit was - 4.51 yuan/ton, a decrease of 10 yuan/ton; the monthly import volume was 142.69 tons, a decrease of 33.29 tons; the inventory of inland enterprises was 386400 tons, an increase of 10300 tons; the methanol enterprise start - up rate was 86.73%, an increase of 1.08 percentage points [2]. 3.5 Downstream Situation - The formaldehyde start - up rate was 40.29%, an increase of 1.42 percentage points; the dimethyl ether start - up rate was 5.82%, an increase of 0.49 percentage points; the acetic acid start - up rate was 73.47%, a decrease of 0.93 percentage points; the MTBE start - up rate was 67.98%, an increase of 0.19 percentage points; the olefin start - up rate was 90.27%, a decrease of 0.16 percentage points; the methanol - to - olefins on - paper profit was - 704 yuan/ton, an increase of 28 yuan/ton [2]. 3.6 Option Market - The 20 - day historical volatility of methanol was 20.84%, a decrease of 0.45 percentage points; the 40 - day historical volatility of methanol was 16.9%, a decrease of 0.05 percentage points; the implied volatility of at - the - money call options for methanol was 19.63%, a decrease of 0.33 percentage points; the implied volatility of at - the - money put options for methanol was 19.65%, a decrease of 0.31 percentage points [2]. 3.7 Industry News - As of November 5, the inventory of Chinese methanol sample production enterprises was 38.64 tons, a month - on - month increase of 1.04 tons or 2.75%; the sample enterprises' orders to be delivered were 22.11 tons, a month - on - month increase of 0.55 tons or 2.57%. The total inventory at Chinese methanol ports was 151.71 tons, an increase of 1.06 tons. The inventory at East China ports increased by 2.42 tons, while that at South China ports decreased by 1.36 tons. Recently, the production capacity loss due to domestic methanol maintenance and production cuts was less than the output from the restored production capacity, and the overall output increased [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Thursday, the HC2601 contract fluctuated widely. Thailand launched an anti - circumvention investigation into hot - rolled steel plates originating from China. The weekly output of hot - rolled coils decreased, but the capacity utilization rate remained above 81%. Apparent demand dropped to around 3.15 million tons, and inventory stopped falling and started to rise. Overall, high - level production and falling apparent demand affected market confidence. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were running at a low level. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2] 3. Summary by Related Catalogs 3.1 Futures Market - HC main contract closing price: 3,256 yuan/ton, up 3 yuan [2] - HC main contract position: 1,365,348 lots, down 7,743 lots [2] - HC contract top 20 net position: - 62,167 lots, up 15,323 lots [2] - HC1 - 5 contract spread: - 9 yuan/ton, down 2 yuan [2] - HC Shanghai Futures Exchange warehouse receipt: 129,412 tons, down 889 tons [2] - HC2601 - RB2601 contract spread: 219 yuan/ton, down 10 yuan [2] 3.2 Spot Market - Hangzhou 4.75 hot - rolled coil: 3,320 yuan/ton, up 10 yuan [2] - Guangzhou 4.75 hot - rolled coil: 3,270 yuan/ton, unchanged [2] - Wuhan 4.75 hot - rolled coil: 3,360 yuan/ton, unchanged [2] - Tianjin 4.75 hot - rolled coil: 3,190 yuan/ton, down 10 yuan [2] - HC main contract basis: 64 yuan/ton, up 7 yuan [2] - Hangzhou hot - rolled coil - rebar spread: 100 yuan/ton, up 10 yuan [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 782 yuan/wet ton, up 7 yuan [2] - Hebei quasi - first - class metallurgical coke: 1,640 yuan/ton, up 50 yuan [2] - Tangshan 6 - 8mm scrap steel: 2,190 yuan/ton, unchanged [2] - Hebei Q235 billet: 2,930 yuan/ton, up 20 yuan [2] - 45 - port iron ore inventory: 145.3924 million tons, up 1.1859 million tons [2] - Sample coking plant coke inventory: 374,400 tons, up 700 tons [2] - Sample steel mill coke inventory: 6.2888 million tons, down 43,900 tons [2] - Hebei billet inventory: 1.2 million tons, up 4,300 tons [2] 3.4 Industry Situation - 247 steel mill blast furnace operating rate: 81.73%, down 3 percentage points [2] - 247 steel mill blast furnace capacity utilization rate: 88.59%, down 1.33 percentage points [2] - Sample steel mill hot - rolled coil output: 3.1816 million tons, down 54,000 tons [2] - Sample steel mill hot - rolled coil capacity utilization rate: 81.28%, down 1.37 percentage points [2] - Sample steel mill hot - rolled coil factory inventory: 774,300 tons, down 2,300 tons [2] - 33 - city hot - rolled coil social inventory: 3.3302 million tons, up 40,900 tons [2] - Domestic crude steel output: 73.49 million tons, down 3.88 million tons [2] - Steel net export volume: 9.92 million tons, up 910,000 tons [2] 3.5 Downstream Situation - Automobile production: 3.2758 million vehicles, up 460,400 vehicles [2] - Automobile sales: 3.2264 million vehicles, up 369,800 vehicles [2] - Air - conditioner production: 18.0948 million units, up 1.276 million units [2] - Household refrigerator production: 10.1276 million units, up 674,400 units [2] - Household washing machine production: 11.7849 million units, up 1.653 million units [2] 3.6 Industry News - On November 6, Mysteel reported that the actual output of hot - rolled coils was 3.1816 million tons, a week - on - week decrease of 54,000 tons; factory inventory was 774,300 tons, a week - on - week decrease of 2,300 tons; social inventory was 3.3302 million tons, a week - on - week increase of 40,900 tons; total inventory was 4.1045 million tons, a week - on - week increase of 38,600 tons; apparent demand was 3.143 million tons, a week - on - week decrease of 175,900 tons [2] - According to the preliminary statistics of the Passenger Car Association, in October, the retail sales of new - energy vehicles in the national passenger car market were 1.4 million units, a year - on - year increase of 17% and a month - on - month increase of 8%. The new - energy retail penetration rate of the passenger car market was 58.7% [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The US employment market has shown signs of stabilization after two consecutive months of decline, with the ADP employment increase in October significantly exceeding expectations. The import volume of zinc ore has risen, with long - term agreement ores from previous smelter contracts arriving at ports, and refineries are making raw material reserves for winter production. However, the domestic zinc ore processing fee has decreased, and the sulfuric acid price has dropped, leading to a significant contraction in smelter profits, with some incurring losses. Although new production capacities are being released, the growth of refined zinc output is limited. Overseas zinc supply is tight, the Shanghai - London ratio has dropped significantly, and the export window has opened, with a projected shift to net exports. On the demand side, the traditional peak season effect of "Golden September and Silver October" is weak, with the real estate sector being a drag, while policy support in the automotive and home appliance sectors brings some bright spots. The downstream demand recovery is insufficient, and the market mainly makes on - demand purchases at low prices. Domestic inventory has decreased, while LME inventory has increased, and the spot premium is at a low level. Technically, there is an increase in positions and price adjustment, with greater divergence between bulls and bears. It is recommended to hold light - position long positions or take profit on long positions at high prices [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai zinc futures contract is 22,675 yuan/ton, up 25 yuan; the 12 - 01 contract spread of Shanghai zinc is - 35 yuan/ton, up 5 yuan. The LME three - month zinc quotation is 3,054.5 dollars/ton, down 23 dollars. The total Shanghai zinc open interest is 225,651 lots, up 2,453 lots; the net open interest of the top 20 in Shanghai zinc is 12,594 lots, down 2,019 lots. The Shanghai zinc warehouse receipt is 68,022 tons, down 401 tons. The SHFE inventory is 103,416 tons, down 5,752 tons; the LME inventory is 34,000 tons, up 175 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,500 yuan/ton, unchanged; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,310 yuan/ton, down 20 yuan. The basis of the main ZN contract is - 175 yuan/ton, down 25 yuan; the LME zinc cash - 3 spread is 98.23 dollars/ton, down 40.55 dollars. The arrival price of 50% zinc concentrate in Kunming is 18,190 yuan/ton, down 30 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,950 yuan/ton, unchanged [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance is 47,900 tons, up 17,700 tons. The global zinc mine production is 1.0976 million tons, up 21,400 tons; the domestic refined zinc production is 651,000 tons, up 34,000 tons. The zinc ore import volume is 505,400 tons, up 38,100 tons [3]. 3.4 Industry Situation - The refined zinc import volume is 22,677.51 tons, down 2,979.32 tons; the refined zinc export volume is 2,477.83 tons, up 2,166.92 tons. The zinc social inventory is 162,200 tons, down 1,200 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, up 10,000 tons; the monthly sales volume of galvanized sheets is 2.28 million tons, down 90,000 tons. The monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the monthly housing completion area is 311.2888 million square meters, up 34.3534 million square meters. The monthly automobile production is 3.227 million vehicles, up 474,600 vehicles; the monthly air - conditioner production is 18.0948 million units, up 1.276 million units [3]. 3.6 Option Market - The implied volatility of at - the - money zinc call options is 12.67%, down 1.46 percentage points; the implied volatility of at - the - money zinc put options is 12.67%, down 1.46 percentage points. The 20 - day historical volatility of at - the - money zinc options is 9.52%, down 1.39 percentage points; the 60 - day historical volatility of at - the - money zinc options is 9.32%, down 0.01 percentage points [3]. 3.7 Industry News - The US ADP employment in October increased by 42,000, the largest increase since July 2025, exceeding the expected 28,000. The US ISM non - manufacturing PMI in October reached 52.4, the highest since February 2025. The State Council will continue to suspend the implementation of the 24% additional tariff rate on US imports for one year, retaining the 10% rate. In October, the national new - energy passenger vehicle retail sales reached 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%, with a penetration rate of 58.7%. Chinese Premier Li Qiang attended the opening ceremony of the 8th China International Import Expo and stated that China will focus on high - quality development and promote high - level opening - up [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The US employment market shows signs of stabilization after two consecutive months of decline, with the ADP employment in October increasing by 42,000, significantly exceeding the expected 30,000. The Indonesian government's PNBP policy restricts the supply of nickel resources, increasing the cost of supply, and the premium of domestic trade ore remains stable. The supply of nickel ore from the Philippines is at a high level, but the grade of nickel ore has declined, and the domestic nickel ore inventory is lower than the same period last year. The new electrolytic nickel projects are slowly put into production, and due to low nickel prices and cost - side pressure, some smelters are losing money and reducing production, so the growth of refined nickel production is expected to be limited. On the demand side, the peak season of stainless - steel mills is not prosperous, but the cost of nickel - iron has decreased, and the profit of steel mills has improved, so the planned production volume is expected to increase. The production and sales of new energy vehicles continue to rise, contributing a small increase in demand for ternary batteries. The domestic nickel inventory continues to increase, and the market mainly purchases on demand, with the spot premium rising. The LME inventory overseas also shows an increase. It is expected that the nickel price will fluctuate and adjust. Technically, the price drops with increasing positions, the short - selling sentiment heats up, and the lower limit of the range is being tested. It is recommended to wait and see for now [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,750 yuan/ton, down 280 yuan; the spread between the December - January contracts of Shanghai nickel is - 220 yuan/ton, down 20 yuan. The LME 3 - month nickel price is 15,015 US dollars/ton, down 45 US dollars. The position of the main contract of Shanghai nickel is 118,664 lots, an increase of 3,500 lots. The net long position of the top 20 futures holders of Shanghai nickel is - 33,684 lots, a decrease of 1,648 lots. The LME nickel inventory is 253,128 tons, an increase of 378 tons. The Shanghai Futures Exchange nickel inventory is 36,751 tons (weekly), an increase of 676 tons. The LME nickel cancelled warrants total 6,540 tons, an increase of 114 tons. The warehouse receipt quantity of Shanghai nickel is 32,689 tons, a decrease of 240 tons [3]. 3.2 Spot Market - The SMM 1 nickel spot price is 120,500 yuan/ton, down 450 yuan. The average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals Market is 120,700 yuan/ton, down 350 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. The bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 28,800 yuan/ton, unchanged. The basis of the NI main contract is 750 yuan/ton, down 170 yuan. The LME nickel (spot/3 - month) premium is - 210.37 US dollars/ton, an increase of 3.3 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, a decrease of 23.22 million tons. The total port inventory of nickel ore is 1,479.1 million tons (weekly), a decrease of 18.81 million tons. The average monthly import price of nickel ore is 56.72 US dollars/ton, a decrease of 4.61 US dollars/ton. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly electrolytic nickel production is 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron production is 2.17 million metal tons, a decrease of 0.03 million metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, an increase of 4,144.03 tons. The monthly import volume of nickel - iron is 108.53 million tons, an increase of 21.12 million tons [3]. 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 2.48 million tons. The total weekly inventory of 300 - series stainless steel is 176.27 million tons, and the inventory of 300 - series stainless steel is 58.08 million tons, an increase of 0.41 million tons [3]. 3.6 Industry News - The US ADP employment in October increased by 42,000, the largest increase since July 2025, higher than the market expectation of 28,000. The US ISM non - manufacturing PMI in October was 52.4, the highest since February 2025. The State Council will adjust the additional tariff measures on imported goods from the US starting from 13:01 on November 10, 2025. The 24% additional tariff rate on the US will continue to be suspended for one year, and the 10% additional tariff rate on the US will be retained. According to the preliminary statistics of the Passenger Car Association, in October, the retail sales of new - energy passenger vehicles in the national market reached 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%, and the penetration rate of new - energy retail sales in the passenger car market was 58.7%. Premier Li Qiang attended the opening ceremony of the 8th China International Import Expo and delivered a keynote speech, stating that China will adhere to economic construction as the center, focus on high - quality development, and unswervingly promote high - level opening - up [3].