Market Analysis and Strategy Recommendation - The long - term filling of mainstream shipping companies is good, but the spot market cargo collection is average. The spot price difference among shipping companies has widened, and the market continues to play a game on the subsequent freight rate trend. The EC market maintains a volatile trend. On November 3rd, EC2512 closed at 1851.7 points, up 2.64% from the previous day's closing price. On October 31st, the SCFI European line reported $1344/TEU, up 7.9% month - on - month. The latest SCFIS European line reported 1208.71 points after the market today, down 7.9% month - on - month, with the spot decline slightly exceeding market expectations [7]. - In terms of spot freight rates, the long - term cargo of shipping companies has improved, and the spot price center is expected to gradually rise. It is expected that the spot freight rates from November to December are expected to gradually increase, and shipping companies are expected to continue to announce price increases. From the fundamental perspective, on the demand side, shipments from November to December are expected to gradually improve, and the impact of possible tariff improvements on the shipping rhythm needs to be concerned. On the supply side, from October to December 2025 and January 2026, the average weekly capacity from Shanghai to the five Nordic ports is 233,600/266,200/293,900/296,100 TEU respectively. After the China - US meeting, the tariff reduction and the extension of the 301 port service fee require tracking of the shipping companies' cargo collection performance [8]. - Unilateral trading strategy: The market has factored in the peak - season expectations in advance. It is expected that there will be short - term volatility to determine the extent of the price increase. Temporarily stay on the sidelines. Arbitrage strategy: Stay on the sidelines [9]. Industry News - Since November 10, 2025, the compound tariff rate on Chinese - imported goods imposed by the US will be reduced by 10%, and the current suspension period of additional tariffs on China will be extended to November 10, 2026 (the current 10% benchmark tariff rate remains unchanged during the suspension period) [11]. - The US will extend the validity period of some "Section 301" tariff exemption measures originally due to expire on November 29, 2025, to November 10, 2026 [11]. - Since November 10, 2025, the US will suspend the implementation of the policy of "expanding the scope of end - user control for related parties of specific list entities" for one year [11]. - Since November 10, 2025, the US will suspend the implementation of measures taken based on the "Section 301" investigation of China's shipbuilding industry for one year. During this period, the US will continue consultations with China in accordance with Article 301 of the Trade Act of 1974 and maintain historical cooperation with South Korea and Japan in revitalizing the US shipbuilding industry [11]. Market Data Futures Market - For EC2512, the closing price is 1851.7, up 47.7 points or 2.64% from the previous day, with a trading volume of 18,824 lots (down 68.37%) and an open interest of 29,320 lots (down 6.52%). For EC2602, the closing price is 1592.2, up 38.6 points or 2.48%, with a trading volume of 5,040 lots (down 55.74%) and an open interest of 18,781 lots (up 1.77%). Similar data are provided for other contracts such as EC2604, EC2606, EC2608, and EC2610 [6]. - In the month - spread structure, for example, the spread between EC12 and EC02 is 260, up 9.1 points; the spread between EC12 and EC04 is 667, up 24.4 points [6]. Container Freight Rates - The SCFIS European line index is 1208.71 points, down 7.92% week - on - week and 46.48% year - on - year; the SCFIS US West line index is 1267.15 points, up 14.43% week - on - week and down 54.40% year - on - year. The SCFI comprehensive index is 1550.70 points, up 10.49% week - on - week and down 29.04% year - on - year. Other routes' freight rates and their changes are also presented [6]. Fuel Costs - The price of WTI crude oil near - month contract is $60.49 per barrel, up 0.87% week - on - week and down 12.26% year - on - year; the price of Brent crude oil near - month contract is $64.58 per barrel, up 0.86% week - on - week and down 11.1% year - on - year [6].

Group 1: Market Information - The closing price of the SF main contract was 5526, with a daily change of 26 and a weekly change of -38. The trading volume was 118,520, with a daily change of -33,382, and the open interest was 163,466, with a daily change of -5,461 [3]. - The closing price of the SM main contract was 5794, with a daily change of 22 and a weekly change of -8. The trading volume was 161,410, with a daily change of -56,913, and the open interest was 350,214, with a daily change of -2,225 [3]. - The spot price of 72% FeSi in Inner Mongolia was 5350, with a daily change of 0 and a weekly change of 30. The spot price of 6517 silicon - manganese in Inner Mongolia was 5650, with a daily change of -10 and a weekly change of -30 [3]. - The manganese ore prices in Tianjin were stable, with the Australian lump at 39 (daily change 0, weekly change 0.2), South African semi - carbonate at 34.2 (daily change 0, weekly change 0.2), and Gabon lump at 39.8 (daily change 0, weekly change 0.1) [3]. Group 2: Market Analysis and Trading Strategies - On November 3, ferroalloy futures prices rose overall. The SF main contract rose 0.47%, and the SM main contract rose 0.38% [5]. - For ferrosilicon, the spot price was stable to weak on the 3rd, with some regions seeing a 20 - yuan/ton decline. Supply remained at a high level, and demand had a downward pressure due to potential environmental restrictions. The strategy was to short on rallies [5]. - For silicomanganese, the manganese ore spot was stable, and the silicomanganese spot price was stable to weak, with some regions seeing a 10 - yuan/ton decline. Supply pressure was high, and demand was affected by low profits and environmental production cuts. The strategy was also to short on rallies [5]. - Unilateral strategy: Short on rallies due to increased steel mill maintenance and high demand pressure; Arbitrage: Wait and see; Options: Sell out - of - the - money straddle option combinations [6]. Group 3: Important Information - In September 2025, South Africa's manganese ore exports were 2,287,959 tons, a year - on - year decrease of 0.7%. From Q1 to Q3 2025, the total exports were 20,763,797 tons, a year - on - year increase of 9.25% [7]. - The final manufacturing PMI in the Eurozone in October 2025 was 50, in line with expectations and the previous value [7]. Group 4: Cost and Profit - The production cost of ferrosilicon in Inner Mongolia was 5556 yuan/ton, with a profit of - 306 yuan/ton; in Ningxia, the cost was 5659 yuan/ton, with a profit of - 509 yuan/ton [14]. - The production cost of silicomanganese in Inner Mongolia was 5809 yuan/ton, with a profit of - 149 yuan/ton; in Ningxia, the cost was 5840 yuan/ton, with a profit of - 250 yuan/ton [17].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - In November 2025, the methanol market will continue its downward trend due to persistent high - inventory pressures. The supply will remain relatively abundant, with domestic coal - to - methanol production maintaining high profitability and imports expected to reach over 140 million tons. Meanwhile, demand growth is limited, with no significant increase in MTO demand and traditional demand showing no bright spots under a mediocre macro - economic background [4][5][95]. 3. Summary by Relevant Catalogs I. Foreword Summary 1. Comprehensive Analysis - In November, the peak coal - using season for summer ends, coal prices are expected to decline, but the decline is limited due to downstream restocking. Coal - to - methanol profits will be maintained, and domestic methanol operating rates will continue to hit new highs. Iranian installations are stable, and imports in November are estimated to reach 145 million tons, with slow destocking of port inventories. Overall demand in November has no significant increase, and traditional demand has no bright spots in a mediocre macro - environment [4][95]. 2. Strategy Recommendation - **Unilateral Trading**: The methanol price will continue to decline due to high - inventory pressure, with a lower limit of 2050 yuan/ton [5][6][95]. - **Arbitrage**: For inter - period arbitrage, pay attention to reverse arbitrage opportunities in the medium - to - long term as imports recover and MTO has negative feedback. For cross - variety arbitrage, focus on the opportunity to repair the PP - 3MA spread in the medium - to - long term [9][95]. II. Fundamental Situation 1. Market Review - In October 2025, domestic mainstream methanol spot prices were volatile and weak. Macroeconomic factors such as the weak US economy, the Fed's first interest - rate cut, and eased tariff conflicts had some support for domestic commodities. However, after the "anti - involution" policy influence faded, methanol futures returned to fundamentals, and with record - high port inventories, the price continued to decline. Internationally, the methanol price was also weak due to factors like high US supply and weak overall demand [10][11][27]. 2. Supply Analysis - **New Capacity in 2024**: China's methanol production capacity increased by about 3% year - on - year, with a total output expected to reach 75 million tons. The actual new production capacity in 2024 was only 3 million tons, and new projects involved various production processes, with a significant proportion of coke - oven gas - to - methanol projects [30]. - **New Capacity in 2025**: The planned new production capacity is 10.1 million tons, but the actual new production capacity for external sales is only 1.9 million tons due to downstream - supporting facilities. It is expected that the production capacity will increase by about 3% year - on - year, and the total output will reach 85 million tons [37]. - **Coal Price and Profit in October**: Coal prices first rose and then fell in October, and coal - to - methanol profits narrowed but remained high. It is expected that coal - to - methanol profits will remain high in November [39]. - **Operating Rate in October**: The coal - to - methanol operating rate was high, with the overall domestic methanol operating rate at 85.65% at the end of October, up 5% from the previous month and 1% from the same period last year. The coal - single - alcohol operating rate reached 94.48%, up 6% from the previous month [42]. - **Coal Price and Supply in November**: Coal prices are expected to be weak but with limited decline in November due to factors such as increased coal production in major producing areas, slow destocking of power - plant inventories, and reduced coal imports. Domestic methanol supply will remain abundant [48]. - **Enterprise Inventory in November**: As maintenance devices return in November, the overall capacity utilization rate will increase slightly, and enterprise inventories are expected to gradually accumulate [51]. 3. November Imports Expected to Exceed 1.4 Million Tons - **January - October Imports**: From January to September 2025, China's cumulative methanol imports were 9.67 million tons, a year - on - year decrease of 3.9%. It is estimated that imports in October were 1.45 million tons, and the cumulative imports from January to October were 11.12 million tons, a year - on - year decrease of 1.5% [55]. - **Foreign New Capacity**: In 2024, international new production capacity slowed down, mainly in the US and Malaysia. In 2025, Iran is expected to add 1.65 million tons/year and 1.65 million tons/year of methanol production capacity, and other countries are also exploring coal - to - methanol development [61][64]. - **Iranian Installations and Imports in November**: Some Iranian installations are shut down, with daily production dropping from 40,000 tons to around 35,000 tons. Iranian shipments in October were 920,000 tons, and imports in November are expected to be 1.45 million tons [66]. - **Port Inventory and MTO**: In October, Iranian shipments accelerated, imports rebounded, and MTO recovered, but port destocking was slow. As of the end of October, the total port inventory was 1.51 million tons, and the available tradable port inventory was 880,000 tons [70][72]. 4. Limited Demand Growth in November and Little Macro - level Change - **Macroeconomic Situation**: In October, trade and geopolitical conflicts interfered with the domestic macro - economy. The manufacturing PMI in October was 49%, down 0.8 percentage points from September, indicating a slowdown in manufacturing production and demand [75]. - **MTO New Installations in November**: There are no new MTO installations expected to be put into production in November. The planned 1.45 - million - ton MTO installations in the second half of 2025 are expected to be postponed to the fourth quarter [80]. - **MTO Installation Elimination Pressure**: Some MTO installations, such as those of Changzhou Fude and Ningbo Fude, face elimination pressure due to long - term losses. From an industrial - structure perspective, Sierbang and Xingxing are most likely to exit or operate at low loads [84]. - **Traditional Downstream Demand in November**: The fundamentals of traditional methanol downstream sectors are diverse. The demand for formaldehyde, dimethyl ether, etc., is weak, with low operating rates. The fundamentals of acetic acid, MTBE, etc., remain resilient, but overall, traditional downstream demand is difficult to increase in November [90][93]. III. Future Outlook and Strategy Recommendation 1. Comprehensive Analysis - In November, the coal - to - methanol supply will remain abundant, with coal prices expected to decline but with limited decline. Imports are estimated to reach 1.45 million tons, and port inventories will be slowly destocked. Overall demand has no significant increase, and traditional demand has no bright spots [95]. 2. Strategy Recommendation - **Unilateral Trading**: The methanol price will continue to decline, with a lower limit of 2050 yuan/ton [95][97]. - **Arbitrage**: For inter - period arbitrage, pay attention to reverse arbitrage opportunities in the medium - to - long - term. For cross - variety arbitrage, focus on the opportunity to repair the PP - 3MA spread in the medium - to - long - term [95].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The U.S. corn market is in a narrow - range oscillation. The import profit of foreign corn has declined, and the domestic corn spot has different trends in different regions. The short - term corn spot still has room to fall. The 01 corn futures have limited rebound space [4][6][8]. - The corn starch inventory has decreased this week. The starch price depends on corn price and downstream stocking. The enterprise profit is good due to the large decline in corn price. The 01 starch futures are expected to oscillate at the bottom in the short term [7]. 3. Summary by Directory Part 1: Data - **Futures Market**: For corn futures, C2601 closed at 2141 with a 0.51% increase, C2605 at 2244 with a 0.76% increase, and C2509 at 2263 with a 0.44% increase. For corn starch futures, CS2601 closed at 2453 with a 0.53% increase, CS2605 at 2558 with a 0.39% increase, and CS2509 at 2601 with a 0.46% increase [2]. - **Spot and Basis**: Corn spot prices in different regions had different changes, with prices in Qinggang falling by 5, and in Zhucheng Xingmao rising by 52. Starch spot prices in most regions remained stable, except for Yufeng which decreased by 30. The basis of corn and starch also varied in different regions [2]. - **Spread**: The spreads of corn and corn starch futures contracts and cross - variety spreads had different changes. For example, C01 - C05 was - 103 with a - 6 change, and CS01 - CS05 was - 105 with a 3 change [2]. Part 2: Market Judgment - **Corn**: The U.S. corn market is affected by the high - yield situation and the easing of Sino - U.S. relations. The import profit of foreign corn has declined. The domestic corn market has different trends in different regions. The short - term corn spot still has room to fall, and the market is concerned about the selling pressure of Jilin corn at the end of October [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn starch inventory has declined. The starch price is mainly affected by corn price and downstream stocking. The enterprise profit is good, but the corn starch spot may fall later [7]. - **Trading Strategy**: The U.S. corn is expected to oscillate narrowly. The 05 and 01 corn long positions should be closed and wait and see. The spread between 01 corn and starch can be tried to shrink when it is high [8][9]. Part 3: Corn Options - The option strategy is a short - term cumulative put and call strategy with rolling operations [11]. Part 4: Related Attachments - There are six figures, including the spot price of corn in different regions, the basis of corn 01 contract, the spreads of corn 1 - 5 and corn starch 1 - 5, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][20].

Report Industry Investment Rating No relevant content provided. Core View of the Report The propylene market is under pressure, and the pattern of high supply and weak demand is difficult to change. In the absence of strong cost pull and significant improvement in demand, the market drive will return more to fundamental logic. The follow - up needs to closely monitor OPEC+ production policies, the actual impact of winter energy demand on propane and coal prices, and changes in downstream demand [3][52]. Summary by Directory 1. Market Review - In October, the center of propylene prices moved down overall. The propylene futures 2601 contract fell below 6,000 yuan/ton on October 21. After the National Day, the supply increased due to the restart of PDH units, and the cost support of PDH - made propylene weakened. In late October, the sanctions on Russian oil companies by the US led to a rebound in international oil prices and drove up propylene prices. However, high supply and inventory suppressed the price, and it dropped at the end of the month [2]. - In October, the average load of domestic propylene units was 78.47%, an increase of 1.34% compared to September. Although some units were under maintenance, the overall load remained high. The production in September decreased by 110,000 tons to 5.52 million tons compared to August, and it was expected to rebound in October. The demand was weak due to the low operating rate of polypropylene, and the supply - demand pattern remained loose [8]. 2. Market Outlook - Supply side: OPEC+ is expected to maintain a small increase in production, which may lead to a long - term supply surplus of global crude oil. Domestic propylene load is expected to remain at a high level of about 78%, and the restart of large - scale units in November and December will further increase supply [3][27][52]. - Cost side: The cost support may show a differentiated trend. The long - term supply surplus of crude oil may make the support of oil - based cost unstable. The seasonal increase in propane's combustion demand in winter may support CP prices and slow down the decline of PDH process costs, but its impact on propylene prices depends on downstream acceptance [3][52]. - Demand side: The recovery of demand is not optimistic. The operating rate of polypropylene, the largest downstream product, remains low, and the poor profit situation of most downstream derivative industries is difficult to improve in the short term [3][52]. 3. Strategy Recommendation - Unilateral: Consolidation in a range [5][53]. - Arbitrage: 1 - 2 reverse spread [5][53]. - Options: Double - selling options [5][53].

| 【行情回顾】 | 2 | | --- | --- | | 【市场展望】 | 2 | | 【策略推荐】 | 2 | | 第二部分 基本面情况 | 3 | | 一、行情回顾 | 3 | | 二、美国市场基本面 | 4 | | 三、国际 LNG | 市场基本面情况 6 | | 四、后市展望 | 8 | | | 免责声明 9 | 能化板块研发报告 天然气 11 月报 2025 年 11 月 3 日 冬季前平静的市场下暗流涌动 第一部分 前言概要 【行情回顾】 美国方面今年整体产量增长较快，阿巴拉契亚和海恩斯维尔贡献较大， 上半年补库需求支撑价格维持高位，当库存恢复健康水平后 HH 价格承压， 然而 10 月下旬产量明显下滑，主要来自于海恩斯维尔，液化需求进一步上升， 叠加天气预期转冷，整体情绪带动价格大幅反弹。 国际 LNG 方面在地缘政治风险情绪基本褪去后，欧洲的低库存以及亚洲 疲软的需求使得在 JKM/TTF 价格近期一直维持在 11 美元/MMBTU 附近。 【市场展望】 美国方面，前期补库使得库存水平已接近五年来的峰值，入冬前高库存 水平会对价格产生一定压力。明年的市场价格中枢更多看 26 年出冬时的库 ...

Group 1: Report Overview - The report is an agricultural product research report on peanuts, dated November 3, 2025 [1] Group 2: Market Data Futures Market - PK604 closed at 7880, down 12 (-0.15%), with a trading volume of 4,077 (up 1492.58%) and an open interest of 4,605 (up 173.78%) [2] - PK510 closed at 8126, unchanged (0.00%), with a trading volume of 47 (up 161.11%) and an open interest of 490 (up 2.94%) [2] - PK601 closed at 7800, down 12 (-0.15%), with a trading volume of 69,185 (up 48.19%) and an open interest of 168,467 (down 0.22%) [2] Spot Market - In the spot market, prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7800, and 7800 respectively, with Shandong Jining and Linyi down 600 [2] - Imported Sudanese peanuts were priced at 8600, and Senegalese peanuts at 7600, both unchanged [2] - Rizeshao peanut meal was priced at 3250, unchanged; Rizhao soybean meal at 3040, up 30; peanut oil at 14580, unchanged; and Rizhao first - grade soybean oil at 8290, down 30 [2] Spread - The spread between PK01 - PK04 was - 80, unchanged; PK04 - PK10 was - 246, down 12; PK10 - PK01 was 326, up 12 [2] Group 3: Market Analysis - Peanut prices in Henan continued to rebound, and those in Northeast China rose. In Northeast China, the price of 308 common peanuts in Fuyu, Jilin was 4.3 yuan/jin, up 0.1 yuan/jin; in Changtu, Liaoning, it was 4.3 yuan/jin, up 0.15 yuan/jin [4] - In the Henan production area, the price of Baisha common peanuts was 3.6 - 3.75 yuan/jin, up 0.1 yuan/jin; in Junan, Shandong, it was 3.9 yuan/jin, down 0.05 yuan/jin [4] - Imported peanut prices were stable. The price of imported Sudanese refined peanuts was 8600 yuan/ton, Senegalese peanuts were 7600 yuan/ton, Brazilian new peanuts were 9200 yuan/ton, and Indian specification peanuts (50/60) were 8000 yuan/ton [4] - Peanut oil prices were stable. The mainstream transaction price of peanut oil mills was 7700 - 7900 yuan/ton, and the theoretical break - even price of oil mills was 7920 yuan/ton [4] - Rizhao soybean meal was stronger, with the spot price at 3030 yuan/ton, up 40 yuan/ton. The price difference per unit of protein between peanut meal and soybean meal was low, and peanut meal was stronger in the short term, with the 48 - protein peanut meal priced at 3210 yuan/ton [6] Group 4: Trading Strategy - Unilateral: Peanuts in contracts 01 and 05 are in a low - level oscillation, and short - term long positions can be considered [9] - Monthly spread: Wait and see [10] - Options: Hold the short position of pk601 - P - 7600 [11] Group 5: Related Charts - The report includes charts on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread [13][19][22]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 3 日 0 / 48 研究所 期货眼·日迹 | | | | 豆粕：利多因素带动 | 盘面偏强运行 5 | | --- | --- | | 白糖：外糖价格反弹修复 | 郑糖价格短期略强 6 | | 油脂板块：短期缺乏利多驱动，油脂震荡偏弱运行 7 | | | 玉米/玉米淀粉：现货稳定，盘面底部震荡 8 | | | 生猪：供应压力继续体现 | 价格延续回落 9 | | 花生：花生现货企稳反弹，花生短期底部震荡 9 | | | 鸡蛋：淘鸡有所增加 | 蛋价有所企稳 10 | | 苹果：新季果质量较差 | 客商采购积极 11 | | 棉花-棉纱：收购进入高峰 | 棉价震荡略偏强 12 | | 钢材：宏观影响消退，钢价冲高回落 14 | | --- | | 双焦：高位震荡 等待回调后做多的机会 14 | | 铁矿：高位偏空为主 15 | | 铁合金：库存持续攀升，继续作为空头配置 16 | | 贵金属：政策风向转变，短期承压延续调整 17 | | --- | | 铜：价格短期回踩，长期趋势不变 18 | | 氧化铝：供应端减产仍未落地 氧化铝偏 ...

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: October 31, 2025 [2] IM Futures Market Summary - The main contract of IM rose 0.02% to close at 7368.2 points [4]. - The total trading volume of the four IM contracts was 253,282 lots, an increase of 4,629 lots from the previous day; the total open interest was 362,383 lots, a decrease of 6,696 lots from the previous day [5]. - The main contract of IM was at a discount of 138.47 points, a decrease of 17.79 points from the previous day; the annualized basis rate was -13.72% [5]. Price and Volume Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7506.67 | 0.29% | 29,975 | | 4,756 | -1% | | | | | IM2511 | 7439.60 | 0.00% | 49,482 | 4% | 740 | 4% | 69,370 | -1,735 | 124 | | IM2512 | 7368.20 | 0.02% | 164,443 | 1% | 2,436 | 2% | 186,908 | -3,849 | 331 | | IM2603 | 7165.00 | 0.09% | 27,165 | 1% | 391 | 1% | 78,264 | -2,074 | 135 | | IM2606 | 6960.00 | 0.11% | 12,192 | 2% | 171 | 2% | 27,841 | 962 | 47 | [4] Basis and Other Information - The dividend impacts of the four IM contracts were 0.72 points, 0.9 points, 3.45 points, and 48.25 points respectively [5]. Main Seats Information - Details of the trading volume, long positions, and short positions of the top members in different contracts are provided, such as in IM2511, the top five members in trading volume had a total of 145,968 lots, an increase of 3,092 lots from the previous day [21]. IF Futures Market Summary - The main contract of IF fell 1.43% to close at 4631.4 points [29]. - The total trading volume of the four IF contracts was 139,862 lots, an increase of 2,486 lots from the previous day; the total open interest was 271,131 lots, an increase of 397 lots from the previous day [29]. - The main contract of IF was at a discount of 9.27 points, an increase of 10.64 points from the previous day; the annualized basis rate was -1.46% [29]. Price and Volume Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4640.67 | -1.47% | 28,146 | 3% | 6,807 | -5% | | | | | IF2511 | 4641.00 | -1.45% | 33,764 | 5% | 473 | 4% | 42,899 | -1,634 | 72 | | IF2512 | 4631.40 | -1.43% | 85,956 | -1% | 1,201 | -3% | 160,463 | -390 | 268 | | IF2603 | 4608.80 | -1.33% | 14,754 | 6% | 205 | 5% | 57,343 | 770 | 95 | | IF2606 | 4573.60 | -1.23% | 5,388 | 34% | 74 | 33% | 10,426 | 1,651 | 17 | [26] Basis and Other Information - The dividend impacts of the four IF contracts were 1.62 points, 2.47 points, 11 points, and 42.38 points respectively [29]. Main Seats Information - Similar to IM, details of the main seats in different IF contracts are presented, including trading volume, long - position, and short - position changes [40][42][43]. IC Futures Market Summary - The main contract of IC fell 0.89% to close at 7242.4 points [45]. - The total trading volume of the four IC contracts was 145,316 lots, a decrease of 22,972 lots from the previous day; the total open interest was 254,465 lots, a decrease of 5,746 lots from the previous day [46]. - The main contract of IC was at a discount of 88.6 points, a decrease of 1.89 points from the previous day; the annualized basis rate was -8.93% [46]. Price and Volume Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7331.00 | -0.74% | 23,204 | -5% | 4,349 | -8% | | | | | IC2511 | 7291.20 | -0.92% | 29,712 | -3% | 436 | -3% | 48,365 | -1,058 | 85 | | IC2512 | 7242.40 | -0.89% | 92,416 | -13% | 1,346 | -13% | 138,903 | -2,520 | 241 | | IC2603 | 7085.00 | -0.90% | 16,806 | -28% | 240 | -28% | 51,715 | -2,375 | 88 | | IC2606 | 6907.00 | -0.86% | 6,382 | -23% | 89 | -23% | 15,482 | 207 | 26 | [45] Basis and Other Information - The dividend impacts of the four IC contracts were 1.68 points, 1.9 points, 5.29 points, and 62.34 points respectively [46]. Main Seats Information - Information about the main seats in different IC contracts is given, including trading volume, long - position, and short - position changes [59][61][63]. IH Futures Market Summary - The main contract of IH fell 1.13% to close at 3015.2 points [65]. - The total trading volume of the four IH contracts was 63,349 lots, a decrease of 600 lots from the previous day; the total open interest was 99,608 lots, a decrease of 2,436 lots from the previous day [65]. - The main contract of IH was at a premium of 3.65 points, an increase of 5.26 points from the previous day; the annualized basis rate was 0.88% [66]. Price and Volume Details | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 3011.55 | -1.15% | 6,932 | 5% | 1,693 | -8% | | | | | IH2511 | 3016.80 | -1.09% | 13,624 | -4% | 124 | -5% | 15,925 | -468 | 17 | | IH2512 | 3015.20 | -1.13% | 40,576 | -3% | 368 | -4% | 63,955 | -2,898 | 69 | | IH2603 | 3016.00 | -1.16% | 7,055 | 19% | 64 | 17% | 16,285 | 718 | 18 | | IH2606 | 3015.80 | -1.03% | 2,094 | 11% | 19 | 9% | 3,443 | 212 | 4 | [65] Basis and Other Information - The dividend impacts of the four IH contracts were 0 points, 0.85 points, 10.65 points, and 30.11 points respectively [66]. Main Seats Information - Details of the main seats in different IH contracts, including trading volume, long - position, and short - position changes, are provided [79][81][83].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The supply and demand side of pure benzene and styrene lacks upward drivers [2]. 3. Summary by Relevant Catalogs 3.1 Preface Summary - The supply - demand situation of pure benzene and styrene lacks upward momentum [2]. 3.2 Fundamental Situation - **Pure Benzene Data**: The report presents data on pure benzene prices (including domestic and foreign markets), spreads,开工 rates (petroleum benzene, hydrogenated benzene), downstream weighted开工 loads and profits, port inventories, and import volumes from 2019 - 2025. For example, in 2025, the monthly pure benzene production ranges from 157.81 to 197.61 million tons, and the monthly import volume is around 40 - 50 million tons [12][15][33]. - **Styrene Data**: It shows styrene prices, price spreads,开工 rates, production profits, port and enterprise inventories, and downstream开工 rates and profits. The styrene production in 2025 ranges from 136.85 to 163.62 million tons, and the monthly import volume varies [37][41][60]. - **Downstream Product Data**: Data on the开工 rates, production profits, and inventories of downstream products such as CPL, phenol, aniline, and adipic acid are provided. For instance, the CPL开工 rate in 2025 is between 55% - 105% [21][23][27]. - **Balance Sheets**: Pure benzene and styrene balance sheets from January to December 2025 are presented, showing production, import, demand, and supply - demand differences. For example, the supply - demand difference of pure benzene in October 2025 is 0.05 million tons, and that of styrene is 2.05 million tons [33][60]. 3.3 Market Outlook and Strategy Recommendations - **Related Data**: Data on automobile production and export growth rates, and real - estate construction, new construction, sales, and completion area cumulative year - on - year growth rates are provided. For example, the automobile production and export data show trends from 0 - 3500 units with corresponding growth rates, and the real - estate data show cumulative year - on - year growth rates from - 100% - 100% [74].