Group 1: Report Information - The report is a pulp morning report released on November 14, 2025, by the energy and chemical team of the research center [1] Group 2: SP Main Contract Data - The closing price of the SP main contract on November 13, 2025, was 5534.00 [1] - The closing prices from November 7 - 13, 2025, were 5394.00, 5468.00, 5484.00, 5482.00, and 5534.00 respectively [1] - The corresponding converted US - dollar prices were 661.50, 671.16, 672.85, 672.93, and 672.93 respectively [1] - The daily price changes were 0.48435%, 1.37189%, 0.29261%, - 0.03647%, and 0.94856% respectively [1] - The Shandong Yinxing basis on November 13, 2025, was 6, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 31 [1] Group 3: Import Profit Data - With a 13% VAT calculation and an exchange rate of 7.12, the import profit for Canadian Golden Lion was - 145.57, for Canadian Lion was - 443.29, and for Chilean Yinxing was - 1.01 [2] - The port US - dollar prices were 780, 730, and 680 respectively, and the Shandong region RMB prices were 6200, 5500, and 5540 respectively [2] Group 4: Pulp and Paper Price Averages - From November 7 - 13, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [2] - The Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) prices remained unchanged from November 10 - 13, 2025 [2] Group 5: Pulp and Paper Profit Margin Estimates - From November 10 - 13, 2025, the estimated profit margins for double - offset paper were - 0.7226%, - 1.0753%, - 1.0753%, - 1.0753% respectively [2] - For double - copper paper, they were 12.4839%, 12.1935%, 12.1935%, 12.1935% respectively [2] - For white - card paper, they were - 7.9436%, - 8.1551%, - 8.1551%, - 8.1551% respectively [2] - For living paper, they were 5.2551%, 4.7968%, 4.7968%, 4.7968% respectively [2] Group 6: Pulp Price Spreads - From November 7 - 13, 2025, the softwood - hardwood price spread was 1240, 1185, 1180, 1165, 1165 respectively [2] - The softwood - natural price spread was 100, 125, 140, 140, 140 respectively [2] - The softwood - chemimechanical price spread was 1700, 1725, 1740, 1740, 1740 respectively [2] - The softwood - waste paper price spread was 3924, 3949, 3964, 3964, 3964 respectively [2]

Group 1: Price Performance - London Platinum's latest price is $1580.00, with a change of -$12.00 [2] - London Palladium's latest price is $1439.00, with a change of -$7.00 [2] - LME Copper's latest price is $10963.00, with a change of $114.00 [2] - The latest value of the US Dollar Index is 99.18, with a change of -0.30 [2] - The latest exchange rate of Euro to US Dollar is 1.16, with a change of 0.00 [2] - The latest exchange rate of Pound to US Dollar is 1.32, with a change of 0.01 [2] - The latest exchange rate of US Dollar to Japanese Yen is 154.52, with a change of -0.29 [2] Group 2: Trading Data - COMEX Silver's latest inventory is 14815.08, with a change of -58.35 [3] - SHFE Silver's latest inventory is 584.01, with a change of 0.95 [3] - Gold ETF's latest holding is 1048.93, with a change of 2.29 [3] - Silver ETF's latest holding is 15173.28, with a change of 84.65 [3] - SGE Gold's latest deferred fee payment direction is 1, with a change of -1.00 [3] - SGE Silver's latest deferred fee payment direction is 2, with a change of 0.00 [3]

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: November 14, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1591.62, with no daily or weekly change, a monthly increase of 109.23, and a year - on - year decrease of 15.71% [2] - The latest price of Hebei quasi - first dry quenching coke is 1845.00, with no daily or weekly change, a monthly increase of 110.00, and a year - on - year increase of 1.93% [2] - The latest price of Shandong quasi - first dry quenching coke is 1770.00, with no daily or weekly change, a monthly increase of 110.00, and a year - on - year decrease of 14.29% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1810.00, with no daily or weekly change, a monthly increase of 110.00, and a year - on - year decrease of 14.01% [2] - The latest price of Inner Mongolia second - grade coke is 1280.00, with no daily or weekly change, a monthly increase of 100.00, and a year - on - year decrease of 17.42% [2] Group 3: Production and Utilization Rate - The blast furnace operating rate is 87.81%, with a weekly decrease of 0.80, a monthly decrease of 2.74, and a year - on - year decrease of 0.67% [2] - The daily average pig iron output is 236.88, with a weekly increase of 2.66, a monthly decrease of 4.07, and a year - on - year increase of 0.40% [2] - The coking capacity utilization rate is 71.84%, with a weekly decrease of 0.90, a monthly decrease of 3.11, and a year - on - year decrease of 1.39% [2] - The daily average coke output is 53.12, with a weekly decrease of 0.02, a monthly increase of 1.84, and a year - on - year increase of 4.61% [2] Group 4: Inventory Information - The coking plant inventory is 36.15, with a weekly decrease of 0.35, a monthly decrease of 1.44, and a year - on - year decrease of 8.37% [2] - The port inventory is 198.80, with a weekly decrease of 3.31, a monthly increase of 3.65, and a year - on - year increase of 15.45% [2] - The steel mill inventory is 622.40, with a weekly decrease of 4.24, a monthly decrease of 17.04, and a year - on - year increase of 7.49% [2] - The steel mill inventory days are 11.06, with a weekly decrease of 0.01, a monthly decrease of 0.13, and a year - on - year decrease of 1.25% [2] Group 5: Futures Market Information - The latest price of futures contract 05 is 1822.5, with a daily decrease of 12.00, a weekly decrease of 73.00, a monthly increase of 41.00, and a year - on - year decrease of 9.49% [2] - The latest price of futures contract 09 is 1907.5, with a daily decrease of 12.00, a weekly decrease of 68.00, a monthly increase of 43.00, and a year - on - year decrease of 6.97% [2] - The latest price of futures contract 01 is 1686, with a daily decrease of 5.00, a weekly decrease of 78.50, a monthly increase of 50.50, and a year - on - year decrease of 13.18% [2] - The 05 basis is 82.47, with a daily increase of 12.00, a weekly increase of 73.00, a monthly increase of 92.58, and a year - on - year decrease of 50.36 [2] - The 09 basis is - 2.53, with a daily increase of 12.00, a weekly increase of 68.00, a monthly increase of 90.58, and a year - on - year decrease of 98.36 [2] - The 01 basis is 218.97, with a daily increase of 5.00, a weekly increase of 78.50, a monthly increase of 83.08, and a year - on - year increase of 14.64 [2] - The 5 - 9 spread is - 136.50, with a daily increase of 7.00, a weekly decrease of 5.50, a monthly increase of 9.50, and a year - on - year decrease of 65.00 [2] - The 9 - 1 spread is - 85.00, with no daily change, a weekly decrease of 5.00, a monthly decrease of 2.00, and a year - on - year decrease of 48.00 [2] - The 1 - 5 spread is 221.50, with a daily decrease of 7.00, a weekly increase of 10.50, a monthly decrease of 7.50, and a year - on - year increase of 113.00 [2]

Report Information - Report Title: Coking Coal Daily Report - Date: November 14, 2025 - Research Team: Black Team of the Research Center [1] Price Information - **Coal Prices**: The latest price of Liulin Main Coking Coal is 1,645.00, with no daily or weekly change, a monthly increase of 95.00, and an annual increase of 3.46%. The price of Raw Coal Port Delivery Price is 1,100.00, with no daily change, a weekly decrease of 65.00, a monthly increase of 60.00, and an annual decrease of 0.90%. Other coal types also show different price changes [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 1,263.50, a daily decrease of 12.50, a weekly decrease of 62.00, a monthly increase of 19.50, and an annual decrease of 6.09%. Similar price trends are observed in Futures Contracts 09 and 01 [2]. Inventory Information - **Total Inventory**: The total inventory is 3,359.36, with a weekly decrease of 2.16, a monthly increase of 39.79, and an annual decrease of 15.58%. - **Sub - inventories**: Coal mine inventory is 165.06, with a weekly decrease of 0.53, a monthly decrease of 40.35, and an annual decrease of 47.52%. Port inventory is 304.27, with a weekly increase of 14.12, a monthly increase of 9.28, and an annual decrease of 25.83%. Steel mill coking coal inventory is 787.30, with a weekly decrease of 9.02, a monthly increase of 6.17, and an annual increase of 6.22%. Coking plant coking coal inventory is 1,070.02, with a weekly increase of 17.54, a monthly increase of 110.96, and an annual increase of 18.39% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 71.64, with a weekly decrease of 0.67, a monthly decrease of 2.60, and an annual decrease of 2.06%. - **Coking Coke Inventory**: The coking coke inventory is 85.14, with a weekly increase of 0.15, a monthly increase of 0.42, and an annual decrease of 1.60%. - **Price Spreads**: The 5 - 9 spread is - 66.00, with a daily increase of 5.00, a weekly decrease of 15.00, a monthly increase of 17.50, and an annual increase of 0.91%. Similar trends are seen in the 9 - 1 and 1 - 5 spreads [2].

Group 1: Copper - This week, copper prices had a slight correction, and the 85,000 yuan level received concentrated price - fixing support from downstream buyers. The market is concerned about when the liquidity of the TGA account will be released. The Shanghai Copper Conference this week was generally bullish on next year's demand. The current slow inventory - building pattern may continue until the first quarter of next year, and the fundamentals remain stable but weak. The 85,000 yuan level may be the psychological price for downstream price - fixing [1]. Group 2: Aluminum - The long - term reduction of Iceland's electrolytic aluminum production is confirmed, and high overseas electricity prices increase the expectation of production cuts in other capacities. Aluminum prices have risen significantly, with the basis of aluminum ingots declining. The domestic market shows stronger performance than the overseas market, but the apparent demand for domestic aluminum ingots and aluminum products has weakened, and the inventory of aluminum ingots has increased month - on - month. Future supply and demand of aluminum may remain in a tight balance, and prices are likely to rise in the long - term, but the actual performance may be lower than expected [2]. Group 3: Zinc - This week, the center of zinc prices has risen. On the supply side, domestic and imported TC are accelerating their decline, and domestic mines will be marginally tighter from the fourth quarter to the first quarter of next year. In November, the zinc ingots from Huoshaoyun were officially put into production, with an expected monthly output of 8,000 - 10,000 tons. On the demand side, domestic demand is seasonally weak, and overseas European demand is average. Domestic social inventory is fluctuating, and overseas LME inventory is oscillating at a low level. It is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and consider positive arbitrage opportunities for the 12 - 02 spread [5]. Group 4: Stainless Steel - On the supply side, steel mills' production in October increased slightly month - on - month. On the demand side, it is mainly driven by rigid demand. Costs of ferronickel and ferrochrome remain stable. Inventory is at a high level. The fundamentals are generally weak, and it is advisable to pay attention to short - selling opportunities [9]. Group 5: Lead - This week, lead prices fluctuated at a high level, and the near - term spread strengthened. On the supply side, the scrap volume is weak year - on - year, and the recovery of recycled lead profits encourages复产. On the demand side, the battery production rate increased by 0.4% this week, but there is an expectation of weakening demand. It is expected that lead prices will maintain a narrow - range oscillation next week, and it is recommended to wait and see the situation of recycled lead production resumption and warehouse receipt increase [12]. Group 6: Tin - This week, tin prices oscillated. On the supply side, the processing fees for tin ore are at a low level, and the supply has marginally recovered after the overhaul of Yunnan Tin ended. Overseas production in Wa State and Indonesia has some uncertainties. On the demand side, it is mainly supported by rigid demand. In the short - term, it is recommended to wait and see, and in the long - term, it is advisable to hold when the price is close to the cost line [15]. Group 7: Industrial Silicon - This week, the operation of leading enterprises in Xinjiang is stable, and most industrial silicon plants in the southwest region have cut production. The overall production in the northwest region is relatively stable. In the fourth quarter, the supply and demand of industrial silicon are expected to be in a slightly loose balance, with prices expected to oscillate in the short - term and at the bottom of the cycle in the long - term [16]. Group 8: Lithium Carbonate - Affected by the expectation of mine复产 in Jiangxi, lithium carbonate prices have fluctuated widely. The upstream inventory has been significantly reduced, and downstream inventory is relatively sufficient. In the short - term, supply and demand are both strong, and the market is in a de - stocking trend. The upward potential of prices depends on further inventory reduction, the emergence of speculative demand, or stronger holding willingness [16]. Group 9: Nickel - On the supply side, the price of nickel sulfate is relatively strong, and the output of pure nickel has slightly decreased month - on - month. On the demand side, it is generally weak. Inventory is continuously increasing both at home and abroad. The short - term fundamentals are weak. With continuous disturbances in the Indonesian nickel ore market and the policy's motivation to support prices, it is advisable to pay attention to short - selling opportunities [20].

Report Information - Report Title: Big Asset Morning Report - Research Team: Macroeconomic Team of the Research Center - Report Date: November 14, 2025 [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On November 13, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.120%, 4.437%, 3.415% respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was 0.050, and the one - year change was - 0.153 [3]. 2 - Year Treasury Yields of Major Economies - On November 13, 2025, the 2 - year Treasury yields of the UK, Germany, Japan, etc. were 3.760%, 2.026%, 0.927% respectively. There were also different changes in different time periods. For instance, the latest change in the UK was 0.037, and the one - year change was - 0.746 [3]. US Dollar Exchange Rates Against Major Emerging Economies' Currencies - On November 13, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.299, 17.043 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the US dollar against the Brazilian real was 0.13%, and the one - year change was - 7.78% [3]. Stock Indices of Major Economies - On November 13, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6737.490, 47457.220, 22870.360 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change of the S&P 500 was - 1.66%, and the one - year change was 16.51% [3]. Credit Bond Indices - There were different performance changes in different time periods for US investment - grade credit bonds, euro - zone investment - grade credit bonds, etc. For example, the latest change of US investment - grade credit bonds was - 0.37%, and the one - year change was 5.99% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 4029.50, 4702.07 respectively, with corresponding percentage changes [5]. Valuation - The PE (TTM) of CSI 300, SSE 50, etc. were 14.41, 12.13 respectively, with corresponding环比 changes [5]. Risk Premium - The risk premium of S&P 500 was - 0.55, with a环比 change of 0.01; the risk premium of German DAX was 2.66, with a环比 change of 0.27 [5]. Fund Flows - The latest values of A - shares, the main board, etc. were 496.42, 272.41 respectively, and there were corresponding 5 - day average values [5]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 20419.62, 5100.61 respectively, with corresponding环比 changes [5]. Main Contract Premiums or Discounts - The basis of IF, IH, IC were - 25.07, - 4.87, - 86.29 respectively, with corresponding percentage changes [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, etc. were 108.410, 105.885 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.3887%, 1.5005%, 1.5800% respectively, with corresponding daily changes in basis points [6]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the given content. 2. Core View - No clear core view is presented in the provided content. 3. Summary According to Related Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from 2025/11/07 to 2025/11/13, including Beijing, Shanghai, Chengdu, etc. For example, Beijing's rebar price changed from 3190 on 2025/11/07 to 3170 on 2025/11/13, a decrease of 30; Shanghai's rebar price increased from 3200 to 3220, an increase of 20. [1] Basis and Spread - No content related to basis and spread is provided. Production and Inventory - No content related to production and inventory is provided.

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint No clear core viewpoint presented in the given text. 3. Summary by Related Catalogs Price - **Silicon Iron**: Spot prices in different regions showed various changes, e.g., Ningxia 72 remained at 5150 with no daily change and a -20 weekly change; Inner Mongolia 72 was at 5200 with no daily or weekly change. Futures prices also had different daily and weekly variations, such as the 01 - contract at 5506 with a 16 - point daily change and an - 80 - point weekly change [2]. - **Silicon Manganese**: Spot prices in different regions had different changes, like Inner Mongolia 6517 remained at 5600 with no daily change and a -20 weekly change; Ningxia 6517 was at 5550 with a -10 daily and weekly change. Futures prices also had corresponding fluctuations, e.g., the 01 - contract at 5756 with a -6 daily and -42 weekly change [2]. Supply - **Silicon Iron**: The production data of 136 silicon - iron enterprises in China from 2021 - 2025 were presented, including monthly production and weekly production with a 95% capacity share. The capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi were also shown [4]. - **Silicon Manganese**: The production data of silicon manganese in China from 2021 - 2025 were provided, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - **Silicon Iron**: The demand - related data included the production of crude steel, stainless - steel crude steel, and the procurement volume of Hebei Iron and Steel Group in China from 2021 - 2025 [4]. - **Silicon Manganese**: The demand data of silicon manganese in China from 2021 - 2025 were shown, including the estimated demand volume (Steel Union caliber) and the procurement volume of Hebei Iron and Steel Group [4][7]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China from 2021 - 2025 were presented, including total inventory, inventory in different regions (Ningxia, Inner Mongolia, Shaanxi), and inventory - related indicators such as warehouse receipts, effective forecasts, and inventory - available days in different regions [5]. - **Silicon Manganese**: The inventory data of silicon manganese from 2021 - 2025 were provided, including warehouse receipts, effective forecasts, total inventory, and inventory - available days in China, as well as the inventory of 63 sample enterprises [7]. Cost and Profit - **Silicon Iron**: The cost - related data included electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke, and the market price of silica. The profit - related data included the production profit in Inner Mongolia and Ningxia, and the export profit of 75 - grade silicon iron [5]. - **Silicon Manganese**: The profit - related data included the profit in Inner Mongolia, Guangxi, and other regions, as well as the profit of silicon manganese converted to the main - contract price in Guangxi and Ningxia [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On Thursday, the overall futures market showed a volatile trend, with contracts EC2512, EC2606, and EC2608 relatively strong, possibly due to a rebound from previous declines caused by geopolitical factors [1]. - The valuation of EC2512 is neutral and will gradually follow the delivery logic. The freight rates in late November will determine the implementation of price - holding in December, and it is expected to follow spot price changes and shipping companies' price - increase announcements [1]. - The valuation of EC2602 is difficult to determine, and it is expected to follow EC2512 in the short term. If the peak - season cargo - booking situation meets expectations, it may have greater upside potential as the freight rate usually peaks 4 - 5 weeks before the Spring Festival (mid - January next year) [1]. - EC2604 is a off - season contract. It will maintain a narrow - range volatile trend in the short - term under the peak - season logic. Given the expected greater supply pressure and the off - season in April next year, a short - selling strategy on rallies is recommended [1]. 3. Summary by Related Information Futures Contract Prices and Changes - **Single - Contract Prices**: For example, EC2512 had a closing price of 1782.3 with a change of 1.88%, and a position change of - 277.5; EC2602 had a closing price of 1632.0 with a change of - 127.2 [1]. - **Spread between Contracts**: The spread between FC2512 - 2504 was 612.0, and the spread between FC2512 - 2602 was 150.3 [1]. Index Data - **SCFIS (European Line)**: As of November 10, 2025, it was 1504.80, with a week - on - week increase of 24.50% and a two - week decrease of 7.92% [1]. - **SCEI (European Line)**: As of November 7, 2025, it was 1323, with a week - on - week decrease of 1.56% and a two - week increase of 7.87% [1]. - **CCFI**: As of November 1, 2025, it was 1366.85, with a week - on - week increase of 3.25% and a two - week increase of 2.37% [1]. - **NCFI**: As of November 1, 2025, it was 911.73, with a week - on - week decrease of 5.58% and a two - week increase of 17.43% [1]. Spot Freight Rate and Shipping Company Quotes - **46 - week Spot Freight Rate**: The average landed price was 2000 US dollars (equivalent to 1400 points on the futures market) [1]. - **Shipping Company Quotes for 48 - week**: MSK's opening quotes for the 48 - week were 1900 - 2000 US dollars, equivalent to 1340 - 1400 points on the futures market; ONE reduced its price to 1900 US dollars for the 48 - week [1][3]. News and Geopolitical Factors - On November 12, the Houthi armed forces announced the end of attacks on merchant ships in the Red Sea but threatened to resume if Israel continued its aggression in Gaza [1]. - On November 11, Hamas stated that it had completed the first phase of the cease - fire agreement, which was only a preliminary agreement, and the second - phase negotiation had not started yet [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The domestic civil LPG market may show a pattern of stronger in the south and weaker in the north, with overall peak - season expectations. PDH profit contraction may lead to a decline in propane demand, and the current domestic market valuation is high and may decline. The international propane market is in a loose pattern, and attention should be paid to weather and US cold wave conditions [1] Group 3: Summary According to Related Content Price and Basis Information - On Thursday, for civil LPG, the price in East China was 4368 (-10), in Shandong was 4400 (+0), and in South China was 4490 (+0). The price of ether - post carbon four was 4630 (+0). The lowest delivery location was East China, with a basis of - 6, and the daily change was (+74). The 12 - 01 monthly spread was 98 (-3). FEI was 501 (+2) and CP was 480 (+6) dollars/ton [1] - The PG main contract fluctuated. The basis was 102 (+116), the 12 - 01 monthly spread was 72 (-8). The number of warehouse receipts was 4444 (+250). The cheapest delivery product was East China civil LPG at 4374; in Shandong it was 4380 (+80), in East China it was 4374 (+95), and in South China it was 4450 (+50). The price of Shandong ether - post carbon four was 4500 (+80) [1] Market Spread and Margin Information - The external market price declined; the internal - external spread strengthened. PG - CP reached 137 (+4), PG - FEI reached 113 (+15.6); FEI - MB was 153 (-1.8). The arrival discount of propane in East China was 85 US dollars (+6), and the freight was basically flat. The FEI - MOPI spread widened, and the switching window was still open, with the latest at - 73 (-6) [1] - The naphtha crack spread changed little and was at a relatively high level this year. The profit of Shandong PDH to produce propylene declined significantly (some plants shut down). The profit of alkylation plants rebounded. The MTBE production gross profit changed little, and the export profit fluctuated [1] Supply, Demand and Inventory Information - Domestic production decreased, and factory inventories were basically flat; the arrival potential was limited, terminal sales improved, and port inventories decreased. The PDH operating rate was 75.49% (+1.6), as Lihuayi Weiyuan started to full - load operation, while Binhua, Xintai, and Haiwei shut down successively [1]