Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View - No core view presented in the given content. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Bonds**: Yields for 10 - year Treasury bonds in major economies are as follows: US 4.084, UK 4.433, France 3.444, Germany 2.649, Italy 3.411, Spain 3.166, Switzerland 0.094, Greece 3.286, Japan 1.680, Brazil 6.167, China 1.802, South Korea 3.198, Australia 4.366, New Zealand 4.132 [3]. - **2 - year Treasury Bonds**: Yields for 2 - year Treasury bonds in major economies are: US 3.556, UK 3.781, Germany 1.985, Japan 0.934, Italy 2.174, China (1Y yield) 1.400, South Korea 2.763, Australia 3.599 [3]. - **Dollar - to - Emerging - Economy Currency Exchange Rates**: Exchange rates of the dollar against major emerging - economy currencies include: Brazil 5.352, Russia (not provided), South Africa zar 17.377, Korean won 1449.800, Thai baht 32.365, Malaysian ringgit 4.183 [3]. - **Renminbi Data**: In - shore RMB 7.119, off - shore RMB 7.121, RMB central parity rate 7.087, RMB 12 - month NDF 6.972 [3]. - **Major Economies' Stock Indices**: Latest values of major economies' stock indices are: S&P 500 6720.320, Dow Jones Industrial Average 46912.300, NASDAQ 23053.990, Mexican index 63093.120, UK index 9735.780, French CAC 7964.770, German DAX 23734.020, Spanish index 16118.000, Russian index (not provided), Nikkei 50883.680, Hang Seng Index 26485.900, Shanghai Composite Index 4007.760, Taiwan index 27899.450, South Korean index 4026.450, Indian index 8337.058, Thai index 1313.310, Malaysian index 1618.940, Australian index 9098.572, emerging - economy index 1393.770 [3]. - **Credit Bond Indices**: Data for credit bond indices are not provided [3]. Stock Index Futures Trading Data - **Index Performance**: Closing prices and percentage changes for A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are: A - shares closing price 4007.76, up 0.97%; CSI 300 closing price 4693.40, up 1.43%; SSE 50 closing price 3044.74, up 1.22%; ChiNext closing price 3224.62, up 1.84%; CSI 500 closing price 7345.72, up 1.61% [4]. - **Valuation**: PE (TTM) and环比变化 for CSI 300, SSE 50, and CSI 500 are: CSI 300 PE (TTM) 14.33,环比变化 0.15; SSE 50 PE (TTM) 11.98,环比变化 0.10; CSI 500 PE (TTM) 33.46,环比变化 0.51 [4]. - **Risk Premium**: No data provided [4]. - **Fund Flows**: Latest values and 5 - day average values of fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are: A - shares latest value 51.44, 5 - day average - 338.66; main board latest value - 36.32, 5 - day average - 267.02; SME board (not provided); ChiNext latest value 4.39, 5 - day average - 42.24; CSI 300 latest value 271.42, 5 - day average - 50.36 [4]. - **Transaction Amount and Changes**: Latest values and环比 changes of transaction amounts for Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are: Shanghai and Shenzhen stock markets latest value 20552.48,环比 change 1829.07; CSI 300 latest value 5536.42,环比 change 852.81; SSE 50 latest value 1439.34,环比 change 264.86; SME board latest value 4036.04,环比 change 300.22; ChiNext latest value 5011.71,环比 change 275.40 [5]. - **Main Contract Basis and Premium/Discount**: Basis and percentage changes for IF, IH, and IC are: IF basis - 22.60, - 0.48%; IH basis - 3.34, - 0.11%; IC basis - 99.32, - 1.35% [5]. Treasury Bond Futures Trading Data - **Treasury Bond Futures**: Closing prices and percentage changes for T2303, TF2303, T2306, and TF2306 are: T2303 closing price 108.54, down 0.08%; TF2303 closing price 105.97, down 0.04%; T2306 closing price 108.27, down 0.10%; TF2306 closing price 105.94, down 0.05% [5]. - **Funding Rates**: Funding rates and daily changes for R001, R007, and SHIBOR - 3M are: R001 1.3621%, daily change - 10.00 BP; R007 1.4635%, daily change 0.00 BP; SHIBOR - 3M 1.5875%, daily change 0.00 BP [5].

Report Overview - The report is a scrap steel morning report released by the Black Team of the Research Center on November 7, 2025 [1] Core Data - The report presents scrap steel prices in different regions from October 31 to November 6, 2025 including East China, North China, Central China, South China, Northeast China, and Southwest China [2] - The prices in these regions on October 31, 2025 were 2239, 2303, 2056, 2242, 2261, and 2129 respectively [2] - The prices on November 6, 2025 were 2217, 2279, 2038, 2206, 2233, and 2099 respectively [2] - The month - on - month changes were -3, -2, -8, -7, -8, and -1 respectively [2]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Relevant Catalogs Iron Ore Spot Market - Newman powder: latest price 778, daily change +4, weekly change -24, conversion to contract price 832.4, import profit -26.42 [1] - PB powder: latest price 785, daily change +4, weekly change -20, conversion to contract price 832.7, import profit -17.42 [1] - Macfarlane powder: latest price 780, daily change +2, weekly change -15, conversion to contract price 851.9, import profit 6.55 [1] - Jinbuba powder: latest price 736, daily change +3, weekly change -19, conversion to contract price 828.0, import profit -1.76 [1] - Mixed powder: latest price 737, daily change 0, weekly change -26, conversion to contract price 866.8, import profit -5.29 [1] - Super special powder: latest price 687, daily change 0, weekly change -27, conversion to contract price 902.4, import profit -9.16 [1] - Carajás powder: latest price 893, daily change 0, weekly change -27, conversion to contract price 838.3, import profit -0.15 [1] - Brazilian mixed powder: latest price 821, daily change 0, weekly change -21, conversion to contract price 836.3, import profit -3.93 [1] - Brazilian coarse IOC6: latest price 787, daily change +4, weekly change -20, conversion to contract price 863.3 [1] - Brazilian coarse SSFG: latest price 792, daily change +4, weekly change -20 [1] - Ukrainian concentrate: latest price 890, daily change +2, weekly change -27, conversion to contract price 982.5 [1] - 61% Indian powder: latest price 725, daily change +3, weekly change -19 [1] - Karara concentrate: latest price 892, daily change +2, weekly change -25, conversion to contract price 913.9 [1] - Roy Hill powder: latest price 772, daily change +4, weekly change -20, conversion to contract price 849.8, import profit 11.82 [1] - KUMBA powder: latest price 844, daily change +4, weekly change -20, conversion to contract price 835.3 [1] - 57% Indian powder: latest price 622, daily change 0, weekly change -27 [1] - Atlas powder: latest price 732, daily change 0, weekly change -26 [1] - Tangshan iron concentrate: latest price 1008, daily change 0, weekly change -30, conversion to contract price 895.0 [1] Iron Ore Futures Market - i2601: latest price 777.5, daily change +1.5, weekly change -25.0, monthly spread -42.5, latest monthly spread 50.5, daily change +1.7, weekly change +4.6 [1] - i2605: latest price 756.0, daily change +2.0, weekly change -23.5, monthly spread 21.5, latest monthly spread 72.0, daily change +1.2, weekly change +3.1 [1] - i2609: latest price 735.0, daily change +1.0, weekly change -23.5, monthly spread 21.0, latest monthly spread 93.0, daily change +2.2, weekly change +3.1 [1] - FE01: latest price 100.47, daily change -0.14, weekly change -3.55, monthly spread -4.37, latest monthly spread -33.3, daily change +1.8, weekly change -3.3 [1] - FE05: latest price 98.18, daily change -0.20, weekly change -3.48, monthly spread 2.29, latest monthly spread -36.8, daily change -0.2, weekly change -2.8 [1] - FE09: latest price 96.10, daily change -0.19, weekly change -3.40, monthly spread 2.08, latest monthly spread -40.1, daily change +0.2, weekly change -1.9 [1]

贸易商基差 300 200 100 0 12/1 10/1 -100 -200 山东基差(+80) 华乐基差(镇江库) 华南基差(佛山库) U乐县差 700 600 500 400 300 200 100 21 3/1 10/1 11/1 -100 1 1 -200 -300 研究中心能化团队 2025/11/7 山东基差 (+80) 500 400 300 200 100 0 -100 -200 -300 -400 -500 2020 2022 2019 2021 -2023 - 2024 700 600 500 400 300 200 100 11/1 -200 -300 s 加安期货 周度变化 5 75 35 =1 -7 1 -135 61663 -3490 -2430 -1.5 -150 -130 -60 -100 -28 41 2025 124 沥青早报 -2019 -2024 -2021 -2022 2020 =2023 -2025 2019 -2024 -2025 -2021 =2023 ·2020 -2022 BU12-03 BU12-01 200 300 250 150 200 150 10 ...

Group 1: Glass Price and Contract Information - The price of 5mm large - plate glass from various manufacturers has changed. For example, the price of 5mm large - plate glass from Shahe Anquan was 1113 on 2025/10/30, 1138 on 2025/11/5, and remained 1138 on 2025/11/6, with a weekly increase of 25 and no daily change [1]. - FG05 contract price was 1243 on 2025/10/30, 1231 on 2025/11/5, and 1227 on 2025/11/6, a weekly decrease of 16 and a daily decrease of 4 [1]. Profit and Cost - North China coal - fired glass profit was 194 on 2025/10/30, 200 on 2025/11/5, and 192.6 on 2025/11/6, a weekly decrease of 1.5 and a daily decrease of 7.4 [1]. - North China coal - fired glass cost was 919 on 2025/10/30, 921 on 2025/11/5, and 928.4 on 2025/11/6, a weekly increase of 9.5 and a daily increase of 7.4 [1]. Spot and Sales - Shahe factory's glass sales have improved recently. The low - price of Shahe traders' 5mm large - plate glass is around 1121, and the shipment is average. The shipment of spot - futures is also average [1]. - In Hubei, the factory price has risen to around 1100, the factory's transaction has weakened compared to the previous period, but the overall situation is okay. The mid - stream spot - futures in Hubei are at parity, and the transaction is average [1]. - The glass sales rate in Shahe is 132, in Hubei is 106, in East China is 13, and in South China is 100 [1]. Group 2: Soda Ash Price and Contract Information - The price of heavy soda ash in various regions has changed. For example, the price of heavy soda ash in Shahe was 1180 on 2025/10/30, 1140 on 2025/11/5, and 1160 on 2025/11/6, a weekly decrease of 20 and a daily increase of 20 [1]. - SA05 contract price was 1324 on 2025/10/30, 1282 on 2025/11/5, and 1293 on 2025/11/6, a weekly decrease of 31 and a daily increase of 11 [1]. Profit and Cost - North China ammonia - soda process profit was - 246.7 on 2025/10/30, - 305.2 on 2025/11/5, and - 290.9 on 2025/11/6, a weekly decrease of 44.2 and a daily increase of 14.3 [1]. - North China ammonia - soda process cost was 1396.7 on 2025/10/30, 1415.2 on 2025/11/5, and 1420.9 on 2025/11/6, a weekly increase of 24.2 and a daily increase of 5.7 [1]. Spot and Industry - The spot price of heavy soda ash in Hebei delivery warehouses is around 1130, and the price delivered to Shahe is around 1160 [1]. - The overall inventory of the mid - and upstream of the soda ash industry remains flat [1].

l js 合成橡胶早报 研究中心能化团队 2025/11/7 | 11/4 | 品种 类别 指标 | 10/10 | 10/31 | 11/5 | 11/6 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 10205 | BR主力合约(12) | 11220 | 10585 | 10235 | 10305 | 70 | -280 | | 35870 | 持つ量 | 28858 | 41491 | 28838 | 83941 | 55103 | 42450 | | 91690 | 需面 成交量 | 71527 | 118284 | 83480 | 128144 | 44664 | 9860 | | 8580 | 仓単数量 | 8120 | 8580 | 8560 | 12300 | 3740 | 3720 | | 20.90 | 虚实比 | 17.77 | 24.18 | 16.84 | 34.12 | 17 | 10 | | તેર | 顺丁基差 | 130 | 165 | -35 | -5 | 30 | -170 | | ...

Group 1: Introduction to Volatility Indexes - The financial options implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity options implied volatility index is obtained by weighting the IV of the two - strike options around the at - the - money option of the front - month contract, reflecting the IV change trend of the front - month contract [3] - The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means higher IV relative to HV, and a smaller difference means lower IV relative to HV [3] Group 2: Volatility Data Graphs - There are graphs showing the IV, HV, and IV - HV differences for various financial and commodity options, including 300 Index, 50ETF, 1000 Index, 500ETF, and many commodity options such as silver, gold, sugar, cotton, etc. [4] Group 3: Quantile Rankings of Volatility - Implied volatility quantiles represent the current level of a variety's IV in history. A high quantile means the current IV is high, and a low quantile means the IV is low. Volatility spread is related to the IV index and historical volatility [5] - There are rankings of implied volatility quantiles and historical volatility quantiles for different varieties, such as 300 Index with quantiles of 0.89 and 0.74, 300 Index with 0.62, etc. [5][6]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - This week, crude oil prices remained volatile. Oil prices rose on Friday due to reports of a potential US military attack on Venezuela, and OPEC+ confirmed a production increase of 137,000 barrels per day in December. - Fundamentally, global on - land oil inventories slightly increased, while floating storage inventories slightly decreased. US commercial crude inventories decreased by 6.858 million barrels due to a significant decline in net crude imports, and gasoline and diesel inventories also decreased. European and American refinery profits rebounded this week. - Short - term geopolitical risks have resurfaced, but the pressure on crude oil supply release is high. With the commissioning of Brazil's P78, further production increases by OPEC, and the US maintaining high total production, crude oil is expected to remain in a weak pattern [6]. 3. Summary by Directory a. Daily News - Russia's Tuapse refinery stopped fuel exports after a drone attack on November 2nd [3]. - HSBC expects a supply surplus of 2.7 million barrels per day in Q1 2026 (previously 3 million barrels per day) and an average annual supply surplus of 2.1 million barrels per day in 2026 (previously 2.4 million barrels per day) [3]. - Libya's oil minister aims to increase oil production to 2 million barrels per day in the next five years, with a target of 1.6 million barrels per day next year and 1.8 million barrels per day the year after [4]. - Saudi Aramco set the official selling price for Arab Light crude oil in December, with a premium of $1 per barrel over the Oman/Dubai crude oil average for Asia, $3.20 per barrel over the Argus Sour Crude Index for the US, and $1.35 per barrel over the Brent crude oil settlement price for Northwest Europe [4]. b. Inventory - US EIA data for the week ending October 31st: Crude oil exports increased by 600,000 barrels per day to 4.367 million barrels per day; domestic crude production increased by 700,000 barrels to 13.651 million barrels per day; commercial crude inventories (excluding strategic reserves) increased by 5.202 million barrels to 421 million barrels (a 1.25% increase); the four - week average supply of refined oil products was 20.344 million barrels per day, a 1.15% decrease from the same period last year; strategic petroleum reserve (SPR) inventories increased by 498,000 barrels to 409.6 million barrels (a 0.12% increase); crude oil imports (excluding strategic reserves) were 5.924 million barrels per day, an increase of 873,000 barrels per day from the previous week; Cushing, Oklahoma crude oil inventories were 30,000 barrels (previous value: 133,400 barrels); gasoline inventories decreased by 4.729 million barrels (expected: - 1.14 million barrels, previous value: - 5.941 million barrels); refined oil inventories decreased by 643,000 barrels (expected: - 1.969 million barrels, previous value: - 3.362 million barrels) [4][5]. - As of the week ending November 5th, the total refined oil inventory in Fujairah, UAE increased by 851,000 barrels to 18.607 million barrels. Light distillate inventories decreased by 1.236 million barrels to 6.713 million barrels, medium distillate inventories decreased by 79,000 barrels to 3.234 million barrels, and heavy residual fuel oil inventories increased by 2.166 million barrels to 8.66 million barrels [5]. - From October 23rd - 30th, the operating rate of domestic major refineries decreased, while that of local refineries slightly increased. Gasoline and diesel inventories accumulated, with local refinery gasoline inventories increasing and diesel inventories decreasing. The profits of both major and local refineries decreased [5]. c. Weekly View - This week, crude oil prices fluctuated. Short - term geopolitical risks have resurfaced, but the pressure on crude oil supply release is high. With the commissioning of Brazil's P78, further production increases by OPEC, and the US maintaining high total production, crude oil is expected to remain in a weak pattern [6]. - According to data, from October 1st - 26th, Russia's average daily seaborne oil product exports were 1.89 million barrels. Kpler's preliminary data shows that Russia's average daily seaborne crude oil exports in October were 5.198 million barrels per day, a month - on - month decrease of 460,000 barrels per day and a year - on - year increase of 321,000 barrels per day [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On Wednesday, the market strengthened significantly due to rumors of MSK opening bookings and raising prices. The far - month contracts were slightly driven up by the near - month contracts. The December contract has multiple positive drivers such as price increase announcements and long - term contract signings from November to December, but its valuation is not low, and it will follow the spot market in the future. It is recommended to take a long position on dips. [2] - The February 2026 contract has high uncertainty and is expected to mainly follow the December contract's trend in the next month. [2] - The April 2026 contract is a off - season contract, which maintains a narrow - range oscillation under the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of shipping, it is recommended to take a short position on rallies. [2] 3. Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: The closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 contracts were 1946.0, 1652.0, 1199.6, 1426.1, 1497.1, and 1142.8 respectively, with daily increases of 1.89%, 3.66%, 0.81%, 1.07%, 0.81%, and 0.69% respectively. [2] - **Month - to - Month Spreads**: The spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 were 746.4, 294.0, and 452.4 respectively, with day - on - day changes of 26.5, - 22.2, and 48.7 respectively. [2] Spot Market - **Spot Freight Indexes**: The SCFIS index on November 3, 2025, was 1208.71 points, a decrease of 7.92% from the previous period; the SCFI (European line) on October 31, 2025, was 1344 US dollars/TEU, an increase of 7.87% from the previous period; the CCFI on October 31, 2025, was 1323.81 points, an increase of 2.37% from the previous period; the NCFI on October 31, 2025, was 965.62 points, an increase of 17.43% from the previous period. [2] Recent European Line Quotation Situation - **Early November**: PA's price dropped the most to 1700 - 1900 US dollars, GEMIN dropped to 2100 - 2200 US dollars, and OA dropped to 2250 US dollars, with an average of about 2050 US dollars (equivalent to 1430 points on the futures market). [3] - **Late November**: Shipping companies mostly announced price increases to 2500 - 3100 US dollars, and MSK quoted 2250 US dollars. [3] News - **Price Increase Notices**: On Tuesday, MSC and HPL issued price increase notices for the second half of November, announcing price increases to 3000 and 3100 US dollars/FEU respectively. MSK's opening quotation for the second half of November was 2250 (+50) US dollars/FEU, lower than the previous market rumors/expectations of 2400 - 2500 US dollars; MSK also issued a price increase notice for December, raising the European line price to 3200 US dollars, while MSC's price dropped to 2365 US dollars. [4] - **Related Geopolitical News**: On November 5, the Israeli Defense Minister stated that the Israeli army would unrestrictedly destroy Hamas tunnels and armed personnel in the controlled areas of the Gaza Strip. [5]

纸浆早报 研究中心能化团队 2025/11/06 SP主力合约收盘价： 5360.00 | 日期 | 2025/11/05 | 2025/11/04 | 2025/11/03 | 2025/10/31 | 2025/10/30 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5360.00 | 5288.00 | 5306.00 | 5212.00 | 5224.00 | | 折美元价 | 648.25 | 648.25 | 650.56 | 639.69 | 641.44 | | 距上一日涨跌 | 1.36157% | -0.33924% | 1.80353% | -0.22971% | -0.34338% | | 山东银星基差 | 140 | 212 | 194 | 263 | 276 | | 江浙沪银星基差 | 155 | 227 | 219 | 298 | 286 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | - ...