Report Industry Investment Rating - Not provided in the content Core Viewpoints - Malaysia's October 2025 crude palm oil production increased 12.31% month - on - month to 2.07 million tons, reaching an eight - year high. The 2025/26 annual production is estimated at 19.2 million tons, remaining unchanged from the previous forecast. The industry is entering a low - production cycle until early 2026 [1]. - Indonesia's 2025/26 annual palm oil production is expected to be 51 million tons, 4% higher than the previous forecast but lower than last year. The 2024/25 annual production was revised up to 53 million tons. However, due to structural challenges, production growth is expected to be negative [1]. - Short - term drought is expected to have a neutral impact on palm tree growth in both Malaysia and Indonesia, but concerns about drought in northern Sumatra may persist [1][2]. Summary by Relevant Catalogs Overnight Market Information - Malaysia's October 2025 crude palm oil production: 2.07 million tons, up 12.31% month - on - month. Malay Peninsula production increased 6.57%, Sabah 19.83%, and Sarawak 21.25%. The 2025/26 annual production forecast is 19.2 million tons (range: 18.7 - 19.7 million tons). The first 9 months of this year saw a 0.3% year - on - year increase, due to slow replanting and aging palm trees [1]. - Indonesia's 2025/26 annual palm oil production forecast is 51 million tons (range: 46 - 56 million tons), 4% higher than the previous forecast but lower than last year. The 2024/25 annual production was revised up to 53 million tons. The first 8 months of this year had a 13.1% year - on - year increase [1]. Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from October 30, 2025, to November 5, 2025, are presented in a table [4]. Other Information - Main producer precipitation, import soybean crushing profit, and grease import profit are mentioned but no detailed data provided [3]. - Grease basis, grease and oilseed price spread, and protein meal basis are mentioned but no detailed data provided [7][10][13]

Report Overview - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: November 6, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - No core viewpoints are provided in the report. Key Data Summaries Coal Prices - **Domestic Coal**: The latest price of Liulin Main Coking Coal is 1645.00, with no daily change, a weekly increase of 70.00, a monthly increase of 95.00, and an annual increase of 0.30%. The price of Anze Main Coking Coal is 1660.00, with a daily increase of 60.00, a weekly increase of 60.00, a monthly increase of 130.00, and an annual increase of 0.61%. The price of Shaheyi Meng 5 is 1550.00, with no daily change, a weekly increase of 80.00, a monthly increase of 100.00, and an annual decrease of 6.63%. The price of Raw Coal Port Delivery Price is 1165.00, with a daily decrease of 5.00, a weekly increase of 25.00, a monthly increase of 153.00, and an annual increase of 2.19% [2]. - **Imported Coal**: The latest price of Peak Downs is 211.50, with no daily or weekly change, a monthly increase of 6.50, and an annual decrease of 9.50. The price of Goonyella is 211.50, with the same daily, weekly, monthly, and annual changes as Peak Downs [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 1323.00, with a daily decrease of 8.00, a weekly decrease of 46.00, a monthly increase of 91.50, and an annual decrease of 8.57%. The price of Futures Contract 09 is 1392.50, with a daily decrease of 2.00, a weekly decrease of 46.50, a monthly increase of 84.50, and an annual decrease of 5.50%. The price of Futures Contract 01 is 1260.50, with a daily decrease of 14.00, a weekly decrease of 37.50, a monthly increase of 114.50, and an annual decrease of 7.66% [2]. Inventory Data - **Total Inventory**: The total coking coal inventory is 3322.59, with a weekly increase of 19.06, a monthly decrease of 31.74, and an annual decrease of 13.86% [2]. - **Sub - inventories**: Coal mine inventory is 164.53, with a weekly decrease of 25.01, a monthly decrease of 27.01, and an annual decrease of 40.57%. Port inventory is 275.65, with a weekly increase of 2.94, a monthly increase of 10.16, and an annual decrease of 33.84%. Steel mill coking coal inventory is 782.96, with a weekly decrease of 5.36, a monthly decrease of 13.11, and an annual increase of 6.16%. Coking plant coking coal inventory is 1029.70, with a weekly increase of 32.33, a monthly increase of 30.63, and an annual increase of 11.53% [2]. Basis and Spread Data - **Basis**: The 05 basis is 41.14, with a daily increase of 8.00, a weekly increase of 98.87, a monthly increase of 79.76, and an annual increase of 111.36. The 09 basis is - 28.36, with a daily increase of 2.00, a weekly increase of 99.37, a monthly increase of 86.76, and an annual decrease of 0.71. The 01 basis is 103.64, with a daily increase of 14.00, a weekly increase of 90.37, a monthly increase of 56.76, and an annual increase of 7.80 [2]. - **Spread**: The 5 - 9 spread is - 69.50, with a daily decrease of 6.00, a weekly increase of 0.50, a monthly increase of 7.00, and an annual increase of 1.62. The 9 - 1 spread is 132.00, with a daily increase of 12.00, a weekly decrease of 9.00, a monthly decrease of 30.00, and an annual increase of 0.22. The 1 - 5 spread is - 62.50, with a daily decrease of 6.00, a weekly increase of 8.50, a monthly increase of 23.00, and an annual decrease of 0.24 [2]. Other Data - **Coking Capacity Utilization**: Coking capacity utilization is 73.44, with a weekly decrease of 0.03, a monthly decrease of 1.69, and an annual decrease of 0.33% [2]. - **Coking Plant Coke Inventory**: Coking plant coke inventory is 85.21, with a weekly increase of 0.18, a monthly decrease of 0.61, and an annual decrease of 1.58% [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary According to Related Catalogs Global Asset Market Performance - **10 - year Treasury Bonds**: Yields of 10 - year Treasury bonds vary across major economies, e.g., the US is 4.160, the UK is 4.462, and Japan is 1.657 [2] - **2 - year Treasury Bonds**: The latest yields of 2 - year Treasury bonds are different, such as the US at 3.632, the UK at 3.797, and Japan at 0.926 [2] - **Exchange Rates**: The dollar exchange rates against major emerging - economy currencies are presented, like the dollar - Brazilian real at 5.357, and the dollar - South African rand at 17.418 [2] - **Stock Indices**: The latest values of major economy stock indices are given, including the S&P 500 at 6796.290, the Dow Jones Industrial Index at 47311.000, and the Nikkei at 50212.270 [2] - **Credit Bond Indices**: The latest values of credit bond indices are shown, for example, the US investment - grade credit bond index is 3514.990, and the emerging - economy high - yield credit bond index is 1789.668 [2] Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are provided. For example, the A - share closing price is 3969.25 with a 0.23% increase [3] - **Valuation**: PE (TTM) and their环比changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are presented. For instance, the PE (TTM) of CSI 300 is 14.18 with a 0.01 change [3] - **Risk Premium**: Risk premiums and their环比changes of S&P 500 and German DAX are given. The risk premium of S&P 500 is - 0.62 with a - 0.09 change [3] - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, ChiNext, and CSI 300 are shown. The latest A - share fund flow is 243.29, and the 5 - day average is - 666.83 [3] Other Trading Data - **Transaction Amount**: The latest values and环比changes of the transaction amounts in the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized boards, and ChiNext are provided. The latest Shanghai and Shenzhen stock market transaction amount is 18723.41 with a - 434.17 change [4] - **Main Contract Basis**: The basis and basis percentage of IF, IH, and IC are presented. For example, the IF basis is - 30.66 with a - 0.66% basis percentage [4] - **Treasury Bond Futures**: The closing prices and percentage changes of T2303, TF2303, T2306, and TF2306 are given. The closing price of T2303 is 108.62 with a - 0.04% change [4] - **Funding Rates**: The latest values and daily changes of R001, R007, and SHIBOR - 3M are shown. The latest R001 is 1.3615% with a - 10.00 BP change [4]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Related Catalogs Price Performance - Latest prices: London Gold at 3968.20, London Silver at 47.61, London Platinum at 1545.00, London Palladium at 1405.00, LME Copper at 10668.00, Dollar Index at 100.16, Euro to US Dollar at 1.15, British Pound to US Dollar at 1.31, US Dollar to Japanese Yen at 154.12 [1] - Price changes: London Gold up by 17.10, London Silver down by 0.15, London Platinum down by 35.00, London Palladium down by 58.00, LME Copper down by 24.00, Dollar Index down by 0.05, US Dollar to Japanese Yen up by 0.45 [1] Trading Data - Latest data: COMEX Silver inventory at 14975.02, SHFE Silver inventory at 656.17, Gold ETF holdings at 1038.63, Silver ETF holdings at 15150.71, Shanghai Gold Exchange (SGE) Gold deferred - fee payment direction at 1, SGE Silver deferred - fee payment direction at 2 [1] - Changes: COMEX Silver inventory down by 28.17, SHFE Silver inventory down by 9.44, Gold ETF holdings unchanged, Silver ETF holdings down by 16.93, SGE Gold and Silver deferred - fee payment directions unchanged [1]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/11/06 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/10/30 | 3200 | 3210 | 3270 | 3200 | 3350 | 3290 | | 2025/10/31 | 3200 | 3210 | 3220 | 3170 | 3320 | 3290 | | 2025/11/03 | 3200 | 3210 | 3210 | 3150 | 3320 | 3250 | | 2025/11/04 | 3150 | 3190 | 3170 | 3150 | 3280 | 3220 | | 2025/11/05 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海冷卷 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the cracking of 380 fuel oil oscillated, the monthly spread weakened month - on - month, the basis oscillated and weakened, the cracking of European HSFO strengthened, and the EW weakened significantly. The cracking of Singapore 0.5 low - sulfur fuel oil oscillated at a low level, and the monthly spread and basis oscillated at a low level [6]. - In terms of inventory, Singapore's residual oil inventory increased, floating storage increased, ARA's residual oil inventory decreased, floating storage increased, and EIA's residual oil inventory decreased slightly. In terms of shipments, Russia's residual oil shipments rebounded this week but were still low year - on - year. Overall, Russia's residual oil shipments decreased month - on - month in October. Saudi Arabia's residual oil shipments oscillated at a high level, UAE's shipments decreased month - on - month. Singapore's arrivals were neutral this week, and domestic residual oil arrivals increased month - on - month [6][7]. - This week, the domestic - foreign spread of high - and low - sulfur fuel oil rebounded significantly. The external low - sulfur market remained weak, the fundamentals of high - sulfur fuel oil in Singapore were poor, but EW and raw material premiums supported the 380 cracking. In the short term, it is in a volatile pattern [7]. 3. Summary by Related Data Rotterdam Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Rotterdam 3.5% HSF O Swap M1 | -1.59 | | Rotterdam 0.5% VLS FO Swap M1 | -4.56 | | Rotterdam HSFO - Brent M1 | 0.58 | | Rotterdam 10ppm Gasoil Swap M1 | 0.66 | | Rotterdam VLSFO - Gasoil M1 | -5.22 | | LGO - Brent M1 | 2.43 | | Rotterdam VLSFO - HSFO M1 | -2.97 | [4] Singapore Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Singapore 380cst M1 | -3.82 | | Singapore 180cst M1 | -3.81 | | Singapore VLSFO M1 | -1.45 | | Singapore GO M1 | 0.73 | | Singapore 380cst - Brent M1 | 0.00 | | Singapore VLSFO - Gasoil M1 | -6.85 | [4] Singapore Fuel Oil Spot Data | Type | Change | | ---- | ---- | | FOB 380cst | -3.99 | | FOB VLSFO | -1.07 | | 380 Basis | 0.00 | | High - sulfur Domestic - Foreign Spread | -0.1 | | Low - sulfur Domestic - Foreign Spread | 1.6 | [5] Domestic FU Data | Type | Change | | ---- | ---- | | FU 01 | -21 | | FU 05 | -7 | | FU 09 | -6 | | FU 01 - 05 | -14 | | FU 05 - 09 | -1 | | FU 09 - 01 | 15 | [5] Domestic LU Data | Type | Change | | ---- | ---- | | LU 01 | 7 | | LU 05 | -1 | | LU 09 | -8 | | LU 01 - 05 | 8 | | LU 05 - 09 | 7 | | LU 09 - 01 | -15 | [6]

Report on Aromatic Hydrocarbons and Rubber 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View - **PTA**: Near - term TA partial device load reduction,开工 slightly decreased, polyester load increased, inventory slightly accumulated, basis strengthened, and spot processing fee slightly repaired. With PX domestic start - up rising and overseas maintenance implemented, PXN widened, disproportionation benefit weakened, and the aromatics price difference between the US and Asia shrank. In the future, TA's low processing fee has lasted for a long time, and the improvement of terminal data supports the continuation of polyester start - up. Pay attention to additional maintenance, and the processing fee center may gradually repair due to limited far - month production[10]. - **MEG**: Near - term domestic oil - based restart, load increased, overseas partial device restarted, port inventory decreased at the beginning of the week, and the arrival forecast increased during the week, basis weakened, and coal - based benefit and ratio decreased. In the long - term, due to high existing start - up and new device production, it will enter a continuous inventory accumulation stage, with a bearish long - term pattern. However, after the weakening of coal - based benefit and ratio, there may be partial negative feedback on the supply side, and attention should be paid to coal - based cost support[10]. - **Polyester Staple Fiber**: Near - term Fujian Shanli restarted, start - up increased to 96.8%, sales decreased, and inventory remained stable. On the demand side, the start - up of polyester yarn remained stable, raw material inventory and finished product inventory increased, and the benefit weakened slightly. In the future, the benefit and start - up of polyester yarn have not improved significantly. The export of staple fiber maintains high growth, the start - up remains high due to good spot benefits, the overall inventory pressure is limited, and the disk processing fee is not high. Pay attention to the opportunity of expanding the spread at low prices and the situation of warehouse receipts[10]. - **Natural Rubber & 20 - grade Rubber**: The main contradictions are that the national explicit inventory remains stable at a relatively low level, and the price of Thai cup rubber remains stable while rainfall affects rubber tapping. The strategy is to wait and see[10]. 3. Summary by Related Catalogs PTA - **Price and Index Changes**: From October 30 to November 5, 2025, crude oil decreased by 0.9, naphtha increased by 1, PX CFR Taiwan remained unchanged, PTA inner - market spot decreased by 15, and other related indicators also had corresponding changes. The average daily transaction basis of PTA spot was 2601(-76). The 2.5 - million - ton device of Shandong Weilian reduced its load[10]. MEG - **Price and Index Changes**: From October 30 to November 5, 2025, Northeast Asia ethylene remained unchanged, MEG outer - market price decreased by 2, MEG inner - market price decreased by 28, and other related indicators also changed. The basis of MEG spot was around 01(+72). The 300,000 - ton device of Tongliao restarted[10]. Polyester Staple Fiber - **Price and Index Changes**: From October 30 to November 5, 2025, the price of 1.4D cotton - type staple fiber decreased by 30, and other related prices remained unchanged. The spot price was around 6321, and the market basis was around 12 - 10. Fujian Shanli restarted, and the start - up increased to 96.8%[10]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From October 30 to November 5, 2025, the price of US - dollar Thai standard decreased by 65 on a weekly basis, and other related prices also had corresponding changes. The daily and weekly changes of some indicators such as the price difference between different types of rubber and the processing profit were also given[10]. Styrene - **Price and Index Changes**: From October 30 to November 5, 2025, prices of ethylene, pure benzene, styrene and related products changed. For example, the price of pure benzene (East China) decreased by 70 on a daily basis, and the price of PS (East China transparent benzene) decreased by 50 on a daily basis[3].

Report Information - Report Name: Scrap Steel Morning Report [1] - Research Team: Black Team of the Research Center [1] - Date: November 6, 2025 [1] Key Data - Scrap steel prices in different regions from October 30 to November 5, 2025 are as follows: - East China: Ranged from 2238 on October 30 to 2220 on November 5, with a month - on - month decrease of 11 [2] - North China: Ranged from 2304 on October 30 to 2281 on November 5, with a month - on - month decrease of 11 [2] - Central China: Ranged from 2056 on October 30 to 2046 on November 5, with a month - on - month decrease of 6 [2] - South China: Ranged from 2243 on October 30 to 2213 on November 5, with a month - on - month decrease of 10 [2] - Northeast China: Ranged from 2261 on October 30 to 2241 on November 5, with a month - on - month decrease of 6 [2] - Southwest China: Ranged from 2129 on October 30 to 2100 on November 5, with a month - on - month decrease of 16 [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The domestic trading atmosphere is expected to improve, and prices may rise slightly. However, the downward trend of CP official prices may limit the upward momentum of prices, despite the positive impact of the settlement of Sino - US tariffs on FEI and MB [1] Group 3: Summary by Related Catalogs Price and Basis - **Daily price changes**: In the civil gas market, prices in East China were 4341 (+26), in Shandong 4360 (+0), and in South China 4390 (+0). The price of ether - post - carbon four was 4610 (-90). The lowest delivery location was East China, with a basis of 110 (+38), and the 12 - 01 month spread was 76 (-4). FEI was 494 (-10) and CP was 466 (-12) dollars per ton [1] - **IPG contract situation**: The main IPG contract fluctuated upward. The basis was - 14 (+55), and the 12 - 01 month spread was 80 (-33). The cheapest delivery product was East China civil gas at 4279. Shandong's price was 4300 (-60), East China's was 4279 (+0), South China's was 4400 (-5), and Shandong's ether - post - carbon four was 4420 (-50). The number of warehouse receipts was 4194 (+1778) [1] External Market and Spread - **External market price changes**: External market prices rose, and the oil - gas ratio declined. The FEI month spread was - 5 (-1.75) dollars, and the CP month spread was - 14.4 (-6.4) dollars. The November CP official price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP spread was 133 (-18.6), and the US - Asia arbitrage window was closed. The FEI - CP spread was 35.75 (+0.75). The arrival discount of propane in East China was 85 (+6). The freight from the US Gulf to Japan was 129 (+13), and from the Middle East to the Far East was 68 (+12). The latest FEI - MOPI was - 66.7 (-15.8) [1] Profit and Demand - **Profit situation**: PDH profit decreased slightly, the profit of alkylation units declined significantly, and the production gross profit of MTBE changed little [1] - **Supply, demand and inventory**: Domestic production decreased, imports increased, and port inventories rebounded. However, there was an expected increase in chemical demand. The PDH operating rate was 73.85% (+2.6 pct). Next week, Binhua will undergo maintenance, but Lihuayi Weiyuan will increase production, and Donghua Zhangjiagang will restart [1]

Group 1: Report Overview - Report Name: Synthetic Rubber Morning Report [2] - Release Date: November 6, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] - Data Sources: Mysteel, Wind [8] Group 2: BR (Butadiene Rubber) Analysis Futures Market - BR主力合约(12): Price on November 5 was 10,235, up 30 from the previous day and down 565 from the previous week [4] - 持仓量: 28,838 on November 5, down 7,032 from the previous day and down 18,547 from the previous week [4] - 成交量: 83,480 on November 5, down 8,210 from the previous day and down 41,857 from the previous week [4] - 仓単数量: 8,560 on November 5, down 20 from the previous day and down 20 from the previous week [4] - 虚实比: 16.84 on November 5, down 4 from the previous day and down 11 from the previous week [4] Basis, Spread, and Inter - Variety Spreads - 顺丁基差: -32 on November 5, down 130 from the previous day and down 35 from the previous week [4] - 丁苯基差: 365 on November 5, down 230 from the previous day and down 85 from the previous week [4] - 12 - 01: 90 on November 5, unchanged from the previous day and up 65 from the previous week [4] - 01 - 02: 10 on November 5, up 10 from the previous day and up 35 from the previous week [4] - RU - BR: 4,615 on November 5, down from the previous day and up 15 from the previous week [4] - NR - BR: 1,700 on November 5, down from the previous day and down 25 from the previous week [4] Spot Market - 山东市场价: 10,200 on November 5, down 100 from the previous day and down 600 from the previous week [4] - 传化市场价: 10,150 on November 5, unchanged from the previous day and down 550 from the previous week [4] - 齐鲁出厂价: 10,200 on November 5, down 300 from the previous day and down 800 from the previous week [4] - CFR东北亚: 1,450 on November 5, unchanged from the previous day and the previous week [4] - CFR东南亚: 1,700 on November 5, unchanged from the previous day and the previous week [4] Profit Analysis - 现货加工利润: 937 on November 5, up 28 from the previous day and up 89 from the previous week [4] - 进口利润: -1,989 on November 5, down 101 from the previous day and down 653 from the previous week [4] - 出口利润: 2,598 on November 5, up 87 from the previous day and up 573 from the previous week [4] Group 3: BD (Butadiene) Analysis Spot Market - 山东市场价: 价格数据不完整 on November 5, down 125 from the previous day and down 675 from the previous week [4] - 江苏市场价: 6,750 on November 5, down 50 from the previous day and down 825 from the previous week [4] - 扬子出厂价: 6,900 on November 5, unchanged from the previous day and down 1,000 from the previous week [4] - CFR中国: 820 on November 5, down 30 from the previous day and down 120 from the previous week [4] Profit Analysis - 乙烯裂解利润: Data incomplete [4] - 碳四抽提利润: Data incomplete [4] - 丁烯氧化脱氢利润: -1,994 on November 5, down 120 from the previous day and down 1,130 from the previous week [4] - 进口利润: -6 on November 5, up 191 from the previous day and up 109 from the previous week [4] - 出口利润: -461 on November 5, down 527 from the previous day and down 642 from the previous week [4] Group 4: Production Profit Analysis of Related Products - 丁苯生产利润: 1,463 on November 5, unchanged from the previous day and up 250 from the previous week [4] - ABS生产利润: Data incomplete, up 58 from the previous day and down 24 from the previous week [4] - SBS生产利润: Data incomplete, down 300 from the previous day and down 500 from the previous week [4]