Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: November 5, 2025 [3] Group 2: BR Data Futures - BR主力合约(12) price on November 4 was 10,205, down 155 from the previous day and 590 from the previous week [4] - Open interest on November 4 was 35,870, down 1,926 from the previous day and 16,346 from the previous week [4] - Trading volume on November 4 was 91,690, down 58,160 from the previous day and 103,960 from the previous week [4] - Warehouse receipt quantity remained at 8,580 [4] - Long - short ratio on November 4 was 20.90, down 1 from the previous day and 10 from the previous week [4] Basis/Spread - Butadiene rubber basis on November 4 was -45 compared to the previous day and 90 compared to the previous week [4] - Styrene - butadiene rubber basis on November 4 was -145 compared to the previous day and 190 compared to the previous week [4] - 12 - 01 spread on November 4 was 25 compared to the previous day [4] - 01 - 02 spread on November 4 was -5 compared to the previous day and 20 compared to the previous week [4] - RU - BR spread on November 4 was -18 compared to the previous day and -160 compared to the previous week [4] - NR - BR spread on November 4 was -85 compared to the previous day and -170 compared to the previous week [4] Spot and Profit - Shandong market price on November 4 was 10,300, down 200 from the previous day and 500 from the previous week [4] - Transfar market price on November 4 was 10,150, down 200 from the previous day and 550 from the previous week [4] - Qilu factory price remained at 10,500 [4] - CFR Northeast Asia remained at 1,450 [4] - CFR Southeast Asia remained at 1,700 [4] - Spot processing profit on November 4 was 909, down 52 from the previous day and up 112 from the previous week [4] - Import profit on November 4 was -1,874, down 208 from the previous day and 537 from the previous week [4] - Export profit on November 4 was 2,496, up 181 from the previous day and 471 from the previous week [4] Group 3: BD Data Spot and Profit - Shandong market price on November 4 was 7,050, down 145 from the previous day and 600 from the previous week [4] - Jiangsu market price on November 4 was 6,800, down 400 from the previous day and 800 from the previous week [4] - Yangzi factory price on November 4 was 6,900, down 300 from the previous day and 1,000 from the previous week [4] - CFR China remained at 850 [4] - Carbon four extraction profit: data for November 4 is not available [4] - Butene oxidative dehydrogenation profit on November 4 was -1,874, down 498 from the previous day and 940 from the previous week [4] - Import profit on November 4 was -190, down 404 from the previous day and 19 from the previous week [4] - Export profit on November 4 was -84, up 138 from the previous day and -244 from the previous week [4] Production Profit - Styrene - butadiene production profit on November 4 was 1,463, up 225 from the previous day and 250 from the previous week [4] - ABS production profit data is not available [4] - SBS production profit on November 4 was 495, up 210 from the previous day and -200 from the previous week [4]

s 加安期货 700 600 500 400 300 200 100 124 11/1 -200 -300 周度变化 -3109 -3299 -3299 -21 -36 -11 -81 -4989 6900 -3980 0.5 -3280 -3190 -3380 -3380 -105 -1525 2025 -2019 -2024 -2021 -2022 2020 =2023 -2025 2019 -2025 -2021 =2023 -2024 ·2020 -2022 BU12-03 BU12-01 200 300 250 150 200 150 100 100 50 50 0 0 -50 67 N3 1/10 0/6 /1$ 0/27 /6 8/1 7 8 -100 -50 -150 -100 -200 2019 2019 -2021 2022 ·2024 2021 -2024 2020 -2023 2025 2020 2022 2023 ·2025 BU远期结构 BU主力合约 5000 3400 4500 3350 3300 4000 3250 3500 3200 3150 3000 WW 3100 250 ...

Report Overview - Report Title: Scrap Steel Morning Report - Research Team: Black Team of the Research Center - Date: November 5, 2025 [1] Steel Price Data - Steel prices are presented for different regions including East China, North China, Central China, South China, Northeast China, and Southwest China from October 29, 2025, to November 4, 2025 [2] - The prices in these regions on November 4, 2025, were 2231 in East China, 2292 in North China, 2052 in Central China, 2223 in South China, 2247 in Northeast China, and 2116 in Southwest China [2] - The环比(month - on - month) changes were -3 in East China, -6 in North China, -1 in Central China, -12 in South China, -14 in Northeast China, and -5 in Southwest China [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 775, down 10 daily and 18 weekly; PB powder is 782, down 6 daily and 14 weekly; Mac powder is 779, down 7 daily and 14 weekly; Jinbuba is 734, down 6 daily and 22 weekly; Mixed powder is 745, down 3 daily and 12 weekly; Super special powder is 687, down 5 daily and 22 weekly; Carajás powder is 894, down 5 daily and 24 weekly [1] - **Brazilian Mainstream Iron Ore**: Brazilian blend is 822, down 2 daily and 12 weekly; Brazilian coarse IOC6 is 784, down 6 daily and 13 weekly; Brazilian coarse SSFG is 789, down 6 daily and 13 weekly [1] - **Other Iron Ores**: Ukrainian concentrate is 890, down 5 daily and 20 weekly; 61% Indian powder is 723, down 6 daily and 22 weekly; Karara concentrate is 890, down 5 daily and 20 weekly; Roy Hill powder is 769, down 6 daily and 14 weekly; KUMBA powder is 841, down 6 daily and 14 weekly; 57% Indian powder is 622, down 5 daily and 22 weekly; Atlas powder is 740, down 3 daily and 12 weekly; Tangshan iron concentrate is 1021, down 5 daily and 12 weekly [1] Futures Market - **DCE Contracts**: i2601 is 775.5, down 7.0 daily and 17.0 weekly; i2605 is 756.0, down 4.5 daily and 12.5 weekly; i2609 is 735.5, down 5.0 daily and 11.5 weekly [1] - **SGX Contracts**: FE01 is 101.93, down 1.07 daily and 0.24 weekly; FE05 is 99.58, down 1.07 daily and 0.42 weekly; FE09 is 97.50, down 1.05 daily and 0.50 weekly [1]

Group 1: Implied Volatility Index and Historical Volatility - The financial options implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity options implied volatility index is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility indicates the relative level of implied volatility to historical volatility. A larger difference means higher implied volatility relative to historical volatility, and a smaller difference means lower implied volatility relative to historical volatility [3] Group 2: Implied Volatility Index and Historical Volatility Chart - The chart shows the implied volatility (IV), historical volatility (HV), and their differences (IV - HV) for various financial and commodity options, including 300 - stock index, 50ETF, 1000 - stock index, 500ETF, silver, gold, soybean meal, corn, sugar, cotton, methanol, rubber, iron ore, PTA, copper, crude oil, aluminum, PVC, rebar, zinc, urea, rapeseed oil, palm oil, etc [4] Group 3: Implied Volatility Quantile and Volatility Spread Quantile Ranking Chart - Implied volatility quantiles represent the current implied volatility level of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low. Volatility spread is the difference between the implied volatility index and historical volatility [5] - The ranking chart shows the implied volatility quantile rankings and historical volatility quantile rankings for different varieties such as 300 - stock index, 50ETF, PTA, corn, etc [6]

Group 1: Report Information - Report Date: November 4, 2025 [2][18] - Research Team: Research Center's Energy and Chemicals Team [2][18] Group 2: Futures Market Data Futures Contracts - EC2512: Closing price 1851.7, up 2.64%, trading volume 18824, open interest 29320, change in open interest -2045 [2][18] - EC2602: Closing price 1592.2, up 2.48%, trading volume 5040, open interest 18781, change in open interest 326 [2][18] - EC2604: Closing price 1184.4, up 2.01%, trading volume 2233, open interest 14507, change in open interest -403 [2][18] - EC2606: Closing price 1400.8, up 1.54%, trading volume 274, open interest 1490, change in open interest -31 [2][18] - EC2608: Closing price 1483.5, up 0.84%, trading volume 102, open interest 1342, change in open interest -10 [2][18] - EC2610: Closing price 1139.3, up 0.64%, trading volume 176, open interest 1266, change in open interest -14 [2][18] Month Spreads - EC2512 - 2504: Previous day 667.3, change 24.4 compared to the day before the previous day [2][18] - EC2512 - 2602: Previous day 259.5, change 9.1 compared to the day before the previous day [2][18] - EC2502 - 2604: Previous day 407.8, change 15.3 compared to the day before the previous day [2][18] Group 3: Spot Market Data Spot Indicators - Spot (Tetanar): On November 3, 2025, at 1208.71 points, down 74.92% from the previous period, up 15.11% from two periods ago [2][18] - SCF (Europe Line): On October 31, 2025, at 1344 dollars/TEU, up 7.87% from the previous period, up 8.82% from two periods ago [2][18] - CCFI: On October 31, 2025, at 1323.81 points, up 2.37% from the previous period, up 1.99% from two periods ago [2][18] - NCFI: On October 31, 2025, at 965.62 points, up 17.43% from the previous period, up 2.38% from two periods ago [2][18] Group 4: Recent Quotes and News Recent European Line Quotes - This week, downstream is booking space for early November (week 45). In early November, PA dropped to $1700 - 1900, GEMIN to $2100 - 2200, OA to $2250, with an average of about $2050 (equivalent to 1430 points on the disk) [19] News - On October 31, Israel attacked Gaza for the third consecutive night, and the cease - fire agreement was under pressure. The XSI - C index was delayed by three working days [4][20] Group 5: Market Analysis and Suggestions Market Analysis - The overall market is oscillating, waiting for the next driving force. MSK's opening of cabins today may determine the price increase in mid - November [2][18] Investment Suggestions - Due to the positive factors such as long - term contract signing from November to December, it is recommended to adopt a buy - on - dips strategy. Wait for this week to continue trading on PA price cuts or MSK's flat price [2][18] - The valuation of the EC2512 contract is moderately high, and subsequent contracts will mainly follow its trend. The valuation of the EC2602 contract is difficult to anchor with high uncertainty. The EC2604 contract is a off - season contract, and it is recommended to adopt a sell - on - rallies strategy considering the greater supply pressure next year, the off - season in April, and potential resumption of flights [2][18]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The overall market is fluctuating and waiting for the next driver. The valuation of EC2512 is moderately high. With multiple positive drivers such as subsequent announcements and long - term contract signings from November to December, a strategy of buying on dips is recommended. The valuation of EC2602 is more difficult to determine, with high uncertainty, and it is expected to mainly follow the trend of EC2512 in the next month. For EC2604, as it is a off - season contract, it maintains a narrow - range fluctuation in the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of flights, a strategy of shorting on rallies is recommended [2][3] Summary by Relevant Catalogs Futures Contracts - **Price and Change**: EC2512 closed at 1851.7 with a 2.64% increase, EC2602 at 1592.2 with a 2.48% increase, EC2604 at 1184.4 with a 2.01% increase, EC2606 at 1400.8 with a 1.54% increase, EC2608 at 1483.5 with a 0.84% increase, and EC2610 at 1139.3 with a 0.64% increase [2] - **Volume and Open Interest**: The trading volumes of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 18824, 5040, 2233, 274, 102, and 176 respectively. The open interests were 29320, 18781, 14507, 1490, 1342, and 1266 respectively, with changes of - 2045, 326, - 403, - 31, - 10, and - 14 respectively [2] - **Month - to - Month Spreads**: The spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 were 667.3, 259.5, and 407.8 respectively, with day - on - day changes of 24.4, 9.1, and 15.3 respectively [2] Spot Market - **Indices and Changes**: The SCHIS index on November 3, 2025, was 1208.71 points, down 7.92% from the previous period. The SCF was 1344 dollars/TEU on October 31, 2025, up 7.37% from the previous period. The CCFI was 1323.81 points on October 31, 2025, up 2.37% from the previous period. The NCFI was 965.62 points on October 31, 2025, up 17.43% from the previous period [2] Recent European Line Quotations - **Booking Situation**: Downstream customers are currently booking cabins for early November (week 45). In early November, PA's price dropped to 1700 - 1900 US dollars, GEMIN to 2100 - 2200 US dollars, and OA to 2250 US dollars, with an average of about 2050 US dollars (equivalent to 1430 points on the futures market). There was no change in freight rates on Monday [3] Related News - **Geopolitical Events**: On October 31, Israel attacked Gaza for the third consecutive night, impacting the cease - fire agreement. On November 3, the Houthi armed forces stated that they would strongly respond to any Israeli aggression [4]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - This week, crude oil prices remained volatile. On Friday, news of a potential US military attack on Venezuela drove prices up, and on Sunday, OPEC+ confirmed a 137,000 - barrel - per - day production increase 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 drop in net imports, and gasoline and diesel inventories also declined. Refining margins in Europe and the US rebounded this week. Short - term geopolitical risks have resurfaced, but the pressure to release crude oil supply is high, with Brazil's P78 coming into production, OPEC further increasing production, and US total production remaining at a high level. Crude oil is expected to maintain a weak pattern [4]. Group 3: Summary by Sections 1. Market Data - From October 28 to November 3, WTI prices increased from $60.15 to $61.05, BRENT from $64.40 to $64.89, and DUBAI from $64.94 to $66.30. Other related products also showed corresponding price changes [3]. 2. Daily News - Turkey is reducing Russian oil purchases due to US sanctions and seeking alternative supplies from countries like Iraq, Libya, Saudi Arabia, and Kazakhstan. However, it neither can nor intends to completely stop importing Russian oil [3]. - OPEC still sees positive signs in oil demand and expects no unexpected market situations. It agreed to a small production increase in December and a pause in further increases in Q1 2026, and expects oil demand to grow by 1.3 million barrels per day this year [3]. - Morgan Stanley raised its Brent crude price forecast for H1 2026 to $60 per barrel from $57.5, and expects the supply - surplus problem to balance in H2 2027 with prices rising back to $65 [4]. - India's Bharat Petroleum bought 2 million barrels of Upper Zakum crude for December shipment [4]. 3. Inventory - In the week ending October 24, US crude exports increased by 158,000 barrels per day to 4.361 million barrels per day [4]. - US domestic crude production increased by 15,000 barrels to 13.644 million barrels per day [4]. - Commercial crude inventories (excluding strategic reserves) decreased by 6.858 million barrels to 416 million barrels, a 1.62% decline [4]. - The four - week average supply of US crude products was 20.753 million barrels per day, a 0.91% decrease from the same period last year [4]. - US Strategic Petroleum Reserve (SPR) inventory increased by 533,000 barrels to 409.1 million barrels, a 0.13% increase [4]. - US commercial crude imports (excluding strategic reserves) were 5.051 million barrels per day, a decrease of 867,000 barrels per day from the previous week [4]. - US gasoline and refined oil inventories decreased more than expected in the week ending October 24 [4]. - From October 23 - 30, domestic major refinery operations decreased, while independent refineries' operations slightly increased. Gasoline and diesel inventories accumulated, with independent refinery gasoline inventories rising and diesel inventories falling. Both major and independent refinery profits declined [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary by Relevant Catalogs 3.1 Basis and Spread - The Shandong basis (+80) (Hongrun) was 7 on November 3, with a weekly change of -4 [4][12] - The East China basis (Zhenjiang Warehouse) was 117 on November 3, with a daily change of 11 and a weekly change of -4 [4][12] - The South China basis (Foshan Warehouse) was 87 on November 3, with a daily change of -59 and a weekly change of -14 [4][12] - The 12 - 01 spread was 0 on November 3, with a daily change of -10 and a weekly change of -10 [4][12] - The 12 - 03 spread was -32 on November 3, with a daily change of -16 and a weekly change of -20 [4][12] - The 01 - 02 spread was -13 on November 3, with a daily change of -1 and a weekly change of -6 [4][12] 3.2 BU Main Contract (01) - The price of the BU main contract (01) was 3233 on November 3, with a daily change of -11 and a weekly change of -46 [4][12] - The trading volume was 337,883 on November 3, with a daily change of 104,513 and a weekly change of 112,136 [4][12] - The open interest was 349,765 on November 3, with a daily change of 9,483 and a weekly change of 5,356 [4][12] - The combined volume was 6,940 on November 3, with a daily change of -180 and a weekly change of -2,980 [4][12] 3.3 Spot Market - The price of Brent crude oil was 65.1 on November 3, with a daily change of 0.1 and a weekly change of -0.6 [4][12] - The price of Jingbo was 3210 on November 3, with a daily change of -20 and a weekly change of -110 [4][12] - The price of Hongrun was 3160 on November 3, with a daily change of -10 and a weekly change of -50 [4][12] - The price of Zhenjiang Warehouse was 3350 on November 3, with no daily change and a weekly change of -50 [4][12] - The price of Foshan Warehouse was 3320 on November 3, with a daily change of -70 and a weekly change of -60 [4][12] 3.4 Asphalt Marrow Profit - The asphalt Marrow profit was 207 on November 3, with no daily change and a weekly change of -54 [4][12]

1. Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.111, UK 4.434, France 3.443, Germany 2.666, Italy 3.409, Spain 3.168, Switzerland 0.102, Greece 3.283, Japan 1.663, Brazil 6.085, China 1.791, South Korea 3.083, Australia 4.336, New Zealand 4.085 [1] - The latest yields of 2 - year government bonds in major economies: US 3.606, UK 3.790, Germany 2.004, Japan - (not provided), Italy 2.172, China (1Y yield) - (not provided), South Korea 2.661, Australia 3.591 [1] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.359, South Africa zar 17.319, South Korean won 1430.950, Thai baht 32.463, Malaysian ringgit 4.200 [1] - The latest values of on - shore RMB 7.121, off - shore RMB 7.127, RMB central parity rate 7.087, RMB 12 - month NDF 6.975 [1] - The latest values of major economies' stock indices: S&P 500 6851.970, Dow Jones Industrial Average 47336.680, NASDAQ 23834.720, Mexican stock index 62153.300, UK stock index 9701.370, French CAC 8109.790, German DAX 24132.410, Spanish stock index 16037.000, Japanese Nikkei 26158.360, Hang Seng Index 26158.360, Shanghai Composite Index 3976.521, Taiwan stock index 28334.590, South Korean stock index 4221.870, Indian stock index 8275.084, Thai stock index 1308.860, Malaysian stock index 1622.420, Australian stock index 9182.495, emerging - economy stock index 1410.430 [1] - The credit bond indices of major economies are not provided (all values are -) [1] 2. Stock Index Futures Trading Data - Index performance: A - share closing price 3976.52, up 0.55%; CSI 300 closing price 4653.40, up 0.27%; SSE 50 closing price 3016.35, up 0.16%; ChiNext closing price 3196.87, up 0.29%; CSI 500 closing price 7333.60, up 0.04% [2] - Valuation: PE (TTM) of CSI 300 is 14.20 (with a 0.09环比 change), SSE 50 is 11.84 (0.07环比 change), CSI 500 is 33.39 (- 0.01环比 change), S&P 500 is 28.50 (0.04环比 change), German DAX is 19.96 (0.14环比 change) [2] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.60 (- 0.04环比 change), German DAX is 2.34 (- 0.07环比 change) [2] - Fund flow: The latest value of A - share fund flow is - 150.03, main board is - 63.81, ChiNext is - 32.07, CSI 300 is 0.06; the 5 - day average values are - 516.08, - 413.23, - 51.63, - 96.92 respectively [2] 3. Transaction Data of Stock Index Futures and Treasury Bond Futures - Transaction amount: The latest transaction amount of Shanghai and Shenzhen stock markets is 21071.31, with a - 2106.61环比 change; CSI 300 is 5576.03 (- 1231.09环比 change), SSE 50 is 1346.37 (- 346.49环比 change), small - and - medium - sized board is 4159.15 (- 433.18环比 change), ChiNext is 5358.02 (- 557.27环比 change) [3] - Main contract basis: IF basis is - 18.60 (- 0.40%), IH basis is 0.25 (0.01%), IC basis is - 94.00 (- 1.28%) [3] - Treasury bond futures: T2303 closing price is 108.68 (0.00% change), TF2303 is 106.05 (- 0.01% change), T2306 is 108.41 (- 0.01% change), TF2306 is 106.00 (- 0.01% change) [3] - Fund rates: R001 is 1.3646% (- 13.00 BP change), R007 is 1.4604% (- 3.00 BP change), SHIBOR - 3M is 1.5950% (0.00 BP change) [3]