Report Overview - Report Title: Methanol Polyolefin Morning Report - Report Date: December 2, 2025 - Research Team: Energy and Chemicals Team of the Research Center Industry Investment Rating - Not provided in the report Core Viewpoints - For methanol, with Iranian plants starting to shut down, the port and inland markets rebounded in resonance, the basis strengthened slightly, unloading was slow, the port has been destocking for two consecutive weeks with many floating storage, and it is expected to return to inventory accumulation later. The 01 contract on the futures market offers a risk - free arbitrage opportunity for imports, and it is believed that the 01 contract will end up with high inventory, so it is advisable to do a 1 - 5 reverse spread on rallies [3]. - For polyethylene, the inventory of Sinopec and PetroChina is neutral year - on - year. Upstream Sinopec and PetroChina and coal - chemical enterprises are destocking, social inventory is flat, downstream raw material and finished - product inventories are neutral. The overall inventory is neutral. The 09 contract basis is about - 110 in North China and - 50 in East China. The overseas markets in Europe, America and Southeast Asia are stable. The import profit is around - 200 with no further increase for now. The price of non - standard HD injection molding is stable, other price differentials are fluctuating, and LD is weakening. The domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and US quotes, as well as the new plant commissioning in 2025 [3]. - For PP, the upstream Sinopec and PetroChina and the middle - stream are destocking. In terms of valuation, the basis is - 60, the non - standard price differential is neutral, the import profit is around - 700, and the export situation has been good this year. The PDH profit is around - 400, propylene is fluctuating, and the powder production start - up rate is stable. The拉丝 production ratio is neutral. The subsequent supply is expected to increase slightly. The downstream orders are average currently, and the raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are more PDH plant overhauls, the supply pressure can be alleviated to a neutral level [3]. - For PVC, the basis of the 01 contract is maintained at - 270, and the factory - pickup basis is - 480. The downstream operating rate is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventories of middle and upstream enterprises are continuously accumulating. The summer maintenance of Northwest plants is seasonal, and the load center is between the spring maintenance and the high - production period in Q1. In Q4, attention should be paid to the commissioning and export sustainability. The recent export orders have declined slightly. The coal market sentiment is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC overhauls. The FOB counter - offer for caustic soda exports is 380. The PVC comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is stable, the downstream performance is mediocre, and the macro situation is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [3]. Data Summaries Methanol | Date |动力煤期货|江苏现货|华南现货|鲁南折盘面|西南折盘面|河北折盘面|西北折盘面|CFR中国|CFR东南亚|进口利润|主力基差|盘面MTO利润| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/11/25 | 801 | 2057 | 2030 | 2378 | 2412 | 2385 | 2588 | 240 | 317 | - 16 | - 15 | - | | 2025/11/26 | 801 | 2088 | 2048 | 2408 | 2415 | 2390 | 2590 | 243 | 317 | - 16 | - 5 | - | | 2025/11/27 | 801 | 2100 | 2073 | 2410 | 2410 | 2390 | 2590 | 247 | 317 | - 34 | - 11 | - | | 2025/11/28 | 801 | 2110 | 2080 | 2410 | 2410 | 2390 | 2593 | 247 | 317 | - 19 | - 20 | - | | 2025/12/01 | 801 | 2115 | 2085 | 2425 | 2410 | 2390 | 2595 | - | - | - | - 15 | - | |日度变化| 0 | 5 | 5 | 15 | 0 | 0 | 2 | - | - | - | 5 | - | [2] Polyethylene | Date |东北亚乙烯|华北LL|华东LL|华东LD|华东HD|LL美金|LL美湾|进口利润|主力期货|基差|两油库存|仓单| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/11/25 | 730 | 6740 | 6975 | 8850 | 7100 | 800 | 785 | 35 | 6762 | - 50 | 69 | 11701 | | 2025/11/26 | 730 | 6700 | 6975 | 8850 | 7050 | 795 | 785 | 85 | 6707 | - 30 | 66 | 11701 | | 2025/11/27 | 730 | 6680 | 6925 | 8800 | 7000 | 795 | 785 | 32 | 6699 | - 20 | 65 | 11701 | | 2025/11/28 | 740 | 6720 | 6950 | 8800 | 7000 | 795 | 785 | 62 | 6789 | - 30 | 65 | 11546 | | 2025/12/01 | - | 6730 | 6975 | 8725 | 7000 | - | - | - | 6803 | - 50 | - | 11481 | |日度变化| - | 10 | 25 | - 75 | 0 | - | - | - | 14 | - 20 | - | - 65 | [3] PP | Date |山东丙烯|东北亚丙烯|华东PP|华北PP|山东粉料|华东共聚|PP美金|PP美湾|出口利润|主力期货|基差|两油库存|仓单| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/11/25 | 5920 | 695 | 6270 | 6248 | 6160 | 6754 | 765 | 805 | - 5 | 6317 | - 100 | 69 | 15668 | | 2025/11/26 | 6050 | 695 | 6250 | 6213 | 6150 | 6744 | 760 | 830 | - 2 | 6265 | - 70 | 66 | 15518 | | 2025/11/27 | 6050 | 695 | 6205 | 6210 | 6150 | 6728 | 760 | 830 | - 1 | 6295 | - 70 | 65 | 15518 | | 2025/11/28 | 6000 | 695 | 6270 | 6220 | 6160 | 6710 | 765 | 830 | - 3 | 6409 | - 80 | 65 | 15866 | | 2025/12/01 | 5990 | 710 | 6330 | 6255 | 6190 | 6700 | - | - | - | 6397 | - 80 | - | 15801 | |日度变化| - 10 | 15 | 60 | 35 | 30 | - 10 | - | - | - | - 12 | 0 | - | - 65 | [3] PVC | Date |西北电石|山东烧碱|电石法 - 华东|乙烯法 - 华东|电石法 - 华南|电石法 - 西北|进口美金价（CFR中国）|出口利润|西北综合利润|华北综合利润|基差(高端交割品)| | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/11/25 | 2450 | 777 | 4530 | - | - | 4180 | 690 | 415 | - | - | - 70 | | 2025/11/26 | 2450 | 777 | 4520 | - | - | 4180 | 640 | 336 | - | - | - 70 | | 2025/11/27 | 2450 | 767 | 4530 | - | - | 4180 | 640 | 336 | - | - | - 70 | | 2025/11/28 | 2500 | 767 | 4560 | - | - | 4180 | 640 | - | - | - | - 70 | | 2025/12/01 | 2500 | 742 | 4570 | - | - | 4180 | - | - | - | - | - 70 | |日度变化| 0 | - 25 | 10 | - | - | 0 | - | - | - | - | 0 | [3]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 4.087, UK 4.480, France 3.484, Germany 2.749, Italy 3.468, Spain 3.226, Switzerland 0.156, Greece 3.357, Japan 1.865, Brazil 6.150, China 1.828, Australia 4.554, New Zealand 4.316 [3] - The latest yields of 2 - year government bonds in major economies are: US 3.531, UK 3.746, Germany 2.061, Japan 1.015, Italy 2.202, China (1Y yield) 1.401, Australia 3.825 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.356, South Africa zar 17.092, Korean won 1467.250, Thai baht 31.993, Malaysian ringgit 4.132. The latest values of on - shore RMB, off - shore RMB, RMB central parity rate, and RMB 12 - month NDF are 7.072, 7.072, 7.076, and 6.934 respectively [3] - The latest values of major economies' stock indices are: S&P 500 6812.630, Dow Jones Industrial Index 47289.330, Nasdaq 23275.920, Mexican stock index 63551.130, UK stock index 9702.530, France CAC 8097.000, Germany DAX 23589.440, Spanish stock index 16389.000, Russian stock index (not available), Nikkei 49303.280, Hang Seng Index 26033.260, Shanghai Composite Index 3914.006, Taiwan stock index 27342.530, South Korean stock index 3920.370, Indian stock index 8548.788, Thai stock index 1276.570, Malaysian stock index 1624.570, Australian stock index 8866.382, emerging - economy stock index 1368.270 [3] - The latest values of credit - bond indices are: Eurozone investment - grade credit - bond index 265.865, Eurozone high - yield credit - bond index 408.600 [3] Group 2: Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 3914.01, 4576.49, 2993.68, 3092.50, and 7101.83 respectively, with percentage changes of 0.65%, 1.10%, 0.81%, 1.31%, and 1.00% [4] Valuation - The PE(TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.05, 11.90, 32.32, 27.08, and 18.29 respectively, with环比 changes of 0.11, 0.07, 0.29, - 0.14, and - 0.19 [4] Risk Premium - The 1/PE - 10 - year interest rate values of S&P 500 and Germany DAX are - 0.39 and 2.72 respectively, with环比 changes of - 0.05 and 0.00 [4] Fund Flows - The latest values of fund flows for A - shares, the main board, the SME board, ChiNext, and CSI 300 are - 206.88, - 98.60, (not available), - 41.57, and 144.99 respectively. The 5 - day average values are - 226.26, - 183.11, (not available), - 26.40, and 23.23 respectively [4] Group 3: Other Trading Data Stock Market - The latest trading volume and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are: total trading volume 18739.38 (with a环比 change of 2881.42), CSI 300 4638.62 (1220.30), SSE 50 1128.13 (277.81), SME board 3556.73 (458.47), ChiNext 5183.01 (615.80) [5] - The basis and basis - to - spot ratios of IF, IH, and IC are: basis - 21.09, - 7.28, - 70.23; basis - to - spot ratios - 0.46%, - 0.24%, - 0.99% [5] Treasury Bond Futures - The closing prices and percentage changes of T2303, TF2303, T2306, and TF2306 are: closing prices 108.25, 105.80, 108.04, 105.84; percentage changes 0.09%, 0.09%, 0.09%, 0.09% [5] Fund Rates - The R001, R007, and SHIBOR - 3M are 1.3713%, 1.4931%, 1.5800% respectively, with daily changes of - 15.00BP, - 3.00BP, 0.00BP [5]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - The domestic LPG market has an overall high valuation. The domestic chemical market is strong, and civil demand is increasing, providing driving support. In winter, Middle - East LPG supplies decrease, and the arbitrage window between the US and Asia opens, providing short - term support for CP and MB. Attention should also be paid to weather and oil price conditions [1] 3) Summary by Related Information Day - to - Day Changes - On Friday, for civil LPG, prices in East China were 4323 (+13), in Shandong 4460 (+10), and in South China 4360 (+25). The price of ether - post - carbon - four was 4490 (+10). The lowest delivery location was East China, with a basis of - 6 (+37) and a 01 - 02 month spread of 84 (+8). The December CP official prices were announced, with propane and butane at 495/485 dollars/ton (+20/+25). FEI and CP paper goods were 514.6 and 501.63 dollars/ton respectively [1] Weekly Viewpoints - The futures price went up, with a basis of - 89 (-72), a 01 - 02 month spread of 76 (-32), and a 03 - 04 month spread of - 192 (+51). The number of warehouse receipts was 4811 lots (+250). Civil LPG prices were differentiated, with the cheapest delivery product in East China at 4274 (+8), in Shandong at 4460 (+120), and in South China at 4650 (+85). The price of ether - post - carbon - four was 4490 (-20). The overseas market rose significantly. The December CP official prices were announced, with propane and butane at 495/485 (+20/+25). The oil - gas ratio decreased, the month spread strengthened, and the domestic - overseas spread weakened, with CP > FEI > MB. The arrival premium of propane in East China was 99 (+21), and the FOB premiums of AFEI, Middle - East, and US propane were 11.25 (+4.25), 38 (+3), and 39 (+0) respectively. The freight from the Middle - East to the Far East was 72 (+5). The FEI - MOPJ spread reached - 25 (+30). The spot profit of propylene produced by PDH in Shandong recovered slightly, while the futures profit dropped significantly; the alkylation unit was in a poor state; the MTBE production profit fluctuated. The arrival volume increased slightly, the external release increased by +2.57%. Supported by demand, refinery inventories decreased by - 1.98%, and port inventories decreased slightly (-1.27%). The PDH operating rate was 69.82% (+0.18pct) [1]

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 2, 2025 [3] Group 2: BR (Butadiene Rubber) Data Futures - BR主力合约(12) price on December 1 was 10310, with a daily change of -105 and a weekly change of 40 [4] - Open interest on December 1 was 48804, with a daily change of -3217 and a weekly change of -19931 [4] - Trading volume on December 1 was 123816, with a daily change of 26675 and a weekly change of 9747 [4] - Warehouse receipt quantity on December 1 was 15840, with a daily change of 300 and a weekly change of 3340 [4] - Long - short ratio on December 1 was 15.41, with a daily change of -1 and a weekly change of -12 [4] Basis/Spread - Butadiene rubber basis on December 1 was 90, with a daily change of 55 and a weekly change of -140 [4] - Styrene - butadiene basis on December 1 was 590, with a daily change of 105 and a weekly change of -90 [4] - 12 - 01 spread on December 1 was -40 [4] - 01 - 02 spread on December 1 was 0, with a daily change of 5 and a weekly change of -15 [4] - RU - BR spread on December 1 was 4940, with a weekly change of 85 [4] - NR - BR spread on December 1 was 1860, with a daily change of 0 and a weekly change of -20 [4] Spot - Shandong market price on December 1 was 10400, with a daily change of -50 and a weekly change of -100 [4] - Transfar market price on December 1 was 10250, with a daily change of -100 and a weekly change of -50 [4] - Qilu ex - factory price on December 1 was 10400, with no daily or weekly change [4] - CFR Northeast Asia price on December 1 was 1325, with no daily or weekly change [4] - CFR Southeast Asia price on December 1 was 1600, with no daily or weekly change [4] Profit - Spot processing profit on December 1 was 805, with a daily change of -76 and a weekly change of -202 [4] - Import profit on December 1 was -698, with a daily change of -51 and a weekly change of -86 [4] - Export profit on December 1 was 1628, with a daily change of 45 and a weekly change of 73 [4] Group 3: BD (Butadiene) Data Spot - Shandong market price on December 1 was 7250, with a weekly change of 100 [4] - Yangzi ex - factory price on December 1 was 7100, with no daily change [4] - CFR China price on December 1 was 820, with no daily change and a weekly change of 50 [4] Profit - Ethylene cracking profit data after November 27 was N/A [4] - Carbon four extraction profit data after November 28 was N/A [4] - Butene oxidative dehydrogenation profit on December 1 was -1789, with a daily change of 25 and a weekly change of 75 [4] - Import profit on December 1 was 319, with a daily change of 24 and a weekly change of -317 [4] - Export profit on December 1 was -d22, with a daily change of 120 [4] Group 4: Production Profit Data - Styrene - butadiene production profit on December 1 was 1363, with no daily change and a weekly change of 50 [4] - ABS production profit data after November 28 was N/A [4] - SBS production profit on December 1 was -302, with no daily change and a weekly change of 40 [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Relevant Catalog 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 6 on 10/30, -8 on 11/25, 53 on 11/27, 44 on 11/28, 40 on 12/1, with a daily change of -4 [3] - The East China basis (Zhenjiang Warehouse) was 106 on 10/30, 22 on 11/25, 83 on 11/27, 54 on 11/28, 60 on 12/1, with a daily change of 6 [3] - The South China basis (Foshan Warehouse) was 126 on 10/30, -18 on 11/25, 33 on 11/27, -16 on 11/28, -10 on 12/1, with a daily change of 6 [3] - The 12 - 01 spread was -4 on 11/25, -22 on 11/27, -18 on 11/28, -19 on 12/1, with a daily change of -1 [3] - The 12 - 03 spread was -6 on 10/30, -19 on 11/25, -51 on 11/27, -48 on 11/28, -50 on 12/1, with a daily change of -2 [3] - The 01 - 02 spread was -5 on 10/30, 8 on 11/25, -5 on 11/27, -7 on 11/28, -7 on 12/1, with a daily change of 0 [3] 2. Futures Contracts - The BU main contract (01) was 3254 on 10/30, 3068 on 11/25, 3007 on 11/27, 2996 on 11/28, 2990 on 12/1, with a daily change of -6 [3] - The trading volume was 212219 on 10/30, 242577 on 11/25, 376428 on 11/27, 587546 on 11/28, 310076 on 12/1, with a daily change of -277470 [3] - The open interest was 338671 on 10/30, 343749 on 11/25, 414242 on 11/27, 407598 on 11/28, 421766 on 12/1, with a daily change of 14168 [3] - The warehouse receipts were 9120 on 10/30, 4690 from 11/25 to 12/1, with a daily change of 0 [3] 3. Spot Market - Brent crude oil was $65.0 on 10/30, $63.4 on 11/25, $63.1 on 11/27, $63.3 on 11/28, $63.2 on 12/1, with a daily change of -$0.1 [3] - Jingbo's spot price was 3260 on 10/30, 3000 from 11/25 to 11/28, 2970 on 12/1, with a daily change of -30 [3] - Hongrun's spot price was 3180 on 10/30, 2980 from 11/25 to 11/27, 2960 on 11/28, 2950 on 12/1, with a daily change of -10 [3] - Zhenjiang Warehouse's spot price was 3360 on 10/30, 3090 from 11/25 to 11/27, 3050 from 11/28 to 12/1, with a daily change of 0 [3] - Foshan Warehouse's spot price was 3380 on 10/30, 3050 on 11/25, 3040 on 11/27, 2980 from 11/28 to 12/1, with a daily change of 0 [3] 4. Profits - The asphalt - Ma Rui profit was 247 on 10/30, 177 on 11/25, 181 on 11/27, and 153 on 12/1, with a daily change of -3 [3] - The comprehensive profit of Ma Rui - type refineries was 690 on 10/30, 764 on 11/25, 772 on 11/27, 749 on 11/28, 738 on 12/1, with a daily change of -12 [3]

Group 1: Overnight Market Information - As of the week ending November 27, 2025, the U.S. soybean export inspection volume was 920,194 tons, at the lower end of the estimated range, compared to 2,110,449 tons in the same period in 2024. The cumulative export inspection volume this crop year was 11,867,705 tons, compared to 21,817,878 tons in the same period last year [1]. - As of the week ending October 23, U.S. current - market - year soybean export sales net increased by 1.4498 million tons, in line with expectations, with exports loaded at 1.3882 million tons. The current - market - year new sales were 1.544 million tons, and next - market - year new sales were 0 tons [1]. - As of the week ending October 23, U.S. current - market - year soybean meal export sales net increased by 640,000 tons, higher than expected, with exports loaded at 319,700 tons. The current - market - year new sales were 706,800 tons, and next - market - year new sales were 0 tons [1]. Group 2: Brazil's Soybean Production Forecasts - PatriaAgronegocios slightly raised Brazil's 2025/26 soybean production forecast to 171.89 million tons, a 0.2% increase from the mid - November estimate and a 1.4% expansion from 2024/25. The sown area is expected to reach 48.58 million hectares, a 0.9% increase from the previous estimate [1]. - StoneX lowered Brazil's 2025/26 soybean production forecast to 177.2 million tons, a 0.9% decrease from its November estimate, due to reduced output potential in major producing states [1]. - As of last Thursday, Brazil's 2025/26 soybean sowing area reached 89% of the expected area, behind last year's 91%. The core south - central region completed 99% of the first - season sowing, higher than 97% last year [1]. Group 3: Malaysia's Palm Oil Data - In November 2025, Malaysia's palm oil production decreased by 0.19% month - on - month, with fresh fruit bunch yield down 2.09% and oil extraction rate up 0.36% [1]. - Malaysia's palm oil product exports in November 2025 were 1,263,298 tons, a 15.9% decrease from October [1]. Group 4: Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 25 to December 1, 2025 are provided [5].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 2, 2025 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 2, 2025, the domestic spot price was 89280, the LME spot price was 11311, and the spot ratio was 7.74. The equilibrium ratio for spot import was 8.03, with a profit of - 1332.99. The domestic March price was 89320, the LME March price was 11242, and the ratio was 7.93 [1] - **Zinc**: The domestic spot price was 22550, the LME spot price was 3334, and the spot ratio was 6.76. The equilibrium ratio for spot import was 8.43, with a profit of - 5558.00. The domestic March price was 22620, the LME March price was 3066, and the ratio was 5.55 [1] - **Aluminum**: The domestic spot price was 21730, the LME spot price was 2852, and the spot ratio was 7.61. The equilibrium ratio for spot import was 8.30, with a profit of - 1955.44. The domestic March price was 21900, the LME March price was 2880, and the ratio was 7.58 [1] - **Nickel**: The domestic spot price was 119850, the LME spot price was 14698, and the spot ratio was 8.15. The equilibrium ratio for spot import was 8.13, with a profit of - 1597.05 [1] - **Lead**: The domestic spot price was 16975, the LME spot price was 1941, and the spot ratio was 8.75. The equilibrium ratio for spot import was 8.69, with a profit of 117.55. The domestic March price was 17055, the LME March price was 1983, and the ratio was 11.37 [3] Cross - Period Arbitrage Tracking - **Copper**: On December 2, 2025, the spreads of the next - month, March, April, and May contracts relative to the spot month were 1810, 1850, 1820, and 1710 respectively, and the theoretical spreads were 539, 977, 1423, and 1869 respectively [4] - **Zinc**: The spreads were 205, 235, 250, and 270 respectively, and the theoretical spreads were 215, 336, 457, and 578 respectively [4] - **Aluminum**: The spreads were 265, 300, 310, and 320 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4] - **Lead**: The spreads were 20, 0, 25, and 25 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 1120, 1330, 1510, and 1800 respectively [4] - **Tin**: The spread of the 5 - 1 contract was 330, and the theoretical spread was 6322 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 1725 and 85 respectively, and the theoretical spreads were 36 and 792 respectively [4] - **Zinc**: The spreads were - 165 and 40 respectively, and the theoretical spreads were 132 and 264 respectively [4] - **Lead**: The spreads were 80 and 100 respectively, and the theoretical spreads were 137 and 250 respectively [5] Cross - Variety Arbitrage Tracking - On December 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.95, 4.08, 5.24, 0.97, 1.28, and 0.75 respectively, and in the London (three - continuous) market were 3.63, 3.89, 5.62, 0.93, 1.45, and 0.65 respectively [5]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - For PTA, with some near - end devices restarting,开工 rising, polyester load slightly increasing, inventory decreasing, and basis strengthening, while PX domestic operation decreasing and overseas devices reducing load, there are opportunities for long - short spreads and expanding processing fees. [1] - For MEG, with domestic coal - chemical devices restarting, overseas devices under maintenance, and port inventory stabilizing, there are short - term selling put opportunities, but the long - term pattern is expected to be weak. [1] - For polyester staple fiber, the near - end operation is stable, with inventory pressure limited in the short term due to high export growth, but the pattern may weaken in the long term, and attention should be paid to the warehouse receipt situation. [1] - For natural rubber and 20 - number rubber, with national explicit inventory stable and Thai cup - lump price stable, the strategy is to wait and see. [1] Summary by Product PTA - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, PTA spot price increased by 75, polyester margin decreased by 76, and PTA load increased by 0.2. [1] - **Device Changes**: Honggang's 2.5 million - ton device restarted. [1] - **Market Outlook**: TA will maintain a high - maintenance state, with limited inventory accumulation slope, and there are opportunities for long - short spreads and expanding processing fees. [1] MEG - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, MEG outer - market price increased by 1, and coal - made profit increased by 19. [1] - **Device Changes**: Shenghong's 900,000 - ton device restarted. [1] - **Market Outlook**: The inventory accumulation speed is expected to slow down, and there are short - term selling put opportunities, but the long - term pattern is weak. [1] Polyester Staple Fiber - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, the price of 1.4D cotton - type staple fiber increased by 25, and short - fiber profit decreased by 25. [1] - **Device Status**: The near - end device operation is stable, with an operation rate of 97.5%. [1] - **Market Outlook**: Short - term inventory pressure is limited, but the pattern may weaken in the long term, and attention should be paid to the warehouse receipt situation. [1] Natural Rubber and 20 - Number Rubber - **Price Changes**: From 2025/11/25 to 2025/12/01, the price of US - dollar Thai standard spot remained unchanged, and the price of Shanghai full - latex increased by 90. [1] - **Market Outlook**: With national explicit inventory stable and Thai cup - lump price stable, the strategy is to wait and see. [1] Styrene - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, the price of ethylene (CFR Northeast Asia) remained unchanged, and styrene domestic profit remained at - 138. [4]

Group 1: Coal Price Information - The latest price of Qinhuangdao 5500 is 818.0, with a daily change of -3.0, a weekly change of -12.0, a monthly change of 42.0, and an annual change of -7.0 [1] - The latest price of Qinhuangdao 5000 is 718.0, with a daily change of -3.0, a weekly change of -17.0, a monthly change of 35.0, and an annual change of -12.0 [1] - The latest price of Guangzhou Port 5500 is 860.0, with a daily change of 0.0, a weekly change of -5.0, a monthly change of 50.0, and an annual change of -40.0 [1] - The latest price of Ordos 5500 is 575.0, with a daily change of -10.0, a weekly change of -20.0, a monthly change of 35.0, and an annual change of -45.0 [1] - The latest price of Datong 5500 is 625.0, with a daily change of -10.0, a weekly change of -20.0, a monthly change of 35.0, and an annual change of -65.0 [1] - The latest price of Yulin 6000 is 732.0, with a daily change of 0.0, a weekly change of 0.0, a monthly change of 50.0, and an annual change of -105.0 [1] - The latest price of Yulin 6200 is 760.0, with a daily change of 0.0, a weekly change of 0.0, a monthly change of 50.0, and an annual change of -105.0 [1] Group 2: Terminal and Inventory Information - The available days for 25 provincial terminals is 24.9, with a daily change of -0.3, a weekly change of 5.0, a monthly change of 4.0, and an annual change of 7.3 [1] - The coal supply for 25 provincial terminals is 553.2, with a daily change of 2.8, a weekly change of -55.4, a monthly change of -86.9, and an annual change of -69.7 [1] - The inventory of northern ports is 2596.0, with a daily change of 53.0, a weekly change of 94.0, a monthly change of 425.0, and an annual change of -123.3 [1] - The number of ships at northern anchorages is 71.0, with a daily change of 2.0, a weekly change of -24.0, a monthly change of -11.0, and an annual change of 20.0 [1] - The inbound volume of northern ports is 162.3, with a daily change of -8.7, a weekly change of -24.4, a monthly change of -11.1, and an annual change of 12.3 [1] - The throughput of northern ports is 163.2, with a daily change of 9.2, a weekly change of -20.6, a monthly change of 5.9, and an annual change of -57.6 [1] - The daily consumption of 25 provincial terminals is 548.5, with a daily change of 7.4, a weekly change of -94.7, a monthly change of -97.5, and an annual change of -105.9 [1] - The inventory of 25 provincial terminals is 13680.9, with a daily change of 19.3, a weekly change of 860.4, a monthly change of 176.4, and an annual change of 2163.4 [1] Group 3: Shipping Index and Freight Information - The CBCFI shipping index is 850.3, with a daily change of -13.8, a weekly change of -152.0, a monthly change of -269.7, and an annual change of -40.6 [1] - The freight from Qinhuangdao to Shanghai (4 - 5 DWT) is 33.9, with a daily change of -0.7, a weekly change of -7.6, a monthly change of -13.6, and an annual change of -1.9 [1] - The freight from Qinhuangdao to Guangzhou (5 - 6 DWT) is 49.1, with a daily change of -0.7, a weekly change of -6.3, a monthly change of -10.9, and an annual change of -1.6 [1]

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 Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 794 with a daily change of 4 and a weekly change of 3, with an import profit of -12.47; PB powder is at 797 (daily +4, weekly +3, import profit -19.15); Macfarlane powder is at 787 (daily +6, weekly 0, import profit 11.93); Jinbuba powder is at 750 (daily +4, weekly +3, import profit 10.26); mainstream mixed powder is at 738 (daily +8, weekly +8, import profit 0.53); super special powder is at 690 (daily +7, weekly +17, import profit -7.92); Carajás powder is at 890 (daily +9, weekly +5, import profit -14.24) [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore is at 828 (daily 0, weekly -7, import profit -6.30); Brazilian coarse IOC6 is at 774 (daily +4, weekly +3); Brazilian coarse SSFG is at 779 (daily +4, weekly +3) [1]. - **Other Types**: Ukrainian concentrate powder is at 885 (daily +5, weekly +6); 61% Indian powder is at 739 (daily +4, weekly +3); Karara concentrate powder is at 885 (daily +5, weekly +4); Roy Hill powder is at 784 (daily +4, weekly +3, import profit 16.70); KUMBA powder is at 856 (daily +4, weekly +3); 57% Indian powder is at 625 (daily +7, weekly +17); Atlas powder is at 733 (daily +8, weekly +8) [1]. - **Domestic Ore**: Tangshan iron concentrate powder is at 1013 (daily -1, weekly -1) [1]. Futures Market - **DCE Contracts**: i2601 is at 801.0 (daily +7.0, weekly +10.5), with a monthly spread of -48.5; i2605 is at 777.5 (daily +9.5, weekly +14.0), with a monthly spread of 23.5; i2609 is at 752.5 (daily +9.0, weekly +16.0), with a monthly spread of 25.0 [1]. - **SGX Contracts**: FE01 is at 102.20 (daily -1.19, weekly +1.45), with a monthly spread of -4.80; FE05 is at 99.56 (daily -1.07, weekly +1.15), with a monthly spread of 2.64; FE09 is at 97.40 (daily -0.99, weekly +0.98), with a monthly spread of 2.16 [1].