Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Views - **Methanol**: The current situation remains poor. Iranian plant shutdowns are slower than expected, and high imports are likely in November. The contradiction in the 01 contract is difficult to resolve. Port sanctions are expected to be resolved before the end of gas restrictions, making inventory reduction difficult. Methanol has limited upside potential, and the downside space depends on the inland market. Although coal prices have strengthened recently, it does not affect methanol profits [1]. - **Polyethylene**: The inventory of Sinopec and PetroChina is neutral year - on - year. Upstream companies and coal - chemical enterprises are reducing inventory, while social inventory remains unchanged. Downstream inventory of raw materials and finished products is also neutral. Overall inventory is neutral. The 09 contract basis is around - 110 in North China and - 50 in East China. 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, and other price differences are fluctuating, with LD weakening. Domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and US quotations, as well as the commissioning of new plants in 2025 [4]. - **PP**: The upstream and mid - stream of polypropylene are reducing inventory. In terms of valuation, the basis is - 60, non - standard price differences are neutral, and the import profit is around - 700. Exports have been good this year. Non - standard price differences are neutral. European and American markets are stable. PDH profit is around - 400, propylene prices are fluctuating, and powder production starts are stable. The production of drawing materials is neutral. Future supply is expected to increase slightly. Downstream orders are average, and 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 PDH plants have more maintenance, the supply pressure can be alleviated to a neutral level [4]. - **PVC**: The basis of the 01 contract is maintained at - 270, and the factory - delivery basis is - 480. Downstream operating rates are seasonally weakening, and there is a strong willingness to hold inventory at low prices. Mid - and upstream inventories are continuously accumulating. In summer, Northwest plants have seasonal maintenance, and the load center is between the spring maintenance and the high production in Q1. In Q4, attention should be paid to the commissioning of new plants and the sustainability of exports. Recent export orders have declined slightly. Coal sentiment is positive, and the cost of semi - coke is stable. The profit of calcium carbide is under pressure due to PVC maintenance. The FOB counter - offer for caustic soda exports is 380. Attention should be paid to whether future export orders can support high - price caustic soda. The comprehensive profit of PVC is - 100. Currently, the static inventory contradiction is accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [4]. 3. Summary by Commodity Methanol - **Price Data**: From November 18 - 24, 2025, the price of thermal coal futures remained at 801. The Jiangsu spot price increased from 2010 to 2053, the South China spot price increased from 2005 to 2028, and the Northwest discounted price increased from 2568 to 2588. The daily change on November 24 showed an increase in most prices, with the largest increase in the import profit, which rose by 64 [1]. Polyethylene - **Price Data**: From November 18 - 24, 2025, the Northeast Asia ethylene price remained at 730 on some days. The North China LL price increased from 6770 to 6760, and the East China LL price remained at 7000 on some days and then decreased slightly. The two - oil inventory decreased from 71 to a lower level, and the warehouse receipt decreased from 12017 to 11721. The daily change on November 24 showed an increase in the主力期货 price by 23 and a decrease in the warehouse receipt by 114 [4]. PP - **Price Data**: From November 18 - 24, 2025, the Shandong propylene price remained at 5900 on some days. The East China PP price decreased from 6340 to 6285, and the North China PP price decreased from 6315 to 6255. The two - oil inventory decreased from 71 to a lower level, and the export profit showed some fluctuations. The daily change on November 24 showed a decrease in most prices and a 15 - point increase in the主力期货 price [4]. PVC - **Price Data**: From November 18 - 24, 2025, the Northwest calcium carbide price increased from 2450 to 2450 (with a 50 - point increase on November 24), and the Shandong caustic soda price decreased from 792 to 777. The East China price of calcium carbide - based PVC increased from 4520 to 4530. The basis of the high - end delivery product increased from - 90 to - 70 [4].

Report Information - Report Name: Synthetic Rubber Morning Report [2][10] - Research Team: Energy and Chemicals Team of the Research Center [3][11] - Report Date: November 25, 2025 [3][11] Key Points BR (Butadiene Rubber) - **Futures Information**: On November 24, the price of the BR main contract (12) was 10,395, with a daily increase of 10 and a weekly decrease of 110. The holding volume was 70,323, with a daily increase of 2,076 and a weekly decrease of 1,698. The trading volume was 131,155, with a daily decrease of 36,200 and a weekly decrease of 9,991. The warehouse receipt quantity was 12,500, with a daily increase of 470 and a weekly increase of 250. The virtual - real ratio was 28.13, with no daily change and a weekly decrease of 1 [4][12]. - **Basis/Month Spread/Inter - Variety Spread**: The 12 - 01 spread was 0, with a daily increase of 30 and a weekly decrease of 5. The 01 - 02 spread was 20, with a daily decrease of 10 and no weekly change. The RU - BR spread was 4,925, with a daily increase of 70 and a weekly increase of 135. The NR - BR spread was 1,880, with a daily decrease of 20 and a weekly increase of 40 [4][12]. - **Spot Price**: The Shandong market price was 10,500, with a daily increase of 50 and a weekly decrease of 50. The Transfar market price was 10,350, with no daily change and a weekly decrease of 50. The Qilu ex - factory price was 10,700, with no daily change and a weekly increase of 200. The CFR Northeast Asia price was 1,350, with no daily or weekly change. The CFR Southeast Asia price was 1,700, with no daily or weekly change [4][12]. - **Profit**: The spot processing profit was 982, with a daily increase of 229 and a weekly increase of 78. The import profit was - 849, with a daily increase of 62 and a weekly decrease of 49. The export profit was 1,875, with a daily decrease of 56 and a weekly increase of 43 [4][12]. BD (Butadiene) - **Spot Price**: The Shandong market price was 7,175, with a daily decrease of 175 and a weekly decrease of 125. The Jiangsu market price was 7,000, with a daily decrease of 50 and a weekly decrease of 50. The Yangzi ex - factory price was 7,200, with no daily change and a weekly increase of 200. The CFR China price was 970, with no daily or weekly change [4][12]. - **Profit**: The ethylene cracking profit was - 56 on November 21 (data for November 24 is unavailable). The C4 extraction profit was 195 on November 20 and 285 on November 21 (data for November 24 is unavailable). The butene oxidative dehydrogenation profit was - 1,814, with a daily decrease of 50 and a weekly decrease of 50 [4][12].

Report Information - Report Title: Ferroalloy Morning Report - Report Date: November 25, 2025 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - No clear core view is presented in the provided content. The report mainly offers price, supply, demand, inventory, and cost - profit data for ferroalloys such as ferrosilicon and ferromanganese. 3. Summary by Relevant Catalogs Price - **Ferrosilicon**: - Spot prices vary by region and type. For example, Ningxia 72 natural block ferrosilicon is 5130 yuan, with a weekly change of - 20 yuan; Tianjin 72 ferrosilicon export price is 1020 US dollars, with a weekly change of - 10 US dollars [2]. - Futures prices also show differences among different contracts. The main contract of ferrosilicon is 5456 yuan, down 16 yuan daily and 206 yuan weekly [2]. - **Ferromanganese**: - Spot prices of ferromanganese in different regions have different changes. Inner Mongolia 6517 ferromanganese has an ex - factory price of 5520 yuan, with a weekly change of - 80 yuan [2]. - Futures prices of different contracts also fluctuate. The main contract of ferromanganese is 5630 yuan, up 24 yuan daily and down 162 yuan weekly [2]. Supply - **Ferrosilicon**: - The production data of 136 ferrosilicon enterprises in China are presented, including monthly output, weekly output, and capacity utilization in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Ferromanganese**: - The weekly production volume of ferromanganese in China and the procurement volume and price of Hebei Iron and Steel Group are provided [6]. Demand - **Ferrosilicon**: - Related to the production of products such as crude steel, stainless - steel crude steel, and metal magnesium. For example, the estimated monthly production of crude steel in China and the production of stainless - steel crude steel are shown [4]. - **Ferromanganese**: - The demand data of ferromanganese in China (according to Steel Union's caliber) are given, and it is also related to the production of crude steel [4][7]. Inventory - **Ferrosilicon**: - The inventory data of 60 sample enterprises in China, including total inventory and inventory in different regions like Ningxia, Inner Mongolia, and Shaanxi, are provided. Also, data on warehouse receipts, effective forecasts, and inventory average available days in different regions are presented [5]. - **Ferromanganese**: - The inventory data of 63 sample enterprises in China, warehouse receipts, effective forecasts, and inventory average available days in China are shown [7]. Cost and Profit - **Ferrosilicon**: - Cost - related data include electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) and the market price of semi - coke in Shaanxi. Profit - related data include the profit of ferrosilicon in Ningxia (converted to the main contract and spot profit) and the export profit of 75% ferrosilicon [5]. - **Ferromanganese**: - Profit data in different regions such as Inner Mongolia, Guangxi, the northern region, and the southern region are provided, as well as the profit of Guangxi ferromanganese converted to the main contract [7].

Group 1: Price Performance - London Gold's latest price is 4072.85 with no change [1] - London Silver's latest price is 48.91 with no change [1] - London Platinum's latest price is 1522.00, down 23.00 [1] - London Palladium's latest price is 1388.00, down 16.00 [1] - WTI Crude's latest price is 58.84, up 0.78 [1] - LME Copper's latest price is 10777.00, up 101.50 [1] - US Dollar Index's latest price is 100.20, up 0.05 [1] - Euro to US Dollar's latest price is 1.15 with no change [1] - British Pound to US Dollar's latest price is 1.31 with no change [1] - US Dollar to Japanese Yen's latest price is 156.92, up 0.51 [1] - US 10 - year TIPS's latest price is 1.82 with no change [1] Group 2: Trading Data - COMEX Silver's latest inventory is 14329.69, up 0.24 [2] - SHFE Silver's latest inventory is 532.30, up 13.03 [2] - Gold ETF's latest position is 1040.86, up 0.29 [2] - Silver ETF's latest position is 15257.92 with no change [2] - SGE Silver's latest inventory is 822.42 with no change [2] - SGE Gold's latest deferred fee payment direction is 1 with no change [2] - SGE Silver's latest deferred fee payment direction is 2 with no change [2]

研究中心农产品团队 2025/11/25 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/11/18 | 2070 | 2180 | 2130 | 2360 | 12 | 30 - | 2700 | 2800 | 188 | -10 | | 2025/11/19 | 2070 | 2170 | 2130 | 2360 | -5 | 40 185 | 2700 | 2800 | 225 | -1 | | 2025/11/20 | 2070 | 2170 | 2150 | 2350 | 2 | 30 197 | 2700 | 2800 | 232 | -1 | | 2025/11/21 | 2070 | 2170 | 2170 | 2360 | -25 | 40 216 | 2700 | 2850 | 193 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The PG market declined with a weakening basis and 01 - 02 spread. Domestic civil gas prices decreased, and the cheapest deliverable was East China civil gas. The propane - civil gas spread narrowed. Warehouse receipts decreased. The overseas paper - based prices dropped, but the spread strengthened. The PG - CP and PG - FEI spreads changed slightly. The freight rate decreased slightly. The FEI - MOPJ spread narrowed. Profits of Shandong PDH to propylene and alkylation units improved slightly, while MTBE production profits fluctuated and export profits remained good. There was an increase in arrivals, a decrease in external sales, and inventory accumulation at factories and ports. The PDH operating rate decreased, and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week. Overall, domestic chemical demand is relatively strong, civil demand is increasing, but there are expected to be many arrivals in December. The Middle East supply is tight, and the market may be more inclined to wait - and - see before the CP official price announcement. Attention should also be paid to weather and oil price conditions [1] Group 3: Summary by Directory 1. Daily Changes - On Monday, for civil gas, prices were 4305 (-10) in East China, 4400 (+60) in Shandong, and 4405 (+5) in South China. The price of ether - after carbon four was 4400 (-90). The lowest delivery location was East China with a basis of 6 (+23), and the 01 - 02 spread was 98 (-10). FEI was 501.5 (+1.5) and CP was 489.5 (+7.5) dollars/ton [1] 2. Weekly Views - The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil gas prices fell. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas spread narrowed. There were 4561 warehouse receipts (-54). Overseas paper - based prices dropped, and the spread strengthened. The gas - oil ratio between North Asia and North America changed little. The PG - CP spread was 126 (-2), and the PG - FEI spread was 114 (+3). The East China arrival, North America, and AFEI offshore discounts were flat, while the Middle East supply was tight with a discount of 35 dollars (+13). The freight rate decreased slightly. The FEI - MOPJ spread was - 55 (+11). The profit of Shandong PDH to propylene improved slightly, the alkylation unit improved slightly but remained poor, and the MTBE production profit fluctuated with good export profits. Arrivals increased, external sales decreased, and inventory accumulated at factories and ports. The PDH operating rate was 69.64% (-2.1), and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week [1]

大类资产早报 研究中心宏观团队 2025/11/25 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.026 | 4.537 | 3.446 | 2.691 | 3.439 | 3.194 | 0.145 | 3.302 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 1.773 | 6.185 | 1.813 | - | 4.443 | 4.162 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.498 | 3.778 | 2.009 | 0.941 | 2.188 | 1.404 | - | 3.6 ...

、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 830.0 0.0 0.0 62.0 0.0 25省终端可用天数 25.6 0.5 5.6 4.7 8.0 秦皇岛5000 735.0 -2.0 -2.0 58.0 -5.0 25省终端供煤 541.5 -2.2 -67.1 -98.6 -81.4 广州港5500 865.0 0.0 0.0 60.0 -40.0 北方港库存 2474.0 6.0 21.0 261.0 -155.2 鄂尔多斯5500 595.0 0.0 15.0 40.0 -35.0 北方锚地船舶 95.0 4.0 -32.0 -11.0 40.0 大同5500 645.0 0.0 15.0 45.0 -65.0 北方港调入量 186.7 3.2 4.5 29.9 20.0 榆林6000 732.0 0.0 10.0 50.0 -103.0 北方港吞吐量 183.8 -12.7 48.6 4.1 17.1 榆林6200 760.0 0.0 10.0 50 ...

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoint - No information provided 3) Summary by Relevant Catalog Price and Profit - The report presents the spot prices of various steel products in different regions from November 18 - 21, 2025, and November 24, 2025. For example, Beijing's rebar price remained at 3230 from November 18 - 21, and the prices of Tianjin's hot - rolled coil increased by 50 from November 21 to 24 [1] Basis and Spread - No information provided Production and Inventory - No information provided

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The report provides overnight market information and data related to the soybean and oilseeds industry, including export sales, export inspections, planting progress, and price data [1] 3. Summary by Relevant Catalog Overnight Market Information - A private exporter reported the sale of 123,000 tons of soybeans to China for delivery in the 2025/2026 market year [1] US Soybean Export Inspection - For the week ending November 20, 2025, the US soybean export inspection volume was 799,042 tons, in line with expectations [1] - So far this crop year, the cumulative US soybean export inspection volume is 10,937,372 tons, compared to 19,707,429 tons in the same period of the previous year [1] US Soybean and Related Product Export Sales Forecast - As of the week ending October 9, US soybean export sales are expected to net increase by 50 - 140 million tons, with 50 - 140 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] - US soybean meal export sales are expected to net increase by 15 - 40 million tons, with 15 - 40 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] - US soybean oil export sales are expected to net increase by 0.5 - 3 million tons, with 0.5 - 3 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] Brazilian Soybean Planting Progress - As of last Thursday, Brazilian soybean planting for the 2025/26 season reached 81% of the expected area, 10% faster than the previous week but still behind the 86% of the same period last year [1] Brazilian Soybean Export Data - In the first three weeks of November 2025, Brazil exported 3,366,334.35 tons of soybeans, with a daily average export volume of 240,452.45 tons, a 79% increase compared to the daily average export volume in November 2024 [1] Spot Price - The report provides spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil from November 18 - 24, 2025 [1]