Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - No core view is presented in the report. 3. Summary by Relevant Catalog 3.1 Basis and Spread - The Shandong basis (+80) (Hongrun) was 10 on 11/24, with a daily change of -51 and a weekly change of 12 [4][12]. - The East China basis (Zhenjiang Warehouse) was 40 on 11/24, with a daily change of -51 and a weekly change of -78 [4][12]. - The South China basis (Foshan Warehouse) was 20 on 11/24, with a daily change of -51 and a weekly change of -28 [4][12]. - The 12 - 01 spread was -10 on 11/24, with a daily change of -14 and a weekly change of -11 [4][12]. - The 12 - 03 spread was -32 on 11/24, with a daily change of 5 and a weekly change of 16 [4][12]. - The 01 - 02 spread was -2 on 11/24, with a daily change of 13 and a weekly change of 18 [4][12]. 3.2 BU Main Contract (01) - The price of the BU main contract (01) was 3060 on 11/24, with a daily change of 51 and a weekly change of 28 [4][12]. - The trading volume was 348,747 on 11/24, with a daily change of 40,511 and a weekly change of 129,616 [4][12]. - The open interest was 339,735 on 11/24, with a daily change of 11,773 and a weekly change of -9,909 [4][12]. - The contract multiplier was 12,420 on 11/24, with no daily or weekly change [4][12]. 3.3 Crude Oil and Spot Prices - Brent crude oil was at $62.6 on 11/24, with a daily change of -$0.8 and a weekly change of -$1.6 [4][12]. - The price of Jingbo was 3020 on 11/24, with no daily change and a weekly change of -10 [4][12]. - The price of Hongrun was 2990 on 11/24, with no daily change and a weekly change of 40 [4][12]. - The price of Zhenjiang Warehouse was 3100 on 11/24, with no daily change and a weekly change of -50 [4][12]. - The price of Foshan Warehouse was 3080 on 11/24, with no daily or weekly change [4][12]. 3.4 Asphalt Marrow Profit - The asphalt Marrow profit was 169 on 11/24, with a daily change of 41 and a weekly change of 77 [4][12].

有色套利早报 研究中心有色团队 2025/11/25 铜：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 86240 10802 7.97 三月 86100 10777 8.00 均衡比价 盈利 现货进口 8.07 -1067.61 现货出口 507.43 锌：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 22370 3148 7.11 三月 22410 3008 5.71 均衡比价 盈利 现货进口 8.49 -4351.18 铝：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 21360 2773 7.70 三月 21410 2806 7.62 均衡比价 盈利 现货进口 8.34 -1774.32 镍：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 119900 14370 8.34 均衡比价 盈利 现货进口 8.17 -1692.67 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary of Iron Ore Spot Data - Newman powder price is 791, with a daily change of 4 and a weekly change of 1, and its import profit is -17.55 [1] - PB powder price is 794, with a daily change of 4 and a weekly change of 1, and its import profit is -14.11 [1] - Mac powder price is 787, with a daily change of 4 and a weekly change of 3, and its import profit is 15.48 [1] - Jinbuba powder price is 747, with a daily change of 4 and a weekly change of 3, and its import profit is 8.44 [1] - Mainstream mixed powder price is 730, with a daily change of 4 and a weekly change of 3, and its import profit is -16.75 [1] - Super special powder price is 673, with a daily change of 3 and a weekly change of -7, and its import profit is -32.05 [1] - Carajás powder price is 885, with a daily change of 2 and a weekly change of -7, and its import profit is -12.22 [1] - Brazilian mixed powder price is 835, with a daily change of 4 and a weekly change of 5, and its import profit is 6.89 [1] - Roy Hill powder price is 781, with a daily change of 4 and a weekly change of 1, and its import profit is 18.67 [1] - Tangshan iron concentrate price is 1014, with a daily change of 0 and a weekly change of -6 [1] Group 4: Summary of Iron Ore Futures Contract Data - i2601 contract price is 790.5, with a daily change of 5.0 and a weekly change of 2.0, and the monthly spread is -54.0 [1] - i2605 contract price is 763.5, with a daily change of 7.5 and a weekly change of 7.0, and the monthly spread is 27.0 [1] - i2609 contract price is 736.5, with a daily change of 6.0 and a weekly change of 4.5, and the monthly spread is 27.0 [1] - FE01 contract price is 100.75, with a daily change of 0.05 and a weekly change of 1.24, and the monthly spread is -4.33 [1] - FE05 contract price is 98.41, with a daily change of 0.20 and a weekly change of 1.26, and the monthly spread is 2.34 [1] - FE09 contract price is 96.42, with a daily change of 0.26 and a weekly change of 1.33, and the monthly spread is 1.99 [1]

废钢早报 研究中心黑色团队 2025/11/25 日期 华东 华北 中部 华南 东北 西南 2025/11/18 2199 2273 2033 2223 2226 2094 2025/11/19 2200 2273 2032 2220 2230 2093 2025/11/20 2199 2270 2032 2214 2230 2092 2025/11/21 2199 2268 2027 2213 2228 2091 2025/11/24 2183 2263 2016 2200 2225 2088 环比 -16 -5 -11 -13 -3 -3 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担 期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与 ...

Group 1: Report Industry Investment Ratings - No information provided Group 2: Core Views PTA - Near - term TA device maintenance leads to lower start - up, polyester load increases, inventory decreases, basis strengthens slightly, and spot processing fees improve. PX domestic start - up rises, overseas devices reduce load, PXN strengthens. In the future, TA will maintain high maintenance, downstream has no obvious pressure, India revokes BIS certification, inventory accumulation slope is low, far - month production is limited, and PX cost pattern is good. Pay attention to opportunities for positive spreads at low prices and expanding processing fees [2]. MEG - Near - term domestic oil - based production increases, coal - based has some maintenance and load reduction, overall start - up decreases, overseas device restart is postponed, port inventory accumulates, basis weakens, and coal - based benefits are low. In the future, the inventory accumulation speed is expected to slow down, the coal - based benefit is at a low level, and the valuation compression space is limited. Pay attention to short - term selling put opportunities, and the long - term pattern is expected to be weak [3]. Polyester Staple Fiber - Near - term device operation is stable, start - up remains at 97.5%, sales improve slightly, and inventory is basically flat. Demand remains stable. In the future, short - term inventory pressure is limited due to high export, but the pattern may weaken in the far - month as downstream enters the off - season and new devices are about to be put into production. The current processing fee is relatively neutral, and pay attention to the warehouse receipt situation [3]. Natural Rubber - The national explicit inventory is stable at a relatively low level, Thai cup - lump prices are stable, and rainfall affects tapping. The strategy is to wait and see [6]. Styrene - No overall view is provided in the text, only price data changes are presented [10]. Group 3: Summary by Related Catalogs PTA - **Price Changes**: From November 18 - 24, crude oil price changed by 0.8, PTA spot price increased by 15, and POY 150D/48F price decreased by 35. Naphtha cracking spread, PX processing spread, and PTA processing spread all changed to varying degrees [2]. - **Device Changes**: Honggang's 2.5 - million - ton device restarted [2]. MEG - **Price Changes**: From November 18 - 24, MEG outer - disk price increased by 7, inner - disk price increased by 38, and coal - based profit increased by 38 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device and Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. Polyester Staple Fiber - **Price Changes**: From November 18 - 24, the price of 1.4D cotton - type staple fiber remained stable, and the profit of short - fiber and pure - polyester yarn changed [3]. - **Device Changes**: No device changes were reported [3]. Natural Rubber - **Price Changes**: From November 18 - 24, the price of US - dollar Thai standard rubber remained stable, the price of Shanghai full - latex decreased by 75, and the price of Thai cup - lump remained stable. Weekly changes also showed different trends [6]. - **Spreads and Profits**: The spread between mixed rubber and RU main contract, the processing profit of Thai standard rubber, etc., all had corresponding changes [6]. Styrene - **Price Changes**: From November 18 - 24, the price of ethylene (CFR Northeast Asia) remained stable, the price of pure benzene (CFR China) changed, and the price of styrene (CFR China) decreased by 5 [10]. - **Profits**: The domestic profit of styrene, EPS, PS, and ABS changed to different extents [10].

Group 1: Report Information - Report Title: Glass and Soda Ash Morning Report [1] - Date: November 25, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: Glass Market Price Changes - From November 17 to November 24, the prices of 5mm glass in various regions showed different degrees of decline. For example, the price of 5mm glass from Shahe Anquan decreased from 1070.0 to 1044.0, a decrease of 26.0; the price of 5mm glass from Shahe Great Wall decreased from 1053.0 to 1019.0, a decrease of 34.0 [2]. - The prices of FG05, FG01 contracts and FG 1 - 5 spread also changed. The FG05 contract price decreased from 1165.0 to 1158.0, a decrease of 7.0; the FG01 contract price decreased from 1029.0 to 1013.0, a decrease of 16.0; the FG 1 - 5 spread decreased from -136.0 to -145.0, a decrease of 9.0 [2]. Profit Changes - The profits of glass production in different regions and using different energy sources also changed. For example, the profit of North China coal - fired glass decreased from 102.0 to 73.3, a decrease of 28.8; the profit of North China natural gas glass in the 05FG contract increased from -223.6 to -209.5, an increase of 14.1 [2]. Market Conditions - The production and sales of glass factories in Shahe strengthened, but the low - price sales of Shahe traders were around 1010, and the shipment was average. The transaction of glass factories in Hubei Province improved, with the price around 990. The transaction of Hubei's mid - stream futures and spot weakened [2]. - The production and sales rates of glass in different regions were: 152 in Shahe, 115 in Hubei, 110 in East China, and 103 in South China [2]. Group 3: Soda Ash Market Price Changes - From November 17 to November 24, the prices of heavy soda ash in different regions showed different trends. The price of Shahe heavy soda ash decreased from 1180.0 to 1150.0, a decrease of 30.0; the price of South China heavy soda ash remained unchanged at 1350.0 [2]. - The prices of SA05, SA01, SA09 contracts and SA01 - SA05 spread also changed. The SA05 contract price decreased from 1304.0 to 1249.0, a decrease of 55.0; the SA01 contract price decreased from 1231.0 to 1183.0, a decrease of 48.0; the SA01 - SA05 spread decreased from -73.0 to -66.0, a decrease of 7.0 [2]. Profit Changes - The profits of soda ash production in different regions and using different production methods also changed. For example, the profit of North China ammonia - soda method decreased from -288.4 to -313.4, a decrease of 25.0; the profit of North China combined - soda method decreased from -415.7 to -426.6, a decrease of 10.8 [2]. Market Conditions - The spot price of heavy soda ash in Hebei delivery warehouses was around 1130, and the price delivered to Shahe was around 1150 [2]. - The upstream inventory of the soda ash industry continued to decline [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then fluctuated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW continued to strengthen this week. The 0.5% cracking in Singapore weakened oscillatingly this week, the monthly spread weakened oscillatingly, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased. With the strengthening expectation of Russia - Ukraine peace talks, the prices of gasoline and diesel in the external market dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the fire at the Al Zour refinery on October 21st, it stopped production, and the Singapore basis has started to rebound recently [7]. - As global residue enters the inventory accumulation cycle, the external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillating pattern. For FU01, maintain a high - short idea for both domestic and foreign markets, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [7]. 3. Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 366.33 | 359.79 | 351.60 | 354.27 | 342.52 | -11.75 | | Rotterdam 0.5% VLS FO Swap M1 | 415.16 | 411.23 | 401.83 | 401.58 | 392.05 | -9.53 | | Rotterdam HSFO - Brent M1 | -6.17 | -6.97 | -7.51 | -7.11 | -7.70 | -0.59 | | Rotterdam 10ppm Gasoil Swap M1 | 707.49 | 732.42 | 724.68 | 705.27 | 674.04 | -31.23 | | Rotterdam VLSFO - Gasoil M1 | -292.33 | -321.19 | -322.85 | -303.69 | -281.99 | 21.70 | | LGO - Brent M1 | 31.67 | 33.67 | 34.17 | 31.62 | 28.61 | -3.01 | | Rotterdam VLSFO - HSFO M1 | 48.83 | 51.44 | 50.23 | 47.31 | 49.53 | 2.22 | [4] Singapore Fuel Oil Swap Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 362.23 | 355.32 | 354.49 | 352.24 | 348.23 | | Singapore 180cst M1 | 367.79 | 360.57 | 362.97 | 354.70 | 352.69 | | Singapore VLSFO M1 | 449.06 | 448.99 | 446.34 | 437.80 | 427.47 | | Singapore GO M1 | 92.04 | 93.29 | 95.91 | 94.36 | 88.67 | | Singapore 380cst - Brent M1 | -6.48 | -7.45 | -8.02 | -7.92 | -7.06 | | Singapore VLSFO - Gasoil M1 | -232.04 | -241.36 | -263.39 | -260.46 | -228.69 | [4] Singapore Fuel Oil Spot Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 356.03 | 348.12 | 348.03 | 345.42 | 343.36 | -2.06 | | FOB VLSFO | 449.02 | 448.99 | 446.12 | 438.34 | 427.46 | -10.88 | | 380 Basis | -5.60 | -6.55 | -5.80 | -5.25 | -4.55 | 0.70 | | High - sulfur Internal - External Spread | 3.6 | 5.9 | 3.2 | 4.5 | 4.7 | 0.2 | | Low - sulfur Internal - External Spread | 8.3 | 8.4 | 7.2 | 5.8 | 6.6 | 0.8 | [5] Domestic FU Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2593 | 2558 | 2560 | 2517 | 2502 | -15 | | FU 05 | 2632 | 2606 | 2609 | 2565 | 2539 | -26 | | FU 09 | 2602 | 2579 | 2578 | 2541 | 2513 | -28 | | FU 01 - 05 | -39 | -48 | -49 | -48 | -37 | 11 | | FU 05 - 09 | 30 | 27 | 31 | 24 | 26 | 2 | | FU 09 - 01 | 9 | 21 | 18 | 24 | 11 | -13 | [5] Domestic LU Data | Type | 2025/11/17 | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3236 | 3247 | 3266 | 3139 | 3078 | -61 | | LU 05 | 3221 | 3223 | 3240 | 3145 | 3085 | -60 | | LU 09 | 3220 | 3232 | 3246 | 3160 | 3119 | -41 | | LU 01 - 05 | 15 | 24 | 26 | -6 | -7 | -1 | | LU 05 - 09 | 1 | -9 | -6 | -15 | -34 | -19 | | LU 09 - 01 | -16 | -15 | -20 | 21 | 41 | 20 | [6]

1. Report Industry Investment Rating - No relevant information is provided in the text. 2. Core Viewpoints of the Report - The report presents the latest data, daily, weekly, monthly, and year - on - year changes of various indicators in the coke industry on November 24, 2025, including coke prices, production, inventory, and related market indicators [2]. 3. Summary by Related Catalogs 3.1 Coke Price - The latest price of Shanxi quasi - first wet quenching coke is 1649.42, with no daily change, a weekly increase of 57.81, a monthly increase of 167.03, and a year - on - year decrease of 7.17% [2]. - The latest price of Hebei quasi - first dry quenching coke is 1900.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year increase of 11.11% [2]. - The latest price of Shandong quasi - first dry quenching coke is 1825.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year decrease of 6.65% [2]. - The latest price of Jiangsu quasi - first dry quenching coke is 1865.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year decrease of 6.52% [2]. - The latest price of Inner Mongolia second - grade coke is 1330.00, with no daily change, a weekly increase of 50.00, a monthly increase of 150.00, and a year - on - year decrease of 8.28% [2]. 3.2 Production and Utilization Rate - The blast furnace operating rate is 88.58, with a weekly decrease of 0.22, a monthly decrease of 1.36, and no year - on - year change [2]. - The daily average iron water output is 236.28, with a weekly decrease of 0.60, a monthly decrease of 3.62, and a year - on - year increase of 0.20% [2]. - The coking capacity utilization rate is 71.10, with a weekly decrease of 0.74, a monthly decrease of 2.89, and a year - on - year decrease of 1.92% [2]. - The daily average coke output is 52.89, with a weekly decrease of 0.23, a monthly increase of 1.68, and a year - on - year increase of 2.74% [2]. 3.3 Inventory - The coking plant inventory is 43.44, with a weekly increase of 7.29, a monthly increase of 5.95, and a year - on - year increase of 7.87% [2]. - The port inventory is 193.00, with a weekly decrease of 5.80, a monthly decrease of 7.09, and a year - on - year increase of 8.93% [2]. - The steel mill inventory is 622.34, with a weekly decrease of 0.06, a monthly decrease of 10.82, and a year - on - year increase of 4.48% [2]. - The steel mill inventory days are 11.05, with a weekly decrease of 0.01, a monthly decrease of 0.02, and a year - on - year decrease of 3.75% [2]. 3.4 Futures Market - The latest price of futures contract 05 is 1789, with a daily increase of 3.00, a weekly decrease of 53.00, a monthly decrease of 81.00, and a year - on - year decrease of 11.00% [2]. - The latest price of futures contract 09 is 1852, with a daily increase of 4.50, a weekly decrease of 64.50, a monthly decrease of 105.00, and a year - on - year decrease of 10.19% [2]. - The latest price of futures contract 01 is 1632, with a daily decrease of 4.00, a weekly decrease of 66.00, a monthly decrease of 99.00, and a year - on - year decrease of 15.72% [2]. - The 05 basis is 175.97, with a daily decrease of 3.00, a weekly increase of 50.85, a monthly increase of 274.58, and a year - on - year increase of 105.53 [2]. - The 09 basis is 109.97, with a daily decrease of 4.50, a weekly increase of 62.35, a monthly increase of 298.58, and a year - on - year increase of 95.03 [2]. - The 01 basis is 332.97, with a daily increase of 4.00, a weekly increase of 63.85, a monthly increase of 292.58, and a year - on - year increase of 189.03 [2]. - The 5 - 9 spread is - 157.00, with a daily decrease of 7.00, a weekly decrease of 13.00, a monthly decrease of 18.00, and a year - on - year decrease of 83.50 [2]. - The 9 - 1 spread is - 66.00, with a daily decrease of 1.50, a weekly increase of 11.50, a monthly increase of 24.00, and a year - on - year decrease of 10.50 [2]. - The 1 - 5 spread is 223.00, with a daily increase of 8.50, a weekly increase of 1.50, a monthly decrease of 6.00, and a year - on - year increase of 94.00 [2].

研究中心黑色团队 2025/11/24 | | 最新 | 日变化 | 周変化 | 月変化 年变化 | | 最新 | 日变化 | 周变化 | 月変化 年变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1645.00 | 0.00 | 0.00 | 70.00 | 3.46% Peak Downs | 214.00 | 0.00 | 3.50 | 9.50 | -3.00 | | 原煤口岸库提价 | 1000.00 | 3.00 | -80.00 | -130.00 | -7.41% Goonyella | 213.00 | 0.00 | 3.50 | 8.50 | -4.00 | | 沙河驿蒙5# | 1510.00 | -40.00 | -40.00 | 40.00 | -4.43% 盘面05 | 1193.50 | 10.00 | -76.50 | -124.00 | -10.43% | | 安泽主焦 | 1660.00 | 0.00 | -40.00 | 60.00 | 5.06% 盘面 ...

永安期货期权总部 、隐波指教分位教与波动率价差分位数排名图 1 ↓ 隐波分位数代表当前品种隐波在历史上的水平 • 分位教高代表当前隐疫隔高 • 分位数低代表稳疲偏低 • 2 ‹ 波动率价差书急按指数•历史皮 动率。 波动率数据日报 更新时间:2025/11/24 、隐含波动率指数、历史波动率及其价差走势图 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 -300股指 IV -- 300股指 HV IV-HV美 IIV-HV套 - 50ETF IV - 50ETF HV 20 BO IV-HV差 -- 1000股指 IV -- 1000股指 HV - 500ETF IV - 500ETF HV V-HV专 ZID 10 20 白银 IV 日银 HV IV-HV美 沪金 IV IV-HV旁 HV per and 08 Mrs 一豆粕 IV 空期 HV IV-HV美 -王米IV 玉米 HV IV-H ...