1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market - **Australian Ore**: Newman powder price is 781, daily change is 9, weekly change is 7; PB powder price is 784, daily change is 9, weekly change is 3; Macfarlane powder price is 778, daily change is 10, weekly change is 0; Jinbuba powder price is 735, daily change is 9, weekly change is 2; Mixed powder price is 733, daily change is 8, weekly change is -4; Super special powder price is 677, daily change is 7, weekly change is -10; Carajás powder price is 884, daily change is 8, weekly change is -9; Roy Hill powder price is 771, daily change is 9, weekly change is 3; KUMBA powder price is 843, daily change is 9, weekly change is 3 [1] - **Brazilian Ore**: Brazilian mixed ore price is 819, daily change is 5, weekly change is -2; Brazilian coarse IOC6 price is 784, daily change is 9, weekly change is 1; Brazilian coarse SSFG price is 789, daily change is 9, weekly change is 1 [1] - **Other Ores**: Ukrainian concentrate price is 878, daily change is 7, weekly change is -10; 61% Indian powder price is 724, daily change is 9, weekly change is 2; Karara concentrate price is 880, daily change is 7, weekly change is -10; 57% Indian powder price is 612, daily change is 7, weekly change is -10; Atlas powder price is 728, daily change is 8, weekly change is -4 [1] - **Domestic Ore**: Tangshan iron concentrate price is 1008, daily change is 6, weekly change is 0 [1] 3.2 Futures Market - **DCE Contracts**: i2601 contract price is 774.0, daily change is 11.0, weekly change is -2.0; i2605 contract price is 747.5, daily change is 10.5, weekly change is -6.5; i2609 contract price is 724.5, daily change is 7.5, weekly change is -9.5 [1] - **SGX Contracts**: FE01 contract price is 98.40, daily change is -0.63, weekly change is -2.21; FE05 contract price is 96.10, daily change is -0.75, weekly change is -2.28; FE09 contract price is 94.00, daily change is -0.85, weekly change is -2.29 [1] 3.3 Premium and Spread - **Uzbekistan Ball/Pellet Premium**: No specific data presented in a summarized way - **PB Lump/Block Ore Premium**: No specific data presented in a summarized way - **Monthly Spread**: i2601 - i2605 spread is -49.5, daily change is -1.3, weekly change is 4.2; i2605 - i2609 spread is 26.5, daily change is -0.8, weekly change is 8.7; i2609 - i2601 spread is 23.0, daily change is 2.2, weekly change is 11.7; FE01 - FE05 spread is -4.40, daily change is -28.4, weekly change is 3.4; FE05 - FE09 spread is 2.30, daily change is -35.9, weekly change is 1.3; FE09 - FE01 spread is 2.10, daily change is -39.0, weekly change is 2.1 [1]

废钢早报 研究中心黑色团队 2025/11/13 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/06 | 2217 | 2279 | 2038 | 2206 | 2233 | 2099 | | 2025/11/07 | 2216 | 2277 | 2038 | 2206 | 2225 | 2099 | | 2025/11/10 | 2209 | 2277 | 2034 | 2206 | 2222 | 2096 | | 2025/11/11 | 2208 | 2278 | 2037 | 2208 | 2220 | 2097 | | 2025/11/12 | 2205 | 2277 | 2037 | 2208 | 2221 | 2097 | | 环比 | -3 | -1 | 0 | 0 | 1 | 0 | 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 ...

l js 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您产生利益冲突，未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、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。 合成橡胶早报 研究中心能化团队 2025/11/13 | 品种 | 类別 | 指标 | 10/13 | 11/6 | 11/10 | 11/11 | 11/12 | 日度变化 | 周度变化 | | --- | --- | --- | --- | - ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View The report presents the daily and weekly changes in various indicators of the asphalt market, including basis, spreads, trading volume, open interest, prices of different grades, and refinery profits, along with the price of Brent crude oil [3]. 3. Summary by Relevant Indicators Basis and Spreads - **Basis**: On November 12, the Shandong basis (+80)(Hongrun) was -2983, the East China basis (Zhenjiang warehouse) was -3063, and the South China basis (Foshan warehouse) was -3063, all with a daily change of -13 [3]. - **Spreads**: The 12 - 01 spread was 0 with a daily change of -1; the 12 - 03 spread was -47 with a daily change of -8; the 01 - 02 spread was -19 with a daily change of -5 [3]. Trading Volume and Open Interest - **Trading Volume**: The trading volume of the BU main contract (01) on November 12 was 237,856, a decrease of 76,306 (-5%) compared to the previous day [3]. - **Open Interest**: The open interest on November 12 was 345,731, an increase of 6,060 (8%) compared to the previous day [3]. Prices - **BU Main Contract (01)**: The price on November 12 was 3063, an increase of 13 compared to the previous day [3]. - **Brent Crude Oil**: The price on November 12 was 65.2, an increase of 1.1 compared to the previous day [3]. - **Asphalt Prices**: On November 10, the prices of Jingbo, Hongrun, Zhenjiang warehouse, and Foshan warehouse were 2990, 2950, 3170, and 3230 respectively [3]. Profits - **Asphalt Ma Rui Profit**: On November 12, it was 34, a decrease of 34 compared to the previous day [3]. - **Ma Rui - type Refinery Comprehensive Profit**: On November 12, it was -796, a decrease of 40 compared to the previous day [3].

Report Date - The report is dated November 13, 2025 [1] Price Information Silicon Ferroalloy - Spot prices for different regions and grades vary, e.g., Ningxia 72 is 5150 with a daily change of -30 and weekly change of 0; Inner Mongolia 72 is 5200 with a daily change of -50 and weekly change of -20 [2] - Different contract prices on the futures market also show various changes, e.g., the main contract price is 5490 with a daily change of 2 and weekly change of -70 [2] - Export prices in Tianjin for 72 are 1045 and for 75 are 1100, both with no daily or weekly changes [2] Silicon Manganese Ferroalloy - Spot prices for different regions and grades also have differences, e.g., Inner Mongolia 6517 is 5600 with a daily change of -20 and weekly change of -20; Ningxia 6517 is 5560 with no daily or weekly changes [2] - Futures contract prices and their changes are presented, e.g., the main contract price is 5762 with a daily change of -2 and weekly change of -14 [2] Historical Price Trends - Multiple historical price trend charts are provided for silicon ferroalloy and silicon manganese ferroalloy, including market prices in different regions, export and import prices, and price differences between different contracts and regions from 2021 - 2025 [3][4][6] Supply - Related Information Silicon Ferroalloy - Production data of 136 silicon ferroalloy enterprises in China, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are shown [4] - Export - related data such as export prices in Tianjin and export quantity in China from 2021 - 2025 are presented [4] Silicon Manganese Ferroalloy - Production data like weekly production in China from 2021 - 2025 are provided [6] - Procurement data of Hebei Iron and Steel Group, including procurement prices and quantities of 6517 from 2021 - 2025 are given [6] Demand - Related Information Silicon Ferroalloy - Demand - related data such as the estimated production of crude steel in China, the production of metal magnesium, and the demand for silicon ferroalloy in China from 2021 - 2025 are shown [4] Silicon Manganese Ferroalloy - Demand - related data including the demand for silicon manganese in China from 2021 - 2025 are presented [4][7] Inventory - Related Information Silicon Ferroalloy - Inventory data of 60 sample enterprises in China, including inventory in different regions, and inventory - related data such as warehouse receipts, effective forecasts, and inventory average available days in different regions from 2021 - 2025 are provided [5] Silicon Manganese Ferroalloy - Inventory - related data such as warehouse receipts, effective forecasts, and inventory average available days in China from 2021 - 2025 are shown [7] Cost and Profit - Related Information Silicon Ferroalloy - Cost - related data such as electricity prices in different regions, prices of raw materials like blue charcoal and silica, and production costs and profits in Ningxia and Inner Mongolia from 2021 - 2025 are presented [5] Silicon Manganese Ferroalloy - Profit - related data in different regions such as Inner Mongolia, Guangxi, and the northern and southern regions from 2021 - 2025 are provided [7]

、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 823.0 3.0 39.0 103.0 -32.0 25省终端可用天数 25.8 -0.4 5.9 4.9 8.2 秦皇岛5000 731.0 3.0 40.0 101.0 -24.0 25省终端供煤 527.7 1.2 -80.9 -112.4 -95.2 广州港5500 865.0 0.0 50.0 90.0 -45.0 北方港库存 2256.0 0.0 67.0 -10.0 -249.8 鄂尔多斯5500 595.0 0.0 30.0 110.0 -35.0 北方锚地船舶 144.0 2.0 54.0 25.0 86.0 大同5500 645.0 0.0 30.0 110.0 -65.0 北方港调入量 163.3 -12.3 -16.5 42.9 -6.7 榆林6000 712.0 0.0 0.0 70.0 -115.0 北方港吞吐量 182.4 15.5 -7.5 58.1 10.6 榆林6200 740.0 ...

波动率数据日报 隐含波动率分位数排名 历史波动率分位数排名 0. 89 494 0.63 300 级 指 0.64 45 0.62 PTA 0.53 300 版 指 0.49 五米 0.51 50ETF 0.47 50ETE 0.42 PTA 0.45 天峻 0.30 铁矿石 0.15 45 0.23 天殿 0.12 a 88 0.20 7 14 011 铁,4,6 o Ta EX 0.01 台新 0.18 神花 0.01 PVC 白等 0.00 0.12 PVC 神花 0.03 0 0.3 0.6 0.1 0.2 0.4 05 0.7 0.8 0 a 0.1 0.3 0.6 0.7 0.8 1 0 0.2 0.4 0.5 0 a 1 永安期货期权总部 更新时间: 2025/11/12 、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 I ...

Industry Investment Rating - No information provided Core Viewpoints - This week, oil prices remained volatile. OPEC+ decided to suspend production increases in Q1 next year. The US EIA commercial crude oil inventory increased by 5.202 million barrels due to increased imports and reduced refining activities, with the increase higher than market expectations. Western sanctions on Russia and Iran have led to a record high in on - board oil storage, and Russian oil in the Indian market has traded at the largest discount in nearly a year. This week, refining profits in European and American refineries rebounded, and Western sanctions and the extended maintenance of Dangote Refinery supported the gasoline and diesel cracking sentiment. The domestic fundamentals are neutral. The global fundamental surplus and sanctions factors support the Dubai market, and Brent crude oil maintains a volatile pattern, expected to fluctuate in the range of $55 - 65 in Q4 [7] Summary by Relevant Catalogs 1. Market Data - From November 5th to 11th, 2025, WTI increased by $0.91, BRENT by $1.10, and DUBAI by $0.59. Other indicators also showed corresponding changes [3] - From November 5th to 11th, 2025, SC decreased by 3.00, OMAN increased by 0.99. Domestic gasoline increased by 20.00, and domestic diesel increased by 5.00. Other related indicators also had corresponding changes [3] - From November 5th to 11th, 2025, Japanese naphtha - BRT decreased by 13.59, Singapore 380 - BRT decreased by 9.96. Other related indicators also showed corresponding changes [3] 2. Daily News - Germany requires SEFE to terminate the long - term natural gas import agreement with Russia. Canceling the contract may cost about 10 billion euros (11.6 billion US dollars), and the annual import volume is about 2.9 million tons with a contract term until 2040 [4] - The key indicator of the North Sea crude oil market has fallen to a low point in more than a year, reflecting concerns about future supply surplus. The international energy agency has predicted a record supply surplus of crude oil [4] - Russia is willing to discuss the preparation of a summit with the US if the US resumes the proposal. Russia is also willing to communicate regarding Trump's doubts about Russia's nuclear test, and Venezuela has not sought military support from Russia [5] - Russia's seaborne crude oil exports have reached a two - month low, and about 35% of the tankers' final destinations are unknown, with most likely heading to Asia [5] 3. Inventory - In the week ending October 31st, US crude oil exports increased by 0.6 barrels/day to 4.367 million barrels/day, domestic production increased by 0.7 barrels to 13.651 million barrels/day, commercial crude oil inventory (excluding strategic reserves) increased by 5.202 million barrels to 421 million barrels, and strategic petroleum reserve (SPR) inventory increased by 498,000 barrels to 409.6 million barrels [6] - From October 31st to November 6th, both gasoline and diesel inventories decreased. Gasoline was 10.5757 million tons, down 0.4%, and diesel was 12.8962 million tons, down 1.82% [7] 4. Weekly Viewpoints - This week, oil prices fluctuated. OPEC+ suspended production increases in Q1 next year. The US EIA commercial crude oil inventory increased. Western sanctions on Russia and Iran affected the market. European and American refinery profits rebounded, and the domestic fundamentals are neutral. Brent crude oil is expected to fluctuate between $55 - 65 in Q4 [7]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On Tuesday, the EC2602 contract's price rose due to early rumors of the 02 pricing index, and other contracts were also driven up. However, in the afternoon, the EC2512 contract dropped significantly because MSK opened cabins and lowered prices. The EC2512 contract has a neutral valuation and will gradually follow the delivery logic. The freight rate in late November will determine the implementation of the price - holding strategy in December. It is expected to fluctuate in the short - term following the spot price and shipping companies' announcements. The EC2602 contract's valuation is harder to determine and is expected to mainly follow the EC2512 contract in the short - term. If the shipping volume during the peak season is gradually realized, the EC2602 contract may have more upside potential. The EC2604 contract is a slack - season contract. It will maintain a narrow - range oscillation in the short - term during the peak - season logic. Considering the greater supply pressure and the slack season in April next year, a short - selling strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contracts - **Contract Prices and Changes**: The EC2512 contract closed at 1746.1, down 1.81%; the EC2602 contract closed at 1690.5, up 5.33%; the EC2604 contract closed at 1187.8, up 1.86%; the FC2606 contract closed at 1423.9, up 2.06%; the EC2608 contract closed at 1545.0, up 3.33%; the EC2610 contract closed at 1137.5, up 0.30% [2]. - **Open Interest Changes**: The open interest of the EC2512 contract decreased by 1475 to 25205; the EC2602 contract increased by 4654 to 29350; the EC2604 contract increased by 279 to 14730; the FC2606 contract decreased by 23 to 1423; the EC2608 contract decreased by 73 to 1213; the EC2610 contract increased by 122 to 1607 [2]. - **Month - to - Month Spreads**: The EC2512 - 2504 spread was 558.3, down 56.8 from the previous day and 109.0 from the previous week; the EC2512 - 2602 spread was 55.6, down 117.7 from the previous day and 203.9 from the previous week; the EC2502 - 2604 spread was 502.7, up 63.9 from the previous day and 94.9 from the previous week [2]. 3.2 Spot Indices - **SCEIS**: Updated every Monday, as of November 10, 2025, it was 1504.80 points, up 24.50% from the previous period and down - 7.92% from two periods ago [2]. - **SCFI (European Line)**: Updated weekly, as of November 7, 2025, it was 1323 dollars/TEU, down - 1.56% from the previous period and up 7.87% from two periods ago [2]. - **CCFI**: Updated weekly, as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period and up 2.37% from two periods ago [2]. - **NCFI**: Updated weekly, as of November 7, 2025, it was 911.73 points, down - 5.58% from the previous period and up 17.43% from two periods ago [2]. 3.3 Recent European Line Freight Quotes - **45th Week**: The average freight rate was about 2050 US dollars (equivalent to 1450 points on the futures disk) [2]. - **46th Week**: The average freight rate was 2000 US dollars (equivalent to 1400 points on the futures disk) [2]. - **Shipping Companies' Quotes**: Shipping companies announced a price increase to 2365 - 2950 US dollars for mid - to - late November, but MSK opened cabins at 2250 US dollars (a 50 - dollar increase from the previous period). It is expected that other shipping companies will gradually lower their quotes this week and may announce a price increase for December. OOCL lowered its online quote for November by 300 US dollars to 2600 US dollars. MSK's cabin - opening quote for the 48th week was 1900 - 2000 US dollars, equivalent to 1340 - 1400 US dollars on the futures disk [2]. 3.4 Related News - **Geopolitical News**: As of November 10, the first - stage cease - fire agreement in Gaza has expired. Israel and Hamas accused each other of violating the agreement, and the second - stage cease - fire negotiation is still "far from sight" [3]. - **Policy News**: Starting from 13:01 on November 10, 2025, China will suspend the implementation of relevant regulations on charging special port fees for US ships for one year, synchronizing with the US suspension of the final measures of the 301 investigation on China's maritime, logistics, and shipbuilding industries [4].

纸浆早报 研究中心能化团队 2025/11/12 SP主力合约收盘价： 5484.00 | 日期 | 2025/11/11 | 2025/11/10 | 2025/11/07 | 2025/11/06 | 2025/11/05 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5484.00 | 5468.00 | 5394.00 | 5368.00 | 5360.00 | | 折美元价 | 671.16 | 671.16 | 661.50 | 658.32 | 657.08 | | 距上一日涨跌 | 0.29261% | 1.37189% | 0.48435% | 0.14925% | 1.36157% | | 山东银星基差 | 56 | 57 | 106 | 132 | 140 | | 江浙沪银星基差 | 81 | 57 | 131 | 157 | 155 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | ...