1. Report Title and Date - The report is "Synthetic Rubber Morning Report" dated November 18, 2025, prepared by the Energy and Chemicals Team of the Research Center [2][3] 2. Key Data Summary BR (Butadiene Rubber) - **Futures Data** - BR主力合约(12) price on November 17 was 10455, with a daily change of 10 and an interval change of 215 compared to October 16 [4] - Open interest on November 17 was 73806, down 632 from the previous day and 8235 from October 16 [4] - Trading volume on November 17 was 114634, up 17371 from the previous day and 25483 from October 16 [4] - Warehouse receipt quantity on November 17 was 12250, down 260 from the previous day and 360 from October 16 [4] - The virtual - to - real ratio on November 17 was 30.12, with no daily change and a 2 - point decrease compared to October 16 [4] - The BR basis on November 17 was 45, down 10 from the previous day and 115 from October 16 [4] - The 12 - 01 spread on November 17 was 40, up 30 from the previous day and down 25 from October 16 [4] - The 01 - 02 spread on November 17 was 10, up 5 from the previous day and 5 from October 16 [4] - The RU - BR spread on November 17 was 4860, up 90 from the previous day and 5 from October 16 [4] - The NR - BR spread on November 17 was 1900, up 80 from the previous day and 15 from October 16 [4] - **Spot Data** - Shandong market price on November 17 was 10500, with no daily change and a 100 - point increase compared to October 16 [4] - Chuanhua market price on November 17 was 10400, with no daily change and a 150 - point increase compared to October 16 [4] - Qilu ex - factory price on November 17 was 10500, with no daily change and a 300 - point increase compared to October 16 [4] - CFR Northeast Asia price remained at 1400 from November 11 to 17 [4] - CFR Southeast Asia price on November 17 was 1682, with no daily change and no change compared to October 16 [4] - **Profit Data** - Spot processing profit on November 17 was 26, with a daily change of 26 and a 130 - point decrease compared to October 16 [4] - Import profit on November 17 was - 1247, down 16 from the previous day and up 119 from October 16 [4] - Export profit on November 17 was 2191, up 16 from the previous day and down 106 from October 16 [4] BD (Butadiene) - **Spot Data** - Shandong market price on November 17 was 7200, down 25 from the previous day and up 225 from October 16 [4] - Jiangsu market price on November 17 was 7025, up 50 from the previous day and 175 from October 16 [4] - Yangzi ex - factory price on November 17 was 7000, with no daily change and a 100 - point increase compared to October 16 [4] - CFR China price on November 17 was 770, down 20 from the previous day and 20 from October 16 [4] - **Profit Data** - Ethylene cracking profit: data from November 14 onwards was N/A [4] - C4 extraction profit: data from November 14 onwards was N/A [4] - Butene oxidative dehydrogenation profit on November 17 was - 1649, up 50 from the previous day and 175 from October 16 [4] - Import profit on November 17 was 692, up 202 from the previous day and 346 from October 16 [4] - Export profit on November 17 was - 1146, down 36 from the previous day and 1727 from October 16 [4] - Styrene - butadiene production profit on November 17 was 1400, with no daily change and a 225 - point increase compared to October 16 [4] - ABS production profit data from November 13 onwards was N/A [4] - SBS production profit on November 17 was - 220, with no daily change and a 130 - point decrease compared to October 16 [4]

s 加安期货 沥青早报 | | 指标 | 10/16 | 11/11 | 11/13 | 11/14 | 11/17 | 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东县差(+80)(弘润) | 171 | -30 | -9 | -27 | -2 | 25 | | | | 华东基差(镇江库) | 71 | 100 | 121 | 113 | 118 | 5 | | | 基差&月差 | 华南基差(佛山库) | 71 | 80 | 101 | 93 | 88 | -5 | | | | 12-01 | 35 | | -1 | 12 | 20 | 8 | | | | 12-03 | 6 | -39 | -44 | -33 | -29 | 4 | | | | 01-02 | -11 | -14 | -16 | -19 | -19 | 0 | | | 4:11 | BU主力合约(01) | 3279 | 3050 | 3029 | 3037 | 3032 | -5 | | | | 成交量 | 269344 | 314162 ...

| | | | | | | | | 研究中心能化团队 | | 2025/11/18 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 玻 璃 | | | | | | | | 2025/11/10 2025/11/14 2025/11/17 周度变化 日度变化 | | | | | | | | | 2025/11/10 2025/11/14 2025/11/17 周度变化 日度变化 | | | | 沙河安全 | 1113.0 | 1095.0 | 1070.0 | -43.0 | -25.0 | FG05合约 | 1205.0 | 1160.0 | 1165.0 | -40.0 | 5.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1113.0 | 1096.0 | 1053.0 | -60.0 | -43.0 | FG01合约 | 1069.0 | 1032.0 | 1029.0 | -40.0 | -3.0 | | 5mm大板 | | ...

Industry Investment Rating - No information provided Core View - The report presents cross - market, cross - term, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 18, 2025 [1][4][5] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: On November 18, 2025, the domestic spot price was 86490, the LME spot price was 10779, and the ratio was 8.07; the domestic three - month price was 86450, the LME three - month price was 10812, and the ratio was 8.01. No profit data for spot import and export was provided [1] - **Zinc**: The domestic spot price was 22380, the LME spot price was 3126, and the ratio was 7.16; the domestic three - month price was 22490, the LME three - month price was 3022, and the ratio was 5.76. No profit data for spot import and export was provided [1] - **Aluminum**: The domestic spot price was 21620, the LME spot price was 2809, and the ratio was 7.70; the domestic three - month price was 21725, the LME three - month price was 2848, and the ratio was 7.64. No profit data for spot import and export was provided [1] - **Nickel**: The domestic spot price was 120300, the LME spot price was 14616, and the ratio was 8.23. The profit for spot import was - 2326.46 [1] - **Lead**: The domestic spot price was 17200, the LME spot price was 2037, and the ratio was 8.48; the domestic three - month price was 17355, the LME three - month price was 2054, and the ratio was 10.93. No profit data for spot import was provided [3] Cross - Term Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 370, - 370, - 410, and - 410 respectively, while the theoretical spreads were 536, 970, 1413, and 1856 [4] - **Zinc**: The spreads were 10, 35, 75, and 105, and the theoretical spreads were 215, 337, 458, and 579 [4] - **Aluminum**: The spreads were - 75, - 25, 0, and - 5, and the theoretical spreads were 220, 341, 461, and 582 [4] - **Lead**: The spreads were - 120, - 90, - 65, and - 75, and the theoretical spreads were 212, 320, 429, and 537 [4] - **Nickel**: The spreads were - 490, - 290, - 60, and 190 [4] - **Tin**: The 5 - 1 spread was - 630, and the theoretical spread was 6008 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 360 and - 10 respectively [4] - **Zinc**: The spreads were 75 and 85 respectively [4][5] - **Lead**: The spreads were 245 and 125 respectively [5] Cross - Variety Arbitrage Tracking - On November 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.84, 3.98, 4.98, 0.97, 1.25, and 0.77 respectively; for LME (three - continuous), they were 3.60, 3.83, 5.29, 0.94, 1.38, and 0.68 respectively [5]

Group 1: Report Overview - The report is dated November 18, 2025, and is from the Agricultural Products Team of the Research Center [2] Group 2: Corn and Starch Price Data - From November 11 - 17, 2025, the price in Changchun remained at 2070, while prices in Jinzhou increased by 20 and decreased by 20 in some periods; the price in Shekou increased by 10. The base difference increased by 23, and the trade profit decreased by 10 [3] Core Views - Short - term: Driven by supply tightening in production areas and downstream restocking demand, corn prices have started to rise. Farmers' reluctance to sell delays the release of selling pressure. Starch prices follow raw material prices, but high inventory suppresses starch prices due to slow downstream restocking [4] - Long - term: The corn market supply - demand pattern remains tight, and planting costs support prices. After the release of farmers' selling pressure, corn prices may start a new upward cycle. For starch, downstream consumption rhythm is the key to price trends [4] Group 3: Sugar Price Data - From November 11 - 17, 2025, the Zhengzhou futures warehouse receipt remained at 8805 [5] Core Views - Short - term: Zhengzhou sugar is more affected by import quota management and syrup pre - mixed powder import control than the foreign market. Domestic sugar cost is the key support before new quota licenses are issued [5] - Long - term: If the global sugar market surplus intensifies, domestic sugar cost may be temporarily broken through. The global and domestic sugar supply is loose, and a short - selling strategy is maintained, but the downward space is limited in the short term [5] Group 4: Cotton and Cotton Yarn Price Data - From November 11 - 17, 2025, the price of 3128 cotton decreased by 40, and the warehouse receipt + forecast increased by 174. The price of cotton yarn decreased by 10, and the 32S spinning profit increased by 32 [7] Core Views - New cotton procurement is almost completed, and the total output forecast is lowered. The positive outcome of the China - US meeting in Busan is beneficial to textile exports, and the valuation is unlikely to return to the April low, making long - term long positions suitable [7] Group 5: Eggs Price Data - From November 13 - 17, 2025, the price in some production areas remained stable, and the price difference decreased by 0.08 [13] Core Views - Supply: Orderly chicken culling and a decrease in new layer hens relieve supply pressure. Demand: Cool weather allows longer egg storage, and some traders build rolling inventories. The price center in production areas moves up slightly. Monitoring the culling rhythm is important as accelerated culling can drive prices up [13] Group 6: Apples Price Data - From November 11 - 17, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000.00, and the national inventory increased by 132, with Shandong and Shaanxi inventories increasing by 177 and 95 respectively [14][15] Core Views - National apple storage is almost complete. The estimated national cold - storage inventory is about 5.5%, 10% less than last year. The average opening price is above 3.5 yuan/jin, and good - quality apples are scarce. The price is expected to maintain a high - level shock in the short term [15] Group 7: Pigs Price Data - From November 11 - 17, 2025, prices in Henan Kaifeng, Hubei Xiangyang, Shandong Linyi, Anhui Hefei, and Jiangsu Nantong decreased by 0.30, 0.20, 0.20, 0.25, and 0.30 respectively, and the base difference decreased by 220 [15] Core Views - Short - term: Northern markets are weak, and southern markets are stable. The market is in a weak shock game. Mid - term: Supply pressure remains due to un - reduced production capacity, and attention should be paid to factors such as delivery rhythm, diseases, and policies. Track capital sentiment under high open interest [15]

、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 10.0 77.0 -20.0 25省终端可用天数 25.7 -0.3 5.7 4.8 8.1 秦皇岛5000 737.0 0.0 9.0 75.0 -18.0 25省终端供煤 545.7 -0.4 -62.8 -94.3 -77.1 广州港5500 865.0 0.0 0.0 70.0 -45.0 北方港库存 2394.0 76.0 138.0 179.0 -212.5 鄂尔多斯5500 580.0 0.0 -15.0 75.0 -50.0 北方锚地船舶 127.0 7.0 -1.0 27.0 58.0 大同5500 630.0 0.0 -15.0 75.0 -80.0 北方港调入量 182.2 12.6 9.2 33.6 7.8 榆林6000 722.0 10.0 10.0 70.0 -110.0 北方港吞吐量 135.2 -24.7 -26.6 -29.6 -32.5 榆林6200 750.0 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - Australian mainstream iron ore prices generally increased, with Newman powder at 790 (up 10 daily and 18 weekly), PB powder at 793 (up 10 daily and 18 weekly), etc [1] - Brazilian mainstream iron ore prices also had mixed trends, with Baha at 830 (up 10 daily and 14 weekly), while Baha coarse IOC6 was at 770 (down 13 daily and 7 weekly) [1] - Other varieties like Ukrainian concentrate powder, 61% Indian powder, etc also had price changes [1] 3.2 Exchange Contracts - For DCE contracts, i2601 was at 788.5 (up 16.0 daily and 23.5 weekly), i2605 at 756.5 (up 13.0 daily and 14.5 weekly), i2609 at 732.0 (up 10.5 daily and 10.0 weekly) [1] - For SGX contracts, FE01 was at 99.51 (down 0.20 daily and up 1.31 weekly), FE05 at 97.15 (down 0.25 daily and up 1.06 weekly), FE09 at 95.09 (down 0.23 daily and up 0.97 weekly) [1] 3.3 Premiums - Information on U - ball/pellet premium, PB block/block ore premium was presented, but specific data was not fully summarized here [1] 3.4 Basis and Spread - The monthly spread and other relevant data for each contract were given, such as the monthly spread of i2601 was - 56.5 (up 48.1 daily and down 5.2 weekly) [1]

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/11/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਓਲੇ | | 昨日收盘价 | 涨跌 | 基美 | 昨日成交昼 | | 昨日持仓昼 | 持仓变动 | | 期货 | EC2512 | | 1790.0 | 0.43% | -285.2 | 6881 | | 14520 | -1922 | | | EC2602 | | 1605.0 | -1.65% | -100.2 | 20006 | | 38043 | 7159 | | | EC2604 | | 1157.7 | -1.08% | 347.1 | 2180 | | 15618 | 197 | | | EC2606 | | 1377.9 | -0.20% | 126.9 | 130 | | 1624 | 1 | | | EC2608 | | 1486.7 | 0.24% | 18.1 | ર્ણ | | 1196 | 1 | | | EC2610 | | 1103.5 | -0.68% ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Methanol: The current situation remains poor, with Iran's plant shutdown slower than expected. High imports are expected in November, making it difficult to resolve the contradictions in the 01 contract. It is anticipated that the port sanctions issue will be resolved before the end of gas restrictions, but inventory reduction is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it does not affect profits [2]. - Polyethylene: The inventory of the two major oil companies is neutral year - on - year. Upstream and coal - chemical industries are reducing inventory, while social inventory remains flat. Downstream raw material and finished - product inventories are also neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. Overseas markets in Europe, America, and Southeast Asia are stable. Import profit is around - 200, with no further increase for now. Non - standard HD injection prices are stable, other price differentials are fluctuating, and LD is weakening. Maintenance in September is flat compared to the previous period, and recent domestic linear production has decreased month - on - month. Attention should be paid to LL - HD conversion and US quotes. New device pressure is high in 2025, and the commissioning of new devices should be monitored [7]. - Polypropylene: Upstream and mid - stream inventories of polypropylene are decreasing. In terms of valuation, the basis is - 60, non - standard price differentials are neutral, and import profit is around - 700. Exports have been good this year. Non - standard price differentials are neutral. European and American markets are stable. PDH profit is around - 400, propylene is fluctuating, and powder production starts are stable. Draw production scheduling is neutral. Future supply is expected to increase slightly month - on - month. Current 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 there are many PDH device overhauls, the supply pressure can be alleviated to a neutral level [7]. - PVC: The basis is maintained at 01 - 270, and the factory - pickup basis is - 480. Downstream operating rates are seasonally weakening, but there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are continuously accumulating. Northwest plants have seasonal overhauls in summer, and the load center is between the spring overhaul and the high production in Q1. In Q4, attention should be paid to the commissioning of new devices and the sustainability of exports. Recent export orders have slightly declined. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide profits are under pressure due to PVC overhauls. The counter - offer for caustic soda exports is FOB380. Attention should be paid to whether subsequent export orders can support high - grade caustic soda. PVC comprehensive profit 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 [7]. 3. Summary by Commodity Methanol - **Price Data**: From November 10 - 14, 2025, the power coal futures price remained at 801. The Jiangsu spot price decreased from 2065 to 2060, the South China spot price decreased from 2068 to 2048, and the Northwest discounted - to - futures price decreased from 2603 to 2580. The daily change on November 14 showed a 0 change in power coal futures, a - 17 change in Jiangsu spot price, and a - 25 change in the Northwest discounted - to - futures price [2]. Polyethylene - **Price and Inventory Data**: From November 10 - 14, 2025, the Northeast Asia ethylene price was mostly stable at 740 (except for November 14 with no data). The North China LL price increased from 6770 to 6830, and the two - oil inventory remained at 12067 on November 14. The daily change on November 14 showed a 40 increase in North China LL price and a 35 increase in import profit [7]. Polypropylene - **Price and Inventory Data**: From November 10 - 14, 2025, the Shandong propylene price increased from 5750 to 5790, the Northeast Asia propylene price remained at 695, and the two - oil inventory remained at 14642. The daily change on November 14 showed a 30 increase in Shandong propylene price and a 65 increase in East China PP price [7]. PVC - **Price and Profit Data**: From November 10 - 14, 2025, the Northwest calcium carbide price was mostly 2400 (except for November 14 with no data), the Shandong caustic soda price remained at 802, and the East China calcium carbide - based PVC price increased from 4570 to 4580. The daily change on November 14 showed a 10 increase in the East China calcium carbide - based PVC price [7].

ગુજ 美国主持 | | | | | | | 研究中心能化团队 | | | 2025/11/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਉਨ੍ਹੇ | | 昨日收盘价 | 涨跌 | 意 | 昨日成交量 | | 昨日持仓昼 | 持仓变动 | | | EC2512 | | 1790.0 | 0.43% | -285.2 | 6881 | | 14520 | -1922 | | | EC2602 | | 1605.0 | -1.65% | -100.2 | 20006 | | 38043 | 7-59 | | | EC2604 | | 1157.7 | -1.08% | 347.1 | 2180 | | 15618 | 197 | | | EC2606 | | 1377.9 | -0.20% | 126.9 | 130 | | 1624 | 1 | | | EC2608 | | 1486.7 | 0.24% | 18.1 | 65 | | 1196 | 1 | | 期货 | EC2610 | | 1103.5 | -0 ...