Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The 12 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are benchmarked against the second - half of December cabin space, and the prices are expected to be stable with a slight increase. The 02 contract has a neutral valuation, follows the spot price in the short - term, and there are expectations for the peak season. Despite high capacity, the spot price in January is not expected to be overly pessimistic due to the late Spring Festival, strong cargo volume on the European line this year, and the price cut in December benefiting the price increase in January. If the peak season is gradually realized, the 02 contract may have more upside potential. The 04 contract is still recommended to be shorted on rallies [3] Group 3: Summary by Relevant Catalogs Futures Market - EC2512 closed at 1636.7 yesterday, up 0.34%, with a basis of - 153.1, a trading volume of 705, an open interest of 4286, and an open interest change of - 215. EC2602 closed at 1492.5, up 1.40% (0.54% might be a misprint), with a basis of - 8.8, a trading volume of 26585, an open interest of 38244, and an open interest change of - 1867 (- 129 might be a misprint). EC2604 closed at 1078.0, with a basis of 405.7, a trading volume of 4192, and an open interest of 18614. EC2606 closed at 1237.0, up 1.79%, with a basis of 246.7, a trading volume of 278, an open interest of 2170, and an open interest change of - 84. EC2608 closed at 1357.2, up 1.36%, with a basis of 126.5, a trading volume of 102, an open interest of 1622, and an open interest change of - 8. EC2610 closed at 1033.2, up 1.19%, with a basis of 450.5, a trading volume of 441, an open interest of 3888, and an open interest change of - 86 [2] - For the month - spread, EC2512 - 2504 was 558.7, down 0.2 from the previous day and down 82.0 week - on - week. EC2512 - 2602 was 144.2, down 15.0 from the previous day and down 7.6 week - on - week. EC2502 - 2604 was 414.5, up 14.8 from the previous day and down 8.4 week - on - week [2] Spot Market - The SCFI (European line) index on December 1, 2025, was 1483.65 points, down 9.50% from the previous period, with a price of 1404 dollars/TEU. The CCFI index on November 28, 2025, was 1449.34 points, up 1.14% from the previous period. The NCFI index on November 28, 2025, was 1024.64 points, up 7.67% from the previous period [2] Recent European Line Spot Situation - The price increase in the first half of December failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the disk. In Week 50, MSK's opening price dropped to 2200 dollars, and other shipping companies followed suit. The current central price is 2270 dollars, equivalent to 1580 points on the disk. YML cut the price of two ships in Week 50 by 150 to 1750 dollars, while MSC increased the price by 200 to 2600 dollars. In the second half of December, MSC announced a price increase to 3500 dollars, and ONE increased the price to 2800 dollars. Shipping companies are expected to announce price increases for January cabin space in early December [4] Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the agreement. On November 29, the Lebanese Hezbollah said it would retaliate against Israel for the attack on a senior commander [5]

Report Overview - **Report Date**: December 2, 2025 [1] - **Reporting Team**: Research Center's Black Team [1] Spot Prices Rebar - Spot prices are provided for Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan from November 25 to December 1, 2025 - Price changes from November 25 to December 1 are 40 for Beijing, 50 for Shanghai, 80 for Chengdu, 60 for Xi'an, 50 for Guangzhou, and 40 for Wuhan [1] Hot - Rolled Coils - Spot prices are given for Tianjin, Shanghai, and Lecong from November 25 to December 1, 2025 - Price changes from November 25 to December 1 are 40 for Tianjin, 50 for Shanghai, and 30 for Lecong [1] Cold - Rolled Coils - Spot prices are provided for Tianjin, Shanghai, and Lecong from November 25 to December 1, 2025 - Price changes from November 25 to December 1 are 40 for Tianjin, 0 for Shanghai, and 50 for Lecong [1] Other Sections - The report also mentions sections on "Price and Profit", "Basis and Spread", and "Output and Inventory" but no detailed content is provided [2][7][8]

Price Performance - London Gold's latest price is 4191.05 with no change [1][2] - London Silver's latest price is 53.91 with no change [1][2] - London Platinum's latest price is 1640.00, up 36.00 [1][2] - London Palladium's latest price is 1448.00, up 25.00 [1][2] - WTI Crude's latest price is 58.55 with no change [1][2] - LME Copper's latest price is 11241.50, up 246.50 [1][2] - The latest value of the US Dollar Index is 99.44 with no change [2] - The latest exchange rate of Euro to US Dollar is 1.16 with no change [2] - The latest exchange rate of Pound to US Dollar is 1.32 with no change [2] - The latest exchange rate of US Dollar to Japanese Yen is 156.17 with no change [2] - The latest yield of US 10 - year TIPS is 1.79 with no change [2] Trading Data - COMEX Silver inventory is 14207.20 with no change [3] - SHFE Silver inventory is 573.70, up 14.82 [3] - Gold ETF holdings are 1050.01, up 4.58 [3] - Silver ETF holdings are 15802.36, up 191.82 [3] - SGE Silver inventory is 774.71 with no change [3] - SGE Silver's deferred fee payment direction has a change of 1.00, currently at 2 [3] - SGE Gold's deferred fee payment direction has a change of 1.00, currently at 2 [3]

Group 1: Report's Investment Rating - No information regarding the industry investment rating is provided in the reports [1][2][3] Group 2: Core Views of the Report - CESCO copper conference shows a consensus among institutions and the industry, with the main strategy being to buy on dips. Copper prices are expected to have an upward - moving central range of $10,500 - $11,300, driven by strong domestic demand and overseas grid and computing power - related demand, while supply is constrained [1] - The aluminum market has seen a stable rebound in the futures market, with significant inventory reduction. It may fluctuate in the short term, and the supply - demand balance is expected to be loose at the beginning of 2026 and then tighten [1] - Zinc prices have been fluctuating this week. The supply side has issues such as a decline in TC and potential production cuts at the end of the year. The demand side is weak. The price may not fall deeply, and different trading strategies are recommended [2] - Nickel's short - term fundamentals are weak. There are disturbances in the Indonesian mining end, and short - selling opportunities on rallies can be considered [3] - Stainless steel's fundamentals are weak. There is a motivation for price support from the Indonesian policy end, and short - selling opportunities on rallies can be considered [3] - Lead prices have fallen this week. The supply is abundant, and the demand is expected to weaken. The price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [5] - Tin prices have risen this week. The supply side has limited recovery elasticity and many disturbances. The demand is mainly rigid. Short - term fundamentals are okay, and long - position strategies near the cost line are recommended [8] - Industrial silicon's Q4 supply - demand is in a balanced and slightly loose state. In the short term, prices are expected to fluctuate, and in the long term, they will oscillate at the cycle bottom [9] - Lithium carbonate's short - term supply and demand are both strong. The current inventory is high, and the upward price elasticity depends on inventory reduction, speculative demand, and stronger holding willingness [9] Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From November 25 to December 1, the spot premium of Shanghai copper decreased by 15, the scrap - refined copper spread increased by 556, and the inventory of the Shanghai Futures Exchange decreased by 3,749 [1] - **Market Outlook**: The copper price is expected to rise, with a central range of $10,500 - $11,300. The main bullish factors include limited domestic scrap copper supply, increased demand for the power grid in 2026, computing power - related demand, and power construction demand in Southeast Asia. The bearish factor is the potential outflow of North American inventory if US tariffs are removed [1] Aluminum - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai aluminum ingot price increased by 280, and the inventory of the Shanghai Futures Exchange remained unchanged. The LME aluminum inventory decreased by 1,150 [1] - **Market Outlook**: The aluminum market has rebounded, and the inventory has decreased. It may fluctuate in the short term. The supply - demand balance is expected to be loose at the beginning of 2026 and then tighten [1] Zinc - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai zinc ingot price increased by 190, the LME zinc inventory increased by 275, and the spot import profit decreased by 396.33 [2] - **Market Outlook**: Zinc prices have fluctuated. The supply side has issues such as a decline in TC and potential production cuts at the end of the year. The demand side is weak. The price may not fall deeply. Different trading strategies are recommended [2] Nickel - **Price and Inventory Changes**: From November 25 to December 1, the Shanghai nickel spot price increased by 350, and the LME nickel inventory decreased by 396 [3] - **Market Outlook**: Nickel's short - term fundamentals are weak. There are disturbances in the Indonesian mining end, and short - selling opportunities on rallies can be considered [3] Stainless Steel - **Price and Inventory Changes**: From November 25 to December 1, the price of 201 cold - rolled stainless steel decreased by 50, and other prices remained unchanged [3] - **Market Outlook**: Stainless steel's fundamentals are weak. There is a motivation for price support from the Indonesian policy end, and short - selling opportunities on rallies can be considered [3] Lead - **Price and Inventory Changes**: From November 25 to December 1, the lead price decreased, the LME lead inventory decreased by 2,300, and the spot import profit increased by 64.41 [4][5] - **Market Outlook**: Lead prices have fallen. The supply is abundant, and the demand is expected to weaken. The price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [5] Tin - **Price and Inventory Changes**: From November 25 to December 1, the tin price increased, the LME tin inventory remained unchanged, and the spot import profit increased by 10,585.40 [8] - **Market Outlook**: Tin prices have risen. The supply side has limited recovery elasticity and many disturbances. The demand is mainly rigid. Short - term fundamentals are okay, and long - position strategies near the cost line are recommended [8] Industrial Silicon - **Price and Inventory Changes**: From November 25 to December 1, the basis of 421 silicon in Yunnan and Sichuan decreased by 15, and the number of warehouse receipts remained unchanged [9] - **Market Outlook**: Q4 supply - demand is in a balanced and slightly loose state. In the short term, prices are expected to fluctuate, and in the long term, they will oscillate at the cycle bottom [9] Lithium Carbonate - **Price and Inventory Changes**: From November 25 to December 1, the SMM electric - grade lithium carbonate price increased by 600, and the number of warehouse receipts increased by 2,781 [9] - **Market Outlook**: Short - term supply and demand are both strong. The current inventory is high, and the upward price elasticity depends on inventory reduction, speculative demand, and stronger holding willingness [9]

Report Summary Report Information - Report title: Pulp Morning Report - Research team: Energy and Chemicals Team of the Research Center - Date: December 2, 2025 [2] Core Data - SP main contract closing price on December 1, 2025: 5190.00 [3] - Price changes from November 25 - December 1, 2025: closing price decreased from 5212.00 to 5190.00, with a daily change of -0.15391% on December 1; converted US - dollar price decreased from 641.47 to 641.02; Shandong Yinxing basis decreased from 253 to 185; Jiangsu - Zhejiang - Shanghai Yinxing basis decreased from 238 to 195 [3] - Import profit on December 1, 2025: Canada's Golden Lion - 110.31, Lion - 600.29; Chile's Yinxing - 135.27 [4] - National average price from November 25 - December 1, 2025: no change in the average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp; for paper products, cultural paper, packaging paper prices remained unchanged, while the living paper index increased by 2; profit margins of double - offset paper remained unchanged, double - copper paper increased by 0.0163, white cardboard increased by 0.0117, and living paper increased by 0.7022 [4] - Price differences on December 1, 2025: softwood - hardwood pulp price difference 925.00, softwood - natural pulp price difference - 25, softwood - chemimechanical pulp price difference 1575, softwood - waste paper price difference 3799 [4][5] Core View The report presents the price data of the SP main contract, import profit, national average price of pulp and paper products, and price differences in the pulp market from November 25 - December 1, 2025, reflecting the current market price trends and profit situations [3][4][5]

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]