1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 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您 ...

价 格 和 利 润 | | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/01 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/11/24 | 3250 | 3250 | 3240 | 3280 | 3470 | 3340 | | 2025/11/25 | 3250 | 3270 | 3250 | 3300 | 3480 | 3360 | | 2025/11/26 | 3210 | 3270 | 3250 | 3260 | 3480 | 3360 | | 2025/11/27 | 3210 | 3220 | 3210 | 3250 | 3480 | 3360 | | 2025/11/28 | 3210 | 3260 | 3210 | 3250 | 3510 | 3390 | | 变化 | 0 | 40 | 0 | 0 | 30 | 30 | | 日期 | 天津 ...

Group 1: Report General Information - Report Title: Aromatics and Rubber Morning Report [2] - Report Date: December 1, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: PTA Analysis Market Data - From November 24 - 28, 2025, crude oil remained stable at 63.3, while PTA spot price was 4610, and POY 150D/48F was 6490. Naphtha cracking spread was 101.72, PX processing margin was 260, PTA processing margin was 162, and polyester gross profit was 92. PTA balance load was 78.2, and PTA load was 71.0. The change in仓单+有效预报was 324, and TA basis declined by 10, with sales-to-production ratio remaining unchanged [3]. - PTA's average daily trading basis was 2601(-36), and Honggang's 2.5 million - ton plant restarted [3]. Weekly View - Near - term TA: Some plants restarted, with开工 rate rising, polyester load slightly increasing, inventory decreasing, basis strengthening, and spot processing fee weakening. PX domestic开工 rate declined, some overseas plants reduced production, PXN strengthened, disproportionation efficiency was weak, and isomerization efficiency was stable. The US - Asia aromatics spread shrank [3]. - Future outlook: TA will maintain high - maintenance status, downstream (especially filaments and staple fibers) shows no obvious pressure. With India revoking BIS certification, TA inventory accumulation rate is low, far - month production capacity addition is limited, and PX situation is good. Attention should be paid to opportunities for long - short arbitrage at low prices and expanding processing fees [3]. Group 3: MEG Analysis Market Data - From November 24 - 28, 2025, Northeast Asian ethylene was 730. MEG's external price was 461, internal price was 3900, East China price was 3900, far - month price was 3907. MEG coal - based profit was - 478, internal cash flow (ethylene) was - 668, total load was 70.8, coal - based MEG load was 66.5, and port inventory was 73.2 [3]. - MEG's basis was around 01(+5), and Shenghong's 900,000 - ton plant restarted [3]. Weekly View - Near - term: There was concentrated restart of domestic coal - chemical plants,开工 rate increased, some overseas plants were under maintenance, port inventory was stable at the beginning of the week, and the forecast of weekly arrivals was low. Basis weakened, and coal - based efficiency improved slightly [3]. - Future outlook: With supply reduction and high polyester开工 rate, inventory accumulation speed is expected to slow down. Coal - based efficiency is at a low level, and the comparison with other olefins has weakened. The room for further compression of the current valuation is limited. Attention should be paid to short - term put - selling opportunities. In the long term, with new plant launches and warehouse receipts suppressing the market structure, the overall situation is expected to be weak [3]. Group 4: Polyester Staple Fiber Analysis Market Data - From November 24 - 28, 2025, the price of 1.4D cotton - type staple fiber was 6365, low - melting staple fiber was 7580, and other product prices remained stable. The开工 rate of virgin staple fiber was 98, recycled cotton - type was 51, and yarn - making开工 rate was 66. Short - fiber profit was 99, pure polyester yarn profit was 35, cotton - polyester staple fiber spread was 8115, and viscose - polyester staple fiber spread was 6485 [3]. - The spot price was around 6312, and the market basis was around 01 - 90 [3]. Weekly View - Near - term: Plant operation was stable,开工 rate was maintained at 97.5%, sales - to - production ratio improved slightly, and inventory decreased. On the demand side, the开工 rate of polyester yarn remained stable, raw material inventory decreased, and finished - product inventory increased, with efficiency maintained [3]. - Future outlook: Short - fiber demand remains basically the same as before. Although the efficiency and开工 rate of polyester yarn have not improved significantly, short - fiber exports maintain high growth, and short - term inventory pressure is limited. In the far - month, downstream enters the off - season, and with new plant launches approaching, the situation may weaken. The current processing fee is relatively neutral, and attention should be paid to warehouse receipt conditions [3]. Group 5: Natural Rubber and 20 - grade Rubber Analysis Market Data - From November 24 - 28, 2025, the price of US - dollar Thai standard rubber increased by 5 to 1830, Thai mixed rubber increased by 10 to 1825, RMB mixed rubber increased by 70 to 14630, Shanghai full - latex increased by 170 to 14710, and Shanghai 3L remained unchanged at 15200 [6]. - The weekly change in the difference between mixed rubber and RU main contract was - 100, between US - dollar Thai standard rubber and NR main contract was - 11, between RU09 and RU01 was 0, and between RU main contract and NR main contract was 180. The上期所RU仓单 remained unchanged at 41400 [6]. Main Contradictions - National explicit inventory is stable, and the absolute level is not high [6]. - Thai cup - lump rubber price is stable, and rainfall affects rubber tapping [6]. Strategy - Adopt a wait - and - see strategy [6]. Group 6: Styrene Analysis Market Data - From November 24 - 28, 2025, ethylene (CFR Northeast Asia) was 730, pure benzene (CFR China) increased from 664 to 665, pure benzene (East China) increased by 35 to 5355, and styrene (CFR China) increased by 5 to 820 [10]. - The daily change in PS (East China transparent benzene) was 0, ABS (0215A) was 0, Asian spread was 0, pure benzene - naphtha spread was 0, styrene domestic profit decreased by 50 to 25, EPS domestic profit decreased by 50, and PS and ABS domestic profits remained unchanged at - 926 [10].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Data Coal Prices - The price of Qinhuangdao 5500 is 821.0, with a daily change of -1.0, a weekly change of -9.0, a monthly change of 52.0, and an annual change of -9.0 [1] - The price of Qinhuangdao 5000 is 721.0, with a daily change of -2.0, a weekly change of -16.0, a monthly change of 44.0, and an annual change of -9.0 [1] - The price of Guangzhou Port 5500 is 860.0, with a daily change of 0.0, a weekly change of -5.0, a monthly change of 55.0, and an annual change of -40.0 [1] - The price of Ordos 5500 is 585.0, with a daily change of 0.0, a weekly change of -10.0, a monthly change of 45.0, and an annual change of -35.0 [1] - The price of Datong 5500 is 635.0, with a daily change of 0.0, a weekly change of -10.0, a monthly change of 45.0, and an annual change of -65.0 [1] - The price of Yulin 6000 is 732.0, with a daily change of 0.0, a weekly change of 0.0, a monthly change of 50.0, and an annual change of -105.0 [1] - The price of Yulin 6200 is 760.0, with a daily change of 0.0, a weekly change of 0.0, a monthly change of 50.0, and an annual change of -105.0 [1] Terminal Data - The available days for 25 - province terminals is 25.2, with a daily change of 0.0, a weekly change of 5.3, a monthly change of 4.3, and an annual change of 7.6 [1] - The coal supply for 25 - province terminals is 550.4, with a daily change of 0.7, a weekly change of -58.1, a monthly change of -89.6, and an annual change of -72.4 [1] - The daily consumption of 25 - province terminals is 541.1, with a daily change of -0.2, a weekly change of -102.1, a monthly change of -104.9, and an annual change of -113.3 [1] - The inventory of 25 - province terminals is 13661.6, with a daily change of 21.1, a weekly change of 841.1, a monthly change of 157.1, and an annual change of 2144.1 [1] Port Data - The inventory of northern ports is 2534.0, with a daily change of 14.0, a weekly change of 65.0, a monthly change of 365.0, and an annual change of -203.8 [1] - The number of ships at northern anchorages is 75.0, with a daily change of -5.0, a weekly change of -16.0, a monthly change of -33.0, and an annual change of 7.0 [1] - The inbound volume of northern ports is 175.2, with a daily change of 1.9, a weekly change of -8.3, a monthly change of 7.9, and an annual change of 30.1 [1] - The throughput of northern ports is 183.9, with a daily change of 29.9, a weekly change of -12.6, a monthly change of 17.6, and an annual change of 28.1 [1] Shipping Index and Freight Rates - The CBCFI shipping index is 864.1, with a daily change of -31.1, a weekly change of -143.2, a monthly change of -244.1, and an annual change of -40.8 [1] - The freight rate from Qinhuangdao to Shanghai (4 - 5DWT) is 34.6, with a daily change of -1.4, a weekly change of -7.2, a monthly change of -12.4, and an annual change of -1.9 [1] - The freight rate from Qinhuangdao to Guangzhou (5 - 6DWT) is 49.8, with a daily change of -1.5, a weekly change of -5.9, a monthly change of -9.3, and an annual change of -1.1 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market - **Australian mainstream ores**: Newman powder is priced at 790 with a daily change of -6 and weekly change of 3; PB powder at 793 with -6 daily and 3 weekly; Mac powder at 781 with -3 daily and -2 weekly; Jimbara at 746 with -6 daily and 3 weekly [1] - **Brazilian mainstream ores**: Brazilian blend is at 828 with -10 daily and -3 weekly; Brazilian coarse IOC6 at 770 with -6 daily and 3 weekly; Brazilian coarse SSFG at 775 with -6 daily and 3 weekly [1] - **Other ores**: Ukrainian concentrate is at 880 with 0 daily and 5 weekly; 61% Indian powder at 735 with -6 daily and 3 weekly; Karara concentrate at 880 with -2 daily and 3 weekly; Roy Hill powder at 780 with -6 daily and 3 weekly [1] - **Domestic ore**: Tangshan iron concentrate is at 1014 with 0 daily and 0 weekly [1] 3.2 Futures Market - **DCE contracts**: i2601 is at 794.0 with -5.5 daily and 8.5 weekly; i2605 at 768.0 with -5.0 daily and 12.0 weekly; i2609 at 743.5 with -4.5 daily and 13.0 weekly [1] - **SGX contracts**: FE01 is at 103.39 with 0.13 daily and 2.69 weekly; FE05 at 100.63 with 0.02 daily and 2.42 weekly; FE09 at 98.39 with 0.01 daily and 2.23 weekly [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PG futures prices have declined The basis is -43 (-57), and the spread between January and February contracts is 109 (-19) Domestic LPG prices for civil use have decreased The cheapest deliverable is the civil - use LPG in East China at 4315 (-49), and the price difference between propane and civil - use LPG has narrowed The number of warehouse receipts is 4561 (-54) [1] - The paper prices in the overseas market have decreased, while the spread between contracts has strengthened The ratio of oil and gas prices in North Asia and North America has changed little The spread between domestic PG and CP has reached 126 (-2); the spread between PG and FEI has reached 114 (+3) The discounts for East China's arrival, North America's and AFEI's departure have remained stable The supply of Middle - Eastern goods is tight, with a discount of 35 USD (+13) Freight rates have slightly decreased The spread between FEI and MOPJ has narrowed to -55 (+11) [1] - The profit of propylene production from PDH in Shandong has slightly recovered The profit of alkylation units has slightly improved but remains poor The profit of MTBE production has fluctuated, and the export profit is still good The arrival volume has increased, the external release has decreased, the factory inventory has slightly accumulated, and the port inventory has increased The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] - Overall, the chemical industry in China is relatively strong, and the civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, but the market may tend to wait and see as the CP official price announcement approaches Attention should also be paid to weather and oil price conditions [1] Group 3: Summaries According to Relevant Catalogs Daily Changes - On Friday, for civil - use LPG, the price in East China is 4323 (+13), in Shandong is 4460 (+10), and in South China is 4360 (+25) The price of ether - post - carbon - four is 4490 (+10) The lowest delivery location is East China, with a basis of -43 (-57), and the spread between January and February contracts is 109 (-19) FEI is 537 (+10) USD/ton The official CP prices for December have been released, with propane and butane at 495/485 (+20/+25) [1] Weekly Views - The PG futures prices have declined, with a decrease in the basis and the spread between January and February contracts The domestic civil - use LPG prices have dropped, the cheapest deliverable has decreased in price, and the propane - civil LPG price difference has shrunk The number of warehouse receipts has decreased [1] - Overseas paper prices have fallen, contract spreads have strengthened, and the oil - gas price ratio in North Asia and North America has changed little The spreads of domestic PG - CP and PG - FEI have changed, and the discounts in different regions have different trends The freight rates have slightly decreased, and the FEI - MOPJ spread has narrowed [1] - The profits of some chemical production processes have shown different trends, with the arrival volume increasing, external release decreasing, and inventory accumulating in factories and ports The PDH operating rate has decreased, and a PDH unit is expected to restart next week [1] - The domestic chemical industry is relatively stable, civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, and the market may wait and see before the CP official price announcement Attention should also be paid to weather and oil prices [1]

玉米：本周，现货市场依旧维持紧张的氛围，农户销售进度加快，但是市场供应依旧短缺，粮源主要被贸易商囤积。短期看，供应保持低位与 下游企业补库需求的双重驱动下，玉米价格仍将保持强劲势头。值得关注的是，贸易商屯粮待涨，一定程度上延缓了售粮压力的集中释放，后 续关注产区粮源供应变化和港库库存的累积状况。中长期来看，本年度玉米市场供需格局仍维持偏紧态势，种植成本仍将对价格形成强支撑， 预计在农户售粮压力逐步释放后，现货价格有望开启新一轮上涨周期。 | 农产品早报 | | --- | 研究中心农产品团队 2025/12/01 | 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 | | 2025/11/24 2070 | 2200 2200 | 2380 | -20 | 30 244 | 2700 | 2850 | 170 | -1 | | 2025/11/25 2070 | 22 ...

废钢早报 研究中心黑色团队 2025/12/01 华东 स्क 中部 日期 华南 2025/11/245 | 2183 2016 2200 2263 源点 | 2025/11/24 | 2183 | 2263 | 2016 | 2200 | 2225 | 2088 | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/25 | 2183 | 2263 | 2015 | 2206 | 2225 | 2088 | | 2025/11/26 | 2183 | 2263 | 2015 | 2209 | 2225 | 2088 | | 2025/11/27 | 2183 | 2262 | 2015 | 2209 | 2224 | 2089 | | 2025/11/28 | 2183 | 2263 | 2017 | 2210 | 2225 | 2088 | | 环比 SOURCE PO | | | 2 | | | -1 | 沙钢重三价格 (含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 4,200元/吨 3,900 3,600 3,300 3,00 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents the latest prices, profit margins, and market conditions of glass and soda ash in different regions, including price changes, production and sales, and inventory trends. 3. Summary by Category Glass - **Price Information**: From November 21 to November 28, 2025, the prices of 5mm glass in various regions showed different trends. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 1044.0 to 1061.0, and the price of FG05 contract rose from 1141.0 to 1170.0 [1]. - **Profit Margin**: The profit margins of glass production using different energy sources also changed. The profit of North China coal - fired glass increased from 78.5 to 112.7, while the profit of South China natural gas - fired glass remained at - 188.1 [1]. - **Market Conditions**: The production and sales of glass factories in Shahe have recently strengthened, but the sales of traders are average. In Hubei, the transaction of factories has improved, but the mid - stream transaction has weakened. The production and sales rates in Shahe, Hubei, East China, and South China are 162, 162, 111, and 116 respectively [1]. Soda Ash - **Price Information**: From November 21 to November 28, 2025, the prices of heavy soda ash in different regions changed. For example, the price of heavy soda ash in Shahe increased from 1140.0 to 1160.0, and the price of SA01 contract rose from 1170.0 to 1177.0 [1]. - **Profit Margin**: The profit margins of soda ash production using different methods also changed. The profit of North China ammonia - soda method increased from - 338.4 to - 297.0, while the profit of North China combined - soda method changed from - 445.6 to - 448.5 [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei's delivery warehouses is around 1130, and the price delivered to Shahe is around 1150. The inventory of the mid - upstream of the soda ash industry continues to decline [1].

Report Overview - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 1, 2025 [3] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Not provided in the content 3. Summary According to Related Catalogs BR (Butadiene Rubber) Futures Information - BR主力合约(12)价格11月28日为10415，日度变化15，周度变化20；持仓量52021，日度变化 -6808，周度变化 -18302；成交量97141，日度变化14659，周度变化 -34014；仓单数量15540，日度变化90，周度变化3040；虚实比16.74，日度变化 -2，周度变化 -11 [4] - 顺丁基差35，日度变化35，周度变化 -70；丁本县差485，日度变化 -15，周度变化 -170；12 - 01为 -30，日度变化 -30；01 - 02为 -5，日度变化 -10，周度变化 -25；RU - BR为4995，日度变化115，周度变化70；NR - BR为1860，周度变化 -20 [4] Spot Information - 山东市场价10450，日度变化50，周度变化 -50；传化市场价10350，日度变化20，周度变化0；齐鲁出厂价10400，日度变化0，周度变化 -300；CFR东北亚1325，日度变化0，周度变化 -25；CFR东南亚1600，日度变化0，周度变化 -40 [4] Profit Information - 现货加工利润881，日度变化25，周度变化 -101；进口利润 -648，周度变化197；出口利润1584，日度变化 -52，周度变化 -286 [4] BD (Butadiene) Spot Information - 山东市场价7225，日度变化25，周度变化50；江苏市场价7000，日度变化0，周度变化0；扬子出厂价7100，日度变化0，周度变化 -100；CFR中国820，日度变化0，周度变化50 [4] Profit Information - 乙烯裂解利润 -63到 N/A；碳四抽提利润911到 N/A；丁烯氧化脱氢利润 -1814，日度变化0，周度变化0；进口利润294，日度变化5，周度变化 -374；出口利润 -933，日度变化350，周度变化 -804 [4] Production Profit - 丁苯生产利润1363，日度变化0，周度变化 -50；ABS生产利润 -369，日度变化 -20，周度变化 -67；SBS生产利润 -302，日度变化0，周度变化40 [4]