Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: November 27, 2025 [3] Key Information on BR Futures Data - BR主力合约(12): Price on November 26 was 10360, up 90 from the previous day and down 160 from October 27 [4] - Holdings: On November 26, it was 63030, down 5705 from the previous day and 8982 from October 27 [4] - Trading Volume: On November 26, it was 129096, up 15027 from the previous day and 15792 from October 27 [4] - Warehouse Receipt Quantity: On November 26, it was 15380, up 2880 from the previous day and 3350 from October 27 [4] - Virtual - Real Ratio: On November 26, it was 20.49, down 7 from the previous day and 9 from October 27 [4] Basis and Spread - Cis - Butyl Basis: On November 26, it was 40, down 190 from the previous day and 40 from October 27 [4] - Butyl County Basis: On November 26, it was 490, down 190 from the previous day and 140 from October 27 [4] - 12 - 01 Spread: On November 26, it was - 30, unchanged from the previous day and October 27 [4] - 01 - 02 Spread: On November 26, it was 5, down 10 from the previous day and 15 from October 27 [4] - RU - BR Spread: On November 26, it was 4835, down 20 from the previous day and up 105 from October 27 [4] - NR - BR Spread: On November 26, it was 1805, down 75 from the previous day and up 5 from October 27 [4] Spot Prices and Profits - Shandong Market Price: On November 26, it was 10400, down 100 from the previous day and 200 from October 27 [4] - Transfar Market Price: On November 26, it was 10250, down 50 from the previous day and 200 from October 27 [4] - Qilu Factory Price: On November 26, it was 10400, unchanged from the previous day and down 300 from October 27 [4] - CFR Northeast Asia: On November 26, it was 1325, unchanged from the previous day and down 55 from October 27 [4] - CFR Southeast Asia: On November 26, it was 1600, unchanged from the previous day and down 40 from October 27 [4] - Spot Processing Profit: On November 26, it was 831, down 177 from the previous day and up 121 from October 27 [4] - Import Profit: On November 26, it was - 712, down 100 from the previous day and up 43 from October 27 [4] - Export Profit: On November 26, it was 1642, up 87 from the previous day and down 152 from October 27 [4] Key Information on BD Spot Prices - Shandong Market Price: On November 26, it was 7225, up 75 from the previous day and down 315 from October 27 [4] - Jiangsu Market Price: On November 26, it was 7025, up 75 from the previous day and down 275 from October 27 [4] - Yangzi Factory Price: On November 26, it was 7100, down 100 from the previous day and 100 from October 27 [4] - CFR China: On November 26, it was 820, up 20 from the previous day and 50 from October 27 [4] Profits - Ethylene Cracking Profit: Data for November 26 was not available [4] - C4 Extraction Profit: Data for November 26 was not available [4] - Butylene Oxidative Dehydrogenation Profit: On November 26, it was - 1789, up 75 from the previous day and down 275 from October 27 [4] - Import Profit: On November 26, it was 310, down 85 from the previous day and 652 from October 27 [4] - Export Profit: On November 26, it was - 1302, down from the previous day and 1060 from October 27 [4] - Styrene - Butadiene Production Profit: On November 26, it was 1363, up 50 from the previous day and down 38 from October 27 [4] - ABS Production Profit: On November 26, it was - 359, down 58 from the previous day [4] - SBS Production Profit: On November 26, it was - 302, up 40 from the previous day and 82 from October 27 [4] Data Source - Mysteel, Wind [8]

Report Information - Report Title: Big Asset Morning Report - Research Team: Macro Team of the Research Center - Date: November 27, 2025 [1] Global Asset Market Performance - **10 - Year Treasury Bonds**: Data for major economies such as the US, UK, France, etc., are all marked as '-', indicating no available data presented [2] - **2 - Year Treasury Bonds**: Data for major economies including the US, UK, Germany, etc., are all '-', showing no available data [2] - **Exchange Rates**: Data for the US dollar against major emerging - economy currencies like the Brazilian real, Russian ruble, etc., are all '-', with no available data [2] - **Stock Indices**: Data for major economies' stock indices such as the S&P 500, Dow Jones Industrial Average, etc., are all '-', meaning no available data [2] - **Credit Bond Indices**: Data for various credit bond indices including US investment - grade, euro - zone investment - grade, etc., are all '-', indicating no available data [2] Stock Index Futures Trading Data - **Index Performance**: A - share closed at 3864.18 with a - 0.15% change; the CSI 300 closed at 4517.63 with a 0.61% change; the SSE 50 closed at 2971.80 with a 0.12% change; the ChiNext closed at 3044.69 with a 2.14% change; the CSI 500 closed at 6965.05 with a 0.15% change [3] - **Valuation**: The PE(TTM) of the CSI 300 is 13.92 with a 0.00 change; the SSE 50 is 11.85 with a - 0.04 change; the CSI 500 is 31.74 with a 0.05 change [3] - **Fund Flows**: The latest A - share fund flow is - 610.83, the main - board is - 535.27, the ChiNext is - 96.51, and the CSI 300 is 67.16. The 5 - day average of A - shares is - 515.31, the main - board is - 447.60, the ChiNext is - 55.59, and the CSI 300 is - 65.88 [3] Other Trading Data - **Transaction Amount**: The latest total trading amount of the Shanghai and Shenzhen stock markets is 17833.46 with a - 288.01 change; the CSI 300 is 4273.61 with a 158.37 change; the SSE 50 is 972.58 with a - 7.74 change; the small - and - medium - sized board is 3572.97 with a - 150.94 change; the ChiNext is 5235.99 with a 11.44 change [4] - **Main Contract Premium/Discount**: For IF, the basis is - 24.63 with a - 0.55% change; for IH, the basis is - 7.20 with a - 0.24% change; for IC, the basis is - 55.65 with a - 0.80% change [4] - **Treasury Bond Futures**: Data for T2303, TF2303, T2306, TF2306 are all marked as '-', indicating no available data [4] - **Funding Rates**: R001 is 1.3672% with a - 15.00 BP change; R007 is 1.5205% with a 0.00 BP change; SHIBOR - 3M is 1.5790% with a 0.00 BP change [4]

淀粉：短期看，淀粉报价跟随原料价格波动。新季玉米上市后，深加工采购积极性增加，开机率也逐步上调，不过由于下游补货依旧平缓，造 成产业去库缓慢，在高库存的压制下，淀粉价格依旧承压。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，若淀粉 报价出现大幅回落，届时会刺激下游补货积极性提升，带动价格走强。 | 农产品早报 | | --- | | 白糖 | | 现货价格 | | 基差 | | 进口利润 | 仓单 | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 柳州 | 南宁 | 昆明 | 柳州基差 | 泰国 | 巴西 | 郑盘 | | 2025/11/20 | - | 5760 | 5555 | - | - | - | 8165 | | 2025/11/21 | 5675 | 5760 | 5560 | 322 | 410 | 591 | 8154 | | 2025/11/24 | 5615 | 5450 | 5500 | 245 | 340 | 521 | 7876 | | 2025/11/25 | 5615 | 5480 | 55 ...

Group 1: Coal Prices - The latest price of Qinhuangdao 5500 is 826.0, with a daily change of -2.0, a weekly change of -4.0, a monthly change of 60.0, and an annual change of -4.0 [1] - The latest price of Qinhuangdao 5000 is 727.0, with a daily change of -4.0, a weekly change of -10.0, a monthly change of 51.0, and an annual change of -8.0 [1] - The latest price of Guangzhou Port 5500 is 865.0, with no daily or weekly change, a monthly change of 60.0, and an annual change of -35.0 [1] - The latest price of Ordos 5500 is 595.0, with no daily change, a weekly change of 10.0, a monthly change of 35.0, and an annual change of -25.0 [1] - The latest price of Datong 5500 is 645.0, with no daily change, a weekly change of 10.0, a monthly change of 35.0, and an annual change of -55.0 [1] - The latest price of Yulin 6000 is 732.0, with no daily or weekly change, a monthly change of 50.0, and an annual change of -105.0 [1] - The latest price of Yulin 6200 is 760.0, with no daily or weekly change, a monthly change of 50.0, and an annual change of -105.0 [1] Group 2: 25 - Province Terminal Data - The latest available days for 25 - province terminals are 25.5, with a daily change of -0.5, a weekly change of 5.6, a monthly change of 4.6, and an annual change of 7.9 [1] - The latest coal supply for 25 - province terminals is 545.8, with a daily change of 4.4, a weekly change of -62.7, a monthly change of -94.2, and an annual change of -77.0 [1] - The latest daily consumption for 25 - province terminals is 533.0, with a daily change of 12.2, a weekly change of -110.2, a monthly change of -113.0, and an annual change of -121.4 [1] - The latest inventory for 25 - province terminals is 13604.2, with a daily change of 48.2, a weekly change of 783.7, a monthly change of 99.7, and an annual change of 2086.7 [1] Group 3: Northern Port Data - The latest northern port inventory is 2516.0, with a daily change of 14.0, a weekly change of 43.0, a monthly change of 309.0, and an annual change of -218.7 [1] - The latest number of northern anchored ships is 101.0, with a daily change of 6.0, a weekly change of -16.0, a monthly change of -7.0, and an annual change of 36.0 [1] - The latest northern port inbound volume is 180.0, with a daily change of -6.7, a weekly change of 7.2, a monthly change of 15.9, and an annual change of 11.1 [1] - The latest northern port throughput is 184.8, with a daily change of 1.0, a weekly change of 77.2, a monthly change of 10.7, and an annual change of 11.2 [1] Group 4: Shipping Index and Freight Rates - The latest CBCFI shipping index is 935.6, with a daily change of -44.1, a weekly change of -72.9, a monthly change of -143.6, and an annual change of 33.7 [1] - The latest freight rate from Qinhuangdao to Shanghai (4 - 5DWT) is 37.9, with a daily change of -2.3, a weekly change of -3.9, a monthly change of -7.6, and an annual change of 1.4 [1] - The latest freight rate from Qinhuangdao to Guangzhou (5 - 6DWT) is 52.8, with a daily change of -1.6, a weekly change of -2.8, a monthly change of -4.9, and an annual change of 3.5 [1]

Report Summary 1. Market Data - **Daily Changes (Wednesday)**: In the civil gas market, prices in East China remained at 4310 (+0), in Shandong increased to 4460 (+30), and in South China stayed at 4330 (+0). The price of ether - post carbon four was 4470 (+0). The lowest delivery location was East China, with a basis of 29 (-81) and a 01 - 02 month - spread of 87 (+10). FEI was 516.6 (+12.1) and CP was 492.16 (+5.66) dollars per ton [1]. - **Weekly Changes**: The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 month - spread was 109 (-19). Domestic civil gas prices decreased. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas price difference narrowed. There were 4561 (-54) warehouse receipts. Off - exchange paper prices dropped, the month - spread strengthened, and the North Asian - North American oil - gas price ratio changed slightly. The domestic - foreign PG - CP was 126 (-2); PG - FEI was 114 (+3). The East China arrival, North American, and AFEI offshore discounts remained flat, while the Middle East supply was tight with a discount of 35 dollars (+13). Freight rates decreased slightly. The FEI - MOPJ spread narrowed to - 55 (+11). The profit of Shandong PDH to produce propylene improved slightly; the alkylation unit improved slightly but was still poor; the MTBE production profit fluctuated, and the export profit was still good. The arrival volume increased, the external release decreased, factory inventories increased slightly, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week [1]. 2. Core View - The domestic chemical demand is relatively strong, and civil demand is increasing, but there is an expected high arrival volume in December. The Middle East supply is tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil price conditions need to be monitored [1].

12逐步走向交割逻辑, 跟随现货, P1大约在1600点左右，P2和P3对标12月下半月，观察船司宣涨与落地情况 ગઢ | | | | | | | 研究中心能化团队 | | | 2025/11/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 台钓 | | 昨日收卷公 | 涨跌 | 募 | 昨日成交量 | | 昨日持仓量 | 持合变动 | | 期货 | FC2512 | | 1650.0 | -7.29% | -10.6 | 6884 | | 6454 | -403 | | | EC2602 | | 1453.5 | -7.34% | 185.9 | 51412 | | 48279 | 4946 | | | EC2604 | | 1126.4 | -1.37% | 513.0 | 5004 | | 17016 | 920 | | | EC2606 | | 1338.0 | -1.49% | 301.4 | 272 | | 1629 | 95 | | | EC2608 | | 1464.0 | -1.62% | 175. ...

纸浆早报 研究中心能化团队 2025/11/26 SP主力合约收盘价： 5212.00 | 日期 | 2025/11/25 | 2025/11/24 | 2025/11/21 | 2025/11/20 | 2025/11/19 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5212.00 | 5220.00 | 5228.00 | 5298.00 | 5396.00 | | 折美元价 | 641.40 | 641.40 | 641.97 | 650.10 | 662.95 | | 距上一日涨跌 | -0.15326% | -0.15302% | -1.32125% | -1.81616% | -0.22189% | | 山东银星基差 | 253 | 270 | 262 | 212 | 154 | | 江浙沪银星基差 | 238 | 280 | 272 | 212 | 144 | 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 | | --- | --- | --- | --- | --- | ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - This week, copper prices first rose and then declined slightly. Downstream consumption remains weak, and the negotiation of long - term contracts between copper producers and downstream users is ongoing. The 85,000 - yuan level may be a psychological price for downstream point - pricing [1] - Aluminum prices are expected to fluctuate in the short term. Supply and demand are expected to be relatively loose in early 2026 and then gradually tighten [1][2] - Zinc prices oscillated this week. The domestic fundamentals are poor, but there may be a phased reduction in supply at the end of the year. It is recommended to wait and see for unilateral operations, pay attention to reverse arbitrage opportunities, and the positive arbitrage opportunity of 01 - 03 contracts [5] - The short - term fundamentals of nickel are weak. With continuous inventory accumulation at home and abroad, and considering the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [6][7] - The fundamentals of stainless steel remain weak. With high inventory and the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [10] - Lead prices declined this week. Supply is loose, and demand is expected to weaken. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13][14] - Tin prices increased this week. The short - term fundamentals are acceptable, and it is recommended to wait and see. In the long - term, it is advisable to hold at low prices near the cost line or use it as a long - position allocation in non - ferrous metals [17] - The supply and demand of industrial silicon in Q4 are expected to be in a balanced and slightly loose state, and prices are expected to oscillate. In the long - term, prices are expected to oscillate at the bottom of the cycle [20] - The price of lithium carbonate has fluctuated greatly. In the long - term, if energy storage demand remains high and power demand is stable, the pattern may change in the next 1 - 2 years [22] Group 3: Summary by Metal Copper - This week, copper prices first rose and then declined slightly. Downstream consumption was weak, and long - term contract negotiations were ongoing. LME copper had concentrated warehouse - receipts, and the spread between refined and scrap copper widened. The 85,000 - yuan level may be a psychological price for downstream point - pricing [1] Aluminum - Aluminum prices decreased with reduced positions. Aluminum ingot inventory remained flat, and downstream consumption was acceptable. In the short term, prices are expected to oscillate. Supply and demand are expected to be relatively loose in early 2026 and then gradually tighten [1][2] Zinc - Zinc prices oscillated. Supply - side TC declined, and there was a new production capacity in November. In December, most smelters' maintenance was expected to reduce production by over 10,000 tons. Demand was weak both at home and abroad. The export window has opened. It is recommended to wait and see for unilateral operations, pay attention to reverse arbitrage opportunities, and the positive arbitrage opportunity of 01 - 03 contracts [5] Nickel - The price of nickel ore remained stable. The short - term fundamentals were weak, with continuous inventory accumulation at home and abroad. Considering the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [6][7] Stainless Steel - The prices of stainless steel products declined slightly. Supply increased slightly in October, demand was mainly for rigid needs, costs remained stable, and inventory was high. With the policy motivation to support prices in Indonesia, it is advisable to pay attention to short - selling opportunities on rallies [10] Lead - Lead prices declined. Supply was loose, and demand was expected to weaken. The contradiction between supply and demand was alleviated, and social inventory began to accumulate. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13][14] Tin - Tin prices increased. The supply - side processing fee was low, and there were some disturbances in overseas production. Demand was mainly rigid. In the short term, it is recommended to wait and see. In the long - term, it is advisable to hold at low prices near the cost line or use it as a long - position allocation in non - ferrous metals [17] Industrial Silicon - The supply and demand of industrial silicon in Q4 are expected to be in a balanced and slightly loose state, and prices are expected to oscillate. In the long - term, prices are expected to oscillate at the bottom of the cycle [20] Lithium Carbonate - The price of lithium carbonate fluctuated greatly. The market sentiment declined, and there was news of mine resumption in Jiangxi. The supply - side had high price elasticity, and if energy storage demand remained high and power demand was stable, the pattern may change in the next 1 - 2 years [22]

1. Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. 2. Core View of the Report - This week, oil prices closed lower. Significant progress has been made in the Russia-Ukraine negotiations. Zelensky and Trump will discuss the peace plan next week, and Russia is open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of the crack spread for gasoline and diesel in Europe and the US has rapidly reversed, and the monthly spread of crude oil has declined, showing a weekly rebound. Global onshore inventories have increased, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of drilling rigs and fracturing operations in the US has increased, and the refinery operating rates in Europe and the US have risen. Recently, there is still room for downward correction in US gasoline and European diesel. With a supply-demand surplus, the strategy of shorting crude oil from a high level is maintained. The price of Brent crude oil is expected to be between $55 - $60 per barrel in the fourth quarter. Short-term focus should be on the Russia-Ukraine conflict resolution plan drafted by the US [6]. 3. Summary by Relevant Catalog 3.1 Oil Price Data - From November 19 - 25, 2025, WTI crude oil decreased by $0.89, BRENT increased by $0.26, and DUBAI decreased by $0.17. The SC increased by 0.70, and OMAN decreased by 0.47. The price of Japanese naphtha CFR is unavailable for the change, and the Singapore fuel oil 380CST premium increased by 0.75 [3]. 3.2 Daily News - The initial 28 - point peace plan drafted by the US has been further refined, with only a few differences remaining. The crude oil production of Kazakhstan's Tengiz oil field from November 1 - 23 increased by 8.5% month - on - month but did not reach the planned target. Analysts believe that Russia may not accept the US - Ukraine peace plan. Ukrainian and US delegations have reached an agreement on the terms of a potential peace deal. The Russian Black Sea's Novorossiysk and CPC oil terminals have resumed shipments after a drone attack [3][4]. 3.3 Inventory - For the week ending November 21, US API crude oil inventories decreased by 1.859 million barrels, gasoline inventories increased by 0.539 million barrels, and refined oil inventories increased by 0.753 million barrels. For the week of November 14, US crude oil exports increased by 1.342 million barrels per day to 4.158 million barrels per day, domestic crude oil production decreased by 0.028 million barrels to 13.834 million barrels per day, commercial crude oil inventories (excluding strategic reserves) decreased by 3.426 million barrels to 424 million barrels (a decrease of 0.8%), and strategic petroleum reserve (SPR) inventories increased by 0.533 million barrels to 410.9 million barrels (an increase of 0.13%). From November 14 - 20, both gasoline and diesel inventories decreased, with gasoline dropping by 1.75% to 10.2331 million tons and diesel dropping by 4.25% to 12.2708 million tons. The comprehensive refining profit of major refineries rebounded month - on - month, while the comprehensive profit of local refineries fluctuated [4][5].

Group 1: Report Overview - This is an asphalt morning report released by Jia'an Futures' research center's energy and chemical team on November 26, 2025 [2][5] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - No clear core view is presented in the provided content Group 4: Data Summary Basis and Spread - The Shandong basis (+80) (Hongrun) decreased from 121 on October 24 to -8 on November 25, with a daily change of -18 on November 25 [3] - The East China basis (Zhenjiang Warehouse) decreased from 101 on October 24 to 22 on November 25, with a daily change of -18 on November 25 [3] - The South China basis (Foshan Warehouse) decreased from 61 on October 24 to -18 on November 25, with a daily change of -38 on November 25 [3] - The 12 - 01 spread was -4 on November 25, with a daily change of 6 [3] - The 12 - 03 spread was -19 on November 25, with a daily change of 13 [3] - The 01 - 02 spread was 8 on November 25, with a daily change of 10 [3] Futures Contract - The BU main contract (01) was 3068 on November 25, with a daily change of 8 [3] - The trading volume was 242,577 on November 25, a decrease of 106,170 from the previous day [3] - The open interest was 343,749 on November 25, an increase of 4,014 from the previous day [3] - The combined order F remained at 4,690 from November 19 to November 25 [3] Spot Market - Brent crude oil price was $63.4 on November 25, with a daily change of $0.8 [3] - Jingbo's asphalt price decreased from 3,350 on October 24 to 3,000 on November 25, with a daily change of -20 on November 25 [3] - Hongrun's asphalt price decreased from 3,340 on October 24 to 2,980 on November 25, with a daily change of -10 on November 25 [3] - Zhenjiang Warehouse's asphalt price decreased from 3,400 on October 24 to 3,090 on November 25, with a daily change of -10 on November 25 [3] - Foshan Warehouse's asphalt price decreased from 3,360 on October 24 to 3,050 on November 25, with a daily change of -30 on November 25 [3] Profit - The asphalt - Ma Rui profit decreased from 264 on October 24 to 171 on November 25, with a daily change of -46 on November 25 [3] - The comprehensive profit of Ma Rui - type refineries decreased from 749 on October 24 to 758 on November 25, with a daily change of -34 on November 25 [3]