Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then fluctuated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW continued to strengthen this week. The 0.5% cracking in Singapore weakened oscillatingly this week, the monthly spread weakened oscillatingly, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujeirah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased [7]. - The expectation of Russia - Ukraine peace talks strengthened, the prices of external gasoline and diesel dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the Al Zour refinery caught fire and shut down on October 21, the Singapore basis started to rebound recently [7]. - Global residue has entered an inventory - building cycle. The external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillating pattern. Maintain the idea of shorting the FU01 externally and internally, and consider arranging 1 - 2 reverse spreads. The short - term downside space of low - sulfur fuel oil is limited [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Index | Change | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | -3.18 | | Rotterdam 0.5% VLS FO Swap M1 | -3.63 | | Rotterdam HSFO - Brent M1 | -0.20 | | Rotterdam 10ppm Gasoil Swap M1 | -9.68 | | Rotterdam VLSFO - Gasoil M1 | 6.05 | | LGO - Brent M1 | -0.89 | | Rotterdam VLSFO - HSFO M1 | -0.45 | [4] Singapore Fuel Oil Swap Data | Index | Change | | --- | --- | | Singapore 380cst M1 | -2.60 | | Singapore 180cst M1 | 0.83 | | Singapore VLSFO M1 | -0.25 | | Singapore Gasoil M1 | -1.80 | | Singapore 380cst - Brent M1 | -0.72 | | Singapore VLSFO - Gasoil M1 | 13.07 | [4] Singapore Fuel Oil Spot Data | Index | Change | | --- | --- | | FOB 380cst | -1.99 | | FOB VLSFO | -1.29 | | 380 Basis | 0.75 | | High - sulfur Internal - External Price Difference | 2.1 | | Low - sulfur Internal - External Price Difference | 0.5 | [5] Domestic FU Data | Index | Change | | --- | --- | | FU 01 | -21 | | FU 05 | -16 | | FU 09 | -4 | | FU 01 - 05 | -5 | | FU 05 - 09 | -12 | | FU 09 - 01 | 17 | [5] Domestic LU Data | Index | Change | | --- | --- | | LU 01 | -26 | | LU 05 | -13 | | LU 09 | -13 | | LU 01 - 05 | -13 | | LU 05 - 09 | 0 | | LU 09 - 01 | 13 | [6]

Report Title - Synthetic Rubber Morning Report [2] Report Date - November 26, 2025 [3] Report Team - Research Center's Energy and Chemicals Team [3] Key Points from Data Table BR (Butadiene Rubber) - **Futures Information**: On November 25, the BR12 main contract price was 10,270, down 125 from the previous day and 435 from the previous week. The open interest was 68,735, down 1,588 daily and 2,643 weekly. The trading volume was 114,069, down 17,086 daily and 6,411 weekly. The warrant quantity was 12,500, unchanged daily and up 470 weekly. The long - short ratio was 27.49, down 1 daily and 2 weekly [4]. - **Basis/Spread Information**: The butadiene rubber basis was 230, up 125 daily and 335 weekly. The styrene - butadiene basis was 680, up 25 daily and 285 weekly. The 12 - 01 spread was - 30, down 30 daily and up 10 weekly. The 01 - 02 spread was 15, down 5 daily and unchanged weekly. The RU - BR spread was 4,855, down 70 daily and up 120 weekly. The NR - BR spread was 1,880, unchanged daily and up 105 weekly [4]. - **Spot and Price Information**: The Shandong market price was 10,500, unchanged daily and down 100 weekly. The Transfar market price was 10,300, down 50 daily and 150 weekly. The Qilu ex - factory price was 10,700, unchanged daily and weekly. The CFR Northeast Asia price was 1,325, down 25 daily and weekly. The CFR Southeast Asia price was 1,600, down 40 daily and weekly [4]. - **Profit Information**: The spot processing profit was 1,007, up 26 daily and 257 weekly. The import profit was - 640, up 205 daily and 112 weekly. The export profit was 1,582, down 289 daily and 209 weekly [4]. BD (Butadiene) - **Spot and Price Information**: The Shandong market price was 7,150, down 25 daily and 350 weekly. The Jiangsu market price was 6,950, down 50 daily and 275 weekly. The Yangzi ex - factory price was 7,200, unchanged daily and weekly. The CFR China price was 800, up 30 daily and weekly [4]. - **Profit Information**: The ethylene cracking profit was N/A. The carbon - four extraction profit was N/A. The butene oxidative dehydrogenation profit was - 1,864, down 50 daily and 275 weekly. The import profit was 379, down 288 daily and 509 weekly. The export profit was - 1,224, up 42 daily and down 1,117 weekly. The styrene - butadiene production profit was N/A. The ABS production profit was N/A. The SBS production profit was - 345, unchanged daily and up 15 weekly [4] Data Sources - Mysteel, Wind [8]

铅：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 16950 1950 8.72 三月 17045 1986 11.28 均衡比价 盈利 现货进口 8.70 34.58 有色套利早报 研究中心有色团队 2025/11/26 铜：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 86620 10867 7.93 三月 86600 10857 7.99 均衡比价 盈利 现货进口 8.04 -787.48 现货出口 269.01 锌：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 22400 3130 7.16 三月 22380 3009 5.67 均衡比价 盈利 现货进口 8.47 -4106.26 铝：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 21440 2789 7.69 三月 21505 2820 7.63 均衡比价 盈利 现货进口 8.32 -1760.57 镍：跨市套利跟踪 2025/11/26 国内价格 LME价格 比价 现货 119500 14494 8.24 均衡比价 盈利 现货进口 8.14 -1774 ...

Week48整体均值2200美金 (折盘1540点左右) Week49线下GEMIN[和PA联盟报价在2300-2500之间，OA在2300-2600，均值约2400美金（折盘1650点左右） 周一，OOCL调降至2530，CMA调降至2645美金, HPL降价到2300，OOCL降到2300。 周 马士基对week50开舱2200美金 集运星报 | | | | | | | 研究中心能化团队 | | | 2025/11/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 台的 | | 昨日收盘价 | 涨跌 | 募 | 昨日成交量 | | 昨日持命量 | 持仓变动 | | 期货 | EC2512 | | 1650.0 | -7 229% | -10.6 | 6884 | | 6454 | -408 | | | EC2602 | | 1453.5 | -7.34% | 185.9 | 51412 | | 48279 | 4946 | | | EC2604 | | 1126.4 | -1 -37% | 513.0 | 5004 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core Viewpoints - For methanol, the current situation remains poor. Iranian shutdown is slower than expected, and there should still be high imports in November. The contradiction in contract 01 is difficult to resolve. The port sanctions issue is expected to be resolved before the end of gas restrictions, and inventory reduction is difficult. Methanol has limited upward momentum, and the downside space depends on the inland situation. Recently, coal prices have strengthened, but it does not affect profits [1]. - For polyethylene, the inventory of Sinopec and PetroChina is neutral year - on - year. Upstream Sinopec and PetroChina and coal - chemical enterprises are reducing inventory, social inventory is flat. Downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The basis of contract 09 is about - 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 molding prices are stable, other price differences are fluctuating, and LD is weakening. The number of maintenance in September is flat month - on - month, and the domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes. In 2025, new device pressure is high, and the commissioning of new devices should be monitored [5]. - For polypropylene, the upstream Sinopec and PetroChina and the middle - stream are reducing inventory. In terms of valuation, the basis is - 60, non - standard price differences are neutral, and the import profit is around - 700. Exports have been good this year. Non - standard price differences are neutral. European and American markets are stable. PDH profit is around - 400, propylene price is fluctuating, and powder production start - up is stable. The proportion of drawing production 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 pressure on contract 01 is expected to be moderately excessive. If exports continue to increase or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [5]. - For PVC, the basis of contract 01 is maintained at - 270, and the factory - pick - up basis is - 480. Downstream start - up is seasonally weakening, and the willingness to hold goods at low prices is strong. The inventory of middle and upstream is continuously accumulating. In summer, Northwest devices have seasonal maintenance, and the load center is between the spring maintenance 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 declined slightly. The coal market sentiment is positive, and the cost of semi - coke is stable. The profit of calcium carbide is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Attention should be paid to whether subsequent export orders can support high - price caustic soda. The comprehensive profit of PVC is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is 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 start - up [5]. Group 3: Summary by Related Catalogs Methanol - **Price Data**: From November 19 to 25, 2025, the power coal futures price remained at 801. The prices of Jiangsu and South China spot, and other regional prices showed certain changes. For example, the Jiangsu spot price increased from 1995 to 2057, with a daily increase of 4 on the 25th compared to the previous day. The import profit, main contract basis, and other indicators also had corresponding changes [1]. Plastic (Polyethylene) - **Price Data**: From November 19 to 25, 2025, the Northeast Asia ethylene price remained at 730 on some days. The prices of North China LL, East China LL, etc. had minor changes. For example, the main contract futures price decreased from 6833 to 6762, with a daily decrease of 31 on the 25th compared to the previous day. The two - oil inventory decreased from 70 to 11701, with a daily decrease of 20 on the 25th [5]. PP (Polypropylene) - **Price Data**: From November 19 to 25, 2025, the Shandong propylene price increased from 5920 to 5920 (with a change process in between), and the main contract futures price decreased from 6434 to 6317, with a daily decrease of 55 on the 25th compared to the previous day. The two - oil inventory decreased from 70 to 15668, with a daily decrease of 65 on the 25th [5]. PVC - **Price Data**: From November 19 to 25, 2025, the Northwest calcium carbide price remained at 2400 on some days, and the prices of calcium - carbide - based PVC in East China and other regions had minor changes. The basis of high - end delivery products remained at - 90 on some days and then changed to - 70 [5].

Report Information - Report Title: Ferroalloy Morning Report - Report Date: November 26, 2025 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - **Silicon Iron (SiFe)**: The latest prices of SiFe natural lumps in different regions such as Ningxia 72 (5130), Inner Mongolia 72 (5150), etc., showed various daily and weekly changes. For example, Ningxia 72 had no daily change but a -20 weekly change [2]. - **Silicon Manganese (SiMn)**: The latest prices of SiMn in different regions like Inner Mongolia 6517 (5520), Ningxia 6517 (5480), etc., also had different daily and weekly changes. Inner Mongolia 6517 had no daily change but a -80 weekly change [2]. Supply - **Silicon Iron**: The production capacity utilization rates of 136 SiFe production enterprises in Inner Mongolia, Ningxia, and Shaanxi showed different trends over the years from 2021 - 2025 [4]. - **Silicon Manganese**: The weekly production of SiMn in China from 2021 - 2025 showed a certain range of values, from 5500 to 9000 [6]. Demand - **Silicon Iron**: The demand - related data included the export prices of SiFe 72% and 75% at Tianjin Port, and the demand was also related to the production of products such as crude steel and metal magnesium [4]. - **Silicon Manganese**: The demand for SiMn in China (in ten thousand tons, according to Steel Union's caliber) showed an increasing trend from 2021 - 2025, from around 20 to 70 [4]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the CZCE SiFe warehouse receipt quantity, effective forecast, etc., were presented over the years from 2021 - 2025 [5]. - **Silicon Manganese**: The inventory - related data included the CZCE SiMn warehouse receipt quantity, effective forecast, and the inventory of 63 sample enterprises in China from 2021 - 2025 [7]. Cost and Profit - **Silicon Iron**: The cost - related factors included electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), and the profit data included Ningxia SiFe's cost, profit from converting to the main contract on the disk, and spot profit [5]. - **Silicon Manganese**: The profit data of SiMn in Inner Mongolia, Guangxi, and other regions, as well as the profit from converting Guangxi SiMn to the main contract on the disk, were presented from 2021 - 2025 [7].

焦煤日报 2025/11/26 研究中心黑色团队 1900/1/4 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产生利益冲突。未经我司 授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息 中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 ...

Price Performance - London Gold's latest price is 4072.85 with no change [3] - London Silver's latest price is 48.91 with no change [3] - London Platinum's latest price is 1522.00 with no change [3] - London Palladium's latest price is 1394.00 with a change of 6.00 [3] - WTI Crude's latest price is 58.84 with no change [3] - LME Copper's latest price is 10857.00 with a change of 80.00 [3] - The latest Dollar Index is 100.20 with no change [3] - The latest Euro to US Dollar exchange rate is 1.15 with no change [3] - The latest British Pound to US Dollar exchange rate is 1.31 with no change [3] - The latest US Dollar to Japanese Yen exchange rate is 156.92 with no change [3] - The latest US 10 - year TIPS is 1.81 with no change [3] Trading Data - COMEX Silver's latest inventory is 14329.69 with no change [4] - SHFE Silver's latest inventory is 540.57 with a change of 8.27 [4] - Gold ETF's latest holding is 1040.86 with no change [4] - Silver ETF's latest holding is 15257.92 with no change [4] - SGE Silver's latest inventory is 822.42 with no change [4] - SGE Gold's latest deferred fee payment direction is 2 with a change of 1.00 [4] - SGE Silver's latest deferred fee payment direction is 1 with a change of - 1.00 [4]

焦炭日报 研究中心黑色团队 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 70.00 75.00 80.00 85.00 90.00 95.00 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 247家高炉产能利用率 2021 2022 2023 2024 2025 190.00 200.00 210.00 220.00 230.00 240.00 250.00 260.00 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 铁水产量 2021 2022 2023 2024 2025 350.00 450.00 550.00 650.00 750.00 850.00 950.00 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 11 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the content. 2. Core Viewpoints - The report presents the price, production and sales, and profit data of glass and soda ash, as well as the inventory situation of soda ash upstream [2]. 3. Summaries by Related Catalogs Glass - **Price Changes**: From November 17 to November 24, 2025, most glass prices showed a downward trend. For example, the price of 5mm large - plate glass from Shahe Anquan dropped from 1070.0 to 1044.0, a decrease of 26.0; Shahe Great Wall dropped from 1053.0 to 1019.0, a decrease of 34.0 [2]. - **Production and Sales**: Shahe's glass production and sales reached 180, Hubei's was 119, East China's was 114, and South China's was 106. Shahe's factory production and sales strengthened, while its traders' low - price shipments were average, and the spot - futures shipments were poor. Hubei's factory transactions improved, but the mid - stream spot - futures transactions weakened [2]. - **Profit**: The profits of different regions and production methods varied. For example, North China's coal - fired glass profit decreased from 102.0 to 73.3, a decrease of 28.8; South China's natural gas glass profit remained at - 188.1 [2]. Soda Ash - **Price Changes**: From November 17 to November 24, 2025, the prices of some soda ash products changed. For example, the price of Shahe heavy soda decreased from 1180.0 to 1150.0, a decrease of 30.0; the price of Qinghai heavy soda decreased from 900.0 to 870.0, a decrease of 30.0 [2]. - **Industry Situation**: The upstream inventory of the soda ash industry continued to decline, and the spot price of heavy soda in Hebei's delivery warehouse was about 1120, and about 1140 when delivered to Shahe [2].