Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The PG market declined with a weakening basis and 01 - 02 spread. Domestic civil gas prices decreased, and the cheapest deliverable was East China civil gas. The propane - civil gas spread narrowed. Warehouse receipts decreased. The overseas paper - based prices dropped, but the spread strengthened. The PG - CP and PG - FEI spreads changed slightly. The freight rate decreased slightly. The FEI - MOPJ spread narrowed. Profits of Shandong PDH to propylene and alkylation units improved slightly, while MTBE production profits fluctuated and export profits remained good. There was an increase in arrivals, a decrease in external sales, and inventory accumulation at factories and ports. The PDH operating rate decreased, and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week. Overall, domestic chemical demand is relatively strong, civil demand is increasing, but there are expected to be many arrivals in December. The Middle East supply is tight, and the market may be more inclined to wait - and - see before the CP official price announcement. Attention should also be paid to weather and oil price conditions [1] Group 3: Summary by Directory 1. Daily Changes - On Monday, for civil gas, prices were 4305 (-10) in East China, 4400 (+60) in Shandong, and 4405 (+5) in South China. The price of ether - after carbon four was 4400 (-90). The lowest delivery location was East China with a basis of 6 (+23), and the 01 - 02 spread was 98 (-10). FEI was 501.5 (+1.5) and CP was 489.5 (+7.5) dollars/ton [1] 2. Weekly Views - The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil gas prices fell. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas spread narrowed. There were 4561 warehouse receipts (-54). Overseas paper - based prices dropped, and the spread strengthened. The gas - oil ratio between North Asia and North America changed little. The PG - CP spread was 126 (-2), and the PG - FEI spread was 114 (+3). The East China arrival, North America, and AFEI offshore discounts were flat, while the Middle East supply was tight with a discount of 35 dollars (+13). The freight rate decreased slightly. The FEI - MOPJ spread was - 55 (+11). The profit of Shandong PDH to propylene improved slightly, the alkylation unit improved slightly but remained poor, and the MTBE production profit fluctuated with good export profits. Arrivals increased, external sales decreased, and inventory accumulated at factories and ports. The PDH operating rate was 69.64% (-2.1), and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week [1]

大类资产早报 研究中心宏观团队 2025/11/25 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.026 | 4.537 | 3.446 | 2.691 | 3.439 | 3.194 | 0.145 | 3.302 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 1.773 | 6.185 | 1.813 | - | 4.443 | 4.162 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.498 | 3.778 | 2.009 | 0.941 | 2.188 | 1.404 | - | 3.6 ...

、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 830.0 0.0 0.0 62.0 0.0 25省终端可用天数 25.6 0.5 5.6 4.7 8.0 秦皇岛5000 735.0 -2.0 -2.0 58.0 -5.0 25省终端供煤 541.5 -2.2 -67.1 -98.6 -81.4 广州港5500 865.0 0.0 0.0 60.0 -40.0 北方港库存 2474.0 6.0 21.0 261.0 -155.2 鄂尔多斯5500 595.0 0.0 15.0 40.0 -35.0 北方锚地船舶 95.0 4.0 -32.0 -11.0 40.0 大同5500 645.0 0.0 15.0 45.0 -65.0 北方港调入量 186.7 3.2 4.5 29.9 20.0 榆林6000 732.0 0.0 10.0 50.0 -103.0 北方港吞吐量 183.8 -12.7 48.6 4.1 17.1 榆林6200 760.0 0.0 10.0 50 ...

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoint - No information provided 3) Summary by Relevant Catalog Price and Profit - The report presents the spot prices of various steel products in different regions from November 18 - 21, 2025, and November 24, 2025. For example, Beijing's rebar price remained at 3230 from November 18 - 21, and the prices of Tianjin's hot - rolled coil increased by 50 from November 21 to 24 [1] Basis and Spread - No information provided Production and Inventory - No information provided

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，但公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。且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，客户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，我公司不承担任何责任。未经公司授权，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，我们均不承担任何责任。 油脂油料早报 研究中心农产品团队 2025/11/25 隔 夜 市 场 信 息 ： 民间出口商报告向中国出口销售123,000吨大豆 民间出口商报告向中国出口销售123,000吨大豆，2025/2026市场年度付运。 11月20日止当周美国大豆出口检验量为799,042吨，一如预期 美国农业部公布的周 ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - No core view is presented in the report. 3. Summary by Relevant Catalog 3.1 Basis and Spread - The Shandong basis (+80) (Hongrun) was 10 on 11/24, with a daily change of -51 and a weekly change of 12 [4][12]. - The East China basis (Zhenjiang Warehouse) was 40 on 11/24, with a daily change of -51 and a weekly change of -78 [4][12]. - The South China basis (Foshan Warehouse) was 20 on 11/24, with a daily change of -51 and a weekly change of -28 [4][12]. - The 12 - 01 spread was -10 on 11/24, with a daily change of -14 and a weekly change of -11 [4][12]. - The 12 - 03 spread was -32 on 11/24, with a daily change of 5 and a weekly change of 16 [4][12]. - The 01 - 02 spread was -2 on 11/24, with a daily change of 13 and a weekly change of 18 [4][12]. 3.2 BU Main Contract (01) - The price of the BU main contract (01) was 3060 on 11/24, with a daily change of 51 and a weekly change of 28 [4][12]. - The trading volume was 348,747 on 11/24, with a daily change of 40,511 and a weekly change of 129,616 [4][12]. - The open interest was 339,735 on 11/24, with a daily change of 11,773 and a weekly change of -9,909 [4][12]. - The contract multiplier was 12,420 on 11/24, with no daily or weekly change [4][12]. 3.3 Crude Oil and Spot Prices - Brent crude oil was at $62.6 on 11/24, with a daily change of -$0.8 and a weekly change of -$1.6 [4][12]. - The price of Jingbo was 3020 on 11/24, with no daily change and a weekly change of -10 [4][12]. - The price of Hongrun was 2990 on 11/24, with no daily change and a weekly change of 40 [4][12]. - The price of Zhenjiang Warehouse was 3100 on 11/24, with no daily change and a weekly change of -50 [4][12]. - The price of Foshan Warehouse was 3080 on 11/24, with no daily or weekly change [4][12]. 3.4 Asphalt Marrow Profit - The asphalt Marrow profit was 169 on 11/24, with a daily change of 41 and a weekly change of 77 [4][12].

有色套利早报 研究中心有色团队 2025/11/25 铜：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 86240 10802 7.97 三月 86100 10777 8.00 均衡比价 盈利 现货进口 8.07 -1067.61 现货出口 507.43 锌：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 22370 3148 7.11 三月 22410 3008 5.71 均衡比价 盈利 现货进口 8.49 -4351.18 铝：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 21360 2773 7.70 三月 21410 2806 7.62 均衡比价 盈利 现货进口 8.34 -1774.32 镍：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 119900 14370 8.34 均衡比价 盈利 现货进口 8.17 -1692.67 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 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary of Iron Ore Spot Data - Newman powder price is 791, with a daily change of 4 and a weekly change of 1, and its import profit is -17.55 [1] - PB powder price is 794, with a daily change of 4 and a weekly change of 1, and its import profit is -14.11 [1] - Mac powder price is 787, with a daily change of 4 and a weekly change of 3, and its import profit is 15.48 [1] - Jinbuba powder price is 747, with a daily change of 4 and a weekly change of 3, and its import profit is 8.44 [1] - Mainstream mixed powder price is 730, with a daily change of 4 and a weekly change of 3, and its import profit is -16.75 [1] - Super special powder price is 673, with a daily change of 3 and a weekly change of -7, and its import profit is -32.05 [1] - Carajás powder price is 885, with a daily change of 2 and a weekly change of -7, and its import profit is -12.22 [1] - Brazilian mixed powder price is 835, with a daily change of 4 and a weekly change of 5, and its import profit is 6.89 [1] - Roy Hill powder price is 781, with a daily change of 4 and a weekly change of 1, and its import profit is 18.67 [1] - Tangshan iron concentrate price is 1014, with a daily change of 0 and a weekly change of -6 [1] Group 4: Summary of Iron Ore Futures Contract Data - i2601 contract price is 790.5, with a daily change of 5.0 and a weekly change of 2.0, and the monthly spread is -54.0 [1] - i2605 contract price is 763.5, with a daily change of 7.5 and a weekly change of 7.0, and the monthly spread is 27.0 [1] - i2609 contract price is 736.5, with a daily change of 6.0 and a weekly change of 4.5, and the monthly spread is 27.0 [1] - FE01 contract price is 100.75, with a daily change of 0.05 and a weekly change of 1.24, and the monthly spread is -4.33 [1] - FE05 contract price is 98.41, with a daily change of 0.20 and a weekly change of 1.26, and the monthly spread is 2.34 [1] - FE09 contract price is 96.42, with a daily change of 0.26 and a weekly change of 1.33, and the monthly spread is 1.99 [1]

废钢早报 研究中心黑色团队 2025/11/25 日期 华东 华北 中部 华南 东北 西南 2025/11/18 2199 2273 2033 2223 2226 2094 2025/11/19 2200 2273 2032 2220 2230 2093 2025/11/20 2199 2270 2032 2214 2230 2092 2025/11/21 2199 2268 2027 2213 2228 2091 2025/11/24 2183 2263 2016 2200 2225 2088 环比 -16 -5 -11 -13 -3 -3 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 ...

Group 1: Report Industry Investment Ratings - No information provided Group 2: Core Views PTA - Near - term TA device maintenance leads to lower start - up, polyester load increases, inventory decreases, basis strengthens slightly, and spot processing fees improve. PX domestic start - up rises, overseas devices reduce load, PXN strengthens. In the future, TA will maintain high maintenance, downstream has no obvious pressure, India revokes BIS certification, inventory accumulation slope is low, far - month production is limited, and PX cost pattern is good. Pay attention to opportunities for positive spreads at low prices and expanding processing fees [2]. MEG - Near - term domestic oil - based production increases, coal - based has some maintenance and load reduction, overall start - up decreases, overseas device restart is postponed, port inventory accumulates, basis weakens, and coal - based benefits are low. In the future, the inventory accumulation speed is expected to slow down, the coal - based benefit is at a low level, and the valuation compression space is limited. Pay attention to short - term selling put opportunities, and the long - term pattern is expected to be weak [3]. Polyester Staple Fiber - Near - term device operation is stable, start - up remains at 97.5%, sales improve slightly, and inventory is basically flat. Demand remains stable. In the future, short - term inventory pressure is limited due to high export, but the pattern may weaken in the far - month as downstream enters the off - season and new devices are about to be put into production. The current processing fee is relatively neutral, and pay attention to the warehouse receipt situation [3]. Natural Rubber - The national explicit inventory is stable at a relatively low level, Thai cup - lump prices are stable, and rainfall affects tapping. The strategy is to wait and see [6]. Styrene - No overall view is provided in the text, only price data changes are presented [10]. Group 3: Summary by Related Catalogs PTA - **Price Changes**: From November 18 - 24, crude oil price changed by 0.8, PTA spot price increased by 15, and POY 150D/48F price decreased by 35. Naphtha cracking spread, PX processing spread, and PTA processing spread all changed to varying degrees [2]. - **Device Changes**: Honggang's 2.5 - million - ton device restarted [2]. MEG - **Price Changes**: From November 18 - 24, MEG outer - disk price increased by 7, inner - disk price increased by 38, and coal - based profit increased by 38 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device and Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. Polyester Staple Fiber - **Price Changes**: From November 18 - 24, the price of 1.4D cotton - type staple fiber remained stable, and the profit of short - fiber and pure - polyester yarn changed [3]. - **Device Changes**: No device changes were reported [3]. Natural Rubber - **Price Changes**: From November 18 - 24, the price of US - dollar Thai standard rubber remained stable, the price of Shanghai full - latex decreased by 75, and the price of Thai cup - lump remained stable. Weekly changes also showed different trends [6]. - **Spreads and Profits**: The spread between mixed rubber and RU main contract, the processing profit of Thai standard rubber, etc., all had corresponding changes [6]. Styrene - **Price Changes**: From November 18 - 24, the price of ethylene (CFR Northeast Asia) remained stable, the price of pure benzene (CFR China) changed, and the price of styrene (CFR China) decreased by 5 [10]. - **Profits**: The domestic profit of styrene, EPS, PS, and ABS changed to different extents [10].