Group 1: SP Main Contract Information - The closing price of the SP main contract on November 18, 2025, was 5408.00 [3] - The closing prices on November 17, 14, 13, and 12, 2025, were 5474.00, 5480.00, 5534.00, and 5482.00 respectively [3] - The dollar - converted prices on these dates were 673.11, 674.24, 681.44, and 672.93 respectively [3] - The daily price changes were - 1.20570%, - 0.10949%, - 0.97579%, 0.94856%, and - 0.03647% respectively [3] - The Shandong Yinxing basis on these dates was 142, 76, 70, 31, and 58 respectively [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis on these dates was 132, 76, 70, 66, and 83 respectively [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port dollar price was 780, the Shandong region RMB price was 6200, and the import profit was - 127.94 [4] - For Canadian Lion (CFR), the port dollar price was 730, the Shandong region RMB price was 5510, and the import profit was - 376.79 [4] - For Chilean Yinxing (CFR with 90 - day letter of credit), the port dollar price was 680, the Shandong region RMB price was 5550, and the import profit was 24.36 [4] Group 3: Pulp and Paper Price Averages - From November 12 to 18, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) prices remained unchanged from November 13 to 18, 2025 [4] Group 4: Pulp and Paper Profit Margins - From November 13 to 18, 2025, the double - offset profit margin estimates were - 1.5226%, - 1.5914%, - 1.8925%, - 1.8925% respectively [4] - The double - copper profit margin estimates were 11.8226%, 11.7742%, 11.5323%, 11.5323% respectively [4] - The white - card profit margin estimates were - 7.7921%, - 7.8271%, - 8.0023%, - 8.0023% respectively [4] - The living paper profit margin estimates were 4.3384%, 3.5744%, 3.5744%, 3.5744% respectively [4] Group 5: Pulp Price Spreads - From November 12 to 18, 2025, the softwood - hardwood price spreads were 1165, 1175, 1110, 1110, 1110 respectively [4] - The softwood - natural price spreads were 140, 165, 150, 150, 150 respectively [4] - The softwood - chemimechanical price spreads were 1740, 1765, 1750, 1750, 1750 respectively [4] - The softwood - waste paper price spreads were 3964, 3989, 3974, 3974, 3974 respectively [4]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The PG main contract shows a relatively strong performance. The domestic chemical market remains firm, and there are expectations of a peak - season uptick in the civil gas sector, but the market valuation is on the high side. The international propane market has a loose supply - demand pattern, and attention should be paid to weather conditions and the situation of cold snaps in the US [4] 3. Summary According to the Report Content 3.1 Daily Changes - In terms of civil gas on Tuesday, prices in East China were 4335 (-29), in Shandong 4380 (-20), and in South China 4345 (-45). The price of ether - post - carbon - four was 4590 (-80). The lowest delivery location was East China, with a basis of -60 (-14) and a 12 - 01 month - spread of 81 (-8). FEI was 510.26 (+7.26) and CP was 492.18 (+9.18) dollars per ton [4] 3.2 Weekly Views - The PG main contract was on a strong trend. The basis was 1 (-101), and the 12 - 01 month - spread was 93 (+21). The cheapest delivery product was East China civil gas at 4364 (-10), Shandong at 4440 (+60), South China at 4460 (+10), and ether - post - carbon - four at 4630 (+130). The overseas paper - based futures rose, the oil - gas ratio weakened slightly, the month - spread strengthened, and the domestic - overseas price difference weakened. The PG - CP reached 128 (-9), and the PG - FEI reached 111 (-2). The discount strengthened. The East China propane arrival discount was 78 (+8), and the FOB discounts for AFEI, Middle East, and US propane were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight rate weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level for the year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival of goods was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), with Donghua Zhangjiagang restarting and Juzhengyuan and Haiwei shutting down for maintenance [4]

研究中心能化团队 2025/11/19 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/11/12 | 365.00 | 405.19 | -5.03 | 692.85 | -287.66 | 31.72 | 40.19 | | 2025/11/13 | 367.09 | 406.14 | -4.95 | 687.85 | -281.71 | 30.65 | 39.05 | | 2025/11/14 | 371.73 | 414.41 | -5.40 | 710.26 | -295.85 | 31.99 | 42.68 | | 2025/11/17 | 366.33 | 4 ...

Group 1: Price Performance - London Gold's latest price is 4060.85, with a change of -11.65 [2] - London Silver's latest price is 50.30, with a change of -0.76 [2] - London Platinum's latest price is 1537.00, with a change of 5.00 [2] - London Palladium's latest price is 1385.00, with a change of 0.00 [2] - WTI Crude's latest price is 60.74, with a change of 0.83 [2] - LME Copper's latest price is 10682.00, with a change of -130.00 [2] Group 2: Trading Data - Gold ETF's latest holding is 1041.43, with a change of 0.00 [3] - Shanghai Gold Exchange's silver deferred fee payment direction is 2, with a change of 0.00 [3] - Shanghai Gold Exchange's gold deferred fee payment direction is 1, with a change of 0.00 [3] Group 3: Other Information - The data sources of the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [7]

Investment Rating - No investment rating information is provided in the report. Core View - No core view information is provided in the report. Summary by Directory Price and Profit - The report presents the spot prices of various steel products from November 12 to November 18, 2025, including different types of steel in different regions such as Beijing, Shanghai, and Chengdu. For example, the price of Beijing's threaded steel remained at 3230 on November 18, with no change compared to the previous day, while the price of Shanghai's hot - rolled coil decreased by 50 to 3270 [1]. Basis and Spread - No relevant content is provided in the report. Production and Inventory - No relevant content is provided in the report.

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Relevant Catalogs Price - For silicon iron, on November 19, 2025, the latest spot prices of Ningxia 72 and Inner Mongolia 72 were 5150 and 5200 respectively, with daily changes of 0 and weekly changes of -30 and -50. The latest prices of the main contract and 01 contract were 5474, with daily changes of -92 and weekly changes of -14 [2]. - For silicon manganese, on November 19, 2025, the latest ex - factory prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5600, 5500, 5600, 5580, and 5580 respectively. The latest price of the main contract was 5680, with a daily change of -112 and a weekly change of -84 [2]. Supply - The monthly production of 136 silicon iron enterprises in China from 2021 - 2025 is presented, and the weekly production of 136 silicon iron enterprises in China (with a capacity share of 95%) from 2021 - 2025 is also shown [5]. - The weekly production of silicon manganese in China from 2021 - 2025 is provided. The capacity utilization rates of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are also given [5][7]. Demand - The monthly production forecast of crude steel in China from 2021 - 2025, the monthly production of stainless - steel crude steel in China from 2021 - 2025, and the monthly procurement volume of FeSi75 - B by HeSteel Group from 2021 - 2025 are presented [5]. - The monthly procurement volume and price of 6517 silicon manganese by HeSteel Group from 2021 - 2025 are provided. The demand for silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber) from 2021 - 2025 is also shown [7][8]. Inventory - The weekly inventory of 60 sample silicon - iron enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 is presented. The daily inventory - related data of silicon iron on CZCE, including the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts from 2021 - 2025, are also shown [6]. - The daily inventory - related data of silicon manganese on CZCE, including the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts from 2021 - 2025, are provided. The weekly inventory of 63 sample silicon - manganese enterprises in China from 2021 - 2025 is also shown [8]. Cost Profit - The electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi for ferroalloys from 2021 - 2025 are presented. The market prices of raw materials such as semi - carbonated manganese ore, manganese ore, and chemical coke from 2021 - 2025 are also shown [6][7]. - The production costs in Ningxia and Inner Mongolia, the profits of silicon iron converted to the main contract in Ningxia and Inner Mongolia, and the spot profit of silicon iron in Ningxia from 2021 - 2025 are provided. The profits of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 are also shown [6][8].

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 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 天津港准一平仓 2021 2022 2023 2024 2025 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 4000.00 1月 2月 3月 4月 5月 6 ...

焦煤日报 2025/11/19 研究中心黑色团队 | | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1645.00 | 0.00 | 0.00 | 70.00 | 3.46% Peak Downs | 210.00 | -0.50 | -2.00 | 5.50 | -7.00 | | 原煤口岸库提价 | 1052.00 | -46.00 | -59.00 | -48.00 | -3.49% Goonyella | 209.00 | -0.50 | -2.50 | 4.50 | -8.00 | | 沙河驿蒙5# | 1550.00 | 0.00 | 0.00 | 130.00 | -1.90% 盘面05 | 1243.00 | -27.00 | -33.00 | -22.00 | -6.61% | | 安泽主焦 | 1700.00 | 0.00 | 40.00 | 150.00 | 4. ...

观点 现实差继续，伊朗停车慢于预期，11月应还是高进口，01矛盾较难处理，港口制裁的事情预计能在限气结束前解 决，库存去化较 难，甲醇上涨乏力，下跌空间关注内地幅度，近期煤炭走强，但影响不到利润。 甲醇聚烯烃早报 研究中心能化团队 2025/11/19 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/11/1 2 | 801 | 2082 | 2080 | 2388 | 2370 | 2350 | 2608 | 243 | 322 | -17 | -40 | - | | 2025/11/1 3 | 801 | 2077 | 2075 | 2388 | 23 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No relevant content found Group 3: Summary of Spot Market Data - **Australian Mainstream Iron Ore**: Newman powder is priced at 792, with a daily change of 2 and a weekly change of 20; PB powder is at 795, with a daily change of 2 and a weekly change of 20; Mac powder is at 786, with a daily change of 2 and a weekly change of 18; Jinbuba powder is at 746, with a daily change of 2 and a weekly change of 20; Mixed powder is at 728, with a daily change of 1 and a weekly change of 3; Super Special powder is at 678, with a daily change of -2 and a weekly change of 8; Carajás powder is at 892, with a daily change of 0 and a weekly change of 16 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend is at 832, with a daily change of 2 and a weekly change of 18; Brazilian coarse IOC6 is at 772, with a daily change of 2 and a weekly change of -3; Brazilian coarse SSFG is at 777, with a daily change of 2 and a weekly change of -3 [1]. - **Other Iron Ore**: Ukrainian concentrate is at 887, with a daily change of 2 and a weekly change of 16; 61% Indian powder is at 735, with a daily change of 2 and a weekly change of 20; Karara concentrate is at 889, with a daily change of 2 and a weekly change of 16; Roy Hill powder is at 782, with a daily change of 2 and a weekly change of 20; KUMBA powder is at 854, with a daily change of 2 and a weekly change of 20; 57% Indian powder is at 613, with a daily change of -2 and a weekly change of 8; Atlas powder is at 723, with a daily change of 1 and a weekly change of 3 [1]. - **Domestic Iron Ore**: Tangshan iron concentrate is at 1020, with a daily change of 0 and a weekly change of 18 [1]. Group 4: Summary of Futures Market Data - **DCE Contracts**: i2601 is at 792.0, with a daily change of 3.5 and a weekly change of 29.0; i2605 is at 757.5, with a daily change of 1.0 and a weekly change of 20.5; i2609 is at 734.0, with a daily change of 2.0 and a weekly change of 17.0 [1]. - **SGX Contracts**: FE01 is at 101.19, with a daily change of 1.68 and a weekly change of 2.16; FE05 is at 98.73, with a daily change of 1.58 and a weekly change of 1.88; FE09 is at 96.60, with a daily change of 1.51 and a weekly change of 1.75 [1].