1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The nickel price is expected to fluctuate weakly due to factors such as unclear Fed's December interest - rate cut direction, increased nickel resource supply cost, limited growth in refined nickel production, weak demand in the stainless - steel market, and rising domestic and overseas nickel inventories [7]. - The stainless - steel market faces supply pressure as production is expected to increase, while demand is lackluster, leading to a narrow increase in social inventory. It is expected to be in a downward trend [7]. 3. Summary According to Relevant Catalogs 3.1 Weekly Summary Nickel - **Weekly Review**: The main contract of Shanghai nickel fluctuated and declined this week, with a weekly change of - 0.95% and an amplitude of 1.92%. The closing price of the main contract was 119,440 yuan/ton [7]. - **Market Outlook**: Macroeconomic factors are uncertain; on the fundamental side, supply cost rises, production growth is limited, demand has both positive and negative factors, and inventories are rising. Technically, the short - selling sentiment is strong [7]. - **Strategy Recommendation**: It is recommended to wait and see or short on rebounds, paying attention to the pressure of MA10 [7]. Stainless Steel - **Weekly Review**: The stainless - steel market fluctuated and declined this week, with a weekly change of - 0.71% and an amplitude of 1.62%. The closing price of the main contract was 12,565 yuan/ton [7]. - **Market Outlook**: Raw material cost has decreased, supply pressure is increasing, demand is weak, and technically, the downward trend is obvious [7]. - **Strategy Recommendation**: It is recommended to wait and see or short on highs, paying attention to the downward - channel range [7]. 3.2 Futures and Spot Market Price Movement - As of November 7, the closing price of Shanghai nickel was 119,440 yuan/ton, down 1,150 yuan/ton from last week; the closing price of stainless steel was 12,565 yuan/ton, down 90 yuan/ton from last week [13]. - As of November 7, the average price of nickel pig iron (1.5 - 1.7%) was 3,200 yuan/ton, up 150 yuan/ton from last week; the average price of nickel iron (7 - 10%) nationwide was 920 yuan/nickel, down 10 yuan/nickel from last week [13]. Basis - As of November 7, the spot price of electrolytic nickel was 120,900 yuan/ton, with a basis of 1,460 yuan/ton; the closing price of stainless steel was 13,350 yuan/ton, with a basis of 785 yuan/ton. The basis of Shanghai nickel remained stable, while that of stainless steel decreased [19]. Price Ratio - As of November 7, the price ratio of Shanghai nickel to stainless steel was 9.51, down 0.02 from last week; the price ratio of Shanghai tin to Shanghai nickel was 2.37 yuan/ton, up 0.02 from last week. The nickel - stainless - steel ratio fluctuated, and the tin - nickel ratio increased [26]. Net Long Positions of Top 20 - As of November 7, the net long positions of the top 20 in Shanghai nickel were - 32,039 lots, an increase of 4,648 lots from November 3; the net long positions of the top 20 in stainless steel were - 11,188 lots, an increase of 9,020 lots from November 3. The net long positions of Shanghai nickel were at a low level, while those of stainless steel rebounded [32]. 3.3 Industrial Chain Supply Side - **Nickel Ore Inventory**: As of October 31, the nickel - ore inventory in major domestic ports was 1.4791 billion tons, a decrease of 188,100 tons from last week [37]. - **Electrolytic Nickel Production and Import**: In September 2025, the electrolytic nickel production was 36,795 tons, a year - on - year increase of 0.25%. In September 2025, the import volume of refined nickel and alloys was 28,570.87 tons, a year - on - year increase of 16.97%; from January to September, the cumulative import volume was 187,185.981 tons, a year - on - year increase of 200.63% [41]. - **Exchange Inventories**: As of November 7, the Shanghai Futures Exchange nickel inventory was 37,187 tons, an increase of 4,068 tons from last week; the LME nickel inventory was 253,104 tons, an increase of 21,474 tons from last week [48][49]. Demand Side - **Stainless - Steel Production and Trade**: In September 2025, the total stainless - steel production was 3.4267 million tons, a month - on - month increase of 3.35%. The import volume was 116,700 tons, a month - on - month increase of 3,100 tons; the export volume was 348,600 tons, a month - on - month decrease of 21,800 tons. From January to September, the cumulative net import volume was - 2.067 million tons, a year - on - year decrease of 231,900 tons [53]. - **Regional Inventories**: As of November 7, the 300 - series stainless - steel inventory in Foshan was 292,241 tons, an increase of 5,015 tons from last week; the inventory in Wuxi was 570,765 tons, a decrease of 482 tons from last week [58]. - **Stainless - Steel Production Profit**: As of November 7, the stainless - steel production profit was - 121 yuan/ton, a decrease of 36 yuan/ton from last week [62]. - **Downstream Industries**: - **Real Estate**: From January to September 2025, the new housing construction area was 453.9932 million square meters, a year - on - year decrease of 18.9%; the housing completion area was 311.2888 million square meters, a year - on - year decrease of 15.3%; real - estate development investment was 677.0571 million square meters, a year - on - year decrease of 13.9% [66]. - **Home Appliances**: In September 2025, the air - conditioner production was 18.0948 million units, a year - on - year decrease of 3.96%; the household refrigerator production was 10.1276 million units, a year - on - year increase of 5.18%; the household washing - machine production was 11.7849 million units, a year - on - year increase of 7.43%; the freezer production was 2.5443 million units, a year - on - year increase of 5% [66]. - **Automobiles and Machinery**: In September 2025, the new - energy vehicle production was 3.276 million units, a year - on - year increase of 48%; the sales volume was 3.226 million units, a year - on - year increase of 41.7%. The excavator production was 31,608 units, a year - on - year increase of 15.3%; the large - and medium - sized tractor production was 26,215 units, a year - on - year increase of 2.5%; the small - tractor production was 10,000 units, a year - on - year decrease of 9.1% [69].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The MA2601 contract is expected to fluctuate in the range of 2080 - 2150 in the short term [7] - The domestic methanol market continued to decline this week, with both port and inland prices falling. The market sentiment was significantly impacted by the sharp decline in the futures market and the continuous back - flow of port supplies [8] - Recently, the output loss from domestic methanol maintenance and production cuts is less than the output from restored production capacity, leading to an overall increase in production. The inventory of enterprises increased slightly, and the port inventory accumulated slightly [8] - The operating rate of the olefin industry continued to decline this week, and it may decline slightly in the short term after the hedging of expected load changes of enterprises in different regions [8] 3. Summary According to the Directory 3.1 Week - on - Week Summary - Strategy suggestion: The MA2601 contract is expected to fluctuate in the range of 2080 - 2150 in the short term [7] - Market review: The port methanol market continued to decline this week, with prices in Jiangsu ranging from 2050 - 2200 yuan/ton and in Guangdong from 2080 - 2190 yuan/ton. Inland methanol prices also continued to decline. The futures market declined significantly, and the market sentiment was impacted [8] - Market outlook: The overall domestic methanol production increased. The enterprise inventory increased slightly, the port inventory accumulated slightly, and the olefin industry operating rate continued to decline and may decline slightly in the short term [8] 3.2 Futures and Spot Markets 3.2.1 Futures Market - Futures price: The price of the main contract of Zhengzhou methanol futures fluctuated and closed down this week, with a weekly decline of 3.12% [12] - Inter - period spread: As of November 7, the MA 1 - 5 spread was - 101 [16] - Position analysis: As of November 7, the number of Zhengzhou methanol warehouse receipts was 10,914, a decrease of 923 compared to last week [25] 3.2.2 Spot Market - Domestic spot price: As of November 6, the mainstream price in East China's Taicang area was 2087.5 yuan/ton, a decrease of 82.5 yuan/ton compared to last week; the mainstream price in Northwest Inner Mongolia was 1980 yuan/ton, a decrease of 25 yuan/ton compared to last week. The price difference between East and Northwest China was 107.5 yuan/ton, a decrease of 57.5 yuan/ton compared to last week [31] - Foreign spot price: As of November 6, the CFR price of methanol at the main Chinese port was 244 US dollars/ton, a decrease of 13 US dollars/ton compared to last week. The price difference between Southeast Asia and the main Chinese port was 79 US dollars/ton, an increase of 13 US dollars/ton compared to last week [37] - Basis: As of November 6, the basis of Zhengzhou methanol was - 37.5 yuan/ton, a decrease of 17.5 yuan/ton compared to last week [41] 3.3 Industry Chain Analysis 3.3.1 Upstream - Coal and natural gas prices: As of November 5, the market price of Qinhuangdao thermal coal with a calorific value of 5500 kcal was 695 yuan/ton, an increase of 10 yuan/ton compared to last week. As of November 6, the closing price of NYMEX natural gas was 4.41 US dollars/million British thermal units, an increase of 0.35 US dollars/million British thermal units compared to last week [44] 3.3.2 Industry - Production and operating rate: As of November 6, China's methanol production was 1,992,055 tons, an increase of 26,860 tons compared to last week, and the device capacity utilization rate was 87.79%, a month - on - month increase of 1.36% [47] - Inventory: As of November 5, the inventory of Chinese methanol sample production enterprises was 386,400 tons, an increase of 10,400 tons compared to the previous period, a month - on - month increase of 2.75%; the sample enterprise orders to be delivered were 221,100 tons, an increase of 5500 tons compared to the previous period, a month - on - month increase of 2.57%. The total inventory of Chinese methanol ports was 1,517,100 tons, an increase of 10,600 tons compared to the previous data. The inventory in East China increased, while that in South China decreased [52] - Import volume and profit: In September 2025, China's methanol import volume was 1.4269 million tons, a month - on - month decrease of 18.92%; from January to September 2025, China's cumulative methanol import volume was 9.6667 million tons, a year - on - year decrease of 3.94%. As of November 5, the methanol import profit was - 50 yuan/ton, a decrease of 10.5 yuan/ton compared to last week [55] 3.3.3 Downstream - Operating rate: As of November 6, the capacity utilization rate of domestic methanol - to - olefin devices was 90.60%, a month - on - month decrease of 0.37%. The olefin industry operating rate continued to decline [58] - Profit: As of November 7, the domestic methanol - to - olefin on - screen profit was - 672 yuan/ton, a decrease of 127 yuan/ton compared to last week [61] 3.4 Options Market Analysis - Not provided in the content

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - A-share major indices generally rose this week, with all except the Science and Technology Innovation 50 recording small increases. The four stock index futures showed differentiation, with large-cap blue-chip stocks outperforming small and medium-cap stocks. Market trading activity declined compared to last week. The A-share third-quarter reports overall performed well, providing bottom support for the market, but the significant decline in external demand in October is expected to drag on the economic fundamentals in the fourth quarter, having a certain negative impact on stock market sentiment. In the short term, there are no more positive news releases. Currently, after the disclosure of A-share third-quarter reports and without important domestic meetings this month, the market is in a policy and performance vacuum period. Without clear trading guidance, the market is expected to show a random walk pattern, and stock indices will remain volatile. It is recommended to wait and see for now [5][86] 3. Summary by Relevant Catalogs 3.1. Market Review - Futures: IF2512 had a weekly increase of 0.60%, IH2512 rose 0.76%, IC2512 fell 0.17%, and IM2512 increased by 0.59%. - Spot: The Shanghai and Shenzhen 300 rose 0.82%, the Shanghai Stock Exchange 50 increased by 0.89%, the CSI 500 fell 0.04%, and the CSI 1000 rose 0.47% [8] 3.2. News Overview - As of November 5, 1035 companies announced interim dividends this year, with a total dividend amount of 735.686 billion yuan, exceeding last year's interim dividends, including 316 companies making their first interim dividends, which is neutral to bullish. - China announced specific measures to implement the consensus of the China-US economic and trade consultations in Kuala Lumpur, which is neutral. - In October, China's exports (in US dollars) decreased by 1.1% year-on-year, imports increased by 1%, and the trade surplus was 90.07 billion US dollars; exports (in RMB) decreased by 0.8% year-on-year, imports increased by 1.4%, and the trade surplus was 640.49 billion yuan, which is neutral to bearish [11][12] 3.3. Weekly Market Data - **Domestic Main Indices**: The Shanghai Composite Index rose 1.08%, the Shenzhen Component Index increased by 0.19%, the Science and Technology Innovation 50 rose 0.01%, the SME 100 fell 0.59%, and the ChiNext Index rose 0.65% [15] - **External Main Indices (as of Thursday)**: The S&P 500 fell 1.75%, the UK FTSE 100 rose 0.19%, the Hang Seng Index increased by 1.26%, and the Nikkei 225 fell 4.07% [16] - **Industry Sector Performance**: Most industry sectors rose, with sectors such as power equipment, coal, and petroleum and petrochemicals strengthening, while the beauty care sector led the decline. Industry main funds generally showed net outflows, with the computer sector having a large net outflow and the coal sector having a small net inflow [20][24] - **Other Data**: This week, major shareholders had a net reduction of 8.449 billion yuan in the secondary market, the market value of restricted shares lifted was 26.12 billion yuan, and northbound funds had a total trading volume of 9.8154 trillion yuan. The SHIBOR short-term interest rates showed differentiation, and the IF, IH, IC, and IM main contract basis fluctuated [31][28][39] 3.4. Market Outlook and Strategy - The market is expected to show a random walk pattern, and stock indices will remain volatile. It is recommended to wait and see for now [86]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - This week, the fundamental negative factors in the natural rubber market were gradually digested, and rubber prices first declined and then rose. The offer price of imported rubber in the market decreased, and the trading atmosphere was average. The futures market showed a weak oscillation, and the spot offer price of domestic natural rubber adjusted slightly within the range. - Globally, natural rubber producing areas are in the tapping season. In Yunnan, raw material prices are basically stable with relatively abundant supplies, while in Hainan, due to limited improvement in precipitation, tapping operations have resumed slowly, with a relatively small total supply of raw materials. - The total inventory at Qingdao Port has increased significantly. The bonded warehouse has seen a slight decrease in inventory, while the general trade warehouse has a large increase. Overseas arrivals have increased, and the total inbound volume of warehouses in Qingdao has increased significantly month - on - month. However, tire factories have sufficient inventory after previous replenishment and are mostly on the sidelines regarding high - priced raw materials. - This week, the production scheduling of domestic tire maintenance enterprises has returned to the normal level, driving a slight increase in the overall capacity utilization rate. Most other enterprises' equipment is operating stably. Next week, most enterprises will maintain stable production, but it is heard that an individual enterprise has a maintenance plan in the middle of the month, which may drag down the overall capacity utilization rate [8]. - The ru2601 contract is expected to fluctuate in the range of 14,700 - 15,200 in the short term, and the nr2601 contract is expected to fluctuate in the range of 11,800 - 12,250 in the short term [8]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The fundamental negative factors in the natural rubber market were gradually digested this week, with rubber prices first falling and then rising. Imported rubber offers declined, and the trading atmosphere was average. The futures market was weakly oscillating, and domestic natural rubber spot offers adjusted slightly. - **Market Outlook**: Global natural rubber producing areas are in the tapping season. Yunnan has stable raw material prices and abundant supplies, while Hainan has slow recovery in tapping and limited raw material supply. Qingdao Port's total inventory has increased significantly, with a slight decrease in the bonded warehouse and a large increase in the general trade warehouse. Overseas arrivals are increasing, but tire factories are cautious about high - priced raw materials. The production of domestic tire enterprises is generally stable, but an individual enterprise may have a maintenance plan. - **Strategy Suggestion**: The ru2601 contract is expected to fluctuate between 14,700 - 15,200, and the nr2601 contract between 11,800 - 12,250 in the short term [8]. 3.2 Futures and Spot Markets - **Futures Market** - **Price Movement**: This week, the main contract price of Shanghai rubber futures oscillated and closed down, with a weekly decline of 0.6%; the main contract price of 20 - rubber oscillated and closed down, with a weekly decline of 1.67% [13]. - **Position Analysis**: As of November 7, the spread between Shanghai rubber contracts 1 - 5 was - 75, and the spread between 20 - rubber contracts 1 - 2 was - 30 [21]. - **Warehouse Receipts**: As of November 7, Shanghai rubber warehouse receipts were 118,970 tons, a decrease of 1,930 tons from last week; 20 - rubber warehouse receipts were 48,586 tons, an increase of 3,931 tons from last week [27]. - **Spot Market** - **Domestic Natural Rubber Spot Price**: As of November 6, the price of state - owned full - latex was 14,550 yuan/ton, a decrease of 250 yuan/ton from last week [29]. - **20 - Rubber Basis and Non - Standard Basis**: As of November 6, the 20 - rubber basis was 905 yuan/ton, an increase of 156 yuan/ton from last week; the non - standard basis was - 465 yuan/ton, an increase of 5 yuan/ton from last week [36]. 3.3 Industry Situation - **Upstream** - **Thailand**: As of November 6, the price of field latex in the Thai natural rubber raw material market was 56.3 (+0.3) Thai baht/kg; the price of cup lump was 51.9 (-1.4) Thai baht/kg. As of November 7, the theoretical processing profit of standard rubber was - 23.4 US dollars/ton, a decrease of 30 US dollars/ton from last week [39]. - **Domestic Producing Areas**: As of November 6, the price of Yunnan latex was 13,700 yuan/ton, a decrease of 500 yuan/ton from last week; the price of fresh latex in Hainan was 14,200 yuan/ton, unchanged from last week [42]. - **Import Quantity**: According to customs data, in September 2025, China's natural rubber (including technical - classified rubber, latex, smoked sheets, primary forms, mixed rubber, and composite rubber) imports were 595,900 tons, a month - on - month increase of 14.41% and a year - on - year increase of 20.92%. From January to September 2025, the cumulative import volume was 4,717,200 tons, a cumulative year - on - year increase of 19.65% [45]. - **Inventory in Qingdao**: As of November 2, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 447,700 tons, a month - on - month increase of 15,400 tons, or 3.57%. The bonded area inventory was 68,300 tons, a decrease of 0.58%; the general trade inventory was 379,400 tons, an increase of 4.36% [49]. - **Downstream** - **Tire Capacity Utilization**: As of November 6, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.89%, a month - on - month increase of 0.77 percentage points and a year - on - year decrease of 7.03 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 65.37%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points [52]. - **Tire Exports**: In September 2025, China's tire exports were 687,800 tons, a month - on - month decrease of 10.57% and a year - on - year increase of 4.05%. From January to September, the cumulative tire exports were 6,390,800 tons, a cumulative year - on - year increase of 4.88%. - **Domestic Heavy - Truck Sales**: In September 2025, China's heavy - truck market sold about 105,000 vehicles (wholesale, including exports and new energy), a month - on - month increase of 15% and a year - on - year increase of about 82%. From January to September, the cumulative sales exceeded 800,000 vehicles, reaching 821,000 vehicles, a year - on - year increase of about 20% [59]. 3.4 Option Market Analysis No relevant information provided.

News Summary Core Viewpoint - The stainless steel market is experiencing a mixed situation with production adjustments and inventory changes, influenced by both domestic and international factors [1][2][3]. Group 1: Production and Inventory - In November, stainless steel production was 3.3752 million tons, a decrease of 2.06% month-on-month but an increase of 1.71% year-on-year [1]. - As of October 2025, the inventory of steel products in key steel enterprises was 14.63 million tons, a decrease of 1.95 million tons (11.8%) from the previous period, but an increase of 2.26 million tons (18.3%) from the beginning of the year [1]. Group 2: Market Dynamics - The shutdown of POSCO's stainless steel plant in South Korea may lead to supply chain tensions, although domestic stainless steel inventory has slightly increased and terminal demand remains weak [2]. - The raw material costs are expected to decrease due to the Indonesian government's policies affecting nickel resource supply costs, while the production profits for steel mills are recovering [3]. Group 3: Demand and Pricing - The demand from downstream sectors is not strong, leading to a general increase in stainless steel social inventory, with market purchasing intentions remaining low [3]. - Technical analysis indicates a downward trend in prices with increased divergence between long and short positions, suggesting a focus on support levels around 12,400 [3].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - From November 1st to 6th, PE production increased by 2.67% to 660,700 tons week-on-week. From October 24th to 30th, the downstream PE operating rate decreased by 0.4% week-on-week, with the agricultural film operating rate up 2.4% and the packaging film operating rate down 1.3%. As of October 29th, the inventory of PE producers decreased by 19.16% to 416,000 tons week-on-week; as of October 24th, the social PE inventory decreased by 3.30% to 527,400 tons week-on-week. From October 25th to 31st, the cost of oil-based LLDPE increased by 3.53% to 7,389 yuan/ton week-on-week, and the profit decreased by 234.86 yuan/ton to -360 yuan/ton; the cost of coal-based LLDPE increased by 1.12% to 6,845 yuan/ton week-on-week, and the profit increased by 5.57 yuan/ton to 197.86 yuan/ton. L2601 rebounded after a decline, closing at 6,805 yuan/ton. In November, there will be less new maintenance capacity for PE, and two new units of Guangxi Petrochemical are about to be put into operation, resulting in high supply pressure. Affected by the restart of 400,000 tons of Lianyungang Petrochemical and 450,000 tons of Baolai units this week, PE production increased week-on-week. The downstream greenhouse film is in the peak season, and the operating rate of agricultural film is expected to remain high; the orders for packaging film are being delivered successively, and the operating rate is expected to gradually weaken. The inventory of producers and social inventory will continue to decline, and the inventory pressure is not significant. The accumulation of API and EIA inventories in the US, combined with the strengthening of the US dollar, has led to a recent weak and volatile international oil price. In the short term, L2601 is expected to fluctuate weakly in the range of 6,740 - 6,850 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for polyethylene was 6,805 yuan/ton, down 9 yuan; the closing price of the January contract was 6,805 yuan/ton, down 9 yuan; the closing price of the May contract was 6,886 yuan/ton, down 15 yuan; the closing price of the September contract was 6,935 yuan/ton, down 24 yuan. The trading volume was 305,198 lots, up 14,736 lots; the open interest was 578,172 lots, up 25,025 lots. The 1 - 5 spread was -81, up 6. The buy volume of the top 20 futures positions was 486,769 lots, up 23,574 lots; the sell volume was 565,354 lots, up 21,632 lots; the net buy volume was -78,585 lots, up 1,942 lots [2]. Spot Market - The average price of LLDPE (7042) in North China was 6,877.83 yuan/ton, down 43.48 yuan; the average price in East China was 7,114.76 yuan/ton, down 20.95 yuan. The basis was 72.83, down 34.47 [2]. Upstream Situation - The FOB mid - price of naphtha in Singapore was 62.57 US dollars per barrel, down 0.02 US dollars; the CFR mid - price of naphtha in Japan was 577.5 US dollars per ton, up 1 US dollar. The CFR mid - price of ethylene in Southeast Asia was 731 US dollars per ton, unchanged; the CFR mid - price of ethylene in Northeast Asia was 741 US dollars per ton, unchanged [2]. Industry Situation - The operating rate of PE in petrochemical plants nationwide was 80.86%, down 0.59% [2]. Downstream Situation - The operating rate of polyethylene (PE) packaging film was 51.3%, down 1.29%; the operating rate of PE pipes was 32.17%, down 0.16%; the operating rate of PE agricultural film was 49.53%, up 2.42% [2]. Option Market - The 20 - day historical volatility of polyethylene was 9.91%, up 0.34%; the 40 - day historical volatility was 8.37%, up 0.25%. The implied volatility of at - the - money put options and call options for polyethylene was 10.64%, up 0.72% [2].

Group 1: Report Overview - The report is a PVC industry daily report dated November 6, 2025 [2] Group 2: Core Viewpoints - The PVC futures contract V2601 fell and then rebounded, closing at 4,630 yuan/ton. The PVC capacity utilization rate increased, and the operating rates of downstream pipes and profiles rose slightly. Inventory change was small, and the high - inventory accumulation trend slowed down. The cost of the calcium carbide method increased and losses deepened, while the cost of the ethylene method decreased and profits recovered. The high - operating state of PVC may continue. The operating rate of downstream PVC is expected to decline seasonally. Overseas demand is uncertain, and the contradiction between domestic supply and demand is significant, with high inventory pressure likely to persist. Technically, V2601 should focus on the support around 4,570 yuan/ton [3] Group 3: Market Data Summary Futures Market - The closing price of PVC futures was 4,630 yuan/ton, a decrease of 8 yuan. The trading volume was 736,089 lots, a decrease of 32,196 lots. The open interest was 1,315,311 lots, an increase of 33,017 lots. The net long position of the top 20 futures holders was - 198,008 lots, a decrease of 23,628 lots [3] Spot Market - In the East China region, the price of ethylene - based PVC was 4,780 yuan/ton, a decrease of 10 yuan; the price of calcium carbide - based PVC was 4,585 yuan/ton, a decrease of 18.08 yuan. In the South China region, the price of ethylene - based PVC remained unchanged at 4,780 yuan/ton, and the price of calcium carbide - based PVC was 4,644.38 yuan/ton, a decrease of 34.38 yuan. The CIF price of PVC in China was 690 US dollars/ton, unchanged; the CIF price in Southeast Asia was 650 US dollars/ton, unchanged; the FOB price in Northwest Europe was 700 US dollars/ton, unchanged. The basis of PVC was - 110 yuan/ton, a decrease of 12 yuan [3] Upstream Situation - The mainstream average price of calcium carbide in the central, northern, and northwestern regions remained unchanged at 2,800 yuan/ton, 2,673.33 yuan/ton, and 2,508 yuan/ton respectively. The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton, unchanged. The weekly average prices of VCM and EDC in the Far East and Southeast Asia remained unchanged [3] Industry Situation - The weekly operating rate of PVC was 78.26%, an increase of 1.69%. The operating rate of calcium carbide - based PVC was 77.43%, an increase of 3.05%, and the operating rate of ethylene - based PVC was 80.2%, a decrease of 1.44%. The total social inventory of PVC was 54.46 tons, a decrease of 1.01 tons. The inventory in the East China region was 49.53 tons, a decrease of 0.99 tons, and the inventory in the South China region was 4.93 tons, a decrease of 0.02 tons [3] Downstream Situation - The national real - estate climate index was 92.78, a decrease of 0.27. The cumulative value of new housing construction area was 45,3990,000 square meters, an increase of 55,979,900 square meters. The cumulative value of real - estate construction area was 6,485,800,000 square meters, an increase of 54,710,600 square meters. The cumulative value of real - estate development investment was 358.6387 billion yuan, an increase of 41.6993 billion yuan [3] Option Market - The 20 - day historical volatility of PVC was 9.36%, a decrease of 1.09%. The 40 - day historical volatility remained unchanged at 10.36%. The implied volatility of at - the - money put and call options of PVC was 14.22%, an increase of 0.53% [3] Group 4: Industry News - From October 25th to 31st, the PVC capacity utilization rate in China was 78.26%, a month - on - month increase of 1.69%. The downstream operating rate of PVC increased by 0.68% to 50.54%, with the pipe operating rate increasing by 0.8% to 42% and the profile operating rate increasing by 1.96% to 37.83%. As of October 30th, the PVC social inventory decreased by 0.5% to 1.03 million tons, a year - on - year increase of 25.09%. From October 25th to 31st, the average cost of the calcium carbide method increased to 5,201 yuan/ton, and the national average cost of the ethylene method decreased to 5,288 yuan/ton. The calcium carbide method profit decreased to - 763 yuan/ton, and the ethylene method profit increased to - 445 yuan/ton [3]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 fluctuated weakly, closing at 5,398 yuan/ton. Last week, the operating rate of petroleum benzene rose slightly, while that of hydrogenated benzene dropped significantly, resulting in a decline in domestic pure benzene production. The changes in the operating rates of the five major downstream industries of pure benzene were limited, and the overall weighted operating rate of downstream industries decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. Petroleum benzene profit decreased at a low level and was in a low - valuation state due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrogenated benzene was small, and low - priced overseas supplies continued to flow in, with the overall supply pressure at a relatively high level. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrogenated benzene plants restarted, so domestic pure benzene production is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, with little growth in downstream consumption. In terms of cost, the accumulation of API and EIA inventories in the US, combined with the strengthening of the US dollar, has led to a recent weak fluctuation in international oil prices. Technically, the daily K - line of BZ2603 should focus on the support of the lower Bollinger Band around 5,288 and the pressure of the 10 - day moving average around 5,486 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,398 yuan/ton, down 20 yuan; the settlement price was 5,389 yuan/ton, down 16 yuan. The trading volume was 7,851 lots, down 4,243 lots; the open interest was 17,435 lots, up 372 lots [2]. Spot Market - In the domestic market, the mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5,335 yuan/ton, 5,230 yuan/ton, 5,450 yuan/ton, and 5,230 yuan/ton respectively, with changes of - 70 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 5 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5,375 yuan/ton and 4,900 yuan/ton respectively, with a change of - 50 yuan/ton for Jiangsu. The offshore intermediate price of pure benzene in South Korea was 650 US dollars/ton, down 4 US dollars/ton; the CFR intermediate price of pure benzene in China was 667.08 US dollars/ton, down 3.88 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.68 US dollars/barrel, down 0.77 US dollars/barrel; the CFR intermediate price of naphtha in Japan was 577.5 US dollars/ton, up 1 US dollar/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene was 8.5 million tons, down 1.4 million tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene ports in Jiangsu increased by 42.35% to 12.1 million tons week - on - week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton week - on - week [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventory has been falling for four consecutive weeks. Recently, rebar prices have been falling continuously, and the weak expectations have been realized. The mainstream positions reduced short positions and increased long positions, and the downward momentum weakened. Short - term market trends may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA cross upward at a low level, and the green column turns red. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,037 yuan/ton, up 13 yuan; RB main contract position: 2,020,353 lots, down 11,428 lots; RB contract top 20 net position: - 113,415 lots, up 24,033 lots; RB1 - 5 contract spread: - 65 yuan/ton, up 5 yuan; RB Shanghai Futures Exchange warehouse receipt: 140,134 tons, unchanged; HC2601 - RB2601 contract spread: 219 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight) price: 3,220 yuan/ton, unchanged; Hangzhou HRB400E 20MM (actual weight) price: 3,303 yuan/ton, unchanged; Guangzhou HRB400E 20MM (theoretical weight) price: 3,280 yuan/ton, down 10 yuan; Tianjin HRB400E 20MM (theoretical weight) price: 3,180 yuan/ton, unchanged; RB main contract basis: 183 yuan/ton, down 13 yuan; Hangzhou hot - rolled coil - rebar spot spread: 100 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore powder: 782 yuan/wet ton, up 7 yuan; Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, up 50 yuan; Tangshan 6 - 8mm scrap steel: 2,190 yuan/ton, unchanged; Hebei Q235 billet: 2,930 yuan/ton, up 20 yuan; 45 - port iron ore inventory: 145.3924 million tons, up 1.1859 million tons; Sample coking plant coke inventory: 374,400 tons, up 700 tons; Sample steel mill coke inventory: 6.2888 million tons, down 43,900 tons; 247 steel mill blast furnace operating rate: 81.73%, down 3 percentage points; Tangshan billet inventory: 1.2 million tons, down 30,000 tons; 247 steel mill blast furnace capacity utilization rate: 88.59%, up 0.43 percentage points [2]. 3.4 Industry Situation - Sample steel mill rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mill rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mill rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; Chinese rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.92 million tons, up 910,000 tons [2]. 3.5 Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed asset investment: - 0.50%, down 1 percentage point; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1 percentage point; Cumulative year - on - year growth rate of infrastructure investment: 1.10%, down 0.9 percentage point; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - On November 6, Mysteel information showed that the actual rebar output was 2.0854 million tons, a week - on - week decrease of 40,500 tons; the factory inventory was 1.6684 million tons, a week - on - week decrease of 48,700 tons; the social inventory was 4.257 million tons, a week - on - week decrease of 51,100 tons; the total inventory was 5.9254 million tons, a week - on - week decrease of 99,800 tons; the apparent demand was 2.1852 million tons, a week - on - week decrease of 136,600 tons. In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period of the previous year, the total bond financing of real estate enterprises increased significantly. On Thursday, the RB2601 contract first declined and then rose. The State Council Tariff Commission announced that starting from 13:01 on November 10, 2025, it will adjust the additional tariffs on imported goods originating from the United States, and continue to suspend the implementation of the 24% additional tariff rate on the United States for one year, while retaining the 10% additional tariff rate [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The tin market presents a situation of weak supply and demand, and short - term tin prices are expected to fluctuate at high levels. Technically, with a decline in positions and price corrections, the bullish sentiment has decreased. It is recommended to wait and see for now, focusing on the range of 280,000 - 286,000 yuan/ton [3] 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin was 283,420 yuan/ton, up 1,330 yuan; the closing price of the December - January contract of Shanghai tin was - 230 yuan/ton, down 130 yuan; LME 3 - month tin was 35,745 US dollars/ton, up 75 US dollars; the main contract position of Shanghai tin was 30,385 lots, down 2,237 lots; the net position of the top 20 in futures of Shanghai tin was - 772 lots, down 235 lots; LME tin total inventory was 2,940 tons, up 80 tons; Shanghai Futures Exchange inventory of tin was 5,919 tons, up 153 tons; Shanghai Futures Exchange warehouse receipts of tin were 5,865 tons, down 94 tons [3] 3.2 Spot Market - The SMM 1 tin spot price was 282,800 yuan/ton, up 1,500 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 283,060 yuan/ton, up 1,630 yuan; the basis of the main Shanghai tin contract was - 620 yuan/ton, up 170 yuan; the LME tin premium (0 - 3) was 39.5 US dollars/ton, down 25.5 US dollars; the import volume of tin ore and concentrates was 0.87 million tons, down 0.16 million tons; the average price of 40% tin concentrate was 270,800 yuan/ton, up 1,500 yuan [3] 3.3 Upstream Situation - The average processing fee of 40% tin concentrate by Antaike was 10,500 yuan/ton, unchanged; the average price of 60% tin concentrate was 274,800 yuan/ton, up 1,500 yuan; the average processing fee of 60% tin concentrate by Antaike was 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the monthly import volume of refined tin was 1,501.64 tons, up 63.06 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu was 183,300 yuan/ton, up 1,130 yuan; the cumulative output of tin - plated sheets (strips) was 1.1093 million tons, up 0.1448 million tons; the monthly export volume of tin - plated sheets was 0.1976 million tons, up 0.031 million tons [3] 3.6 Industry News - In October 2025, the US ADP employment increased by 42,000 people, the largest increase since July 2025, higher than the market expectation of 28,000 people; the US ISM non - manufacturing PMI in October was 52.4, the highest since February 2025. The State Council will continue to suspend the implementation of the 24% additional tariff rate on US - imported goods for one year from November 10, 2025, and retain the 10% additional tariff rate. In October, the retail sales of new - energy passenger vehicles in the national market were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%, with a penetration rate of 58.7% [3] 3.7 Viewpoint Summary - The US employment market shows signs of stabilization. In the fourth quarter, the import volume of tin ore from Myanmar is expected to increase steadily but with limited increments, while imports from Africa and Australia decline unexpectedly. Indonesia plans to accelerate the release of refined tin exports in the fourth quarter. In the smelting sector, the shortage of raw materials in Yunnan is still severe, and the processing fee of tin ore remains low; in Jiangxi, the waste recycling system is under pressure, and the production of refined tin is still limited. In the demand side, the spot market of tin ingots is relatively active, and domestic inventory remains stable while LME inventory increases slightly [3]