1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - With the peak of autumn maintenance in European and American refineries passing, their operations are gradually resuming, and the most critical period for gasoline supply may have passed. The rhythmic arrival of pure benzene at ports has increased pressure, leading to a further rise in port inventories and suppressing the performance of pure benzene processing fees. Downstream operations remain at a low level during the off - season, with styrene maintaining low - load maintenance, CPL operations dropping further from a low level, and the operations of phenol, aniline, and adipic acid slightly increasing, but terminal demand remains weak [3]. - Overseas, South Korea's Daehan, Lotte, and Hyundai have officially announced a merger and will shut down Lotte's 1.1 million - ton cracking unit. Attention should be paid to whether Lotte's styrene units in South Korea will stop production. In China, port inventories have risen again. Although styrene is still in a low - operation maintenance stage and the resumption plan has been postponed, downstream operations during the off - season are still low. The operation of EPS, which has obvious seasonality, continues to decline, the operation of PS rebounds but inventory pressure remains, and the finished - product inventory pressure of ABS remains high while its operation stays at a low level [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Relevant figures include the basis of the pure benzene main contract, the price of the pure benzene main futures contract, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [7][10][15] II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Relevant figures cover naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene units, the difference between FOB US Gulf pure benzene and FOB South Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profit, styrene import profit, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [18][21][36] III. Pure Benzene and Styrene Inventories, Operating Rates - Relevant figures involve the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [38][40][43] IV. Styrene Downstream Operating Rates and Production Profits - Relevant figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [51][56][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Relevant figures cover the operating rates of caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular - spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][71][75]

农产品日报 | 2025-11-28 现货价格上涨，豆粕偏强震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约3055元/吨，较前日变动+40元/吨，幅度+1.33%；菜粕2601合约2469元/吨，较前 日变动+30元/吨，幅度+1.23%。现货方面，天津地区豆粕现货价格3080元/吨，较前日变动+20元/吨，现货基差 M01+25，较前日变动-20；江苏地区豆粕现货3000元/吨，较前日变动+20元/吨，现货基差M01-55，较前日变动-20； 广东地区豆粕现货价格2990元/吨，较前日变动跌+20元/吨，现货基差M01-65，较前日变动-20。福建地区菜粕现货 价格2650元/吨，较前日变动+30元/吨，现货基差RM01+181，较前日变动+0。 近期市场资讯，外媒11月26日消息：作物专家迈克尔·科尔多涅博士表示，阿根廷2025/26年度大豆产量预计为4900 万吨，高于美国农业部最新预测的4850万吨。 市场分析 当前国内供应依旧较为宽松，大豆持续到港，油厂开机率虽有所上升，但库存消耗较为缓慢，依旧维持在百万吨 左右，未来预计仍将维持宽松预期。下游饲料企业仍以滚动补库为主。USD ...

甲醇日报 | 2025-11-28 港口库存下降幅度尚可 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤465元/吨（+0），内蒙煤制甲醇生产利润585元/吨（+0）；内地甲醇价格方面，内 蒙北线1990元/吨（+0），内蒙北线基差476元/吨（-20），内蒙南线1975元/吨（+0）；山东临沂2215元/吨（+15），鲁 南基差301元/吨（-5）；河南2095元/吨（+20），河南基差181元/吨（+0）；河北2130元/吨（+0），河北基差276元/吨 （-20）。隆众内地工厂库存373712吨（+15012），西北工厂库存209000吨（+20500）；隆众内地工厂待发订单230710 吨（-15610），西北工厂待发订单113500吨（-11900）。 跨品种：无 风险 伊朗装置冬检停车持续时长，MTO检修兑现进度 港口方面：太仓甲醇2105元/吨（+17），太仓基差-9元/吨（-3），CFR中国243美元/吨（+5），华东进口价差-29元/ 吨（-14），常州甲醇2305元/吨；广东甲醇2070元/吨（+20），广东基差-44元/吨（+0）。隆众港口总库存1363500吨 （-1 ...

国债期货日报 | 2025-11-28 PMI发布在即，国债期货涨跌分化 市场分析 宏观面：（1）宏观政策：10月27日，央行时隔近十个月宣布重启公开市场国债买卖操作，向市场释放了明确的稳 预期信号;10月30日，中美经贸团队达成三方面成果共识，一是中方将与美方妥善解决TikTok相关问题;二是美方将 暂停实施其对华海事、物流和造船业301调查措施一年，同时将暂停实施其9月29日公布的出口管制50%穿透性规则 一年;三是美方取消10%"芬太尼关税"，对中国商品24%对等关税将继续暂停一年。国务院关税税则委员会宣布在一 年内继续暂停实施24%的对美加征关税税率，保留10%的对美加征关税税率。（2）通胀:10月CPI同比上升0.2%。 资金面：（3）财政：2025 年 1–10 月财政运行呈现"收入温和修复、支出节奏回落、基金收缩与专项债放缓并存" 的特征。一般公共预算收入同比增长 0.8%，税收连续八个月改善，增值税、个税和企业所得税均保持修复态势， 但非税收入拖累整体增速，收入完成进度略低于往年均值；一般公共预算支出同比仅增 2%，连续三个月放缓，主 要受上半年财政前置发力后劲不足以及基建类支出走弱影响，社保 ...

PVC开工小幅提升，社会库存累库 市场要闻与重要数据 PVC: 氯碱日报 | 2025-11-28 期货价格及基差：PVC主力收盘价4517元/吨（+28）；华东基差-57元/吨（-18）;华南基差-27元/吨（-28）。 现货价格：华东电石法报价4460元/吨（+10）；华南电石法报价4490元/吨（+0）。 上游生产利润：兰炭价格800元/吨（+0）；电石价格2830元/吨（+25）；电石利润-100元/吨（+25）；PVC电石法生产 毛利-848元/吨（-28）；PVC乙烯法生产毛利-516元/吨（-25）；PVC出口利润-3.4美元/吨（-8.8）。 PVC库存与开工：PVC厂内库存31.5万吨（-0.7）；PVC社会库存52.8万吨（+0.1）；PVC电石法开工率82.21%（+2.06%）； PVC乙烯法开工率71.12%（-0.19%）；PVC开工率78.85%（+1.37%）。 下游订单情况：生产企业预售量67.6万吨（-2.3）。 烧碱： 期货价格及基差：SH主力收盘价2238元/吨（+9）；山东32%液碱基差106元/吨（-40）。 现货价格：山东32%液碱报价750元/吨（-10）；山东 ...

Market Analysis - On November 27, 2025, the main contract 2605 of lithium carbonate opened at 96,600 yuan/ton and closed at 95,820 yuan/ton, with a -1.68% change from the previous trading day's settlement price. The trading volume was 741,463 lots, and the open interest was 507,882 lots, compared to 478,054 lots in the previous trading day. The current basis is -3,980 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts was 26,781 lots, a change of -269 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate is quoted at 90,600 - 96,000 yuan/ton, a change of 500 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate is quoted at 89,200 - 92,500 yuan/ton, a change of 450 yuan/ton from the previous trading day. The price of 6% lithium concentrate is 1,195 US dollars/ton, a change of 10 US dollars/ton from the previous day. Downstream material factories are taking a cautious and wait - and - see attitude, and purchases are mainly for rigid demand, with light market transactions [1]. - Upstream and downstream enterprises are negotiating long - term agreements for next year, and the current focus is on the coefficient. On the supply side, the overall operating rate of lithium salt plants remains high, with lithium spodumene and salt lake being the main supply sources. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change [1]. - In terms of demand, in the power market, both commercial and passenger new energy vehicles are growing rapidly; in the energy storage market, supply and demand are both booming, and supply remains tight [1]. - The Natural Resources Ministry has issued a notice on the change registration (including renewal) and license application for the non - oil and gas mining rights of the Zhenkouli in Yifeng County, Jiangxi Province - Jianxiawo Lithium Mine in Fengxin County. It is expected that the subsequent resumption of production will accelerate, but the actual resumption progress still needs to be continuously monitored [2]. - According to the latest weekly statistics, the weekly production decreased by 265 tons to 21,865 tons. The production from lithium spodumene and mica increased slightly, while the production from salt lakes decreased slightly. The weekly inventory decreased by 2,452 tons to a total of 115,968 tons. The inventory of smelters and downstream decreased, while the inventory in other links increased. The consumer side has shown good performance recently [2]. Strategy - Inventory is continuously being depleted, and consumption has certain support. Currently, the resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. There are significant differences in the consumption forecast for the first quarter. It is expected that the demand from the power battery end will decrease, while the energy storage end will remain at a high level. Attention should be paid to the extent of the weakening in the power sector [3]. - For trading strategies, it is recommended to mainly wait and see in the short - term for single - side trading. There are no specific strategies for inter - period, options, cross - variety, and spot - futures trading [3].

Report Industry Investment Rating - Unilateral: Range-bound with a bullish bias - Inter-period: Wait and see - Inter-commodity: None [3] Core Viewpoints - The trading atmosphere of urea has improved, and the spot price has been raised. The restart of shutdown plants in Shanxi and Hebei and the increase in the operating rate of large enterprises in Hubei have led to an overall increase in the operating rate of compound fertilizers. The operating rate of melamine has decreased, with only rigid demand for procurement. Gradual entry of off-season storage. With the release of new production capacity, the medium- and long-term supply and demand of urea will remain relatively loose, and the gas-based plant maintenance in the fourth quarter is expected to start gradually in December. Driven by reserve demand and the increase in the operating rate of compound fertilizers, the sales of urea enterprises have improved, with inventory reduction at factories and a slight increase in port inventory. The highest domestic inventory is still in Inner Mongolia, and the reserve demand in the Northeast has increased, leading to inventory reduction in Inner Mongolia. Continued attention should be paid to the operating rate of compound fertilizers in the Northeast, the raw material procurement rhythm, and the national off-season storage rhythm. In October, 1.2 million tons of urea were exported, and the cumulative exports this year have exceeded 4 million tons. According to Argus, urea producers have obtained a fourth batch of export quotas totaling 600,000 tons, which has improved the export outlook for the end of the year and is expected to support the现货 market to some extent. The urea import tender of India's IPL closed on November 20, with the lowest CFR prices of $418.40/ton at the East Coast and $419.50/ton at the West Coast. A total of 24 suppliers' quantities were received, and the lowest price was higher than the previous one. Continuous attention should be paid to the sentiment and rhythm of domestic spot procurement. [2] Summary by Relevant Catalogs Urea Basis Structure - On November 27, 2025, the closing price of the main urea contract was 1,668 yuan/ton (+14). The ex-factory price of small granular urea in Henan was quoted at 1,650 yuan/ton (unchanged), the price in Shandong was 1,650 yuan/ton (+20), and the price in Jiangsu was 1,640 yuan/ton (+20). The price of small lump anthracite was 750 yuan/ton (unchanged). The basis in Shandong was -18 yuan/ton (+6), the basis in Henan was -18 yuan/ton (+6), and the basis in Jiangsu was -28 yuan/ton (+6). [1] Urea Production - As of November 27, 2025, the capacity utilization rate of enterprises was 83.71% (0.08%). The total inventory of sample enterprises was 1.3639 million tons (-73,300 tons), and the inventory of port samples was 100,000 tons (unchanged). [1] Urea Production Profit and Operating Rate - As of November 27, 2025, the production profit of urea was 120 yuan/ton (+20), and the export profit was 1,014 yuan/ton (+10). [1] Urea Offshore Price and Export Profit - In October, 1.2 million tons of urea were exported, and the cumulative exports this year have exceeded 4 million tons. According to Argus, urea producers have obtained a fourth batch of export quotas totaling 600,000 tons, which has improved the export outlook for the end of the year and is expected to support the现货 market to some extent. [2] Urea Downstream Operating Rate and Orders - As of November 27, 2025, the capacity utilization rate of compound fertilizers was 37.06% (+2.45%), the capacity utilization rate of melamine was 60.80% (-1.40%), and the number of days of advance orders for urea enterprises was 6.65 days (-0.47). [1] Urea Inventory and Warehouse Receipts - As of November 27, 2025, the total inventory of sample enterprises was 1.3639 million tons (-73,300 tons), and the inventory of port samples was 100,000 tons (unchanged). [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the market liquidity situation on November 27, 2025, including the trading volume, holding amount, and trading - holding ratio of different sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors, along with their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity The report shows the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each sector through multiple figures [1][2][9][13]. II. Stock Index Plate On November 27, 2025, the stock index plate had a trading volume of 592.041 billion yuan, a 5.20% increase from the previous trading day; the holding amount was 1298.655 billion yuan, a 1.83% increase; the trading - holding ratio was 45.10%. Multiple figures display the changes and trends of each variety in the stock index plate [1]. III. Treasury Bond Plate The trading volume of the treasury bond plate was 417.381 billion yuan, a 21.73% decrease from the previous trading day; the holding amount was 740.792 billion yuan, an 8.76% decrease; the trading - holding ratio was 56.06%. Figures show the changes and trends of each variety in the treasury bond plate [1]. IV. Basic Metal and Precious Metal (Metal Plate) The basic metal plate had a trading volume of 449.653 billion yuan, a 4.43% decrease; the holding amount was 599.669 billion yuan, a 1.63% increase; the trading - holding ratio was 81.95%. The precious metal plate had a trading volume of 750.892 billion yuan, a 6.34% decrease; the holding amount was 457.010 billion yuan, a 2.52% increase; the trading - holding ratio was 242.97%. Figures show the changes and trends of each variety in the metal plate [1]. V. Energy Chemical Plate The trading volume of the energy chemical plate was 398.558 billion yuan, a 12.18% decrease from the previous trading day; the holding amount was 454.414 billion yuan, a 0.09% decrease; the trading - holding ratio was 84.09%. Figures show the changes and trends of major varieties in the energy chemical plate [1]. VI. Agricultural Product Plate The trading volume of the agricultural product plate was 317.198 billion yuan, a 7.41% decrease from the previous trading day; the holding amount was 606.696 billion yuan, a 0.28% decrease; the trading - holding ratio was 52.56%. Figures show the changes and trends of major varieties in the agricultural product plate [1]. VII. Black Building Material Plate The trading volume of the black building material plate was 206.292 billion yuan, a 14.57% decrease from the previous trading day; the holding amount was 357.495 billion yuan, a 1.17% decrease; the trading - holding ratio was 59.45%. Figures show the changes and trends of each variety in the black building material plate [2].

油料日报 | 2025-11-28 豆一稳势运行关注终端备货，花生产区强弱分化 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4106.00元/吨，较前日变化+12.00元/吨，幅度+0.29%。现货方面，食用豆现货基 差A01-6，较前日变化-12，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆行情保持稳健，农户手中余粮有限，惜售心态较为普遍，对价格形成一定 支撑。不过，从贸易环节来看，市场整体走货节奏平缓，多数粮商已完成前期还粮计划，购销活跃度不高，预计 短期价格仍将以平稳运行为主。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较前一日 平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较前一日平；黑龙江佳木斯富锦 市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日平；黑龙江齐齐哈尔讷河市场国标一等蛋白41% 蛋白中粒塔粮装车报价2.17元/斤，较前一日平；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.16 元/斤，较前一日平；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.17元/斤，较前一日平 ...

Report Industry Investment Rating - Not explicitly provided in the report Core View - The fundamentals of the zinc market are turning positive, with low LME inventory levels, high overseas premiums, and a continuously open Chinese export window. Domestic social inventory is declining, and the supply - side pressure is expected to ease in the future. The current zinc valuation is low, and there is optimism about future consumption despite some fluctuations in the US December interest - rate cut expectations [4] Summary by Related Content Important Data - **Spot**: LME zinc spot premium is $163.36 per ton. SMM Shanghai zinc spot price is 22,450 yuan per ton, up 50 yuan from the previous trading day, with a spot premium of 50 yuan per ton. SMM Guangdong zinc spot price is 22,410 yuan per ton, up 70 yuan, with a spot premium of - 20 yuan per ton. Tianjin zinc spot price is 22,390 yuan per ton, up 50 yuan, with a spot premium of - 10 yuan per ton [1] - **Futures**: On November 27, 2025, the main SHFE zinc contract opened at 22,480 yuan per ton, closed at 22,415 yuan per ton, down 55 yuan. The trading volume was 114,645 lots, and the open interest was 101,749 lots. The highest price was 22,565 yuan per ton, and the lowest was 22,410 yuan per ton [2] - **Inventory**: As of November 27, 2025, SMM seven - region zinc ingot inventory was 148,100 tons, down 2,900 tons from the previous period. LME zinc inventory was 50,800 tons, up 875 tons from the previous trading day [3] Market Analysis - The fundamentals are favorable. Although LME inventory is rising, the absolute level is low, overseas premiums are high, and the Chinese export window is open. Domestic social inventory is decreasing, and the number of warehouse receipts is falling. Despite low downstream procurement enthusiasm, spot premiums are stable due to low arrivals. TC prices are falling at home and abroad, and smelting costs are facing losses, which may lead to reduced supply - side pressure in the future [4] Strategy - **Unilateral**: Cautiously bullish [5] - **Arbitrage**: Inter - period positive spread arbitrage [5]