Report Industry Investment Rating - Not provided in the content Core Viewpoints - Polyolefins face significant upward pressure and are expected to trade in a range. The PE main contract is expected to oscillate within a range, with support at 6,800, while the PP main contract is expected to oscillate weakly, with support at 6,500. The LP spread is expected to widen [8]. - Plastics still have supply - demand contradictions and are expected to trade in a range [9]. - PP faces considerable upward pressure and is expected to oscillate weakly in the short term [50]. Summary by Directory Plastic Weekly Market Review - On November 14, the closing price of the plastic main contract was 6,853 yuan/ton, a week - on - week increase of 0.75%. The average price of LDPE was 9,116.67 yuan/ton, a week - on - week decrease of 1.08%; the average price of HDPE was 7,532.5 yuan/ton, a week - on - week decrease of 0.23%; the average price of LLDPE (7042) in South China was 7,292.35 yuan/ton, a week - on - week decrease of 0.59%. The LLDPE South China basis was 439.35 yuan/ton, a week - on - week decrease of 17.71%, and the 1 - 5 month spread was - 62 yuan/ton (+17) [8][11]. Key Data Tracking - **Month - spread**: On November 14, 2025, the 1 - 5 month spread was - 62 yuan/ton (+17), the 5 - 9 month spread was - 41 yuan/ton (+5), and the 9 - 1 month spread was 103 yuan/ton (- 22) [17]. - **Spot Price**: Detailed spot prices of different regions and varieties of HDPE, LDPE, and LLDPE are provided, along with their price changes [18][19]. - **Cost**: In October, WTI crude oil closed at 59.81 US dollars/barrel, a decrease of 0.03 US dollars/barrel from the previous week, and Brent crude oil closed at 64.24 US dollars/barrel, an increase of 0.54 US dollars/barrel from the previous week. The quotation of anthracite at the Yangtze River port was 1,110 yuan/ton (+0) [21]. - **Profit**: The profit of oil - based PE was - 404 yuan/ton, a decrease of 35 yuan/ton from the previous week, and the profit of coal - based PE was - 195 yuan/ton, a decrease of 236 yuan/ton from the previous week [26]. - **Supply**: This week, the operating rate of polyethylene production in China was 83.14%, an increase of 0.55 percentage points from the previous week. The weekly output of polyethylene was 67.37 tons, a week - on - week increase of 1.97%. The maintenance loss this week was 8.89 tons, a decrease of 0.40 tons from the previous week [30]. - **2025 Production Plan**: Multiple companies have put into production or are planned to put into production PE devices in 2025, with a total planned production capacity of 543 [33]. - **Maintenance Statistics**: Many enterprises' PE devices are in maintenance, with some having undetermined restart times [34]. - **Demand**: This week, the overall operating rate of domestic agricultural film was 49.96%, unchanged from the previous week; the operating rate of PE packaging film was 50.41%, a decrease of 0.37 percentage points from the previous weekend, and the operating rate of PE pipes was 31.67%, unchanged from the previous weekend [36]. - **Downstream Production Ratio**: Currently, the production ratio of linear film is the highest, accounting for 34%, with a difference of 1.3% from the annual average level. The data of low - pressure pipes differ significantly from the annual average, currently accounting for 13.5%, with a difference of 3.2% from the annual average level [41]. - **Inventory**: This week, the social inventory of plastic enterprises was 50.01 tons, a decrease of 0.95 tons from the previous week, a week - on - week decrease of 1.86% [43]. - **Warehouse Receipts**: The number of polyethylene warehouse receipts was 12,067 lots, a decrease of 602 lots from the previous week [47]. PP Weekly Market Review - On November 14, the closing price of the polypropylene main contract was 6,474 yuan/ton, an increase of 10 yuan/ton from the previous weekend, a week - on - week increase of 0.15% [51]. Key Data Tracking - **Downstream Spot Price**: The prices and price changes of various PP - related products and other plastics are provided [53][55]. - **Basis**: On November 14, the spot price of polypropylene reported by Shengyi.com was 6,486.67 yuan/ton (- 220). The PP basis was 13 yuan/ton (- 230), and the basis narrowed. The 1 - 5 month spread was - 101 yuan/ton (+9), and the month - spread widened [57]. - **Month - spread**: On November 14, 2025, the 1 - 5 month spread was - 101 yuan/ton (+9), the 5 - 9 month spread was - 38 yuan/ton (+3), and the 9 - 1 month spread was 139 yuan/ton (- 12) [63]. - **Cost**: In October, WTI crude oil closed at 59.81 US dollars/barrel, a decrease of 0.03 US dollars/barrel from the previous week, and Brent crude oil closed at 64.24 US dollars/barrel, an increase of 0.54 US dollars/barrel from the previous week. The quotation of anthracite at the Yangtze River port was 1,110 yuan/ton (+0) [68]. - **Profit**: The profit of oil - based PP was - 585.28 yuan/ton, a decrease of 25 yuan/ton from the previous weekend, and the profit of coal - based PP was - 531.73 yuan/ton, a decrease of 126.73 yuan/ton from the previous weekend [73]. - **Supply**: This week, the operating rate of Chinese PP petrochemical enterprises was 79.63%, an increase of 1.85 percentage points from the previous week. The weekly output of PP pellets reached 82.22 tons, a week - on - week increase of 3.22%, and the weekly output of PP powder reached 7.87 tons, a week - on - week increase of 1.37% [78]. - **Maintenance Statistics**: Many enterprises' PP production lines are in maintenance, with some having undetermined restart times [81]. - **Demand**: This week, the average operating rate of downstream industries was 53%, an increase of 0.14 percentage points. The operating rate of plastic weaving was 44.24% (- 0.22%), the operating rate of BOPP was 62.60% (+0.15%), the operating rate of injection molding was 59.21% (+0.08%), and the operating rate of pipes was 37.67% (+0.37%) [83]. - **Import and Export Profit**: This week, the import profit of polypropylene was - 282.27 US dollars/ton, an increase of 65.42 US dollars/ton compared with the previous week. The export profit was - 21.39 US dollars/ton, an increase of 6.07 US dollars/ton compared with the previous week [89]. - **Inventory**: This week, the domestic inventory of polypropylene was 62.00 tons (+3.35%); the inventory of Sinopec and PetroChina increased by 7.26% week - on - week; the inventory of traders decreased by 4.94% week - on - week; the port inventory increased by 3.56% week - on - week [92]. - **Inventory of Downstream Enterprises**: This week, the finished product inventory of large - scale plastic weaving enterprises was 1,001.19 tons, a decrease of 4.68% week - on - week, and the raw material inventory of BOPP was 9.60 days, an increase of 3.11% week - on - week [100]. - **Warehouse Receipts**: The number of polypropylene warehouse receipts was 14,642 lots, an increase of 13 lots from the previous week [105].

Report Title - Copper Weekly Report: Macroeconomic Uncertainty Persists, Copper Prices Fluctuate at High Levels [1] Report Date - November 17, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - Last week, Shanghai copper fluctuated at a high level, closing at 86,900 yuan/ton on Friday, with a weekly increase of 1.11%. The end of the US government shutdown boosted market confidence, but the Fed's internal differences on interest rates made the market cautious. Fundamentally, the copper concentrate TC remains at a historically low negative level, and the shortage of copper mines supports the medium - and long - term price center of copper. Domestic electrolytic copper production may remain low due to anti - involution expectations in copper smelting and anode copper supply. The decline in copper prices has boosted terminal demand, and copper prices may continue to fluctuate at a high level [5]. - The US government shutdown end boosted market confidence, but the upcoming release of employment and inflation data adds uncertainty. The Fed's policy expectation has turned cautious, and the probability of a December interest rate cut has dropped significantly. Fundamentally, the copper concentrate TC has rebounded slightly but remains negative, strongly supporting copper prices. After the peak season, high copper prices have suppressed downstream consumption, and overall consumption is average. Although domestic and foreign inventories are stable, there is a slight increase. In the long term, the demand for copper is optimistic, but in the short term, the suppression of consumption by high copper prices and the impact of Fed policy changes should be noted. It is recommended to wait and see or conduct light - position range trading [10]. Summary by Directory 1. Main Viewpoints and Strategies 1.1 Market Review - Last week, Shanghai copper fluctuated at a high level, closing at 86,900 yuan/ton on Friday, with a weekly increase of 1.11%. The end of the US government shutdown boosted market confidence, but the Fed's internal differences on interest rates made the market cautious [5]. 1.2 Supply Side - As of November 14, the domestic copper concentrate port inventory was 530,000 tons, a week - on - week increase of 6.43%. The spot rough smelting fee for copper concentrate was - 41.72 US dollars/ton, still at a historical low. In October, the domestic southern copper scrap processing fee was 1,000 yuan/ton, an increase of 300 yuan/ton from the previous month; the imported CIF copper scrap processing fee was 90 US dollars/ton, an increase of 5 US dollars/ton from the previous month. Domestic electrolytic copper production continued to decline. In October, the electrolytic copper production was 1.0916 million tons, a year - on - year increase of 9.63% and a month - on - month decrease of 4.31% [8]. 1.3 Demand Side - As of November 13, the weekly operating rate of domestic major refined copper rod enterprises was 66.88%, a week - on - week increase of 4.91 percentage points. The decline in copper prices increased downstream purchasing sentiment, and new orders were concentratedly released, leading to an increase in the operating rate of refined copper rods. In October, the operating rates of copper strips, copper foils, and copper rods were 64.97%, 84.22%, and 43.48% respectively. High copper prices in October suppressed downstream purchasing enthusiasm, and terminal demand was not released as expected. The overall operating rate of copper strip enterprises was weak. The sales of new energy vehicles continued to be good, and the demand in the traditional peak season continued to grow at a high rate; some energy storage enterprises were still in the capacity - climbing stage, continuously releasing new production, and the operating rate of copper foil enterprises increased for six consecutive months. High copper prices suppressed demand, and the operating rate of brass rods decreased under pressure [9]. 1.4 Inventory - As of November 14, the copper inventory on the Shanghai Futures Exchange was 10.94 tons, a week - on - week decrease of 4.89%. As of November 13, the domestic social copper inventory was 201,100 tons, a week - on - week decrease of 1.08%. The decline in copper prices increased downstream purchasing sentiment. As of November 14, the LME copper inventory was 135,700 tons, a week - on - week decrease of 0.13%, and the de - stocking of LME copper slowed down. The COMEX copper inventory was 38,130 short tons, a week - on - week increase of 3.23%, and the inventory continued to increase [9]. 1.5 Strategy Suggestion - It is recommended to wait and see or conduct light - position range trading due to macroeconomic uncertainty and fundamental factors [10]. 2. Macroeconomic and Industrial News 2.1 Macroeconomic Data Overview - China's October RatingDog manufacturing PMI was 50.6, remaining above the boom - bust line for three consecutive months, indicating continuous improvement in manufacturing sentiment but a slowdown in growth [14]. - China's October exports denominated in US dollars decreased by 1.1% year - on - year, and imports increased by 1.0% year - on - year. In the first 10 months of 2025, China's total goods trade volume increased by 3.6% year - on - year [14]. - The People's Bank of China increased its gold reserves by 30,000 ounces in October, for the 12th consecutive month of increase [14]. - The US October ISM manufacturing PMI contracted for the eighth consecutive month due to weak production and demand [14]. - The eurozone's October manufacturing PMI final value was 50, indicating stagnation. The manufacturing PMIs of Germany and France remained in the contraction zone [14]. - The US officially included copper in the new critical minerals list, which may affect future tariff policies and trade restrictions [14]. 2.2 Industrial News Overview - The National Development and Reform Commission and the National Energy Administration optimized the new energy allocation and consumption plan, aiming to establish a new energy consumption and regulation system by 2030 [16]. - China's new social financing in October was 81 billion yuan, and the M2 - M1 gap widened. The social financing scale in the first 10 months of 2025 increased by 3.83 trillion yuan year - on - year [16]. - China's industrial added value above designated size increased by 4.9% year - on - year in October, and the year - on - year growth rate of social consumer goods retail slowed down to 2.9% [16]. - The number of private sector jobs in the US decreased by 45,000 in October, the largest decline in two and a half years [16]. - The US House of Representatives passed a temporary appropriation bill, and the US government restarted after a 43 - day shutdown [16]. 3. Futures and Spot Markets and Positioning 3.1 Premium and Discount - As copper prices declined, the spot trading of Shanghai copper improved, but then the spot price of Shanghai copper was under pressure as the price center slightly increased. The spot premium and discount of Shanghai copper stabilized near the delivery date. The LME copper 0 - 3 maintained a narrowing discount, and the price difference between New York and London copper weakened [20]. 3.2 Domestic and Foreign Positions - As of November 14, the futures position of Shanghai copper was 192,293 lots, a week - on - week decrease of 7.17%; the average daily trading volume of Shanghai copper during the week was 90,993.80 lots, a week - on - week decrease of 30.24%. The position and trading volume of Shanghai copper decreased significantly. As of November 7, the net long position of LME copper investment companies and credit institutions was 10,989.12 lots, a week - on - week increase of 11.43%, and the net long position continued to rise [23]. 4. Fundamental Data 4.1 Supply Side - The contradiction between mining and smelting continued, and the TC remained at a low level. As of November 14, the domestic copper concentrate port inventory was 530,000 tons, a week - on - week increase of 6.43%. The spot rough smelting fee for copper concentrate was - 41.72 US dollars/ton, still at a historical low. In October, the domestic southern copper scrap processing fee was 1,000 yuan/ton, an increase of 300 yuan/ton from the previous month; the imported CIF copper scrap processing fee was 90 US dollars/ton, an increase of 5 US dollars/ton from the previous month. Domestic electrolytic copper production continued to decline. In October, the electrolytic copper production was 1.0916 million tons, a year - on - year increase of 9.63% and a month - on - month decrease of 4.31% [28]. 4.2 Downstream Operating Rates - As of November 13, the weekly operating rate of domestic major refined copper rod enterprises was 66.88%, a week - on - week increase of 4.91 percentage points. The decline in copper prices increased downstream purchasing sentiment, and new orders were concentratedly released, leading to an increase in the operating rate of refined copper rods. In October, the operating rates of copper strips, copper foils, and copper rods were 64.97%, 84.22%, and 43.48% respectively. High copper prices in October suppressed downstream purchasing enthusiasm, and terminal demand was not released as expected. The overall operating rate of copper strip enterprises was weak. The sales of new energy vehicles continued to be good, and the demand in the traditional peak season continued to grow at a high rate; some energy storage enterprises were still in the capacity - climbing stage, continuously releasing new production, and the operating rate of copper foil enterprises increased for six consecutive months. High copper prices suppressed demand, and the operating rate of brass rods decreased under pressure [32]. 4.3 Inventory - As of November 14, the copper inventory on the Shanghai Futures Exchange was 10.94 tons, a week - on - week decrease of 4.89%. As of November 13, the domestic social copper inventory was 201,100 tons, a week - on - week decrease of 1.08%. The decline in copper prices increased downstream purchasing sentiment. As of November 14, the LME copper inventory was 135,700 tons, a week - on - week decrease of 0.13%, and the de - stocking of LME copper slowed down. The COMEX copper inventory was 38,130 short tons, a week - on - week increase of 3.23%, and the inventory continued to increase [36]

Group 1: Report Summary - The report is the Weekly Precious Metals Report by Changjiang Futures, dated November 17, 2025 [1] Group 2: Industry Investment Rating - There is no information about the industry investment rating in the provided content Group 3: Core Viewpoints - The end of the US government shutdown and the mitigation of liquidity shocks, along with hawkish statements from multiple Fed officials, have led to a strong - oscillating trend in precious metal prices. The market is divided on whether there will be an interest rate cut in December, and the expected end - point of this round of rate cuts has been lowered. Amid concerns about the US fiscal situation and Fed independence, precious metal prices are expected to be supported in the medium - term but are currently in a short - term adjustment phase [6][9][11] Group 4: Summary by Directory 4.1 Market Review - US government shutdown ended and liquidity shock eased. Fed officials made hawkish statements. The price of US gold was in a strong - oscillating state, closing at $4084 per ounce last Friday, up 1.9% for the week. The upper resistance level is $4150, and the lower support level is $3980. The price of US silver also showed a strong - oscillating trend, with a weekly increase of 4.5%, closing at $50.4 per ounce. The lower support level is $49, and the upper resistance level is $51.5 [6][9] 4.2 Weekly Viewpoint - The end of the US government shutdown and hawkish Fed statements have reduced the market's expectation of a December rate cut. The market is divided on the December rate cut, and the expected end - point of rate cuts has been lowered. With a slowdown in the US employment situation and concerns about the US economy and Fed independence, precious metal prices are expected to be supported in the medium - term but are in short - term adjustment. Strategy advice is to trade cautiously within a range, with the reference operating range for SHFE gold contract 12 being 910 - 970 and for SHFE silver contract 12 being 11500 - 12400 [11][13] 4.3 Overseas Macroeconomic Indicators - The report presents data and trends of various overseas macroeconomic indicators, including the US dollar index, euro - US dollar exchange rate, pound - US dollar exchange rate, real interest rate, inflation expectation, US Treasury yield spread, gold - silver ratio, Fed balance sheet size, and WTI crude oil futures price [15][17][21] 4.4 Important Economic Data of the Week - The ZEW Economic Sentiment Index for the eurozone in November was 25, compared with the previous value of 22.7 [28] 4.5 Important Macroeconomic Events and Policies of the Week - The US House of Representatives passed a federal government temporary appropriation bill, ending the government shutdown. There are internal disagreements within the Fed on interest rate cuts, and it is uncertain whether there will be a rate cut in December [29] 4.6 Inventory - This week, COMEX gold inventory decreased by 10,789.81 kg to 1,162,728.30 kg, while SHFE gold inventory increased by 810 kg to 90,426 kg. COMEX silver inventory decreased by 138,277.37 kg to 14,795,008.84 kg, and SHFE silver inventory decreased by 46,158 kg to 576,894 kg [13][33] 4.7 Fund Holdings - This week, the net long position of gold CFTC speculative funds was 259,261 contracts, an increase of 3,182 contracts from last week. The net long position of silver CFTC speculative funds was 49,507 contracts, an increase of 729 contracts from last week [13][38] 4.8 Key Points to Watch This Week - On Thursday, November 20th, at 21:30, important economic indicators to watch include the seasonally - adjusted change in US non - farm payrolls for September and the US unemployment rate for September [40]

Report Information - Report Name: Carbonate Lithium Weekly Report [2] - Date: November 17, 2025 [3] - Researcher: Wang Guodong [1] Industry Investment Rating - Not provided Core Viewpoints - The domestic supply and demand of carbonate lithium maintain a tight balance. The downstream demand is strong, and it is expected that the subsequent imports of lithium salts from South America will supplement the supply. The price is expected to continue a strong and volatile trend, and it is recommended to build positions at low prices. Attention should be paid to the progress of the mining certificates of Yichun mines and the resumption of production of the Ningde Jianxiawo lithium mine [6]. Summary by Section 1. Weekly Viewpoint Supply Side - Last week, the production of carbonate lithium increased by 385 tons week-on-week to 23,850 tons, and the production in October increased by 10% month-on-month to 105,040 tons. The Ningde Jianxiawo mine has been shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply. In the third quarter, Australian mines achieved cost control, and the room for further cost reduction is extremely limited, with most mainstream Australian mines reducing their capital expenditure for fiscal year 25. In September 2025, China imported 711,000 tons of lithium concentrate, a 14.7% month - on - month increase. The top three countries in terms of import volume were Australia, Nigeria, and Zimbabwe. The import of lithium concentrate from Australia increased by 64.1% month - on - month, from Zimbabwe decreased by 7.8% to 109,000 tons, from Nigeria increased by 14.4% to 120,000 tons, and from South Africa increased by 109,000 tons. In September, the import of carbonate lithium was 19,597 tons, a 10.3% month - on - month decrease, with 11,000 tons from Chile, accounting for 55% [5]. - The CIF price of imported lithium spodumene concentrate increased week - on - week, and some manufacturers producing carbonate lithium with purchased lithium ore faced cost inversion. Enterprises with their own ore and salt lakes had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5]. Demand Side - The overall production schedule in October increased month - on - month, and the production schedule of large battery cell manufacturers in September increased by 8% month - on - month. In October, the total production of power and other batteries in China was 170.6 GWh, a 12.9% month - on - month increase and a 50.5% year - on - year increase. The total export of power and other batteries was 28.2 GWh, a 5.5% month - on - month increase and a 33.5% year - on - year increase. The sales volume of power and other batteries was 166.0 GWh, a 13.3% month - on - month increase and a 50.8% year - on - year increase. The trade - in policy and the extension of the new energy vehicle purchase tax at the policy level are also expected to continue to support the rapid growth of the new energy vehicle market sales in China [6]. Inventory - This week, the inventory of carbonate lithium showed a destocking state, with the factory inventory of carbonate lithium decreasing by 160 tons and the futures inventory decreasing by 162 tons [6]. Strategy Suggestion - From the supply side, the Ningde Jianxiawo mine is still shut down. In October, the domestic production of carbonate lithium increased by 10% month - on - month. In September, the import of lithium concentrate was 711,000 tons, a 14.7% month - on - month increase, and the total import of carbonate lithium in September was about 19,597 tons, a 10% month - on - month decrease and a 20% year - on - year increase. The downstream demand is strong, and the domestic supply and demand maintain a tight balance. It is expected that the subsequent imports of lithium salts from South America will supplement the supply. From the demand side, the terminal demand for energy storage continues to be good. The production schedule of cathode materials in October is expected to increase by 4% month - on - month, and the production schedule in September increased by 8% month - on - month. The risk of mining certificates in Yichun, Jiangxi persists. With the profit recovery, the production of lithium from ore continues to increase, and the cost center moves up. At present, there is still no conclusion on the submission and review of the reserve verification reports of Yichun mining enterprises. The downstream production schedule exceeds expectations, and attention should be paid to the disturbances at the Yichun mine end. During the peak season, downstream enterprises actively purchase carbonate lithium, and the destocking trend continues. It is expected that the price will continue to fluctuate strongly. It is recommended to build positions at low prices and continue to pay attention to the progress of the mining certificates of Yichun mines and the resumption of production of the Ningde Jianxiawo lithium mine [6]. 2. Key Data Tracking - The report presents multiple data charts, including the spot含税均价 of carbonate lithium, weekly and monthly production of carbonate lithium, weekly and factory monthly inventory of carbonate lithium, average prices of carbonate lithium and lithium concentrate, production of power and other batteries, production of different raw - material - based carbonate lithium, differences between domestic power battery production and loading volume, production of cathode materials such as lithium iron phosphate and ternary materials, average production cost of carbonate lithium, import volume of carbonate lithium and lithium spodumene, and market prices of lithium iron phosphate and ternary materials [8][11][13][18][20][23][24][26][30][32][36][38][40][42]. - In October 2024, the production of carbonate lithium from different raw materials accounted for 19.56% from salt lakes, 23.55% from lithium mica, and 44.87% from lithium spodumene [24][25].

Report Information - Report Name: Yangtze River Futures Meal and Oil Weekly Report - Date: November 17, 2025 - Researcher: Ye Tian [1] Industry Investment Rating No information provided. Core Views - For soybean meal, the loss of crushing profit supports its strong operation. The US soybean supply - demand tightens, and domestic soybean meal is expected to fluctuate widely with the US soybean, but its price is expected to be slightly stronger due to profit losses and the de - stocking cycle [6][7]. - For oils, the reports (USDA11 and MPOB10) have a neutral - bearish impact, and the upward rebound of futures prices is limited. In the long - term, the market should focus on potential positive factors such as biodiesel policies and weather conditions [81][82]. Summary by Directory 1. Soybean Meal a. Period and Spot Market - As of November 14, the East China spot price was 3020 yuan/ton, up 30 yuan/ton weekly; the M2601 contract closed at 3092 yuan/ton, up 34 yuan/ton weekly; the basis was 01 - 70 yuan/ton, down 10 yuan/ton. Before the release of the US soybean supply - demand report, the US soybean price rose sharply but then fell back due to lower - than - expected yield cuts. Domestic soybean meal followed the cost increase, but the spot supply pressure continued, and the basis weakened [7][9]. b. Supply - The USDA November report showed that the US soybean price dropped to 53 cents/bushel, with the yield higher than expected and the ending stocks reduced to 290 million bushels. As of November 8, the Brazilian soybean planting rate was 58.4%. In China, the November soybean arrival is normal, but the 12 - January purchases are slow due to profit losses, with a strong de - stocking expectation [7]. c. Demand - In 2025, the domestic breeding profit improved, with high livestock and poultry inventories, supporting a feed demand increase of over 7%. The soybean meal addition ratio increased, and the fourth - quarter demand is expected to increase by over 5%, corresponding to a monthly soybean crushing volume of over 9 million tons. As of the latest data, the national soybean inventory increased to 761.95 million tons, and the soybean meal inventory decreased to 99.86 million tons [7]. d. Cost - The 25/26 US soybean planting cost dropped to 1150 cents/bushel, and the bottom price is expected to be around 100 cents/bushel. Based on certain calculations, the domestic soybean meal cost is 3070 yuan/ton [7]. e. Market Summary and Strategy - The US soybean is expected to fluctuate widely, and domestic soybean meal is expected to be slightly stronger. The strategy suggests range - bound operations for the M2601 contract and for spot enterprises to sell the basis on rallies and roll long positions [7]. 2. Oils a. Period and Spot Market - As of the week of November 14, palm oil, soybean oil, and rapeseed oil futures and spot prices showed different trends. Palm oil was the weakest due to the MPOB report and poor export data, while rapeseed oil was the strongest due to supply concerns [82][83]. b. Palm Oil - The MPOB October report showed an increase in both production and demand, with the ending stocks rising to 2.46 million tons. The SPPOMA data indicated a 2.16% decline in production from November 1 - 10. However, exports from November 1 - 10 decreased by 9.5 - 12.3%. In China, the 10 - November palm oil purchases are similar to 2024, and the inventory is expected to gradually accumulate [82]. c. Soybean Oil - The USDA November report had a neutral - bearish impact, with a reduction in both inventory and export. The US soybean futures are expected to be under pressure, and the domestic soybean oil inventory decreased slightly. In the long - term, the soybean supply is expected to be relatively sufficient, limiting the de - stocking speed [82]. d. Rapeseed Oil - Due to concerns about the continued tight supply of rapeseed before the arrival of Australian rapeseed in late November and the Canadian biodiesel policy, the domestic rapeseed oil is in a slow de - stocking process. However, considering the potential improvement in China - Canada relations, the upward space for rapeseed oil is limited [82]. e. Weekly Summary and Strategy - In the short - term, the upward rebound of domestic oils is limited. The strategy suggests not chasing the rise and taking a long - on - dips approach for the 01 contracts. For arbitrage, pay attention to the long - 1 - short - 5 spread for rapeseed oil and the short - 1 - long - 5 spread for palm oil [82].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating. 2. Core Views of the Report - The pig market is in a downward bottoming cycle, with short - term prices trading in a narrow range and mid - to long - term prices facing pressure due to slow capacity reduction and high supply. Egg market has a marginal improvement in supply - demand looseness, with short - term price fluctuations and long - term capacity clearance taking time. The corn market is in a new grain listing period, with short - term selling pressure and mid - to long - term cost support but a relatively loose supply - demand pattern [4][5][6]. 3. Summary by Directory 3.1 Pig 3.1.1 Period and Spot Ends - As of November 14, the national spot price was 11.62 yuan/kg, down 0.20 yuan/kg from last week; Henan pig price was 11.93 yuan/kg, down 0.11 yuan/kg; the futures contract 2501 closed at 11775 yuan/ton, down 90 yuan/ton; the 01 contract basis was 155 yuan/ton, down 20 yuan/ton. Weekly pig prices first rose and then fell, with the center of gravity moving down [4][61]. 3.1.2 Supply End - In September 2025, the official inventory of breeding sows was at the upper limit of the equilibrium range. In October, the inventory of breeding sows in consulting agency samples showed one increase and one decrease, indicating slow capacity reduction. The overall sow capacity is abundant, and with improved production performance, the pressure of pig slaughter will remain high before the first half of next year. In November, the planned pig slaughter volume of scale enterprises decreased month - on - month. The fat - standard price difference widened, with retail farmers pressing栏 and group enterprises accelerating slaughter. The proportion of small pig slaughter increased, and the average slaughter weight continued to grow [4][61]. 3.1.3 Demand End - The weekly slaughter start - up rate and slaughter volume first increased and then decreased, with a slight overall increase. The low pig price at the beginning of the week drove the increase in slaughter volume, but as the price rose, consumer purchases were average, and the slaughter volume declined. The weekly white - strip price continued to fall, the fresh - sales rate decreased, and the frozen - product storage rate increased slightly [4][61]. 3.1.4 Cost End - The weekly piglet price rose slightly, and the price of binary breeding sows was stable. The losses of self - breeding and self - raising and purchasing piglets for fattening expanded. The cost of self - breeding and self - raising 5 - month - old fattening pigs decreased slightly from last week. The current pig - grain ratio is still below the warning line, and national policies should be monitored [4][61]. 3.1.5 Weekly Summary - In November, the planned slaughter volume of scale enterprises decreased month - on - month, and the supply pressure was relieved. The large fat - standard price difference and pickling demand supported the price, but the industry's caution about future prices limited the price increase. In the mid - to long - term, the reduction of breeding sow inventory is limited, and the supply will remain high before the first half of next year [4][61]. 3.1.6 Strategy Suggestion - For near - term contracts, although there is support from the pickling season, the supply shift suppresses the upside. For off - season contracts, the prices are still under pressure. Short on rebounds and pay attention to the long 05 and short 03 arbitrage. For far - term contracts, be cautious about chasing up due to slow capacity reduction [4][61]. 3.2 Egg 3.2.1 Period and Spot Ends - As of November 14, the average price in the main egg - producing areas was 2.97 yuan/jin, down 0.06 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.04 yuan/jin, down 0.01 yuan/jin. The main egg contract 2512 closed at 3033 yuan/500 kg, down 186 yuan/500 kg. The main contract basis was - 323 yuan/500 kg, up 96 yuan/500 kg from last Friday. The weekly egg price fluctuated in a narrow range, and it is expected to bottom out in the next week [5][84]. 3.2.2 Supply End - The newly - hatched laying hens in November correspond to the replenishment in July 2025, with both month - on - month and year - on - year declines, but the hatching volume remains relatively high. The culling process has slowed down recently, and the inventory of laying hens in October decreased slightly month - on - month but is still at a high level. In the mid - to long - term, the replenishment volume from August to October 2025 decreased continuously, and the inventory growth rate is expected to slow down [5][84]. 3.2.3 Demand End - After the "Double Eleven" e - commerce festival, the channel procurement demand weakened, but the cooling weather increased the enthusiasm of all links to enter the market. Low egg prices stimulated the demand for channel inventory. The long - term pressure on pork prices and high vegetable prices increased the cost - effectiveness of eggs, driving the substitution demand [5][84]. 3.2.4 Weekly Summary - The culling of old hens around the Mid - Autumn Festival relieved the supply pressure, but the current culling process has slowed down. The supply is still abundant in the short term, and the egg price is expected to face pressure in the short term. In the mid - to long - term, the supply pressure will gradually ease, but it will take time [5][84]. 3.2.5 Strategy Suggestion - Currently, the main 12 - contract has a large premium over the spot. In the short term, the spot price increase has slowed down, so the futures price is bearish. In the mid - term, the inventory growth rate slows down, and the supply - demand relationship improves marginally. In the long term, capacity clearance still takes time, and attention should be paid to external factors such as environmental protection policies and epidemics [5][84]. 3.3 Corn 3.3.1 Period and Spot Ends - As of November 14, the corn closing price at Jinzhou Port in Liaoning was 2215 yuan/ton, up 55 yuan/ton from last Friday; the main corn contract 2601 closed at 2185 yuan/ton, up 36 yuan/ton. The main contract basis was 30 yuan/ton, up 19 yuan/ton from last Friday. The weekly national corn price was strong, but the overall market is still in the bottom - building stage [6][102]. 3.3.2 Supply End - Currently in the new grain listing period, the shipping from the Northeast to ports is inverted, and the volume of grain collection at northern ports decreased weekly. The selling progress in North China slowed down. In September, corn imports were 60,000 tons, a 50% month - on - month increase and an 80.6% year - on - year decrease. International grain imports remained at a low level. As of November 7, the inventories at northern and southern ports were 1.24 million tons and 866,000 tons respectively, with month - on - month increases [6][102]. 3.3.3 Demand End - From May to November 2024, the inventory of sows increased, and there was a slight reduction from December to January. The performance improved, and the inventory of pigs and poultry remained at a high level this year, driving rigid feed demand. As the corn price dropped significantly, the corn - wheat price difference widened, and the feed demand for corn increased. The inventory days of downstream feed enterprises stopped falling and rebounded, but are still at a low level. The deep - processing profit turned positive, and the start - up rate increased, but the finished - product inventory is high, limiting the increase in deep - processing demand [6][102]. 3.3.4 Weekly Summary - In the early stage of new grain listing, the high enthusiasm of farmers to sell grain put pressure on prices. As the number of purchasing entities increased, the slowdown in the selling rhythm supported the price. In the mid - to long - term, the 2025/2026 corn planting cost decreased, and the weather during the growing period was suitable, with expected high yields. However, the carry - over inventory of old crops is low, and imports are expected to increase but remain at a low level. The demand is rigid but weak, and the supply - demand pattern is relatively loose [6][102]. 3.3.5 Strategy Suggestion - In the short term, the selling pressure needs to be digested, so be cautious about chasing up the futures price. In the mid - to long - term, the demand will gradually be released, and there is strong support at the bottom, but the relatively loose supply - demand pattern in 2025/2026 limits the upside [6][102].

Report Overview - **Report Title**: Black: Raw Materials Alternately Decline, Steel Relatively Resilient [1] - **Report Date**: November 17, 2025 [1] - **Reporting Company**: Yangtze River Futures Co., Ltd. [1] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint - The raw materials decline alternately while steel shows relative resilience [2]. 3. Summary by Directory 3.1 Black Sector Performance - Last week, the black sector showed a divergent trend. Steel and iron ore prices remained stable, while coking coal and coke prices dropped significantly. The strength relationship among varieties was iron ore > rebar > hot-rolled coil > coke > coking coal [3]. 3.2 Futures Market Comparison - The futures market showed a differentiated trend, with non-ferrous metals performing strongly [6]. 3.3 Spot Prices - Rebar and iron ore prices increased, while scrap steel prices decreased slightly [8]. 3.4 Profit and Valuation - The profitability of steel mills declined, and the valuation of rebar futures was relatively low [10]. 3.5 Steel Supply and Demand - Both steel production and demand decreased, and inventory was slowly depleted [12]. 3.6 Iron Ore Supply and Demand - Iron ore arrivals at ports were high, leading to continuous increases in port inventory. Although pig iron production rebounded last week, it is expected to decline again in the future, and the supply-demand pattern of iron ore will gradually become looser [3][21]. 3.7 Coking Coal Supply and Demand - Coking coal production increased slightly last week, and inventory accumulated. The profitability of coking plants was poor, and coke production dropped to a low level, with coke inventory being depleted again [3]. 3.8 Coke Supply and Demand - Coke production continued to decline, and inventory was depleted again [26]. 3.9 Variety Spreads - The mill's paper profit rebounded from the bottom, and the rebar-coke price ratio widened [28]. 3.10 Key Data/Policy/Information - Multiple cities in Hebei lifted the emergency response for heavy pollution weather. China's foreign exchange reserves and gold reserves changed in October. The vice premier will visit Guinea and Sierra Leone and attend the commissioning ceremony of the Simandou Iron Ore Project. The US suspended the 301 investigation on China's shipbuilding industry for one year. Xinjiang steel mills' winter maintenance and production cuts are progressing, with an estimated reduction of about 2 million tons of construction steel output, accounting for about 25% of the estimated total output in 2025. Mysteel predicts that the total output of the Simandou project in 2026 will reach 20 million tons. Most provinces, municipalities, and autonomous regions have suspended automobile replacement subsidies or scrapping and renewal subsidies. The National Development and Reform Commission held a video conference on energy supply guarantee for the heating season from 2025 - 2026 [33].

Report Industry Investment Rating - The investment strategy for the glass industry is to expect a weak and volatile trend [3] Core Viewpoints - Last week, the glass futures showed a weak performance, and the main contract's open interest reached a new high. With insufficient expectations for macro - policies, the market was more in line with the fundamentals, showing a downward trend. The end - of - year demand is likely to weaken further, and there is delivery pressure in the near - term contracts. Technically, the moving averages are in a weak arrangement, and the short - side power is dominant and strengthening [3] Summary by Directory 01 Investment Strategy - The investment strategy is to expect a weak and volatile trend. The main logic is that the glass futures were weak last week, the supply side remained stable with no changes in production lines and constant daily melting volume, and the demand side weakened with manufacturers' production - sales ratio declining. The downstream was pessimistic, and processing factory orders deteriorated. For soda ash, although the cost increased due to rising coal prices, it was still considered from a short - selling perspective. The outlook is that the end - of - year demand may weaken, and there is delivery pressure in the near - term contracts. It is recommended to hold out - of - the - money call options on the glass 01 contract until expiration and continue to hold short positions on the 01 futures contract, with attention on the range of 990 - 1000 [3] 02 - 03 Market Review - **Spot and Futures Prices**: As of November 14, the 5mm float glass market price was 1110 yuan/ton (-20) in North China, 1140 yuan/ton (0) in Central China, and 1230 yuan/ton (-10) in East China. The glass 01 contract closed at 1032 yuan/ton last Friday, down 59 yuan for the week. The soda ash - glass price difference was 194 yuan/ton (+75), the glass 01 contract basis was 68 yuan/ton (+19), and the 01 - 05 contract spread was - 128 yuan/ton (+6) [10][11][13] 04 Profit - **Production Process Profits**: For the natural gas production process, the cost was 1574 yuan/ton (0), and the gross profit was - 344 yuan/ton (-10); for the coal - gas production process, the cost was 1210 yuan/ton (-2), and the gross profit was - 100 yuan/ton (-18); for the petroleum coke production process, the cost was 1092 yuan/ton (0), and the gross profit was 48 yuan/ton (0) [16] 05 Supply - The daily melting volume of glass was 157,505 tons per day (unchanged), and there were currently 222 production lines in operation. There have been multiple production line changes including cold - repairs, restarts, new ignitions, and product conversions [18][20] 06 Inventory - As of November 14, the total inventory of 80 glass sample manufacturers nationwide was 6,324.7 million weight boxes. The inventory in North China was 1112.2 million weight boxes (+30.7), in Central China was 710 million weight boxes (+8.3), in East China was 1333.3 million weight boxes (-11.4), in South China was 932.8 million weight boxes (-15.8), in Southwest China was 1301.5 million weight boxes (+7.6), the inventory in Shahe factories was 390 million weight boxes (-26), and in Hubei factories was 507 million weight boxes (-4) [22] 07 Deep - processing - On November 13, the comprehensive production - sales ratio of float glass was 88% (-26%). On November 14, the operating rate of LOW - E glass was 46.5% (+1.7%). At the beginning of November, the available order days for glass deep - processing were 10.8 days (+0.4) [26] 08 - 09 Demand - **Automobile Industry**: In October, China's automobile production was 3.359 million vehicles, a month - on - month increase of 83,000 and a year - on - year increase of 363,000; sales were 3.322 million vehicles, a month - on - month increase of 96,000 and a year - on - year increase of 269,000. The retail sales of new - energy passenger vehicles were 1.282 million, with a penetration rate of 57.2% [37] - **Real Estate Industry**: In September, China's real estate completion area was 34.3534 million square meters (0% year - on - year), new construction area was 55.9831 million square meters (-15% year - on - year), construction area was 54.7081 million square meters (-16% year - on - year), and commercial housing sales area was 85.3087 million square meters (-12% year - on - year). From November 15 to November 14, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.61 million square meters, a month - on - month decrease of 20% and a year - on - year decrease of 31%. In October, real estate development investment was 585.729 billion yuan, a year - on - year decrease of 23% [44] 10 - 13 Cost - side Soda Ash - **Spot and Futures Prices**: As of last weekend, the mainstream market prices of heavy soda ash were 1325 yuan/ton (0) in North China, 1250 yuan/ton (0) in East China, 1300 yuan/ton (0) in Central China, and 1450 yuan/ton (0) in South China. The soda ash 2601 contract closed at 1226 yuan/ton (+16) last Friday, and the basis of soda ash Huazhong 09 was 74 yuan/ton (-16) [47][51] - **Profit and Cost**: As of last Friday, the cost of the ammonia - soda process for soda ash enterprises was 1392 yuan/ton (+33), with a gross profit of - 24 yuan/ton (+20); the cost of the co - production process was 1871 yuan/ton (+80), with a gross profit of - 182 yuan/ton (-8). The market price of synthetic ammonia in Hubei was 2423 yuan/ton (+173), and the ex - factory price of wet ammonium chloride from Xuzhou Fengcheng was 300 yuan/ton (0) [53][54][55] - **Inventory**: As of November 14, the national in - factory inventory of soda ash was 170.73 million tons (a month - on - month decrease of 0.69 million tons), including 90.71 million tons of heavy soda ash (a month - on - month increase of 0.75 million tons) and 80.02 million tons of light soda ash (a month - on - month decrease of 1.44 million tons). The exchange soda ash warehouse receipts were 5454 (a month - on - month decrease of 2860) [62][67] - **Apparent Consumption and Production - sales Ratio**: Last week, the apparent consumption of heavy soda ash was 40.34 million tons, a week - on - week increase of 0.18 million tons; the apparent consumption of light soda ash was 34.27 million tons, a week - on - week increase of 0.97 million tons. The production - sales ratio of soda ash was 100.93%, a week - on - week increase of 2.57% [71][77]

Report Industry Investment Ratings Macro Finance - **Stock Index**: Mid-to-long term bullish, buy on dips [1][5] - **Treasury Bonds**: Range-bound [1][5] Black Building Materials - **Coking Coal**: Range trading [1] - **Rebar**: Range trading [1][7] - **Glass**: Sell call options [1][8] Non-Ferrous Metals - **Copper**: Short-term range trading [1][11] - **Aluminum**: Suggest buying on dips [1][12] - **Nickel**: Suggest waiting and seeing or shorting on rallies [1][17] - **Tin**: Range trading [1][17] - **Gold**: Range trading [1][19] - **Silver**: Range trading [1][18] Energy Chemicals - **PVC**: Range-bound with a weak bias, 01 contract pay attention to the 4700 resistance level [21][23] - **Caustic Soda**: Range-bound with a weak bias, 01 contract pay attention to the 2400 resistance level [24][25] - **Soda Ash**: Bearish strategy for the 01 contract [1][35] - **Styrene**: Range-bound with a weak bias, pay attention to the 6500 resistance level [26][27] - **Rubber**: Range-bound, pay attention to the 15000 support level [27][28] - **Urea**: Range-bound [30][31] - **Methanol**: Range-bound [31][32] - **Polyolefins**: Weak range-bound, L2601 pay attention to the 6800 support level, PP2601 pay attention to the 6500 support level [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range-bound [36] - **PTA**: Low-level range-bound, pay attention to the 4400 - 4700 range [36] - **Apple**: Range-bound with a strong bias [38] - **Red Dates**: Range-bound with a weak bias [38] Agricultural Livestock - **Hogs**: Rebound under pressure [1][40] - **Eggs**: Limited upside [1][43] - **Corn**: Range-bound at the bottom [46][47] - **Soybean Meal**: Range-bound [48] - **Oils and Fats**: Limited rebound [1][48] Core Views The report provides investment strategies and market analyses for various futures products across different industries. Market conditions are influenced by a variety of factors including macroeconomic policies, supply and demand fundamentals, and geopolitical events. Each product's investment strategy is based on its specific market situation and outlook [1][5][7]. Summary by Directory Macro Finance - **Stock Index**: Mid-to-long term bullish, but may range-bound in the short term due to rapid market hot - spot rotation and unclear main lines [5] - **Treasury Bonds**: Range-bound. The third - quarter monetary policy report maintains a moderately loose tone, and the possibility of using aggregate monetary policy tools this year is relatively limited. The market is in a range - bound and wait - and - see state [5][6] Black Building Materials - **Coking Coal and Rebar**: Range trading. Coking coal market has weak demand and price cuts, while rebar is undervalued but has limited upside due to weakening demand and potential production cuts [7][8] - **Glass**: Sell call options. End - of - year demand may weaken further, with high inventory and delivery pressure. Technical indicators show a bearish trend [8] Non - Ferrous Metals - **Copper**: High - level range - bound. The US government's situation and economic data add uncertainty, while the long - term demand outlook is positive but short - term consumption is suppressed [11] - **Aluminum**: Suggest waiting and seeing. Supply and demand fundamentals are complex, and there is a risk of over - trading the market's expectations [12][13] - **Nickel**: Suggest waiting and seeing or shorting on rallies. The new RKAB policy brings supply uncertainty, and the medium - to - long - term supply is in surplus [16][17] - **Tin**: Range trading. Supply is expected to improve, and downstream consumption is weak, but prices are supported [17] - **Gold and Silver**: Range trading. Uncertainty about the Fed's December interest - rate decision and concerns about the US economy support prices in the medium term but are in a short - term adjustment [18][19] Energy Chemicals - **PVC**: Range - bound with a weak bias. High supply, weak domestic demand, and uncertain export growth [23] - **Caustic Soda**: Range - bound with a weak bias. High inventory in the alumina industry and potential negative feedback in the industrial chain [25] - **Soda Ash**: Bearish for the 01 contract. Supply is in surplus, and although cost increases, supply pressure remains high [35] - **Styrene**: Range - bound with a weak bias. Weak chemical fundamentals and uncertain cost factors [27] - **Rubber**: Range - bound. High raw material prices, seasonal inventory accumulation, and weak terminal demand [28] - **Urea**: Range - bound. Supply increases, demand is driven by agriculture and industry, and inventory changes need attention [30][31] - **Methanol**: Range - bound. Supply increases, demand weakens, and inventory accumulates [31][32] - **Polyolefins**: Weak range - bound. Supply pressure increases, demand has no obvious increase, and cost pressure exists [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range - bound. Global cotton supply and demand are both increasing, and the end - of - season inventory is decreasing [36] - **PTA**: Low - level range - bound. Oil prices are weak, supply and demand are in a state of inventory accumulation, and downstream procurement is weak [36] - **Apple**: Range - bound with a strong bias. Production and quality decline, which may support prices [38] - **Red Dates**: Range - bound with a weak bias. Acquisition prices are slightly adjusted, and market sentiment is cautious [38] Agricultural Livestock - **Hogs**: Rebound under pressure. Short - term price fluctuations are limited, and medium - to - long - term supply remains high before the first half of next year [40][42] - **Eggs**: Limited upside. Supply is sufficient in the short term, and long - term supply pressure reduction requires time [43][45] - **Corn**: Range - bound at the bottom. Short - term supply is abundant, and long - term cost support exists, but demand growth is limited [46][47] - **Soybean Meal**: Range - bound. US soybean supply and demand are expected to tighten, but Brazilian production may limit the upside [48] - **Oils and Fats**: Limited rebound. Short - term reports have a neutral impact, and long - term potential factors need attention [54]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Urea's rebound is limited and is expected to fluctuate widely. The 01 contract is expected to trade in the range of 1,600 - 1,700 yuan/ton. This is mainly due to the recovery of urea maintenance devices leading to increased daily output, the spread of agricultural fertilizer demand, some support from compound fertilizer production for urea demand, appropriate low - price stocking for off - season storage, the re - accumulation of port inventory, a significant increase in registered warehouse receipts, and the high daily output and high inventory situation [4]. 3. Summary by Relevant Catalogs Market Changes - **Price**: On November 14th, the closing price of the urea 2601 contract was 1,652 yuan/ton, a decrease of 15 yuan/ton or 0.9% from the previous week. The average daily price in the Henan urea spot market was 1,594 yuan/ton, unchanged from the previous week [4][5]. - **Basis**: The main urea basis first strengthened and then weakened. On November 14th, the main basis in the Henan market was - 58 yuan/ton, with a weekly basis operating range of (-63) - (-33) yuan/ton [4][8]. - **Spread**: The 1 - 5 spread of urea fluctuated narrowly. On November 14th, the 1 - 5 spread was - 75 yuan/ton, with a weekly operating range of (-77) - (-72) yuan/ton [4][8]. Fundamental Changes Supply - The operating load rate of Chinese urea plants was 83.93%, an increase of 0.38 percentage points from the previous week. The operating load rate of gas - based enterprises was 72.89%, unchanged from the previous week. The average daily urea output was 19.67 tons. Some maintenance devices in Shanxi and Henan are planned to resume production next week, and supply is expected to increase [4][11]. Cost - The anthracite market continued its upward trend. As of November 13th, the含税 price of washed small anthracite blocks (S0.4 - 0.5) in Jincheng, Shanxi was 900 - 960 yuan/ton, with the price center rising 15 yuan/ton from the previous week's closing price [4][15]. Profit - The gross profit margin of coal - based urea was - 7.91%, and that of gas - based urea was - 14.25%. Due to the strong operation of coal prices at the cost end, the production profit of urea decreased slightly [15]. Demand - **Agricultural Demand**: The average pre - collection period of major urea producers was 4.1 days, and the weekly production - sales rate of urea enterprises was 96.4%. Autumn harvest and sowing are underway, agricultural demand is moderately increasing, and off - season storage is stocking at appropriate low prices, resulting in a marginal improvement in urea production and sales. Currently, winter wheat in the north is in the concentrated sowing period, and late rice in the south is in the large - scale harvesting stage [4][19][23]. - **Industrial Demand**: - The capacity utilization rate of compound fertilizer enterprises was 31.04%, unchanged from the previous week. The compound fertilizer inventory was 70.11 tons, a decrease of 0.33 tons from the previous week. Recently, the compound fertilizer production rate has increased, and the inventory reduction speed of finished products has slowed down [4][23]. - The operating load rate of melamine enterprises was 57.06%, an increase of 4.83 percentage points from the previous week, with a weekly output of 2,872 tons. It is expected that the operating load rate of domestic melamine enterprises will fluctuate above 60% next week [26]. - The national building materials and home furnishing prosperity index and the sales volume of large - scale building materials and home furnishing stores have increased, and the demand support for the panel market has been strengthened [27]. Inventory - Urea enterprise inventory was 128.3 tons, a decrease of 5.9 tons from the previous week. Urea port inventory was 26.1 tons, an increase of 5.6 tons from the previous week. The number of registered urea warehouse receipts was 7,183, equivalent to 14,366 tons, an increase of 2,598 from the previous week [4][30]. Key Points of Attention - The operating conditions of compound fertilizer enterprises, the production reduction and maintenance of urea devices, export policies, and coal price fluctuations [4]