1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - After the restart of previously overhauled devices, the short - term domestic output of cis - butadiene rubber is expected to increase, and the inventories of production enterprises and trading enterprises are also expected to rise slightly. The cost side support has strengthened slightly, but high - premium offers and private price - holding strategies have difficulty attracting buyers. Last week, tire enterprises had insufficient orders, some arranged overhauls and some reduced production, dragging down tire capacity utilization. As the production scheduling of overhauled enterprises gradually recovers, the tire enterprises' capacity utilization may show a restorative increase this week, but the overall demand improvement space is limited, and enterprise production control will continue to restrict the increase in capacity utilization. The br2601 contract is expected to fluctuate between 10,000 - 10,500 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber was 10,270 yuan/ton, a decrease of 125 yuan/ton; the position of the main contract was 15 (units not specified), a decrease of 5; the 1 - 2 spread of synthetic rubber was not specified in the change; the total warehouse receipt quantity of butadiene rubber in warehouses was 68,735 tons, a decrease of 1,588 tons [2]. 3.2 Spot Market - The mainstream prices of cis - butadiene rubber (BR9000) from different manufacturers in different regions increased by 50 yuan/ton. The basis of synthetic rubber was 105 yuan/ton, a decrease of 10 yuan/ton. The price of Brent crude oil was 63.37 dollars/barrel, an increase of 0.81 dollars/barrel; the price of naphtha CFR Japan was 562.63 dollars/ton, an increase of 0.75 dollars/ton [2]. 3.3 Upstream Situation - The price of Northeast Asian ethylene was 730 dollars/ton, unchanged; the intermediate price of butadiene CFR China was 800 dollars/ton, an increase of 30 dollars/ton; the price of WTI crude oil was 58.84 dollars/barrel, an increase of 0.78 dollars/barrel; the market price of butadiene in Shandong was 7,175 yuan/ton, a decrease of 175 yuan/ton. The weekly capacity of butadiene was 15.94 million tons/week, an increase of 0.38 million tons/week; the capacity utilization rate of butadiene was 72.53%, a decrease of 0.49 percentage points. The port inventory of butadiene was 39,800 tons, an increase of 10,800 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation was 54.26%, an increase of 1.01 percentage points [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 70.05%, a decrease of 3.63 percentage points; the operating rate of domestic all - steel tires was 62.25%, a decrease of 2.25 percentage points. The monthly output of all - steel tires was 12.42 million pieces, a decrease of 720,000 pieces; the monthly output of semi - steel tires was 51.68 million pieces, a decrease of 8.57 million pieces. The inventory days of all - steel tires in Shandong were 40.24 days, an increase of 0.69 days; the inventory days of semi - steel tires in Shandong were 45.86 days, an increase of 0.5 days [2]. 3.5 Industry News - As of November 20, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 69.36%, a decrease of 3.63 percentage points month - on - month and 10.40 percentage points year - on - year; the capacity utilization rate of all - steel tire sample enterprises was 62.04%, a decrease of 2.25 percentage points month - on - month and an increase of 1.56 percentage points year - on - year. In October 2025, the domestic output of cis - butadiene rubber was 137,600 tons, an increase of 7,200 tons month - on - month and 24.07% year - on - year. The capacity utilization rate of cis - butadiene rubber was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. As of November 19, the domestic inventory of cis - butadiene rubber was 31,500 tons, an increase of 7,000 tons from the previous period, a month - on - month increase of 2.24% [2]. 3.6 Key Points of Concern - There is no news today [2].

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Last week, the log futures remained in a low - level oscillation, and the spot price decreased. The supply side saw a continuous increase in arrivals, inventory accumulated, and the market was under significant pressure. Demand continued to show resilience. The current valuation of the futures was relatively low, and the significant inversion between domestic and foreign prices provided some support for import costs, limiting the downward space of the futures. Overall, in the context of a weak fundamental situation, the log futures are expected to continue to oscillate at the bottom [3][4]. Group 3: Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On November 24th, compared with November 21st, the price of log 2601 was 768.0, down 0.5 or - 0.07%; log 2603 was 779.0, up 1.5 or 0.19%; log 2605 was 795.0, up 1.5 or 0.19%. The 01 - 03 spread was - 11.0, down 2.0; the 01 - 05 spread was - 27.0, down 2.0; the 03 - contract basis was - 29.0, down 1.5; the 01 - contract basis was - 18.0, up 0.5 [2]. - **Spot Prices**: The prices of various types of logs at ports such as Rizhao Port and Taicang Port remained unchanged on November 24th compared with November 21st. The CFR prices of radiata pine 4 - meter medium A and spruce 11.8 - meter also remained unchanged [2]. - **Import Cost**: On November 24th, the RMB - US dollar exchange rate was 7.106, down 0.01 or 0% compared with November 23rd; the import theoretical cost was 810.19, down 0.83 or 0% [2]. Supply - **Monthly Supply**: In October, the port shipment volume was 201.3 million cubic meters, up 24.7 million cubic meters or 13.99% compared with September. The number of departing ships from New Zealand to China, Japan, and South Korea was 54.0, up 8.0 or 17.39% [2]. - **Inventory**: As of November 21st, the total inventory of domestic coniferous logs was 303 million cubic meters, up 8 million cubic meters or 2.71% compared with November 14th. In Shandong, it was 206.5 million cubic meters, up 11.1 million cubic meters or 5.68%; in Jiangsu, it was 83.18 million cubic meters, down 0.5 million cubic meters or - 0.57% [2][3]. Demand - As of November 21st, the daily average出库 volume of logs in China was 6.44 million cubic meters, down 0.12 million cubic meters or - 2% compared with November 14th. In Shandong, it was 3.59 million cubic meters, down 0.08 million cubic meters; in Jiangsu, it was 2.36 million cubic meters, down 0.08 million cubic meters [3]. Forecast of Arrivals - From November 24th to November 30th, 2025, the number of pre - arriving ships of New Zealand logs at 13 ports in China was 6, 7 less than last week, a week - on - week decrease of 54%; the total arrival volume was about 21.7 million cubic meters, 20.1 million cubic meters less than last week, a week - on - week decrease of 48% [3].

1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Views of the Report - The supply - side shows that in November 2025, the total planned output of asphalt from local refineries is 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. The capacity utilization rate of domestic petroleum asphalt samples this week is 26.4262%, a month - on - month decrease of 4.37 percentage points. Refineries have reduced production this week, but supply pressure may increase next week. [8] - The demand - side indicates that the current demand is below the historical average level. The heavy - traffic asphalt开工率 is 24.8%, a month - on - month decrease of 0.14 percentage points; the construction asphalt开工率 is 6.6%, remaining flat month - on - month; the modified asphalt开工率 is 10.587%, a month - on - month decrease of 0.63 percentage points; the road - modified asphalt开工率 is 34%, remaining flat month - on - month; the waterproofing membrane开工率 is 34%, a month - on - month increase of 1.00 percentage point. [8] - In terms of cost, the daily asphalt processing profit is - 453.38 yuan/ton, a month - on - month increase of 1.04%. The weekly delayed coking profit of Shandong local refineries is 1086.84 yuan/ton, a month - on - month increase of 18.76%. The asphalt processing loss increases, and the profit difference between asphalt and delayed coking increases. Crude oil is strengthening, and it is expected to provide short - term support. [8] - The basis on November 24 shows that the Shandong spot price is 3030 yuan/ton, and the basis of the 01 contract is - 30 yuan/ton, with the spot at a discount to the futures, which is neutral. [8] - In terms of inventory, the social inventory is 79.4 million tons, a month - on - month decrease of 3.75%; the in - plant inventory is 64.2 million tons, a month - on - month decrease of 0.77%; the port diluted asphalt inventory is 80 million tons, a month - on - month increase of 28.57%. Social and in - plant inventories are continuously decreasing, while port inventory is continuously increasing, which is neutral. [8] - The disk shows that MA20 is downward, and the futures price of the 01 contract closes below MA20, which is bearish. The net short position of the main contract is decreasing, which is also bearish. [8] - Overall, due to the recent production cut by refineries, the supply pressure is reduced. Affected by the off - season, the demand boost is limited, and the overall demand is lower than expected. The inventory remains flat. With the strengthening of crude oil, the cost support is expected to strengthen in the short term. It is predicted that the asphalt 2601 will fluctuate in the range of 3034 - 3086. [8] 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: Supply - side production shows changes, and demand is below the historical average. Cost - side profit and crude oil trends are analyzed. [8] - **Basis**: The Shandong spot price and the 01 contract basis on November 24 are presented, with the spot at a discount to the futures. [8] - **Inventory**: Social, in - plant, and port inventories show different trends of de - stocking and stocking. [8] - **Disk**: MA20 is downward, and the 01 contract futures price closes below MA20. The net short position of the main contract is decreasing. [8] - **Expectation**: The asphalt 2601 is expected to fluctuate in the range of 3034 - 3086 in the short term. [8] 3.2 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025. [18][20] 3.3 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 are shown. [23] - **Asphalt - Crude Oil Price Trend**: The historical price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 are presented. [26] - **Crude Oil Crack Spread**: The historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2025 are analyzed. [29][30] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical trends of the asphalt - SC price ratio and asphalt - fuel oil price ratio from 2020 to 2025 are shown. [34] 3.4 Asphalt Spot Market - Market Price Trends in Various Regions - The historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 is presented. [36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The historical trend of asphalt profit from 2019 to 2025 is shown. [39] - **Coking - Asphalt Profit Spread Trend**: The historical trend of the coking - asphalt profit spread from 2020 to 2025 is presented. [43] - **Supply - Side Analysis** - **Shipment Volume**: The historical weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 is shown. [46] - **Diluted Asphalt Port Inventory**: The historical trend of domestic diluted asphalt port inventory from 2021 to 2025 is presented. [48] - **Output**: The historical weekly and monthly output trends of asphalt from 2019 to 2025 are shown. [51] - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The historical trends of Marey crude oil price and Venezuelan crude oil monthly output from 2018 to 2025 are presented. [56] - **Local Refinery Asphalt Output**: The historical trend of local refinery asphalt output from 2019 to 2025 is shown. [58] - **开工率**: The historical weekly asphalt capacity utilization rate from 2021 to 2025 is presented. [61] - **Maintenance Loss Estimation**: The historical trend of maintenance loss estimation from 2018 to 2025 is shown. [64] - **Inventory Analysis** - **Exchange Warehouse Receipts**: The historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2025 are presented. [67][68] - **Social Inventory and In - Plant Inventory**: The historical trends of social inventory (70 samples) and in - plant inventory (54 samples) from 2022 to 2025 are shown. [71] - **In - Plant Inventory Inventory Ratio**: The historical trend of the in - plant inventory inventory ratio from 2018 to 2025 is presented. [74] - **Import and Export Situation** - The historical trends of asphalt export and import from 2019 to 2025 are shown, as well as the historical trend of the South Korean asphalt import price difference from 2020 to 2025. [77][80] - **Demand - Side Analysis** - **Petroleum Coke Output**: The historical trend of petroleum coke output from 2019 to 2025 is shown. [83] - **Apparent Consumption**: The historical trend of asphalt apparent consumption from 2019 to 2025 is presented. [86] - **Downstream Demand** - **Transportation Fixed - Asset Investment in Highway Construction**: The historical trend from 2020 to 2025 is shown. [89] - **New Local Special Bond Trend**: The historical trend from 2019 to 2025 is presented. [90] - **Infrastructure Investment Completion Year - on - Year**: The historical trend from 2020 to 2024 is shown. [90] - **Downstream Machinery Demand**: The historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales are presented. [93][95] - **Asphalt开工率** - **Heavy - Traffic Asphalt开工率**: The historical trend from 2019 to 2025 is shown. [98] - **Asphalt开工率 by Use**: The historical trends of construction asphalt开工率 and modified asphalt开工率 from 2019 to 2025 are presented. [100] - **Downstream开工情况**: The historical trends of shoe - material SBS - modified asphalt开工率, road - modified asphalt开工率, and waterproofing membrane modified asphalt开工率 from 2019 to 2025 are shown. [102][104] - **Supply - Demand Balance Sheet**: The monthly asphalt supply - demand balance sheets from January to November 2025 are presented, including downstream demand, port inventory, factory inventory, social inventory, export, import, and output. [107]

Lithium Carbonate - Recent price correction of lithium carbonate is influenced by three main factors: implementation of position limits by the Dalian Commodity Exchange, a decrease in weekly inventory drawdown from 3,406 tons to 2,052 tons, and rumors of early resumption of production at the Ningde Jieneng mine [2] - Short-term lithium prices may continue to weaken due to cooling market sentiment, but the current supply-demand balance has significantly improved compared to the first half of the year, supporting a price floor above 80,000 [2] Crude Oil - WTI January contract closed at $58.84 per barrel, up 1.34%, while Brent January contract closed at $63.37 per barrel, up 1.29% [3] - Progress in peace talks between the US and Ukraine has been noted, but specific plans remain unclear, and geopolitical tensions continue to drive oil prices higher [3] - The market is awaiting further developments regarding the Russia-Ukraine peace plan and changes in the geopolitical situation in Venezuela [3] Coking Coal - Heavy snowfall at Ganqimaodu port has halted domestic coal exports, impacting market sentiment and leading to a cautious outlook [4] - Domestic coking coal supply is slowly recovering, but demand may weaken as steel mills reduce production [4] - Short-term expectations indicate potential price declines for coke due to reduced support from raw material prices [4] Oilseeds - The US Department of Energy has restructured its priorities towards oil and nuclear energy, impacting the oilseed market [5] - Soybean oil imports in October 2025 were 140,000 tons, down 12.5% month-on-month and year-on-year, which is bullish for soybean oil prices [5] - After a price increase in November, traders are actively purchasing, and with increased supply from Australia, short-term expectations for soybean oil indicate a range-bound market [5] Chemicals - PX operating rates remain high at 86.8%, while PTA supply is expected to decrease due to maintenance, leading to a potential accumulation of PX inventories [6] - Ethylene glycol supply is tightening, with domestic operating rates at 70.67%, and inventory levels stable [7] - Short fiber and bottle-grade PET are experiencing weak price movements, with average sales and inventory levels indicating a cautious market [7] Agricultural Products - US soybean exports increased by 919,400 tons for the week ending October 2, exceeding market expectations [10] - Brazil's soybean exports are projected to reach 110 million tons, with a significant portion going to China [10] - Domestic soybean meal inventories are high, leading to a bearish outlook, while canola meal production has halted due to zero operating rates [10] Metals and Financials - The central bank plans to conduct a 1 trillion yuan MLF operation, indicating a commitment to maintaining liquidity [13] - Recent dovish comments from Federal Reserve officials have raised expectations for a potential interest rate cut in December [14] - Copper prices are under pressure due to high inventory levels and weak demand, with a short-term bearish outlook [14]

Group 1 - The macroeconomic disturbances last week primarily revolved around the possibility of interest rate cuts, with the market initially pricing in a higher likelihood of no cuts in December, but later data from the labor market raised expectations for potential cuts [2][6] - Precious metals experienced a pullback, with COMEX gold down 0.53% and silver down 1.47%, while copper prices also saw fluctuations, with COMEX copper down 1.07% [4][6] - The market for copper showed signs of increased downstream purchasing after a price correction, although overall consumption remained lukewarm, with expectations for next year's supply and demand dynamics influencing current pricing [10][55] Group 2 - The gold and silver markets entered an adjustment phase, with prices fluctuating in response to changing interest rate expectations, particularly after comments from Federal Reserve officials indicated potential for rate cuts [8][28] - COMEX copper prices exhibited a volatile pattern, maintaining a contango structure, with significant inventory levels indicating ongoing supply dynamics that may affect future pricing strategies [10][11] - The copper concentrate treatment charge (TC) index showed a slight decline, with market participants awaiting the results of year-end negotiations that could influence future pricing and demand [16][19] Group 3 - The overall inventory levels for precious metals decreased, with COMEX gold inventory down approximately 620,000 ounces and COMEX silver inventory down about 1,497,000 ounces [43] - The SPDR gold ETF holdings decreased by 3.4 tons, while SLV silver ETF holdings increased by 39 tons, indicating shifting investor sentiment in the precious metals market [48] - The copper market is expected to maintain resilience through the end of the year, with supply-demand dynamics remaining favorable despite current price fluctuations [55]

Core Viewpoint - The main focus of the articles is the recent decline in pure benzene futures prices, with expectations of continued volatility in the market due to supply and demand dynamics [2][3]. Group 1: Market Performance - On November 24, pure benzene futures experienced a sharp decline, reaching a low of 5421.0 yuan, with the main contract closing at 5455.0 yuan, down 1.68% [1]. - The latest commercial inventory of pure benzene at Jiangsu ports is 147,000 tons, which is an increase of 34,000 tons from the previous period, representing a 30.09% rise; compared to the same period last year, it is up by 29,300 tons, or 24.89% [2]. Group 2: Supply and Demand Analysis - Supply side: The operating rate of petroleum benzene is currently at 76.67%, down 1.31% from the previous week, with new maintenance schedules for some facilities [3]. - Demand side: The downstream weighted operating rate is at 73.52%, showing a slight increase, but overall terminal demand remains weak, limiting support for pure benzene prices [3]. - The overall demand for pure benzene is declining due to reduced needs from downstream products such as styrene, caprolactam, aniline, and adipic acid, while phenol demand remains stable [2]. Group 3: Price Outlook - The market sentiment is influenced by external factors, with the benzene price spread remaining stable at $104/ton compared to the previous week [3]. - The expectation of a gradual improvement in supply and demand for pure benzene is noted, particularly as the U.S. market's supply gap will rely on imports, potentially affecting China's import share [3]. - However, the recent decline in gasoline crack spreads poses a risk to cost support, leading to expectations that pure benzene prices may enter a range-bound trading phase [3].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoint of the Report - Last week, log futures maintained a low - level oscillation, and spot prices declined. The supply side saw a continuous increase in arrivals, putting significant pressure on the market. Demand remained resilient. The current valuation of the futures was relatively low, and the obvious inversion of domestic and foreign prices provided some support for import costs, limiting the downward space of the futures. In general, under the pattern of weak supply and demand, the log futures market is expected to continue to oscillate at the bottom [3] Group 3: Summary According to the Directory Futures and Spot Prices - On November 21st, the main LG2601 contract of log futures closed at 768.5 yuan per cubic meter, down 3.5 yuan per cubic meter. The prices of some other specifications of radiata pine logs decreased, while the prices of the main benchmark delivery products remained unchanged. For example, the price of 3.9 - meter medium - A radiata pine in Shandong was 750 yuan per cubic meter, and that in Jiangsu was also 750 yuan per cubic meter [2][3] Import Cost - The RMB - US dollar exchange rate on November 21st was 7.113 yuan, and the import theoretical cost (calculated with a 15% over - length) was 811.02 yuan, showing little change compared with the previous day [2] Supply - In October, the port shipment volume was 201.3 million cubic meters, a 13.99% increase from September. The number of ships from New Zealand to China, Japan, and South Korea increased by 17.39% to 54. From November 17th - 23rd, 2025, the pre - arrival of New Zealand logs at 13 Chinese ports was 13 ships, a 30% increase from the previous week, and the arrival volume was about 46.5 million cubic meters, a 48% increase [2][3] Inventory - As of November 14th, the total inventory of domestic softwood logs was 295 million cubic meters, a 0.68% increase from the previous week. Shandong's inventory increased by 2.04% to 195.4 million cubic meters, and Jiangsu's inventory increased by 1.46% [2][3] Demand - As of November 14th, the daily average log out - bound volume was 6.56 million cubic meters, a 1% decrease from the previous week. Demand decreased month - on - month [3]

Report Industry Investment Rating - No information provided Core Viewpoints - U.S. large technology companies' earnings are better than expected, leading to a significant rebound in the capital market after the decline, and the commodity market has followed suit. Polyolefin methanol production profits have turned positive, with overall supply output being relatively abundant. During the seasonal peak season, the number of polyethylene agricultural film orders is significantly better than expected. After the seasonal peak season ends and demand sentiment fades, polyolefin prices may continue to fluctuate downward under the background of high production pressure [15][17][18] - This week's forecast: Polyethylene (LL2601) is expected to trade in the range of 6,700 - 7,000; Polypropylene (PP2601) is expected to trade in the range of 6,300 - 6,600. The recommended strategy is to wait and see [17] Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Market Conditions**: U.S. large technology companies' earnings are better than expected, leading to a significant rebound in the capital market after the decline, and the commodity market has followed suit. In terms of valuation, polyethylene's weekly increase shows (futures > cost > spot), while polypropylene's weekly increase shows (cost > spot > futures). On the cost side, last week, WTI crude oil rose 1.62%, Brent crude oil rose 1.28%, coal prices remained unchanged at 0.00%, methanol fell -4.52%, ethylene fell -0.47%, propylene rose 2.94%, and propane rose 2.52%. Cost support still exists [15] - **Supply**: PE capacity utilization is 83.77%, up 0.06% week-on-week, 2.17% higher than the same period last year, and -7.82% lower than the five-year average. PP capacity utilization is 77.71%, down -3.85% week-on-week, 3.96% higher than the same period last year, and -11.22% lower than the five-year average. Polyolefin coal-based production profits have turned negative, and coal-based producers are facing production cut pressure [15] - **Imports and Exports**: In September, domestic PE imports were 1.0222 million tons, up 7.58% month-on-month and -10.04% lower than the same period last year. In August, domestic PP imports were 177,400 tons, up 11.15% month-on-month and -6.18% lower than the same period last year. Import profits have declined, and the supply of PE from North America has decreased, reducing import pressure. In September, PE exports were 99,200 tons, down -14.48% month-on-month and 63.54% higher than the same period last year. In September, PP exports were 208,200 tons, down -16.82% month-on-month and 21.14% higher than the same period last year. With the start of Christmas stocking, PP exports may remain at a high level year-on-year [16] - **Demand**: The downstream operating rate of PE is 44.20%, down -0.65% week-on-week and 1.12% higher than the same period last year. The downstream operating rate of PP is 53.28%, up 0.26% week-on-week and 1.22% higher than the same period last year. During the seasonal peak season, polyolefin downstream demand is lower than the same period in previous years [16] - **Inventory**: PE production enterprise inventory is 503,300 tons, with a week-on-week destocking of -4.89% and a year-on-year inventory build-up of 22.43%; PE trader inventory is 50,500 tons, with a week-on-week inventory build-up of 1.04%; PP production enterprise inventory is 593,800 tons, with a week-on-week destocking of -4.23% and a year-on-year inventory build-up of 18.12%; PP trader inventory is 213,400 tons, with a week-on-week destocking of -1.79%; PP port inventory is 65,800 tons, with a week-on-week destocking of -1.64%. Overall, polyolefin inventory pressure is high [16] 2. Spot and Futures Market - Multiple charts are provided to show the term structure, prices, trading volume, open interest, basis, and spreads of PE and PP, including LLDPE and PP's term structure, main contract prices, active contract trading volume and open interest, and various price spreads [32][48][65] 3. Cost Side - The cost side shows that methanol production costs have weakened significantly. Multiple charts are provided to show the prices of various raw materials such as PE and PP's spot and futures prices and costs, WTI crude oil, steam coal, naphtha, propane, etc., as well as the capacity utilization and gross profit of Chinese refineries [74][81][93] 4. Polyethylene Supply Side - **Production Raw Materials**: The proportion of PE production raw materials includes 80.00% oil-based, 12.00% light hydrocarbon-based, 5.00% coal-based, 2.00% methanol, and 1.00% purchased ethylene. The annual proportion of production raw materials is also presented [139][141] - **Capacity and Production**: In 2025, a total of 463 tons of polyethylene production capacity has been put into operation, with 40 tons yet to be put into operation. Charts show PE's capacity, capacity utilization, production, and maintenance losses [145][147][152] 5. Polyethylene Inventory and Imports/Exports - Charts show PE's inventory-to-sales ratio, total inventory forecast, production enterprise inventory, and Sinopec and PetroChina enterprise inventory [164][168]

Group 1: Report Summary - The report is a data daily from ITG Guomao Futures, focusing on the agricultural products, especially soybeans and soybean meal [2][3] - The report is dated November 21, 2025, and the analyst is Huang Xianglan [3] Group 2: Market Data Basis and Spread - On November 20, the basis of soybean meal's main contract in Zhangjiagang decreased by 45, while in Dongguan it increased by 5. The basis of rapeseed meal in Guangdong decreased by 4 [4] - The spot spread between soybean meal and rapeseed meal in Guangdong was 300, and the spread on the main contract was 451, with a change of 14 [5] Exchange Rate and Crushing Margin - The US dollar to RMB exchange rate was 7.0769, and the crushing margin for Brazilian soybeans was -52 yuan/ton, with no change [5] Inventory - The inventory data shows the trends of soybean inventory in Chinese ports, major oil mills, and feed enterprises' soybean meal inventory days from 2020 to 2025 [5] Operation and Crushing - The data also presents the operation rate and soybean crushing volume of major oil mills from 2020 to 2023 [5] Group 3: Supply and Demand Analysis Supply - USDA's November supply - demand report for 2025/26 reduced the US soybean yield per acre, exports, and carry - over, with less - than - expected positive impact [6] - CONB predicts Brazil's new crop output in 25/26 to reach 177.6 million tons. As of November 8, the sowing rate was 58.4% [6] - In China, soybean meal is expected to reduce inventory from November to December, but the supply in the fourth quarter is still relatively loose. The purchase of 12 - 1 month shipments is slow, and the supply gap in the first quarter of next year is uncertain [6] Demand - Livestock and poultry are expected to maintain high inventory in the short term, supporting feed demand. However, the current breeding profit is in the red, and national policies may affect long - term supply [6] - Soybean meal has a high cost - performance ratio, with recent downstream transactions being stable and good提货 performance [6] Group 4: Market Outlook - If there are no obvious weather problems, the market is expected to shift to trading the selling pressure of South American new crops from December to January, which may drag down the soybean meal pricing [6] - It is recommended to short M05 on rallies [6]

Group 1: Stock Index Futures Spread Daily Report - The report presents the latest values, changes from the previous day, historical 1 - year and all - time percentiles of various stock index futures spreads on November 21, 2025, including IF, IH, IC, and IM futures' term - to - term spreads and cross - variety ratios [1]. - For example, the IF term - to - term spread of the next - month minus the current - month is - 18.80, with a change of - 0.60 from the previous day, and historical 1 - year and all - time percentiles of 20.90% and 24.10% respectively [1]. - The cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc. are also provided, along with their changes and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report - On November 21, 2025, the report shows the IRR, latest values, changes from the previous trading day, and percentiles since listing of different treasury bond futures, including TS, TF, T, and TL [2]. - It details the term - to - term spreads of different treasury bond futures, like the TS term - to - term spread of the current - season minus the next - season is 0.0420, with a change of - 0.0080 from the previous day and a percentile of 31.90% since listing [2]. - Cross - variety spreads between different treasury bond futures are also presented, such as TS - TF with a value of - 3.4730, a change of - 0.0550, and a percentile of 9.60% since listing [2]. Group 3: Precious Metals Spot - Futures Daily Report - On November 21, 2025, the report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals [3]. - For example, the AU2512 contract's domestic futures closing price on November 20 was 932.56, down 4.44 from the previous day, with a decline of - 0.47% [3]. - The basis, such as gold TD - Shanghai gold main contract, is - 2.56, with a change of 0.16 from the previous value and a historical 1 - year percentile of 53.40% [3]. Group 4: Container Shipping Industry Spot - Futures Daily Report - On November 22, 2025, the report shows container shipping indices, futures prices, basis, and fundamental data [5]. - The SCFIS (European route) settlement price index on November 17 was 1357.67, down 147.1 from November 10, with a decline of - 9.78% [5]. - Fundamental data includes global container shipping capacity supply, port on - time rates, port calls, monthly export amounts, and overseas economic indicators [5].