Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] Core Viewpoints - The lead price maintains a volatile pattern due to the tug - of - war between buyers and sellers. Low inventory and tight ore cost support the lead price, but the resumption of secondary lead production, the weakening of battery consumption, and the pressure of pre - delivery inventory transfer may lead to a potential decline after a rise. It is recommended to buy low and sell high within the price range of 17,000 yuan/ton to 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations according to their own needs [1][3] Summary by Related Catalogs Market News and Important Data Spot - On November 11, 2025, the LME lead spot premium was -$12.30/ton. The SMM1 lead ingot spot price remained unchanged at 17,300 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 25.00 yuan/ton, the SMM Guangdong lead spot price remained unchanged at 17,350 yuan/ton, the SMM Henan lead spot price remained unchanged at 17,325 yuan/ton, and the SMM Tianjin lead spot premium increased by 25 yuan/ton to 17,400 yuan/ton. The lead concentrate - scrap spread remained unchanged at -50 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,025 yuan/ton, the price of waste white shells remained unchanged at 10,150 yuan/ton, and the price of waste black shells remained unchanged at 10,400 yuan/ton [1] Futures - On November 11, 2025, the main contract of Shanghai lead opened at 17,505 yuan/ton and closed at 17,440 yuan/ton, a decrease of 65 yuan/ton compared with the previous trading day. The trading volume was 30,855 lots, a decrease of 755 lots compared with the previous trading day, and the position was 55,107 lots, a decrease of 3,618 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 17,575 yuan/ton and the lowest point reaching 17,435 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,485 yuan/ton and closed at 17,520 yuan/ton, a 0.14% increase from the afternoon close. The SMM1 lead price remained flat compared with the previous trading day. In the Henan region, holders quoted at a discount of 120 - 150 yuan/ton to the SHFE lead 2512 contract for ex - factory sales; in the Hunan region, smelters' quoted premiums decreased, with a premium of 20 - 50 yuan/ton to the SMM1 lead for ex - factory sales, and some manufacturers still held back sales after selling out their inventory; in the Yunnan region, holders quoted at a discount of 250 yuan/ton to the SMM1 lead price for ex - factory sales. The lead futures fluctuated and consolidated, and downstream battery enterprises mainly took delivery through long - term contracts, with the market trading volume gradually weakening in some regions [2] Inventory - On November 11, 2025, the total SMM lead ingot inventory was 33,000 tons, an increase of 900 tons compared with the same period last week. As of November 11, the LME lead inventory was 226,725 tons, a decrease of 1,500 tons compared with the previous trading day [2] Strategy - Absolute price: Neutral. Due to low inventory and tight ore cost supporting the lead price, but considering the resumption of secondary lead production, the weakening of battery consumption, and the pressure of pre - delivery inventory transfer, be vigilant against a decline after a rise. Adopt a strategy of buying low and selling high within the price range of 17,000 yuan/ton to 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations according to their own needs [3] - Option strategy: Sell wide straddle [3]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - For industrial silicon, the spot price is stable, production in the southwest region is decreasing, and the supply - demand pattern may improve. The industrial silicon futures market is mainly affected by overall commodity sentiment and policy - related news. If there are policies promoting capacity exit, the futures price may rise as the current valuation is low [3]. - For polysilicon, the supply - demand fundamentals have slightly improved, but both supply and demand are weakening. The decline in downstream products due to weak consumption has led to a drop in the polysilicon futures market. The market is affected by anti - involution policies and weak reality, with large price fluctuations, and is expected to be mainly volatile [9]. Market Analysis Industrial Silicon - **Futures Market**: On November 11, 2025, the industrial silicon futures price fluctuated. The main contract 2601 opened at 9,265 yuan/ton and closed at 9,180 yuan/ton, a change of - 50 yuan/ton (- 0.54%) from the previous settlement. The open interest of the 2511 main contract was 270,959 lots, and the total number of warehouse receipts was 46,079 lots, a change of - 176 lots from the previous day [1]. - **Supply Side**: The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 9,400 - 9,600 yuan/ton, 421 silicon was 9,700 - 9,800 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8,800 - 8,900 yuan/ton, and 99 silicon was 8,800 - 8,900 yuan/ton. The silicon prices in various regions were flat, and the price of 97 silicon was stable. The domestic silicon - coal market showed a pattern of supply contraction, with a regional differentiation of "three increases, one decrease, and two stabilizations" since mid - October [1]. - **Consumption Side**: The quoted price of organic silicon DMC was 11,000 - 11,300 yuan/ton. As the monomer industry conference approached, most monomer factories had officially closed their offers and would resume quoting after the conference [2]. Polysilicon - **Futures Market**: On November 11, 2025, the main contract 2601 of polysilicon futures declined, opening at 53,600 yuan/ton and closing at 51,930 yuan/ton, a - 2.50% change from the previous trading day. The open interest of the main contract reached 138,468 lots (125,974 lots the previous day), and the trading volume was 324,598 lots [5]. - **Spot Market**: The spot price of polysilicon weakened slightly. The price of N - type material was 49.40 - 55.00 yuan/kg, and n - type granular silicon was 50.00 - 51.00 yuan/kg. The inventory of polysilicon manufacturers and silicon wafers decreased. The latest polysilicon inventory was 25.90 (a - 0.77% change), silicon wafer inventory was 17.52GW (a - 7.45% change), the weekly polysilicon production was 27,000.00 tons (a - 4.30% change), and the silicon wafer production was 13.45GW (a - 5.55% change) [5]. Silicon Wafers - The prices of domestic N - type silicon wafers decreased. Two leading silicon wafer companies took the lead in reducing production, driving other companies to implement production cuts in November. The planned production in November is expected to decrease by 3 - 4GW compared to the previous month. The supply pattern of the silicon wafer market has deteriorated due to excessive contract manufacturing. In November, battery manufacturers tightened demand and limited procurement prices, leading to a sharp reduction in procurement orders and panic selling by second - and third - tier silicon wafer companies with tight cash flows. This caused the silicon material futures price to drop during trading on the 11th, but the spot price of silicon material remained unchanged as of the time of publication [7]. Battery Cells and Components - The prices of battery cells and components were generally stable. For example, the price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells were about 0.28 yuan/W, etc. The mainstream transaction prices of components also remained unchanged [8]. Strategies Industrial Silicon - **Unilateral**: Short - term range trading, and consider buying on dips for contracts during the dry season [4]. - **Other Strategies**: No cross - period, cross - variety, spot - futures, or options strategies are proposed [4]. Polysilicon - **Unilateral**: Short - term range trading, with the price expected to fluctuate between 48,000 - 55,000 yuan/ton [9]. - **Other Strategies**: No cross - period, cross - variety, spot - futures, or options strategies are proposed [10].

Report Industry Investment Rating - The investment ratings for cotton, sugar, and pulp are all neutral [2][4][7] Report Core View - Short - term cotton prices face strong hedging pressure and may回调 after cost solidification; medium - and long - term cotton prices are optimistic after seasonal pressure. Short - term sugar prices have limited downward space, while long - term prices may not be optimistic. Pulp prices are boosted by macro - sentiment but have limited fundamental improvement and upward space [2][4][7] Summary by Related Catalogs Cotton Market News and Key Data - Futures: The closing price of cotton 2601 contract was 13,560 yuan/ton, down 20 yuan/ton (-0.15%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 14,668 yuan/ton, down 3 yuan/ton, with a spot basis of CF01 + 1108, up 17 from the previous day; the national average price was 14,842 yuan/ton, down 2 yuan/ton, with a spot basis of CF01 + 1282, up 18 from the previous day. In October, Brazil's cotton exports were 294,000 tons, up 64.4% month - on - month and 4.6% year - on - year, with China and India as the main destinations, each accounting for 23%, and Bangladesh accounting for 14% [1] Market Analysis - Internationally, macro - sentiment improved at the end of October, but due to the US government shutdown, key data was postponed. With new cotton on the market in the Northern Hemisphere, supply pressure was released, and weak global textile consumption limited the short - term rebound of the outer market. Domestically, as the harvest progressed, the expected new cotton output declined, and the seed cotton purchase price stabilized and rebounded, supporting the market. However, new cotton was still expected to increase in production, and downstream demand was weak [1] Strategy - The short - term cotton price is under strong hedging pressure and may回调 after cost solidification. In the medium and long term, with low initial inventory and resilient consumption, cotton prices are optimistic after seasonal pressure [2] Sugar Market News and Key Data - Futures: The closing price of sugar 2601 contract was 5,480 yuan/ton, up 5 yuan/ton (+0.09%) from the previous day. Spot: The sugar spot price in Nanning, Guangxi was 5,760 yuan/ton, unchanged from the previous day, with a spot basis of SR01 + 280, down 5 from the previous day; in Kunming, Yunnan, it was 5,650 yuan/ton, unchanged, with a spot basis of SR01 + 170, down 5 from the previous day. Analysts expected Brazil's central - southern region to crush 29.42 million tons of sugarcane in the second half of October, up 8.1% year - on - year, and produce 1.92 million tons of sugar, up 7.8% year - on - year [3] Market Analysis - Internationally, Brazil's strong exports and India's expected production rebound and increased exports suppressed market confidence. The global sugar market in the 25/26 season may be in a bear cycle, limiting the rebound of raw sugar. Domestically, although new - season sugar production was expected to increase, the price was near the cost line, and strict syrup control policies supported the price, limiting the short - term decline [4] Strategy - In the short term, sugar prices should be treated with a volatile mindset. In the long term, domestic sugar supply and demand are expected to be loose, and prices may not be optimistic [4] Pulp Market News and Key Data - Futures: The closing price of pulp 2601 contract was 5,484 yuan/ton, up 16 yuan/ton (+0.29%) from the previous day. Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5,540 yuan/ton, up 15 yuan/ton, with a spot basis of SP01 + 56, down 1 from the previous day; the price of Russian softwood pulp was 5,125 yuan/ton, up 40 yuan/ton, with a spot basis of SP01 - 359, up 24 from the previous day. The import wood pulp spot market price continued to rise, with some prices of imported softwood pulp and hardwood pulp increasing [5] Market Analysis - Supply: European pulp port inventory declined in September but was still high. Domestic pulp imports rebounded in September, and port inventory remained high. Demand: European and American pulp consumption was weak, and domestic demand was the core factor suppressing prices. Although there was new paper production capacity, terminal demand was insufficient, paper mills' operating rates declined, and profits shrank. During the peak season, downstream paper mills were cautious in raw material procurement [6] Strategy - Pulp prices are boosted by macro - sentiment but have limited fundamental improvement and upward space. Attention should be paid to the implementation of demand in the fourth quarter [7]

Group 1: Glass and Soda Ash Analysis - The glass futures market showed a volatile decline yesterday, while the spot price was stable with a slight increase, and downstream buyers purchased on - demand. The supply - demand contradiction in the glass market remains significant, with high inventory levels despite some destocking, and the medium - to - long - term demand is not optimistic due to the approaching end of the consumption peak season and the weak real - estate industry. The change of glass production lines should be continuously monitored [1]. - The soda ash futures market moved in a volatile manner yesterday, and downstream buyers showed strong wait - and - see sentiment, mainly purchasing at low prices for essential needs. The supply - demand contradiction in the soda ash market still exists. Although downstream essential demand is resilient, high inventory continuously suppresses prices, and the pressure of destocking persists throughout the year. The supply and cost changes of soda ash should be continuously monitored [1]. Group 2: Glass and Soda Ash Strategy - The glass market is expected to be volatile, and the soda ash market is expected to be volatile and weak. There are no strategies for inter - delivery and inter - commodity trading [2]. Group 3: Silicon Manganese and Silicon Iron Analysis - The main contract of silicon manganese futures dropped in the afternoon following the coking coal sector yesterday. The mainstream steel procurement volume decreased slightly compared to the previous period. The price of 6517 silicon manganese in the northern market was 5570 - 5620 yuan/ton, and in the southern market was 5600 - 5650 yuan/ton. Silicon manganese enterprises are continuously losing money, but production remains at a medium - to - high level, and enterprise inventory has reached a five - year high. However, the inventory of upstream manganese ore is continuously decreasing, and the total inventory of manganese elements remains stable. It is expected that the price of silicon manganese will continue to resonate with the black - series products and maintain a wide - range low - level volatile trend. The cost support of manganese ore and regional policies should be monitored [3]. - The main contract of silicon iron futures declined in a volatile manner yesterday. The silicon iron market showed little change, and the market mainly focused on order fulfillment. The ex - factory price of 72 - grade silicon iron natural lumps in the main production areas was 5150 - 5250 yuan/ton, and the price of 75 - grade silicon iron was 5700 yuan/ton. Currently, silicon iron has high production and high inventory, and demand is marginally weakening. The market mainly purchases on - demand. Although enterprises are continuously losing money, production has not been effectively restricted, and high inventory pressure will continue to suppress prices. With the increase in the prices of semi - coke and electricity in some regions, the cost of silicon iron has risen. The changes in coal and electricity prices on the cost side and regional policies should be monitored [3]. Group 4: Silicon Manganese and Silicon Iron Strategy - Both the silicon manganese and silicon iron markets are expected to be volatile and slightly strong [4].

Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Viewpoints The report provides trend analyses and viewpoints on various energy - chemical futures on November 12, 2025. Different futures have different trends, including high - level oscillations, weakening trends, and short - term support. For example, PX is relatively strong in the short - term due to overseas blending oil demand; MEG has a weakening price trend due to supply pressure; and rubber is in an oscillating state [11][13]. Summaries by Related Catalogs PX, PTA, MEG - **Market Dynamics**: On November 11, PX prices fell, and the weakness in the PX spot market became more obvious. The floating spread of PX turned from a premium to a discount. MEG had a high planned arrival volume at major ports from November 10 - 16, and a large - scale MEG device was restarting. Polyester sales were weak on November 11 [6][9]. - **Trend Intensity**: PX and PTA have a trend intensity of 0, while MEG has a trend intensity of - 1 [11]. - **Views and Suggestions**: PX is relatively strong in the short - term due to overseas blending oil demand supporting the aromatics valuation. PTA is in a high - level oscillating state, and it is advisable to short the processing fee at high levels. MEG has a weakening price trend, and it is advisable to short the spread at high levels [11]. Rubber - **Fundamental Tracking**: The rubber futures market had small price fluctuations, and the spot market prices of some varieties changed slightly. The domestic production area is entering the reduction period, and the Qingdao inventory is in the seasonal accumulation period [13][15]. - **Trend Intensity**: The trend intensity of rubber is 0 [13]. - **Industry News**: The prices of raw materials in Thailand and domestic production areas are stable, and the domestic raw material prices are firm, but the inventory pressure suppresses the rubber price [14][15]. Synthetic Rubber - **Fundamental Tracking**: The futures prices of synthetic rubber decreased slightly, and the spot prices of some varieties increased slightly. The inventory of domestic cis - butadiene rubber decreased, and the raw material butadiene price was stable [16][17]. - **Trend Intensity**: The trend intensity of synthetic rubber is 0 [18]. - **Industry News**: The inventory of cis - butadiene rubber decreased, and the spot transaction improved, forming a short - term oscillating support pattern. In the medium - term, butadiene is in a weak state, driving the dynamic downward movement of cis - butadiene rubber [19]. Asphalt - **Fundamental Tracking**: The asphalt futures prices increased slightly, and the spot prices in some areas decreased slightly. The domestic asphalt production decreased slightly this week, the factory inventory increased, and the social inventory decreased [20][35]. - **Trend Intensity**: The trend intensity of asphalt is 1 [28]. - **Market News**: The domestic asphalt production decreased slightly this week, the factory inventory in Shandong increased significantly, and the social inventory in Shandong decreased significantly [35]. LLDPE - **Fundamental Tracking**: The LLDPE futures price decreased, and the spot prices in some areas decreased slightly. The raw material oil price oscillated, and the monomer profit was compressed [36][37]. - **Trend Intensity**: The trend intensity of LLDPE is 0 [38]. - **Market Situation Analysis**: The raw material oil price oscillated, the monomer profit was compressed, and the downstream demand had rigid support, but the mid - and downstream inventory - holding willingness weakened after the price decline last week [37]. PP - **Fundamental Tracking**: The PP futures price decreased, and the spot market was slightly weak. The trade war, oil price, high supply, and low downstream profits jointly pressured the PP price [40][41]. - **Trend Intensity**: The trend intensity of PP is - 1 [42]. - **Market Situation Analysis**: Multiple factors jointly pressured the PP price, and the weak demand and high supply will continue to suppress the price in the long - term [41]. Caustic Soda - **Fundamental Tracking**: The caustic soda futures price and the spot price in Shandong decreased. The high - production and high - inventory pattern of caustic soda continued, and the market continued to short the chlor - alkali profit [44][45][46]. - **Trend Intensity**: The trend intensity of caustic soda is 0 [47]. - **Market Situation Analysis**: The high - production and high - inventory pattern of caustic soda continued, and the demand and cost factors limited the rebound space of caustic soda [46]. Pulp - **Fundamental Tracking**: The pulp futures price oscillated, and the spot price increased slightly. The futures market was driven by funds and arbitrage behavior, and the actual demand did not increase significantly [51][52]. - **Trend Intensity**: The trend intensity of pulp is 0 [51]. - **Industry News**: The pulp futures market was high - level oscillating, and the spot price increased, but the actual demand did not increase significantly. The supply pressure remained, and the downstream demand was weak [52][53]. Glass - **Fundamental Tracking**: The glass futures price decreased, and the spot price was stable. The domestic float glass market price was weakly sorted, and the downstream procurement was based on low - price selection [54]. - **Trend Intensity**: The trend intensity of glass is 0 [54]. - **Spot News**: The domestic float glass market price was weakly sorted, and the downstream procurement was cautious [54]. Methanol - **Fundamental Tracking**: The methanol futures price decreased, and the spot price in some areas increased. The methanol market was regionally adjusted, and the supply was high while the demand was under pressure [56][58]. - **Trend Intensity**: The trend intensity of methanol is - 1 [59]. - **Spot News**: The methanol spot price index increased slightly, and the market was regionally adjusted. The supply was high, and the demand was under pressure [58]. Urea - **Fundamental Tracking**: The urea futures price decreased, and the spot price was stable. The urea enterprise inventory increased slightly, and the production and sales were in a weak balance [60][61]. - **Trend Intensity**: The trend intensity of urea is 0 [62]. - **Industry News**: The urea enterprise inventory increased slightly, and the short - term urea is expected to oscillate. The domestic fundamental pressure is large, but the downward driving force is weakened by policies [61][62]. Styrene - **Fundamental Tracking**: The styrene futures price decreased, and the profit margin improved slightly. The contradiction in the styrene market is not significant, and the pure benzene is in a weak pattern [63][64]. - **Trend Intensity**: The trend intensity of styrene is 0 [63]. - **Spot News**: The contradiction in the styrene market is not significant, and the pure benzene is in a weak pattern. It is advisable to wait and see in the short - term [64]. Soda Ash - **Fundamental Tracking**: The soda ash futures price increased slightly, and the spot price was stable. The comprehensive supply of soda ash decreased slightly, and the downstream demand was general [66]. - **Trend Intensity**: The trend intensity of soda ash is 0 [67]. - **Spot News**: The domestic soda ash market oscillated, and it is expected to be stable and oscillating in the short - term [66]. LPG, Propylene - **Fundamental Tracking**: The LPG and propylene futures prices had small fluctuations, and the spot prices of some varieties changed slightly. The PDH and MTBE operating rates increased [71]. - **Trend Intensity**: The trend intensities of LPG and propylene are 0 [75]. - **Market News**: The CP paper prices of propane and butane changed slightly, and there are many PDH and LPG device maintenance plans [76][77]. PVC - **Fundamental Tracking**: The PVC futures price decreased, and the spot price continued to decline. The PVC market has a high - production and high - inventory structure, and the export may slow down [79]. - **Trend Intensity**: The trend intensity of PVC is - 1 [80]. - **Market Situation Analysis**: The PVC market has a high - production and high - inventory structure, and the export may slow down. The trend still has pressure [79]. Fuel Oil, Low - Sulfur Fuel Oil - **Fundamental Tracking**: The fuel oil futures price decreased, and the low - sulfur fuel oil futures price increased slightly at night. The high - and low - sulfur spread of the outer - market spot rebounded slightly [82]. - **Trend Intensity**: The trend intensities of fuel oil and low - sulfur fuel oil are 1 [82]. - **Spot Price**: The spot prices of fuel oil and low - sulfur fuel oil in different regions changed slightly [82]. Container Shipping Index (European Line) - **Fundamental Tracking**: The container shipping index (European line) futures prices had different trends, and the freight rates of different routes changed. The SCFIS of the European and US - West routes increased, while the SCFI decreased [84]. - **Trend Intensity**: No trend intensity is provided for the container shipping index (European line). - **Freight Index**: The freight rates of different routes changed, and the future shipping schedules may be dynamically adjusted [84][87].

交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月12日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 | | | | | 供给端来看 ， | 上周工业硅供应量为9 | | 1万吨 ， | | 环比有所减少9 . | 00% 。 | | | | . | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 需求端来看 ， | 上周工业硅需求为8 | . | 2万吨 ， | 环比减少5 | 74% . . | 需求持续低迷 | . | | | | | | | | | 多晶硅库存为25 . | 9万吨 ...

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Views of the Report - For PTA, the recent spot market negotiation atmosphere is relatively dull, mainly dominated by traders, with few actions from polyester factories. The spot basis runs at a low level near the risk - free arbitrage, and the market sentiment is wait - and - see. It is expected to follow the cost side and fluctuate strongly in the short term, and attention should be paid to device changes [5]. - For MEG, the port inventory of ethylene glycol has rebounded to around 660,000 tons this week, and the arrival of foreign ships in the middle of the month is still concentrated. There is still room for further accumulation of port inventory in the short term. From the perspective of the supply - demand structure, there is an expectation of continuous inventory accumulation for ethylene glycol, and the extrusion of the supply side is difficult to be reflected in the short term. The future spot liquidity will gradually become abundant. The coal market has been rising recently, providing some support to the cost link. It is expected to fluctuate and consolidate mainly, with obvious pressure on the upper side [6]. 3. Summary According to the Directory 3.1. Previous Day's Review No information provided. 3.2. Daily Tips PTA - **Fundamentals**: The PTA futures fell in the late trading yesterday. The negotiation atmosphere in the spot market was relatively dull, the spot basis fluctuated in the range, and a small number of polyester factories made bids. The negotiation and transaction prices in November were around 4,580 - 4,620 at a discount of 75 - 80 to the 01 contract. There was a transaction at 01 - 73 at the beginning of December. The mainstream spot basis today is 01 - 77 [5]. - **Basis**: The spot price is 4,604, and the basis of the 01 contract is - 44, with the futures price higher than the spot price, showing a neutral situation [5]. - **Inventory**: The inventory of PTA factories is 4.09 days, a week - on - week increase of 0.06 days, which is bearish [5]. - **Market Trend**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish [5]. - **Main Position**: The net short position increased, which is bearish [5]. MEG - **Fundamentals**: On Tuesday, the price center of ethylene glycol fluctuated downward, and the basis was stable and slightly weak. The ethylene glycol market adjusted narrowly at night. Some spot transactions were made at a premium of 68 - 70 yuan/ton to the 01 contract. The ethylene glycol market weakened during the day, and the spot price at the low end was around 3,940 yuan/ton. The basis was slightly adjusted to a premium of 66 - 67 yuan/ton to the 01 contract. In the US dollar market, the price center of ethylene glycol in the external market weakened. The negotiation price of recent shipments in the morning was around 470 US dollars/ton, and it fell to around 465 US dollars/ton in the afternoon. The buying sentiment in the market was weak, and there were few transactions [7]. - **Basis**: The spot price is 3,979, and the basis of the 01 contract is 104, with the spot price higher than the futures price, showing a neutral situation [7]. - **Inventory**: The total inventory in East China is 567,000 tons, a week - on - week increase of 67,000 tons, which is bearish [7]. - **Market Trend**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, which is bearish [7]. - **Main Position**: The net long position decreased, which is bullish [6]. 3.3. Today's Focus No information provided. 3.4. Fundamental Data PTA Supply - Demand Balance Sheet It shows the data of PTA production capacity, production, import, total supply, polyester production, polyester demand for PTA, and other aspects from January 2024 to December 2025, including year - on - year changes in supply and demand, inventory changes, and supply - demand gaps [9]. Ethylene Glycol Supply - Demand Balance Sheet It shows the data of ethylene glycol production, import, total supply, polyester production, polyester demand for ethylene glycol, port inventory, and other aspects from January 2024 to December 2025, including year - on - year changes in supply and demand, inventory changes, and supply - demand gaps [10]. Price and Basis Data - **Spot Price**: The prices of various products such as naphtha, PX, PTA, MEG, and polyester fibers on November 11 and 10, 2025, and their price changes are provided, as well as the basis data of PTA and MEG futures contracts [11]. - **Profit Data**: The profit data of PTA processing, MEG production from different raw materials (naphtha, ethylene, methanol, coal), and polyester fiber production (POY, FDY, DTY, short - fiber) are provided [11]. Other Data There are also data on PET bottle - chip price, production profit, capacity utilization rate, inventory, PTA and MEG price spreads, inventory, and the start - up rates of the upstream and downstream of the polyester industry [13][17][22][28][35][38][50][54]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 11, the price of the coking coal futures 2601 contract plunged due to the resonance of negative factors including policy signals, supply - demand patterns, and technical aspects. The market may experience short - term adjustments, and the spot may maintain range - bound oscillations [3]. - A - share major indices opened higher in the morning, then declined and fluctuated. The ChiNext and STAR Market indices led the decline, suppressing the rebound space of the broader market. The market is expected to experience short - term high - level oscillations [6]. - Gold shows signs of moving upwards again after a period of adjustment, and low - buying and long - holding are recommended [11]. - Iron ore is in the process of bottom - seeking, with weak domestic demand support. Technically, it may enter a short - selling trend, and short - selling on rebounds is advisable [13]. - The glass market is undergoing an exit process. Technically, it has broken through support and is expected to be bearish with oscillations [17]. - As the temperature drops, the egg supply will enter a seasonal shortage, and long - buying opportunities should be grasped [21]. - The pulp futures market has shown an oscillatory rebound recently. Although the import volume decreased in October and port inventories declined, the supply is still abundant, and the social demand is weak [25]. 3. Summary by Related Catalogs Hot Focus - The coking coal futures price decline on November 11 was caused by the resonance of policy signals (National Development and Reform Commission's energy supply guarantee meeting), weak demand (low profitability of downstream steel mills, falling pig iron production, and low restocking enthusiasm), and technical factors (bearish moving - average arrangement and downward - running MACD). Investors should be vigilant about the fundamental pressure in the November off - season and focus on support levels and steel mills' winter - storage progress [3]. Technical Analysis - Stock Index Futures - A - share major indices opened high and then declined, with the ChiNext and STAR Market indices being the main decliners. The market volume shrank significantly compared to the previous day. The Shanghai Composite Index closed with a small negative line. The market is expected to oscillate at high levels in the short term [6]. Technical Analysis - Gold - After a period of adjustment, gold shows signs of upward movement again, and low - buying and long - holding are recommended [11]. Technical Analysis - Iron Ore - Iron ore is seeking a bottom, with weak domestic demand support. With the commissioning of the Simandou project, the expectation of supply surplus is intensifying. Technically, it has broken through important support and may enter a short - selling trend, so short - selling on rebounds is recommended [13]. Technical Analysis - Glass - The daily melting volume of glass has changed little, and the inventory has decreased this week. The future trend mainly depends on policy - side stimulus and anti - involution policies for the supply side. Technically, it has broken through support and is expected to be bearish with oscillations [17]. Technical Analysis - Eggs - As the temperature drops, egg production in major northern and southern laying - hen breeding areas will enter the off - season, and the supply will gradually become seasonally tight. Long - buying opportunities should be grasped [21]. Technical Analysis - Pulp - In October, the pulp import volume decreased month - on - month, and domestic port inventories showed a downward trend. However, the supply in the market is still abundant. Although the cultural - paper market has seen some tender invitations, social demand is weak, and paper mills' gross profit is declining. The futures market has shown an oscillatory rebound recently [25].

Core Insights - The Bloomberg Grain Index increased by 0.06%, reaching 30.5541 points [1] - CBOT corn futures rose by 0.52%, priced at $4.32 per bushel [1] - CBOT wheat futures remained unchanged at $5.3575 per bushel [1] - CBOT soybean futures decreased by 0.29%, priced at $11.2675 per bushel [1] - Soymeal futures fell by 1.00%, while soybean oil futures increased by 0.91% [1] - CBOT lean hog futures dropped by 0.51%, and live cattle futures decreased by 0.54% [1] - Feeder cattle futures saw a slight increase of 0.24% [1]

Group 1 - COMEX gold futures increased by 0.28%, reaching $4133.50 per ounce [1] - COMEX silver futures rose by 1.52%, reaching $51.075 per ounce [1] - COMEX copper futures decreased by 0.85%, settling at $5.0625 per pound [1]