Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Recently, the PX market has shown a rebound due to multiple factors. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited, driven by the soaring gasoline profit margins and the low benzene prices [2]. - The PTA supply has slightly contracted, while polyester production has remained stable with a load above 90%. Domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period has ended, downstream weaving has performed well, and export demand may improve [2]. - The costs of bottle chips and short fibers follow the market trends. Group 3: Summary Based on Related Catalogs Price Changes - PTA spot price decreased from 4600 to 4565, a drop of 35 [2]. - MEG inner - market price decreased from 3961 to 3941, a drop of 20 [2]. - PTA closing price increased from 4670 to 4700, an increase of 30 [2]. - MEG closing price increased from 3891 to 3892, an increase of 1 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 6382 to 6330, a drop of 55 [2]. - Short - fiber basis increased from 118 to 143, an increase of 25 [2]. - 12 - 1 spread decreased from 44 to 30, a drop of 14 [2]. - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2]. - 1.4D imitation large - chemical fiber price remained unchanged at 5400 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 985 to 930, a drop of 55 [2]. - East China water bottle chip price decreased from 5709 to 5686, a drop of 23 [2]. - Hot - filling polyester bottle chip price decreased from 5709 to 5686, a drop of 23 [2]. - Carbonated - grade polyester bottle chip price decreased from 5808 to 5786, a drop of 23 [2]. - Outer - market water bottle chip price decreased from 760 to 755, a drop of 5 [2]. - Bottle chip spot processing fee increased from 449 to 463, an increase of 13.63 [2]. - T32S pure polyester yarn price remained unchanged at 10310 [2]. - T32S pure polyester yarn processing fee increased from 3925 to 3980, an increase of 55 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2]. - Cotton 328 price decreased from 14395 to 14380, a drop of 15 [2]. - Polyester - cotton yarn profit increased from 1625 to 1668, an increase of 42.14 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 7020 [2]. - Hollow short - fiber 6 - 15D cash flow increased from 560 to 597, an increase of 36.63 [2]. - Primary low - melting - point short - fiber price remained unchanged at 7480 [2]. Market Conditions - Polyester staple fiber: The main futures of polyester staple fiber dropped 28 to 6224. The prices of production factories were stable, while those of traders decreased. Downstream demand was average, and on - site transactions were differentiated [2]. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5680 - 5800 yuan/ton, with the average price dropping 10 yuan/ton compared to the previous working day. PTA and bottle chip futures fluctuated first down and then up. The supply - side quotations were a mix of stable and falling. The market trading atmosphere was light, and downstream terminals mainly followed up with rigid demand [2]. Operating Rates and Sales Ratios - Direct - spun short - fiber load (weekly) decreased from 85.63% to 85.14% [3]. - Polyester staple fiber sales ratio increased from 38.00% to 56.00%, an increase of 18.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 63.50% [3]. - Regenerated cotton - type load index (weekly) increased from 51.00% to 51.50%, an increase of 0.01 [3].

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: November 14, 2025 [2] 2. Market Review and Operation Suggestions Market Review - Futures Market: BU2601 opened at 3052 yuan/ton, closed at 3029 yuan/ton, with a high of 3058 yuan/ton, a low of 2999 yuan/ton, a decline of 1.05%, and a trading volume of 26.99 million lots. BU2512 opened at 3053 yuan/ton, closed at 3028 yuan/ton, with a high of 3063 yuan/ton, a low of 3003 yuan/ton, a decline of 1.21%, and a trading volume of 0.64 million lots [6]. - Spot Market: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions continued to decline, while those in other regions remained relatively stable. The decline in crude oil and asphalt futures prices had a negative impact on the sentiment of the asphalt spot market [6]. Supply and Demand Analysis - Supply: Qilu Petrochemical plans to switch to producing residual oil, while Jincheng Petrochemical is expected to resume asphalt production. Jinling Petrochemical in East China and Shengxing Petrochemical in Shandong are likely to maintain stable production after resuming operations. Shanghai Petrochemical also plans to switch to asphalt production around November 9. The asphalt plant operating rate is expected to increase slightly [7]. - Demand: The demand pattern shows regional differentiation. In the Northeast and Northwest regions, the rigid demand has dropped to the lowest point of the year due to the suspension of road projects. In North China, Shandong, and surrounding areas, the rigid demand remains stable due to the construction rush before the heating season. In the South, some projects are entering the construction rush stage, and the demand is expected to be stable. Overall, downstream procurement is mainly based on demand, and the speculative demand remains weak, putting pressure on the market [7]. Market Outlook - The oil price lacks support, and the supply and demand of asphalt are both weak. After this round of decline, the basis has significantly narrowed. It is expected that the market will mainly fluctuate in the short term [7]. 3. Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt is 2980 - 3620 yuan/ton, remaining stable compared to the previous working day. Although the international oil price declined again, the asphalt futures showed strong performance during the session. Due to the queuing for loading at some refineries, the quotes of most traders remained stable, and only a few refineries raised their prices [8]. - East China Market: The mainstream transaction price of 70 A-grade asphalt is 3300 - 3400 yuan/ton, remaining stable compared to the previous working day. The asphalt futures weakened again during the session after two days of increase. The price of social inventories in Jiangsu is around 3200 yuan/ton, and the price increase is restricted by demand and regional price differences. Some refineries are under great inventory pressure, and the price difference between refineries and social inventories is large, so the prices are also under pressure. The ex-factory price for road transportation remains at 3300 - 3400 yuan/ton [8]. 4. Data Overview - The report provides data on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of Jianxin Futures [11][13][15]

1. Report Industry Investment Ratings - Aluminum: Oscillating with an upward bias [1] - Alumina: Range-bound oscillation [1] - Cast aluminum alloy: Following the trend of electrolytic aluminum [1] 2. Core Viewpoints - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, open interest, spreads, inventory levels, and corporate profitability in both the futures and spot markets [1] 3. Summary by Relevant Catalogs Futures Market Electrolytic Aluminum - The closing price of the SHFE aluminum main contract was 21,880, with an increase of 485 compared to T - 5 [1] - The trading volume of the SHFE aluminum main contract was 223,798, and the open interest was 420,066 [1] - The LME aluminum 3M closing price was 2,880, with an increase of 34 compared to T - 5 [1] - The LME注销仓单占比 was 6.19%, showing a decline of 1.71% compared to T - 5 [1] Alumina - The closing price of the SHFE alumina main contract was 2,821, with an increase of 49 compared to T - 5 [1] - The trading volume of the SHFE alumina main contract was 267,963, and the open interest was 412,758 [1] Aluminum Alloy - The closing price of the aluminum alloy main contract was 21,245, with an increase of 415 compared to T - 5 [1] - The trading volume of the aluminum alloy main contract was 6,280, and the open interest was 15,573 [1] Spot Market Electrolytic Aluminum - The electrolytic aluminum enterprise profit and loss was 5,569.02, with an increase of 392.14 compared to T - 5 [1] - The aluminum spot import profit and loss was -1,917.34, and the aluminum plate and coil export profit and loss was 3,562.37 [1] - The SHFE aluminum ingot warehouse receipt was 63,800 tons, and the LME aluminum ingot inventory was 544,100 tons [1] Alumina - The alumina CIF price at Lianyungang was 346 US dollars per ton, and the FOB price of Australian alumina was 320 US dollars per ton [1] - The profit and loss of Shanxi alumina enterprises was -93 [1] Aluminum Alloy - The theoretical profit of ADC12 was -85, and the price of Baotai ADC12 was 21,000 [1] - The total inventory of the three locations was 49,729 [1] Other - The price of imported bauxite from different sources remained stable, and the price of Shaanxi ion - membrane liquid caustic soda (32% converted to 100%) was 2,630 [1] Other Information - The trend strength of aluminum is 1, alumina is 0, and aluminum alloy is 1 [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The futures market of lithium carbonate is in high - level oscillation with light spot trading. While recent inventory reduction supports the futures price, the downstream is reluctant to purchase at 85,000 yuan/ton. With the progress of mine restart, the market may turn from de - stocking to inventory accumulation if consumption weakens, leading to a potential decline in the futures price [1][2][4]. 3. Summary by Related Content Market Analysis - On November 12, 2025, the lithium carbonate main contract 2601 opened at 86,760 yuan/ton and closed at 86,580 yuan/ton, a - 0.21% change from the previous settlement price. The trading volume was 1,145,329 lots, and the open interest was 528,966 lots, up from 526,493 lots the previous day. The basis was - 4,400 yuan/ton, and the number of lithium carbonate warrants was 2,8287 lots, an increase of 188 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 81,400 - 85,200 yuan/ton, up 1,000 yuan/ton from the previous day, and industrial - grade lithium carbonate was 80,600 - 81,600 yuan/ton, also up 1,000 yuan/ton. The price of 6% lithium concentrate was 1,020 US dollars/ton, up 8 US dollars/ton [2]. - The downstream material factories are cautious, only making rigid - demand purchases. The market trading is mainly post - pricing. Upstream and downstream enterprises are negotiating long - term agreements for next year, focusing on coefficients [2]. - The overall operating rate of lithium salt plants remains high, with both spodumene and salt - lake production ends having an operating rate of over 60%. The domestic lithium carbonate output in November is expected to be similar to that in October [2]. - In terms of demand, the new - energy vehicle market in the power sector and the energy - storage market are both booming, with supply in the energy - storage market remaining tight [2]. Corporate News - On November 12, Haibo Sichuang announced a ten - year strategic cooperation agreement with CATL from January 1, 2026, to December 31, 2035. Haibo Sichuang will purchase battery cells and system products from CATL, and CATL will ensure product quality and provide preferential supply and competitive prices. The cumulative purchase volume from 2026 to 2028 will be no less than 200 GWh [3]. Strategy - Short - term: It is advisable to wait and see, pay attention to inventory and consumption turning points and the restart of mines, and sell hedging at high prices when appropriate. - Options: Sell out - of - the - money call options [4].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - Various futures products in the energy - chemical industry show different trends, including high - level oscillations, weakening trends, and short - term support. The market is affected by multiple factors such as supply and demand, cost, and macro - events [2]. 3. Summary by Relevant Catalogs a. PX, PTA, MEG - PX: Short - term may have a callback due to a sharp decline in overnight oil prices, but the medium - term trend is strong. Aromatic blending oil demand on the cost side supports the valuation, and the domestic device start - up rate reaches a new high [9]. - PTA: It is in a high - level oscillation market. Process fees should be shorted on rallies. Polyester load starts to rebound beyond expectations, but the future inventory accumulation pattern is clear, and the upward space for positive spreads is limited [9]. - MEG: Supply pressure is still large, and the unilateral price is weak. The port inventory will continue to accumulate, and the current price needs to test the cost line of coal - based devices [10]. b. Rubber - It is in an oscillatory operation. The cost support strengthens due to slow raw material supply caused by weather interference in production areas, but the cost side is weak, and the price increase is difficult [12][13]. c. Synthetic Rubber - In the short term, it forms an oscillatory and supported pattern due to a decline in inventory and improved spot trading. In the medium term, the weak operation of butadiene drives the downward movement of synthetic rubber prices [18]. d. Asphalt - The spot market is sluggish, and it is in a weakly oscillatory state. The weekly output decreases slightly, the factory inventory rate increases, and the social inventory rate decreases [19][30]. e. LLDPE - The profit of the monomer link is compressed, and attention should be paid to import pressure. The raw material oil price oscillates, the downstream demand has rigid support, but the mid - and downstream willingness to hold goods weakens after the price decline last week [31][32]. f. PP - The trend is weak. Trade wars, oil prices, high supply, and low profits of downstream processed products jointly form a downward pressure on prices [36]. g. Caustic Soda - The trend is weak. The high - production and high - inventory pattern continues, and the market continues to short the chlor - alkali profit. The demand side is affected by the alumina industry, and the supply pressure increases [41]. h. Pulp - It is in an oscillatory operation. The spot price remains high, and the futures price oscillates at a high level. The market is mainly driven by funds and supply - side expectations, but the downstream demand is weak [44][46]. i. Glass - The original sheet price is stable. The futures price oscillates downward, the spot market price is weakly sorted, and the downstream purchases at low prices [48]. j. Methanol - It is in a short - term oscillatory operation. The fundamental drive is downward due to high domestic supply and pressure on the MTO industry. The cost - side pricing logic weight increases slightly [52][53]. k. Urea - It operates within the valuation range. The domestic fundamental pressure is large, but the downward drive is weakened by policy regulation. The 01 contract has a strong pressure level at 1700 - 1720 yuan/ton and a support level at 1550 - 1560 yuan/ton [55][56]. l. Styrene - It is in a short - term oscillatory state. The contradiction is not significant, and the absolute valuation of pure benzene is low. It is recommended to wait and see in the short term [57][58]. m. Soda Ash - The spot market changes little. The comprehensive supply decreases slightly, and the downstream demand is average. It is expected to oscillate steadily in the short term [59]. n. LPG and Propylene - LPG: Demand improvement is limited, and the disk valuation is high. - Propylene: Supply and demand narrow, and there is short - term support [62]. o. PVC - The trend still has pressure. The "alkali - supplementing chlorine" pattern in the profit chain is difficult to sustain, the demand of downstream products related to real estate is weak, and the inventory is high [71]. p. Fuel Oil and Low - Sulfur Fuel Oil - Fuel Oil: It has a sharp decline and is still weaker than low - sulfur fuel oil. - Low - Sulfur Fuel Oil: It has a short - term retracement, and the price difference between high - and low - sulfur in the overseas spot market remains high [73]. q. Short Fibers and Bottle Chips - Short Fibers: The peak - season demand continues, and it is in a short - term oscillatory market. - Bottle Chips: Supported by upstream products, it is in an oscillatory market [75][76]. r. Offset Printing Paper - It is in a low - level oscillation. The mainstream transaction prices in Shandong and Guangdong markets are stable, the paper mills maintain normal production, and the downstream purchases on a rigid basis [78][81]. s. Pure Benzene - Overseas blending oil starts, and it is mainly in a short - term oscillatory state. The port inventory decreases, and the spot price changes [83][84].

Report Title PTA&MEG Morning Report - November 13, 2025 [1] Core Views - PTA is expected to fluctuate strongly following the cost side in the short term, with attention to device changes [5]. - MEG is expected to fluctuate and consolidate, with obvious upside pressure [7]. Summary by Section 1. PTA Daily View - **Fundamentals**: PTA futures closed slightly lower yesterday, with a light trading atmosphere in the spot market and fluctuating spot basis. The expected price will follow the cost side to fluctuate strongly in the short term [5]. - **Basis**: The spot price is 4592, and the basis of the 01 contract is -78, with the futures price higher than the spot price, showing a neutral situation [5]. - **Inventory**: PTA factory inventory is 4.09 days, an increase of 0.06 days compared to the previous period, 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 is decreasing, which is bearish [5]. 2. MEG Daily View - **Fundamentals**: On Wednesday, the ethylene glycol market price was sorted out at a low level, and the spot basis weakened. The futures price fluctuated widely at night [8]. - **Basis**: The spot price is 3953, and the basis of the 01 contract is 62, with the spot price higher than the futures price, showing a neutral situation [8]. - **Inventory**: The ethylene glycol port inventory in East China has risen to around 660,000 tons, and there is still room for further accumulation in the short term, 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 [8]. - **Main Position**: The net long position is decreasing, which is bullish [7]. 3. Influencing Factors Summary - **Positive Factors**: Weilian Chemical's 2.5 million - ton capacity reduced its load, and Ineos' 1.1 million - ton and Dushan Energy's 2.5 million - ton capacities stopped production [9]. - **Negative Factors**: Yisheng Dalian's 3.75 - million - ton capacity restored its load, and Zhongtai's 1.2 million - ton capacity increased its load to 70% [9]. 4. Price - **Spot Prices**: The price of naphtha CFR Japan increased by 9 to 584.5 dollars/ton; the price of p - xylene (PX) CFR China Taiwan decreased by 17 to 824 dollars/ton; the price of PTA remained unchanged at 4282 yuan/ton; the price of MEG remained unchanged at 3942 yuan/ton [12]. - **Futures Prices**: TA01 increased by 22 to 4670 yuan/ton; EG01 increased by 16 to 3891 yuan/ton [12]. 5. Inventory Analysis - **PTA**: The factory inventory available days in China are presented in a long - term data chart [40]. - **MEG**: The port inventory in East China is presented in a long - term data chart [40]. 6. Profit - **PTA Processing Fee**: It decreased by 421.295 to 18.18 yuan/ton [12]. - **MEG Profits**: The profits of various production methods such as naphtha - based MEG all decreased [12]. - **Polyester Product Profits**: The profits of POY, FDY, DTY, and polyester staple fiber showed different degrees of change [12].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The inventory accumulation of natural rubber in Qingdao area has narrowed month - on - month, with a slight destocking in bonded warehouses and continuous inventory accumulation in general trade warehouses. After the concentrated arrival of previously postponed overseas orders, the bonded warehouse inventory is expected to increase further, while the general trade warehouse inventory inflow will significantly decrease. The downstream demand remains at a normal level of rigid demand, but the inventory inflow is still greater than the outflow, so the natural rubber inventory in Qingdao area may continue to accumulate in the short term. - The production scheduling of tire maintenance enterprises in China last week returned to the normal level, driving a slight increase in overall capacity utilization. Most other enterprises' equipment is operating stably. This week, most enterprises will maintain stable production to meet order requirements, but it is reported that some enterprises have maintenance plans in the middle of the month, which may drag down the overall capacity utilization. - The ru2601 contract is expected to fluctuate in the range of 14,800 - 15,300 yuan/ton in the short term, and the nr2601 contract is expected to fluctuate in the range of 11,900 - 12,300 yuan/ton in the short term [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main Shanghai rubber contract is 15,220 yuan/ton, with a week - on - week increase of 125 yuan/ton; the closing price of the main 20 - numbered rubber contract is 12,180 yuan/ton, with a week - on - week increase of 55 yuan/ton. - The open interest of the main Shanghai rubber contract is 136,995 lots, a decrease of 3,402 lots; the open interest of the main 20 - numbered rubber contract is 68,949 lots, a decrease of 224 lots. - The net positions of the top 20 in Shanghai rubber are - 30,818 lots, an increase of 2,953 lots; the net positions of the top 20 in 20 - numbered rubber are - 10,386 lots, an increase of 563 lots. - The exchange warehouse receipts of Shanghai rubber are 116,210 tons, a decrease of 2,010 tons; the exchange warehouse receipts of 20 - numbered rubber are 50,703 tons, a decrease of 505 tons [2]. 3.2 Spot Market - The price of state - owned whole latex in the Shanghai market is 14,750 yuan/ton, an increase of 50 yuan/ton; the price of Vietnamese 3L in the Shanghai market is 15,150 yuan/ton, a decrease of 15 yuan/ton. - The price of Thai RMB mixed rubber is 14,600 yuan/ton, a decrease of 50 yuan/ton; the price of Malaysian RMB mixed rubber is 14,550 yuan/ton, a decrease of 50 yuan/ton. - The price of Qilu Petrochemical's styrene - butadiene rubber 1502 is 10,400 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene rubber BR9000 is 10,200 yuan/ton, unchanged. - The basis of Shanghai rubber is - 470 yuan/ton, a decrease of 75 yuan/ton; the non - standard product basis of the main Shanghai rubber contract is - 495 yuan/ton, a decrease of 35 yuan/ton. - The price of 20 - numbered rubber in the Qingdao market is 12,968 yuan/ton, an increase of 1 yuan/ton; the basis of the main 20 - numbered rubber contract is 788 yuan/ton, a decrease of 54 yuan/ton [2]. 3.3 Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) is 60.2 Thai baht/kg, an increase of 0.91 Thai baht/kg; the market reference price of Thai raw rubber (sheet) is 55.66 Thai baht/kg, an increase of 0.11 Thai baht/kg. - The market reference price of Thai raw rubber (latex) is 56.3 Thai baht/kg, unchanged; the market reference price of Thai raw rubber (cup lump) is 51.9 Thai baht/kg, a decrease of 1.4 Thai baht/kg. - The theoretical production profit of RSS3 is 130.6 US dollars/ton, a decrease of 43.8 US dollars/ton; the theoretical production profit of STR20 is - 23.4 US dollars/ton, a decrease of 30 US dollars/ton. - The monthly import volume of technically specified natural rubber is 122,600 tons, an increase of 9,500 tons; the monthly import volume of mixed rubber is 317,500 tons, an increase of 49,100 tons [2]. 3.4 Downstream Situation - The weekly operating rate of all - steel tires is 65.46%, an increase of 0.12 percentage points; the weekly operating rate of semi - steel tires is 73.67%, an increase of 0.26 percentage points. - The inventory days of all - steel tires in Shandong at the end of the period are 39.2 days, an increase of 0.19 days; the inventory days of semi - steel tires in Shandong at the end of the period are 45.05 days, an increase of 0.23 days. - The monthly output of all - steel tires is 13.14 million pieces, an increase of 110,000 pieces; the monthly output of semi - steel tires is 60.25 million pieces, an increase of 2.19 million pieces [2]. 3.5 Option Market - The 20 - day historical volatility of the underlying is 17.23%, a decrease of 0.18 percentage points; the 40 - day historical volatility of the underlying is 18.38%, a decrease of 0.01 percentage points. - The implied volatility of at - the - money call options is 20.28%, an increase of 0.14 percentage points; the implied volatility of at - the - money put options is 20.27%, an increase of 0.13 percentage points [2]. 3.6 Industry News - In October 2025, China's heavy - truck market sold about 93,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of about 12% compared to September and a year - on - year increase of about 40% compared to 66,400 vehicles in the same period last year. From January to October this year, the cumulative sales volume of China's heavy - truck market exceeded 900,000 vehicles, reaching 916,000 vehicles, a year - on - year increase of about 22%. - As of November 9, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 449,500 tons, a month - on - month increase of 1,800 tons, an increase of 0.40%. The bonded warehouse inventory was 67,800 tons, a decrease of 0.74%; the general trade inventory was 381,700 tons, an increase of 0.60%. - As of November 6, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.89%, a month - on - month increase of 0.77 percentage points and a year - on - year decrease of 7.03 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 65.37%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points [2].

Core Viewpoint - The domestic PVC futures market is experiencing fluctuations, with the main contract closing at 4581.00 yuan/ton, down 0.22% [1] Market Price Summary - In East China, PVC market prices are adjusting weakly, with calcium carbide method 5 type material priced between 4490-4610 yuan/ton and ethylene material around 4600-4700 yuan/ton [1] - In North China, PVC market prices are down, with calcium carbide method 5 type material priced at 4430-4530 yuan/ton and ethylene material at 4730-4880 yuan/ton [1] - In South China, PVC market prices are also adjusting weakly, with calcium carbide method 5 type material priced at 4570-4660 yuan/ton and ethylene material at 4660-4750 yuan/ton [1] Supply and Demand Analysis - New Lake Futures indicates that the concentrated maintenance period is nearly over, with future maintenance volumes expected to remain low, leading to continued high operating rates [1] - Heng Tai Futures notes that downstream product enterprises are maintaining low operating rates, with no signs of improvement in orders, leading to low procurement strategies [1] - Guotou Anxin Futures suggests that the chlor-alkali integration still has profit potential, but cost support is weak, resulting in a supply surplus and weak demand, indicating that PVC may continue to operate at low levels [1]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - In the context of strong supply and weak demand, the log futures market is expected to continue its weak and volatile trend. Although the supply of logs is expected to increase this week and the spot price is declining, putting pressure on the market, the current low futures price and the significant inversion between domestic and foreign prices provide some support from import costs, limiting the downward space of the futures price. [2][3] 3. Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On November 11, the price of log2511 remained unchanged at 740.0, while log2601 decreased by 6.0 to 776.5, with a decline of 0.77%. Log2603 dropped by 3.5 to 791.5, a decrease of 0.44%, and log2605 fell by 2.5 to 810.5, a decline of 0.31%. [1] - **Spot Prices**: The spot prices of various types of logs at ports such as Rizhao and Taicang remained unchanged on November 11 compared to the previous day. The CFR prices of radiata pine and spruce in the outer - market also remained stable. [1] - **Cost**: The RMB - US dollar exchange rate was 7.124 on November 11, with a slight increase of 0.004 compared to the previous day. The import theoretical cost was 812.17 yuan, an increase of 0.38 yuan. [1] Supply - **Monthly Supply**: In October, the port shipment volume was 201.3 million cubic meters, a 13.99% increase from September. The number of ships at the port increased by 8.0 to 54.0, a 17.39% increase. [1] - **Weekly Supply**: From November 10 - 16, 2025, the number of pre - arrival New Zealand log ships at 13 Chinese ports was 12, a 25% week - on - week decrease. The total arrival volume was about 39.5 million cubic meters, a 26% week - on - week decrease. [2] Inventory - **Weekly Inventory**: As of November 7, the total inventory of domestic softwood logs was 293 million cubic meters, a 1.74% increase from the previous week. The inventory in China, Shandong, and Jiangsu all showed varying degrees of increase. [1][2] Demand - **Weekly Demand**: As of November 7, the average daily outbound volume of logs in China was 6.63 million cubic meters, a 6% increase from the previous week. The average daily outbound volume in Shandong increased by 19%, while that in Jiangsu decreased by 6%. [2]

Group 1 - The price of mainstream DDR4 1Gx8 3200MT/s increased by 7.10%, rising from US$11.071 to US$11.857 this week, indicating a strong upward trend in pricing due to limited supply and high demand [1] - TrendForce notes that both DDR4 and DDR5 are experiencing price increases due to a strong sell-side sentiment, with transaction volumes remaining low due to limited supply [1] - The price of NAND Flash is also rising, driven by strong demand in the contract market, leading to increased activity in the spot market despite limited supply [1] Group 2 - The spot price of 512Gb TLC Wafer surged by 17.07%, reaching US$6.455, with expectations that the tight market conditions will persist into the next quarter [2] - There is a notable increase in demand from small to medium-sized buyers who are turning to the spot market due to difficulties in obtaining supplies from manufacturers [1][2] - TrendForce anticipates that if contract prices rise too quickly or if end-user demand slows, the heat in the spot market may slightly cool down by early 2026 [2]