交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-11-12 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 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。 -300 -200 -100 0 100 200 300 400 500 600 700 800 1500 1700 1900 2100 2300 2500 2700 2900 2023/1/1 2023/4/1 2023/7/1 2023/10/1 2024/1/1 2024/4/1 2024/7/1 2024/10/1 2025/1/1 2025/4/1 2025/7/1 2025/10/1 坐标轴标题 U R期现价格及基差 基差 主力收盘 现货 • 尿素概述： • 1. 基本面：当前日产及开工率再次出现回升，综合库存小幅回落。需求端，农业需求受天气 影响有所回升，工业需求中性偏弱，复合肥开工同比中性、三聚氰胺 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For coking coal, the supply is tight with limited mine capacity release. Downstream replenishment has been active recently, but the mid - trading sector is cautious due to high prices. The price is expected to remain stable in the short term. Positive factors include rising hot metal production and limited supply growth, while negative factors are slower procurement by coking and steel enterprises and weak steel prices [3][5]. - For coke, production is limited by high - cost pressure and environmental policies. Terminal demand is weakening, and the price is in a situation where it is difficult to rise or fall, expected to remain stable in the short term. Positive factors are rising hot metal production and increasing blast furnace operating rate, while negative factors are squeezed profit margins of steel mills and partially overdrawn replenishment demand [6][9]. 3. Summary by Related Catalogs Daily Views Coking Coal - Fundamental: Mine capacity release is limited, supply is tight. Downstream replenishment is active, but mid - traders are cautious. Market sentiment has declined slightly [3]. - Basis: Spot price is 1430, basis is 217, spot premium over futures [3]. - Inventory: Total sample inventory is 1895.4 tons, a decrease of 76.2 tons from last week [3]. - Disk: The 20 - day line is upward, and the price is below the 20 - day line [3]. - Main Position: The main net position of coking coal has changed from long to short [3]. - Expectation: Downstream coking enterprises' production utilization rate is stable, but some have slowed down replenishment due to high coal prices. The price is expected to remain stable in the short term [3]. Coke - Fundamental: Coke production is limited by high - cost pressure and environmental policies [6]. - Basis: Spot price is 1680, basis is - 5, spot discount to futures [7]. - Inventory: Total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week [7]. - Disk: The 20 - day line is upward, and the price is below the 20 - day line [7]. - Main Position: The main net position of coke is short and the short position is increasing [7]. - Expectation: Coke production is limited, terminal demand is weakening, and the price is expected to remain stable in the short term [6]. Price - On November 11, 2025, the prices of imported coking coal from Russia and Australia at different ports are provided, along with price changes for some varieties [10]. - On November 11, 2025, the prices of port metallurgical coke at different ports and of different grades are provided, along with price changes for some varieties [11]. Inventory Port Inventory - Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [19]. Independent Coking Enterprise Inventory - Independent coking enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [23]. Steel Mill Inventory - Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [28]. Other Data - The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [41]. - The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [45].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The previous trading day saw the Shanghai zinc futures oscillate and decline, closing with a negative candlestick, a shrinking trading volume, and both long and short positions reducing, with more long - position reduction. The market may experience short - term oscillatory consolidation. Technically, the price closed above the moving average system with strong support. Short - term indicators KDJ declined but remained in the strong zone, and the trend indicator showed an increase in bullish power and a decrease in bearish power, with the bullish power having an expanding advantage. The Shanghai zinc ZN2512 is expected to oscillate and rebound [2][19] Group 3: Summary According to Related Catalogs 1. Fundamentals - In August 2025, global zinc plate production was 1150700 tons, consumption was 1171700 tons, resulting in a supply shortage of 21000 tons. From January to August 2025, global zinc plate production was 9088500 tons, consumption was 9369800 tons, with a supply shortage of 281300 tons. In August 2025, global zinc ore production was 1069600 tons, and from January to August 2025, it was 8445700 tons [2] 2. Basis - The spot price was 22810, and the basis was + 135 [2] 3. Inventory - On November 11, LME zinc inventory increased by 400 tons to 35300 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants increased by 649 tons to 70518 tons [2] 4. Futures Exchange Zinc Futures Quotes on November 11 - For different delivery months of zinc futures, details such as previous settlement price, today's opening price, highest price, lowest price, closing price, settlement reference price, price changes, trading volume, trading amount, and open interest changes were provided. The total trading volume was 119018 lots, the total trading amount was 1352853.18, and the total open interest was 226896 lots with a decrease of 1204 lots [3] 5. Domestic Main Spot Market Quotes on November 11 - For zinc concentrate, domestic zinc concentrate spot TC was 2800 yuan/metal ton, and imported zinc concentrate was 100 US dollars/ton. For zinc ingots, 0 zinc prices in Shanghai, Guangdong, Tianjin, and Zhejiang were in different ranges and had price increases [4] 6. National Main Market Zinc Ingot Inventory Statistics (October 30 - November 10, 2025) - The total inventory in major markets was 16.32 million tons on October 30, 16.23 million tons on November 3, 16.16 million tons on November 6, and 16.15 million tons on November 10, showing a decreasing trend [5] 7. Futures Exchange Zinc Warrant Report on November 11 - The total zinc warrants were 70518 tons, with an increase of 649 tons. Different regions such as Shanghai, Guangdong, Jiangsu, Zhejiang, and Tianjin had different warrant amounts and changes [6] 8. LME Zinc Inventory Distribution and Statistics on November 11 - LME zinc inventory in different global warehouses had various changes, with a total inventory of 35300 tons and an increase of 400 tons [7] 9. National Main City Zinc Concentrate Price Summary on November 11 - Zinc concentrate prices in different regions such as Jiyuan, Kunming, Hechi, etc. were mostly 18350 yuan/ton, with a price increase of 60 yuan/ton [8] 10. National Market Zinc Ingot Smelter Price Quotes on November 11 - 0 zinc ingot prices of different brands such as Hunan Weibahai, Liaoning Huludao Zinc Industry, etc. all increased by 90 yuan/ton [11] 11. Domestic Refined Zinc Production in October 2025 - The planned production value in October was 50.96 million tons, and the actual production was 52.43 million tons, with a month - on - month increase of 4.87% and a year - on - year increase of 18.38%. The capacity utilization rate was 73.33%, and the planned production in November was 52.23 million tons [14] 12. Zinc Concentrate Processing Fee Quotes on November 11 - For domestic zinc concentrate with a 50% grade, the processing fee in most regions was in the range of 2700 - 2900 yuan/metal ton, and for imported zinc concentrate with a 48% grade, it was 100 US dollars/ton [16] 13. Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on November 11 - For the zn2512 contract, details of the top 20 futures companies' trading volume, long - position volume, and short - position volume and their changes compared to the previous trading day were provided. The total trading volume was 127087 lots with a decrease of 31763 lots, the total long - position volume was 74152 lots with a decrease of 2211 lots, and the total short - position volume was 71398 lots with a decrease of 1149 lots [17]

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年11月11日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 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 | | | 供给端来看 根据隆众 ， | 2025年11月份地炼沥青总计划排产量为131 2万吨 环比增 ， . ， | | | --- | --- | --- | --- | --- | | | | 幅18 2% 同比降幅6 . , . | 5% 本周国内石油沥青样本产能利用率为31 8792% 环比减少 。 ， . | | | | | 1 44个百分点 . ， | 全国样本企业出货30 88万吨 环比减少6 79% 样本企业产量为53 . ， . , | 2 . | | | | 万吨 环比减少4 31% ， . | 样本企业装置检修量预估为74 5万吨 环比增加22 53% , . ， . , | ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The fundamentals of soda ash remain weak, with high supply, declining terminal demand, and high inventory. The supply - demand mismatch in the industry has not been effectively improved. Short - term, it is expected to move in a range [2][5]. - The downstream glass supply has stabilized and rebounded at a low level, increasing the demand for soda ash. However, since 2023, the soda ash production capacity has expanded significantly, and there are still large production plans this year. The production is at a historical high, and the demand from the photovoltaic glass downstream has weakened [3][4]. 3. Summary by Related Catalogs 3.1 Daily View - **Fundamentals**: Alkali plant production is at a high level, and the second - phase of Yuanxing is expected to be put into production before the end of the year. The overall supply is expected to be abundant. There are supply disturbances in downstream float glass, and the daily melting volume of photovoltaic glass continues to decline. The inventory of soda ash plants is at a historical high level, which is bearish [2]. - **Basis**: The spot price of heavy - quality soda ash in Hebei Shahe is 1,170 yuan/ton, the closing price of SA2601 is 1,226 yuan/ton, and the basis is - 56 yuan. The futures price is at a premium to the spot price, which is bearish [2]. - **Inventory**: The national soda ash inventory in plants is 1.7142 million tons, an increase of 0.72% from the previous week, and the inventory is above the 5 - year average, which is bearish [2][34]. - **Disk**: The price is above the 20 - day line, and the 20 - day line is downward, which is neutral [2]. - **Main Position**: The main position is net short, and the short position is decreasing, which is bearish [2]. - **Expectation**: The fundamentals of soda ash remain weak, and it is expected to move in a range in the short term [2]. 3.2 Impact Factors Summary - **Positive Factors**: The supply of downstream glass has stabilized and rebounded at a low level, increasing the demand for soda ash [3]. - **Negative Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The production is at a historical high. The downstream photovoltaic glass has cut production, and the demand for soda ash has weakened [4]. 3.3 Main Logic - The supply of soda ash is at a high level, the terminal demand is declining, the inventory is at a high level in the same period, and the supply - demand mismatch in the industry has not been effectively improved [5]. 3.4 Soda Ash Futures Market | | Main Contract Closing Price | Heavy - Quality Soda Ash: Low - end Price in Shahe | Main Basis | | --- | --- | --- | --- | | Previous Value | 1,210 yuan/ton | 1,155 yuan/ton | - 55 yuan | | Current Value | 1,226 yuan/ton | 1,170 yuan/ton | - 56 yuan | | Change Rate | 1.32% | 1.30% | 1.82% | [6] 3.5 Soda Ash Spot Market The low - end price of heavy - quality soda ash in Hebei Shahe is 1,170 yuan/ton, an increase of 15 yuan/ton from the previous day [12]. 3.6 Fundamentals - Supply - **Production Profit**: The profit of heavy - quality soda ash by the North China ammonia - soda process is - 103.50 yuan/ton, and the profit by the East China co - production process is - 212 yuan/ton. The production profit is at a historical low [15]. - **Operating Rate and Production**: The weekly operating rate of the soda ash industry is 85.67%. The weekly production of soda ash is 746,800 tons, including 414,800 tons of heavy - quality soda ash, and the production is at a historical high [18][20]. - **Capacity Changes**: In 2023, the new production capacity of soda ash was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new production capacity is 7.5 million tons, and the actual production is 1 million tons [21]. 3.7 Fundamentals - Demand - **Production and Sales Rate**: The weekly production and sales rate of soda ash is 98.36% [24]. - **Downstream Demand**: The daily melting volume of national float glass is 159,100 tons, and the operating rate is 75.92% [27]. 3.8 Fundamentals - Inventory The national soda ash inventory in plants is 1.7142 million tons, an increase of 0.72% from the previous week, and the inventory is above the 5 - year average [2][34]. 3.9 Fundamentals - Supply - Demand Balance Sheet The annual supply - demand balance sheet of soda ash from 2017 to 2024E shows the changes in effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [35].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The short - term, medium - term, and intraday trends of rebar 2601 are expected to be oscillatory, oscillatory, and weakly oscillatory respectively. Attention should be paid to the pressure at the MA10 line. The industrial contradictions remain unresolved, and steel prices are expected to oscillate at a low level [1]. - Market sentiment has warmed up, and steel prices have stabilized in oscillation. However, under the situation of weak supply and demand, the fundamentals of rebar have not improved, and the upward driving force is not strong. It is expected that the trend will continue to oscillate at a low level, and attention should be paid to the production situation of steel mills [2]. Group 3: Summary According to Relevant Catalogs Variety View Reference - For rebar 2601, short - term trend is oscillatory, medium - term is oscillatory, and intraday is weakly oscillatory. The reference view is to pay attention to the pressure at the MA10 line, with the core logic being that industrial contradictions are unresolved and steel prices oscillate at a low level [1]. Market Driving Logic - Commodity sentiment has warmed up, and combined with production restriction disturbances, steel prices have stabilized in oscillation. However, the supply - demand pattern of rebar has changed little. Supply has shrunk but remains at a relatively high level this year, and inventory reduction is limited. Demand indicators have declined and are at a low level in the same period in recent years. With the approaching of the off - season, demand is likely to weaken, and steel prices continue to be under pressure. The fundamentals of rebar have not improved, and the upward driving force is weak, so it is expected to continue to oscillate at a low level [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For both coking coal and coke, the short - term and medium - term views are "oscillation", and the intraday view is "oscillation on the strong side", with an overall "oscillation thinking" [1] - The coking coal market is in a state of multi - empty stalemate, with supply - side strong expectations driving it to run at a high level, while downstream demand seasonally weakens [5] - The coke market shows a situation of weak supply and demand in the off - season, with the upward drive mainly coming from the cost side of coking coal [6] 3. Summary by Related Catalogs 3.1 Coking Coal - **Price and Viewpoint** - The short - term, medium - term view is "oscillation", and the intraday view is "oscillation on the strong side", with an overall "oscillation thinking" [1][5] - **Driving Logic** - The spot market atmosphere of coking coal is good recently, with more increases and fewer decreases in auctions. The market is in a multi - empty stalemate this week, and the main contract runs in a narrow range [5] - Downstream demand is seasonally weak due to environmental protection and loss pressure, which brings resistance to the upward movement of coking coal futures [5] - Supply - side strong expectations are driven by safety inspections and "anti - involution" disturbances, keeping coking coal futures running at a high level [5] 3.2 Coke - **Price and Viewpoint** - The short - term, medium - term view is "oscillation", and the intraday view is "oscillation on the strong side", with an overall "oscillation thinking" [1][6] - **Driving Logic** - As of the week ending November 7, the daily average output of coke decreased week - on - week, and the daily average output of molten iron of steel mills also decreased, with the profitability of steel mills continuing to decline [6] - The inventory of coke in each link of the industrial chain has decreased. The total inventory of the coke industrial chain within the statistical scope decreased by 129,700 tons week - on - week [6] - The market shows a situation of weak supply and demand in the off - season, and the upward drive mainly comes from the cost side of coking coal [6]

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - This week, the 01 contract of asphalt showed a downward trend, with the Monday opening price at 3,253 yuan/ton and the Friday closing price at 3,048 yuan/ton, a weekly decline of 6.30%. It is expected that next week, the demand recovery will be limited, while the supply will decrease, and the cost support will strengthen. The market may experience a bullish oscillatory adjustment [5][6]. 3. Summary by Related Catalogs 3.1 Review and Outlook - **Supply Side**: In November 2025, the total planned output of refinery asphalt is 1.312 million tons, a month-on-month increase of 18.2% and a year-on-year decrease of 6.5%. This week, the domestic asphalt sample capacity utilization rate was 31.8792%, a month-on-month decrease of 1.44 percentage points. The national sample enterprise shipments were 308,800 tons, a month-on-month decrease of 6.79%. The sample enterprise output was 532,000 tons, a month-on-month decrease of 4.31%. The estimated maintenance volume of sample enterprise equipment was 745,000 tons, a month-on-month increase of 22.53%. Refineries reduced production this week, alleviating supply pressure, and it is expected that supply pressure will continue to ease next week [5]. - **Demand Side**: The heavy - traffic asphalt开工率 was 29.7%, a month-on-month decrease of 0.06 percentage points, lower than the historical average. The construction asphalt开工率 was 6.6%, a month-on-month decrease of 0.43 percentage points, lower than the historical average. The modified asphalt开工率 was 10.4226%, a month-on-month decrease of 4.61 percentage points, lower than the historical average. The road - modified asphalt开工率 was 34%, a month-on-month increase of 1.00 percentage point, higher than the historical average. The waterproofing membrane开工率 was 34%, a month-on-month increase of 4.00 percentage points, lower than the historical average. Overall, current demand is lower than the historical average [5]. - **Cost Side**: The daily asphalt processing profit was - 576.02 yuan/ton, a month-on-month increase of 4.10%. The weekly Shandong refinery delayed coking profit was 799.3871 yuan/ton, a month-on-month increase of 34.46%. Asphalt processing losses increased, and the profit difference between asphalt and delayed coking increased. With the strengthening of crude oil, it is expected that short - term support will strengthen [6]. - **Inventory Side**: Social inventory was 897,000 tons, a month-on-month decrease of 4.26%. Factory inventory was 641,000 tons, a month-on-month decrease of 6.42%. Port diluted asphalt inventory was 160,000 tons, a month-on-month decrease of 20.00%. Social, factory, and port inventories are all decreasing [6]. 3.2 Asphalt Futures Market - **Base - Spread Trend**: The report presents the base - spread trends of asphalt in Shandong and East China regions, but no specific data analysis is provided [10][12]. - **Spread Analysis** - **主力合约价差**: The report shows the spread trends of asphalt 1 - 6 and 6 - 12 contracts, but no specific data analysis is provided [14][15]. - **沥青原油价格走势**: The report shows the price trends of asphalt, Brent crude oil, and West Texas Intermediate crude oil, but no specific data analysis is provided [18]. - **原油裂解价差**: The report shows the cracking spread trends of asphalt and different types of crude oil (SC, WTI, Brent), but no specific data analysis is provided [21][22]. - **沥青、原油、燃料油比价走势**: The report shows the price - ratio trends of asphalt, crude oil, and fuel oil, but no specific data analysis is provided [26]. 3.3 Asphalt Spot Market - **各地区市场价走势**: The report shows the price trends of heavy - traffic asphalt in East China and Shandong regions, but no specific data analysis is provided [28]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis** - **沥青利润**: The report shows the profit trend of asphalt, but no specific data analysis is provided [30]. - **焦化沥青利润价差走势**: The report shows the profit - spread trend between coking and asphalt, but no specific data analysis is provided [33][34]. - **Supply Side** - **出货量**: The report shows the weekly shipment volume of asphalt, but no specific data analysis is provided [36]. - **稀释沥青港口库存**: The report shows the port inventory of diluted asphalt, but no specific data analysis is provided [38]. - **产量**: The report shows the weekly and monthly output of asphalt, but no specific data analysis is provided [41]. - **马瑞原油价格及委内瑞拉原油月产量走势**: The report shows the price trend of Ma Rui crude oil and the monthly output trend of Venezuelan crude oil, but no specific data analysis is provided [46]. - **地炼沥青产量**: The report shows the output of refinery asphalt, but no specific data analysis is provided [49]. - **开工率**: The report shows the weekly capacity utilization rate of asphalt, but no specific data analysis is provided [51]. - **检修损失量预估**: The report shows the estimated maintenance loss volume of asphalt, but no specific data analysis is provided [54]. - **Inventory** - **交易所仓单**: The report shows the exchange warehouse receipts of asphalt, including total, social, and factory warehouses, but no specific data analysis is provided [57][59]. - **社会库存和厂内库存**: The report shows the social and factory inventories of asphalt, but no specific data analysis is provided [62]. - **厂内库存存货比**: The report shows the inventory - to - stock ratio of factory inventory, but no specific data analysis is provided [65]. - **进出口情况**: The report shows the export and import trends of asphalt, as well as the import price - spread trend of South Korean asphalt, but no specific data analysis is provided [68][71] - **Demand Side** - **石油焦产量**: The report shows the output of petroleum coke, but no specific data analysis is provided [74]. - **表观消费量**: The report shows the apparent consumption of asphalt, but no specific data analysis is provided [77]. - **下游需求**: The report shows the downstream demand trends of asphalt, including highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion, but no specific data analysis is provided [80][81]. - **下游机械需求走势**: The report shows the sales volume trends of asphalt concrete pavers, domestic excavators, and road rollers, as well as the monthly working - hour trends of excavators, but no specific data analysis is provided [85][87]. - **沥青开工率** - **重交沥青开工率**: The report shows the开工率 trend of heavy - traffic asphalt, but no specific data analysis is provided [89]. - **按用途分沥青开工率**: The report shows the开工率 trends of construction asphalt and modified asphalt by usage, but no specific data analysis is provided [92]. - **下游开工情况**: The report shows the开工 rate trends of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt, but no specific data analysis is provided [95][97]. - **供需平衡表**: The report provides a monthly asphalt supply - demand balance sheet, showing data such as monthly downstream demand, diluted asphalt port inventory, factory inventory, social inventory, export volume, import volume, and output from January 2024 to November 2025 [100]. 3.5 Technical Analysis - The main 01 contract showed a downward trend this week, and it is expected to experience a bullish oscillatory adjustment next week [105].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2025 年 11 月 10 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2601 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA20 一线压力 | 供需格局偏弱，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 周末钢材现货价格弱稳运行，成交表现偏弱，而螺纹钢供需格局未好转，产量虽有所回落，但 仍处年内相对高位，且库存去化有限，供应压力未缓解。与此同时，螺纹需求再度转弱，高频指标 下行且位于近年来同期低位，而下游行业未改善，需求表现偏弱，继续承压钢价。目前来看，供需 ...

大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 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。 交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年11月10日 目 录 1 每日观点 2 基本面/持仓数据 供给端来看，据隆众统计，2025年10月PVC产量为212.812万吨，环比增加4.79%；本周样本企业产能利 用率为80.75%，环比增加0.03个百分点；电石法企业产量34.535万吨，环比增加4.89%,乙烯法企业产 量14.677万吨，环比减少0.63%；本周供给压力有所增加；下周预计检修有所减少，预计排产少量增加 3 每日观点 。 需求端来看，下游整体开工率为49.6%，环比减少0.93个百分点，高于历史平均水平；下游型材开工率 为37.61%，环比减少0.21个百分点，低于历史平均水平；下游管材开工率为39.4%，环比减少2.6个百 分点，低于历史平均 ...