Group 1: Production Capacity - The company has established a lithium iron phosphate production capacity of 225,000 tons, with 75,000 tons currently under construction [2] - The company plans to adjust production capacity based on industry trends and customer demand [2] Group 2: Competitive Strategy - The company ensures product competitiveness through technological innovation, customer collaboration, product layout, and economies of scale [2][3] - Continuous R&D investment enhances innovation capabilities and product performance, creating differentiated advantages [3] - The company is developing lithium manganese iron phosphate and solid-state battery cathode materials to meet diverse market needs [3] Group 3: Product Development - High-density lithium iron phosphate products have successfully entered mass production, catering to core customer applications [3] - The company will track technological iterations and market demand in the power and energy storage sectors to enrich its product matrix [3] Group 4: Capacity Utilization - Starting from Q4 2025, increased downstream demand will drive high capacity utilization rates [3] - The company aims to enhance capacity digestion through improved product competitiveness and collaboration with existing customers [3]

Liquidity - The BCI small and medium enterprise financing environment index for October 2025 is 52.41, with a month-on-month increase of 10.15% [4] - The M1 and M2 growth rate difference in October 2025 is -2.0 percentage points, a month-on-month decrease of 0.80 percentage points [4] - The current price of London gold is $4082 per ounce [4] Infrastructure and Real Estate Chain - From January to October, the cumulative year-on-year new construction area of national real estate is -19.80% [5] - Weekly price changes include rebar at -0.94% and cement price index at -0.76%, while rubber increased by 3.14% [5] - The national blast furnace capacity utilization rate increased by 0.99 percentage points, while cement and asphalt decreased by 11.30 percentage points and increased by 1.0 percentage points, respectively [5] Real Estate Completion Chain - From January to October, the cumulative year-on-year completion area of commercial housing is -16.90% [6] - The weekly operating rate for flat glass is 75%, with glass and titanium dioxide prices remaining unchanged [6] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high [7] - Weekly price changes for major bulk commodities include cold-rolled steel at -1.00%, copper at +1.11%, and aluminum at +1.44% [7] - The national semi-steel tire operating rate is 73.68%, with a month-on-month increase of 0.01 percentage points [7] Subcategories - The spot price of oriented silicon steel has decreased by 23% year-to-date [8] - The price of graphite electrodes is 18,500 yuan/ton, unchanged, with a comprehensive gross profit of 1,357.4 yuan/ton, down 25.47% [8] - The price of electrolytic aluminum is 21,890 yuan/ton, with a month-on-month increase of 1.44% and a calculated profit of 4,622 yuan/ton (excluding tax) [8] Price Comparison - The price ratio of rebar to iron ore is 4.01 this week [10] - The price difference between hot-rolled and rebar steel is 110 yuan/ton [10] - The price difference between cold-rolled and hot-rolled steel in Shanghai is 470 yuan/ton, unchanged from the previous week [10] Export Chain - The new export orders PMI for China in October 2025 is 45.90%, a month-on-month decrease of 1.9 percentage points [11] - The CCFI comprehensive index for container shipping rates is 1,094.03 points, with a month-on-month increase of 3.39% [11] - The capacity utilization rate for crude steel in the U.S. is 76.00%, a month-on-month decrease of 0.30 percentage points [11] Valuation Percentiles - The CSI 300 index decreased by 1.08%, with the best-performing cyclical sector being real estate at +2.70% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 44.37% and 91.89%, respectively [12] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.56, with the highest value since 2013 being 0.82 [12]

Core Viewpoint - The company,卓胜微, indicates that its overall gross margin is influenced by multiple factors including depreciation of its subsidiary, market competition, and changes in product structure [1] Group 1 - In Q3 2025, the impact of self-produced wafer costs on gross margin improved compared to Q2 [1] - The company expects that as the production capacity utilization of its subsidiary increases, the negative impact of self-produced wafer costs on overall gross margin will gradually diminish [1]

Group 1: Revenue Confirmation - Approximately 200 million yuan of completed products have not been recognized as revenue in Q3 due to customer reasons [2] - The company adheres to accounting standards for revenue recognition and will provide updates in the regular report for Q4 2025 [2] Group 2: Production Capacity - The production capacity utilization rates for domestic and Vietnam factories are currently unspecified, with inquiries about whether they are at full capacity [3] - The progress of the new factory construction is on track, with expectations for increased production capacity upon completion [3] Group 3: Order Status - The current order amount matches the 1.031 billion yuan contract liabilities disclosed in the Q3 report [3] - The company reports a stable overall operation and good order situation, with ongoing expansion projects [3]

行，由于检修企业在本周涉及检修天数增多，预计产能利用率将进一步下滑。br2601合约短线预计在1020 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 0-10700区间波动。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 合成橡胶产业日报 2025-11-18 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 10505 | 50 主力合约持仓量:合成橡胶(日,元/吨) | 72021 | -1785 | | | 合成橡胶12-1价差(日,元/吨) | 5 | -35 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 2980 | 0 | | | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 | 10500 | 主流价:顺丁橡胶(BR9000,大庆石化):山 0 | 10500 | 0 | | 现货市场 | 东(日,元/吨) ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - Last week, Qilu Petrochemical's 360,000 - ton unit restarted, while LG Chemical's 400,000 - ton and Henan Lianchuang's 400,000 - ton units were under maintenance, leading to a decline in PVC capacity utilization rate. The start - up rate of pipes increased slightly, while that of profiles continued to decline, and the downstream start - up rate of PVC decreased slightly. Social inventory decreased slightly, but the inventory pressure remained high. The prices of raw materials such as calcium carbide, ethane, and vinyl chloride dropped, driving down the costs of calcium carbide and ethylene processes. Due to the weak spot price of PVC, the losses of both processes deepened. This week, LG Chemical's 400,000 - ton unit will restart, and the impact of previously restarted units will expand, so the PVC capacity utilization rate is expected to increase. In winter, it is the off - season for chlor - alkali plant maintenance, and PVC generally maintains a high - start state. As the temperature drops, the terminal demand of infrastructure and real estate weakens, and the downstream start - up rate of PVC is expected to decline seasonally. There is no specific implementation time for India's anti - dumping duty, and overseas demand remains uncertain. The domestic supply - demand contradiction is significant, and it is difficult to reduce PVC inventory, with high inventory pressure likely to continue. The price support of calcium carbide and ethylene at the cost end is limited. In the short term, V2601 is expected to fluctuate weakly in the range of 4,490 - 4,620 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures was 4,520 yuan/ton, a decrease of 81 yuan. The trading volume was 904,897 lots, an increase of 104,133 lots. The open interest was 1,462,731 lots, an increase of 107,190 lots. The long position of the top 20 futures holders was 1,060,264 lots, an increase of 63,708 lots; the short position was 1,318,874 lots, an increase of 98,864 lots; the net long position was - 258,610 lots, a decrease of 35,156 lots [2]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC was 4,610 yuan/ton, a decrease of 10 yuan; the price of calcium carbide - based PVC was 4,531.92 yuan/ton, a decrease of 16.54 yuan. In the South China region, the price of ethylene - based PVC was 4,692.5 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4,596.88 yuan/ton, a decrease of 9.38 yuan. The CIF price of PVC in China was 690 US dollars/ton, unchanged; the CIF price in Southeast Asia was 650 US dollars/ton, unchanged; the FOB price in Northwest Europe was 670 US dollars/ton, unchanged. The basis of PVC was - 30 yuan/ton, an increase of 61 yuan [2]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2,750 yuan/ton, a decrease of 50 yuan; in North China, it was 2,631.67 yuan/ton, a decrease of 50 yuan; in Northwest China, it was 2,484 yuan/ton, a decrease of 10 yuan. The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton, unchanged. The CFR Far East intermediate price of VCM was 488 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 538 US dollars/ton, an increase of 20 US dollars. The CFR Far East intermediate price of EDC was 179 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 184 US dollars/ton, unchanged [2]. 3.4 Industry Situation - The operating rate of PVC was 78.51%, a decrease of 2.24 percentage points; the operating rate of calcium carbide - based PVC was 80.79%, a decrease of 0.42 percentage points; the operating rate of ethylene - based PVC was 73.25%, a decrease of 6.44 percentage points. The total social inventory of PVC was 532,300 tons, a decrease of 13,400 tons; the inventory in the East China region was 484,900 tons, a decrease of 12,600 tons; the inventory in the South China region was 47,400 tons, a decrease of 800 tons [2]. 3.5 Downstream Situation - The national real estate climate index was 92.78, a decrease of 0.27. The cumulative value of new housing construction area was 45.399 million square meters, an increase of 5.59799 million square meters. The cumulative value of real estate construction area was 6.4858 billion square meters, an increase of 5.47106 million square meters. The cumulative value of real estate development investment was 358.6387 billion yuan, an increase of 41.6993 billion yuan [2]. 3.6 Option Market - The 20 - day historical volatility of PVC was 9.49%, a decrease of 0.11 percentage points; the 40 - day historical volatility was 10.12%, unchanged. The implied volatility of at - the - money put options was 14.42%, an increase of 0.36 percentage points; the implied volatility of at - the - money call options was 14.42%, an increase of 0.36 percentage points [2]. 3.7 Industry News - From November 8th to 14th, the capacity utilization rate of PVC producers was 78.51%, a decrease of 2.24% compared with the previous period. The downstream start - up rate of PVC decreased by 0.06% to 49.54%, among which the start - up rate of pipes increased by 1.2% to 40.6%, and the start - up rate of profiles decreased by 0.65% to 36.96%. As of November 13th, the social inventory of PVC decreased by 1.27% to 1.0283 million tons compared with the previous week. As of November 13th, the average cost of calcium carbide - based PVC decreased to 5,152 yuan/ton, and the average cost of ethylene - based PVC nationwide decreased to 5,239 yuan/ton; the profit of calcium carbide - based PVC decreased to - 823 yuan/ton, and the profit of ethylene - based PVC decreased to - 495 yuan/ton [2].

Core Viewpoint - SMIC reports a high capacity utilization rate of 95.8% in Q3, indicating strong demand and a supply-constrained situation in its production lines [1] Group 1: Production and Demand - The company has a significant number of orders, leading to a supply-demand imbalance [1] - The guidance for Q4 does not show a substantial increase due to a severe shortage of memory components in the mobile market, which has resulted in rising prices [1] - Customers are cautious about future supply uncertainties, leading to a trend of increased inventory for memory components to ensure complete assembly of devices [1] Group 2: Impact on Business Operations - SMIC has taken on numerous urgent orders for analog and memory products, including NOR/NAND Flash and MCUs, and has postponed some non-urgent mobile orders to ensure timely delivery [1] - This shift has resulted in a temporary decrease in the proportion of mobile business [1] - The impact of memory supply issues is twofold: it boosts current orders but creates uncertainty for the upcoming year [1] Group 3: Market Dynamics - The industry is experiencing a supply gap, with expectations that high price levels will persist [1] - The verification cycles for NOR Flash, NAND Flash, and MCUs are lengthy, and the barriers to entry for new competitors are high, making it difficult for them to quickly replace existing suppliers [2]

格隆汇11月17日｜中芯国际在投资者关系活动记录表中称，公司的产线实际上还是非常满的，三季度产 能利用率都到95.8%了，这说明订单很多，产线是供不应求的状态。四季度指引没有大的跃升的原因之 一是手机市场现在存储器特别紧缺，价格也涨得非常厉害。客户担心，就算其他芯片都备齐了，万一存 储器不够，整机也组装不起来。而且存储器价格高，其他芯片的成本也需要控制。大家都在为这个事谈 判和观望。第二是网通行业。客户在四季度下单就比较谨慎，怕自己货拿多了，但市场的订单其实已经 切换到竞争对手那里去了。大家总体比较谨慎，所以我们在四季度并没有给出一个非常高的增长数值。 ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report The report indicates that the PVC market has significant domestic supply - demand contradictions. With high inventory pressure likely to persist, short - term V2601 is expected to fluctuate weakly in the range of 4500 - 4630 yuan/ton. The decrease in raw material prices has led to a decline in production costs, but due to weak spot prices, losses in both calcium carbide and ethylene methods have deepened. As the temperature drops, downstream demand in infrastructure and real estate is expected to weaken seasonally, and overseas demand remains uncertain [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures was 4601 yuan/ton, a decrease of 7 yuan/ton; trading volume was 800,764 lots, a decrease of 175,156 lots; open interest was 1,355,541 lots, an increase of 7,172 lots. The net long position of the top 20 futures holders was - 219,361 lots, an increase of 8,824 lots [3]. 3.2 Spot Market - In the East China region, the ethylene - based PVC price was 4620 yuan/ton, unchanged; the calcium carbide - based PVC price was 4548.46 yuan/ton, an increase of 9.62 yuan/ton. In the South China region, the ethylene - based PVC price was 4692.5 yuan/ton, unchanged; the calcium carbide - based PVC price was 4606.25 yuan/ton, an increase of 4.38 yuan/ton. The CIF price of PVC in China was 690 US dollars/ton, unchanged [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2800 yuan/ton, unchanged; in North China, it was 2681.67 yuan/ton, an increase of 8.33 yuan/ton; in Northwest China, it was 2494 yuan/ton, a decrease of 14 yuan/ton. The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton, unchanged [3]. 3.4 Industry Situation - The weekly operating rate of PVC was 78.51%, a decrease of 2.24%. The operating rate of calcium carbide - based PVC was 80.79%, a decrease of 0.42%; the operating rate of ethylene - based PVC was 73.25%, a decrease of 6.44%. The total social inventory of PVC was 532,300 tons, a decrease of 13,400 tons [3]. 3.5 Downstream Situation - The national real - estate climate index was 92.78, a decrease of 0.27. The cumulative value of new housing construction area was 45,3990,000 square meters, an increase of 55,979,900 square meters; the cumulative value of real - estate construction area was 6,485,800,000 square meters, an increase of 54,710,600 square meters; the cumulative value of real - estate development investment was 358.6387 billion yuan, an increase of 416.993 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC was 9.49%, a decrease of 0.11%; the 40 - day historical volatility was 10.12%, unchanged. The implied volatility of at - the - money put options was 14.06%, an increase of 0.13%; the implied volatility of at - the - money call options was 14.06%, an increase of 0.14% [3]. 3.7 Industry News - From November 8th to 14th, the capacity utilization rate of PVC production enterprises was 78.51%, a decrease of 2.24% compared to the previous period. The downstream operating rate of PVC decreased by 0.06% to 49.54%, among which the operating rate of pipes increased by 1.2% to 40.6%, and the operating rate of profiles decreased by 0.65% to 36.96% [3]. - As of November 13th, the social inventory of PVC decreased by 1.27% to 1.0283 million tons compared to the previous week. The average cost of calcium carbide - based PVC decreased to 5152 yuan/ton, and the average cost of ethylene - based PVC decreased to 5239 yuan/ton; the profit of calcium carbide - based PVC decreased to - 823 yuan/ton, and the profit of ethylene - based PVC decreased to - 495 yuan/ton [3].

10月份，规模以上工业增加值同比实际增长4.9%。从环比看，10月份，规模以上工业增加值比上月增 长0.17%。1—10月份，规模以上工业增加值同比增长6.1%，其中，汽车制造业增长16.8%。 2020年汽车工业增加值增6.6%;2021年增速徘徊在5.5%的水平;2022年的汽车增加值6.3%，较强;2023年 汽车业增加值增13%，实现超强增长;2024年的9.1%的汽车增加值相对提升较好;2025年1-10月份的汽车 工业增加值增11.8%，10月汽车工业增加值增16.8%，表现很好。 智通财经APP获悉，11月17日，乘联分会秘书长崔东树发文称，2025年1—10月份，全国固定资产投资 (不含农户)408914亿元，同比下降1.7%。2025年汽车投资增速也达到17.5%，近两年汽车投资超预期的 强，处于近年的1-10月历史高位，也远高于其它制造业行业的投资增速。2025年10月汽车生产328台， 同比增11%；新能源汽车生产171万台，同比增19%，渗透率52%；燃油车生产157万台，同比增4%。 2025年1-10月汽车生产2733万台，同比增11%；新能源汽车生产1267万台，同比增28%，渗 ...