Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides daily research and analysis on various energy and chemical futures, including trends, fundamentals, and market news for each product [2]. - Overall, the market shows a mixed trend, with some products in a high - level or low - level shock state, while others face supply - demand pressures or have short - term rebound opportunities. Summary by Product PX, PTA, MEG - **PX**: In a high - level shock market. Demand is seasonally weakening, but supply remains tight. The upside space is limited due to weakening demand and the end of the blending logic. The recommended operation range is 6550 - 7000, and some hedging positions should be closed [2][10]. - **PTA**: In a high - level shock market. The cost - side PX supply is tight, but polyester is accumulating inventory and incurring losses, so the upside space is limited. The recommended operation range is 4500 - 4800, and some hedging positions should be closed [2][11]. - **MEG**: The unexpected load reduction improves the inventory accumulation pressure, and there is short - term support below. The price has reached the cost line of most production devices, and some factories have stopped operating [2][11]. Rubber - In a shock operation state. The price has a small increase, and the inventory has increased. The trend strength is neutral [12]. Synthetic Rubber - The shock center moves up. The inventory of domestic butadiene rubber has decreased slightly, and the supply of butadiene has decreased marginally. The industry is under pressure but supported by valuation [15][18]. Asphalt - Affected by the rising situation in Venezuela. The price shows a shock trend, with changes in production capacity utilization and inventory in different regions [19][30]. LLDPE - Unilateral decline, with limited basis strengthening. The futures price is under pressure, and the demand is weakening. The supply pressure from high - capacity and weak demand needs to be concerned in the medium term [33][34]. PP - Under upstream selling pressure, with the price difference between powder and granular materials inverted. The cost support is limited, the demand is weak, and it is expected to continue the weak trend. Attention should be paid to the marginal changes of PDH devices [37][38]. Caustic Soda - Short - term rebound, but still under pressure later. Although the futures price rebounded due to macro and alumina factors, it is still in a high - production and high - inventory pattern, and the demand is difficult to support [40][41]. Pulp - In a wide - range shock state. The upward momentum comes from external cost and supply tightening expectations, while the downward pressure comes from high domestic inventory and weak terminal demand [44][47]. Glass - The price of the original sheet is stable. The futures price has a slight decline, and the spot price shows mixed trends in different regions. The northern region is affected by snowfall [52]. Methanol - Shock rebound. The port inventory is decreasing, and the fundamentals have improved. However, the MTO fundamentals are weak, and there is a price limit above, while the cost provides support below [54][58]. Urea - Short - term shock operation. The enterprise inventory is decreasing, and the fundamentals have improved marginally. The policy and cost form a support below, and there is a pressure level above [60][62]. Styrene - Short - term shock. The pure benzene market is in a shock state, with weak current situation and strong future expectations. The styrene downstream is in a high - start, high - inventory, and medium - profit pattern [63][64]. Soda Ash - The spot market changes little. The enterprise production is stable, and the downstream demand is flat, with poor procurement enthusiasm [67][68]. LPG - Short - term shock, with a downward trend in the long term. The price shows a shock trend, and there are changes in PDH and other operating rates [71][72]. Propylene - Short - term narrow - range adjustment. The price and relevant operating rates show certain changes [72]. PVC - Low - level shock. The market is in a high - production and high - inventory pattern, and there is a short - term rebound expectation, but the large - scale production reduction expectation may occur after the 03 contract [80][81]. Fuel Oil - The night - session rebounds, temporarily getting rid of the weak state. The low - sulfur fuel oil is weaker than the high - sulfur fuel oil, and the price difference between high - and low - sulfur in the external market rebounds slightly [83]. Container Shipping Index (European Line) - Short - term sentiment is optimistic, and it is in a medium - term shock market. The freight rate index shows an upward trend, and there are changes in shipping capacity and schedules [85]. Short - fiber and Bottle - chip - Medium - term pressure. It is recommended to hold long PTA and short short - fiber/bottle - chip positions. The futures prices are in a low - level shock state, and the spot prices show certain changes [94][95]. Offset Printing Paper - It is recommended to wait and see. The spot price is stable, and the market demand is weak, with strong wait - and - see sentiment [97][98]. Pure Benzene - Short - term shock. The port inventory has increased, and the market is affected by factors such as supply and demand and overseas market conditions [102][103].

1. Report General Information - Report Title: Non-ferrous Metals Weekly Report [1] - Date: December 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 2. Ratings - No report industry investment rating is provided in the content. 3. Core Views - Copper prices are expected to remain high and fluctuate, supported by fundamentals but affected by the expected interest rate hike of the Bank of Japan [8]. - The current industrial fundamentals of lithium carbonate are healthy, but the momentum to drive lithium prices up is insufficient, so it is cautiously bullish in the short term [25]. - Aluminum prices are likely to rise easily and fall hard in the short term, and it is recommended to buy on dips and be cautious about chasing up [42]. - Nickel prices are expected to continue to be weak under the pressure of oversupply [76]. - Zinc prices will maintain a strong short - term pattern but may enter a high - level shock later [102]. 4. Summary by Metals Copper 1. Market Review and Operation Suggestions - This week, SHFE copper fluctuated between 91,450 and 94,570, with a total position of 646,872 lots. The spot premium turned to a discount of 20 on Friday. The copper price hit a record high due to the Fed's interest rate cut, China's policy expectations, and supply - demand support. LME copper ranged from 11,585 to 11,952, and the net long position of funds increased [7]. - It is recommended to note that although the supply of refined copper is under limited pressure and the demand acceptance has marginally improved, the expected interest rate hike of the Bank of Japan may suppress market sentiment. Overall, copper prices are expected to fluctuate at a high level [8]. 2. Fundamental Analysis - Supply: The import TC of copper concentrate continued to decline, while the processing fees of cold materials increased. The smelting loss of spot copper concentrate expanded, but the by - product sulfuric acid revenue rose. SMM expects the electrolytic copper output in December to increase by 65,700 tons month - on - month. The import window of refined copper is closed [11][12][14]. - Demand: The weekly operating rate of scrap copper rods increased by 9.01 percentage points to 18.16%, while that of refined copper rods decreased by 2.82% to 64.54%. The operating rates of wire and cable and enameled wire also declined [15][16][17]. - Spot: Domestic social inventory increased slightly, and bonded area inventory decreased. LME + COMEX market inventory increased [18]. Lithium Carbonate 1. Market Review and Operation Suggestions - This week, the futures price of lithium carbonate rose, with the main contract ranging from 91,120 to 101,620. The spot price of battery - grade lithium carbonate was relatively stable. The inventory decreased by 2,133 tons to 111,469 tons, and the cost support increased [24]. - It is recommended to note that the supply pressure is easing, and the demand growth rate of the terminal field is slowing down. The current industrial fundamentals are healthy, but the power to drive lithium prices up is insufficient, so it is cautiously bullish in the short term [25]. 2. Fundamental Analysis - Supply: The supply pressure of lithium carbonate is easing. It is expected that the output in December will decrease by 1% month - on - month. The prices of lithium mines generally rose, and the cash costs of producing lithium carbonate from lithium mica and lithium spodumene increased [27][28]. - Demand: The prices of ternary materials, lithium iron phosphate, and cobalt acid lithium all rose. The prices of power cells fluctuated, and the production of power cells slowed down at the end of the year, while the production of energy - storage cells remained good [29][30][31]. - Spot: The difference between battery - grade and industrial - grade lithium carbonate was at a low level, and the spot discount to the main contract deepened significantly. The inventory continued to decline [33][34]. Aluminum 1. Market Review and Operation Suggestions - This week, SHFE aluminum fluctuated at a high level, with the main contract ranging from 21,790 to 22,355. Alumina continued to fall, and the smelting profit of the electrolytic aluminum industry continued to rise. The industry was in a state of destocking, and the import window was closed [40]. - It is recommended to note that the price of domestic bauxite is stable, alumina is still falling, and the demand for aluminum processing is weak. In the short term, aluminum prices are likely to rise easily and fall hard, and it is recommended to buy on dips and be cautious about chasing up [42]. 2. Fundamental Changes - Bauxite: The price of domestic bauxite remained stable, and the supply of imported bauxite was well - supported. The CIF price of Guinea bauxite decreased by 0.5 to 70.5 US dollars per wet ton [43]. - Alumina: The futures price hit a new low, and the import window was open. The weighted index of Shanghai Non - ferrous decreased by 0.59% week - on - week. The operating rate of domestic alumina plants was at a high level [46][47]. - Electrolytic Aluminum: The price of alumina continued to fall, and the average profit of the industry increased to 5,715.47 yuan per ton [52]. - Exports and Imports: In October, the export of aluminum cables increased, and the import window of aluminum ingots was closed [61]. - Processing Enterprises: The weekly operating rate of leading aluminum processing enterprises decreased by 0.1 percentage points to 61.8%, and the demand was weak [65]. - Inventory: The inventory of electrolytic aluminum ingots and aluminum rods continued to decline [69]. Nickel 1. Market Review and Operation Suggestions - This week, nickel prices fell unilaterally. SHFE nickel and LME nickel both declined, and the import window was closed. The domestic social inventory increased by 2,122 tons to 58,970 tons, and the overall inventory pressure was significant [72]. - It is recommended to note that the price of Indonesian nickel ore fell, the price of nickel iron rebounded slightly, and the price of nickel salts continued to fall. The inventory continued to increase, and nickel prices are expected to remain weak [75][76]. 2. Fundamental Changes - Nickel Ore: The prices of Philippine and Indonesian nickel ores were temporarily stable, but the price of Indonesian nickel ore was loose. In October, the import of nickel ore decreased significantly [77]. - Nickel Iron: In November, the production of nickel pig iron decreased. In December, the production is expected to continue to decline both year - on - year and month - on - month. In October, the import of nickel iron decreased slightly but remained at a high level [85][86][89]. - Electrolytic Nickel: The production capacity of electrowon nickel was rapidly released. In November, the production of refined nickel decreased [90]. - Nickel Sulfate: This week, the price of nickel salts continued to fall. In November, the production of nickel sulfate increased [93][96]. - Stainless Steel: This week, the inventory of the stainless - steel market increased slightly, and the actual demand did not improve significantly [99]. Zinc 1. Market Review and Operation Suggestions - This week, SHFE zinc rose to repair the gap in April and then fluctuated at a high level. The spot premium declined, and the processing fees of zinc ore continued to fall. The domestic social inventory decreased by 7,800 tons to 128,200 tons, and the LME zinc inventory increased [101]. - It is recommended to note that under the joint drive of macro - benefits and fundamental shortages, zinc prices will maintain a strong short - term pattern but may enter a high - level shock later. Attention should be paid to the actual production reduction of smelters, inventory destocking rhythm, and macro - sentiment changes [102]. 2. Fundamental Analysis - Supply: The processing fees of zinc ore continued to decline, and the production of refined zinc in November may have declined slightly. In December, the production is expected to continue to fall. The overseas LME0 - 3 Back structure remains high, and the export window is open [109][110]. - Demand: The operating rate of galvanizing increased by 0.33% to 58.39%, while the operating rates of die - casting zinc alloy and zinc oxide decreased. The overall demand in the fourth quarter is weak [111][112]. - Spot: Domestic social inventory decreased by 7,800 tons to 128,200 tons, and LME zinc inventory increased by 2,600 tons to 60,350 tons [113].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The Fed cut interest rates by 25bp, with an unexpectedly dovish stance, which is expected to improve global liquidity in the short - term and boost risk assets. A - shares may have short - term upward opportunities, but high - level chasing should be treated with caution [3]. - The pressure on the bond market to decline may have passed its peak, and the bond futures may return to a sideways trend in the short - term. There is a possibility of a phased rebound in the bond market later, and investors are advised to wait and see for now [3]. - Precious metals have increased fluctuations, and short - term gold prices need to build momentum to break the sideways pattern. Silver may face increased trading congestion, and investors should be cautious about chasing high prices [3]. 3. Summary by Categories 3.1 Daily Selected Views - **Bullish**: Tin (SN2601) is expected to be sideways with an upward bias; Methanol (MA2601) and rebar (rb2501) are expected to be sideways with an upward bias at the bottom [3]. - **Bearish**: Corn (C2601) is expected to be sideways with a downward bias [3]. 3.2 All - Variety Daily Reviews 3.2.1 Financial Products - **Stock Index Futures**: Due to the Fed's interest rate cut, short - term global liquidity expectations will improve, and A - shares have short - term upward opportunities. It is recommended to go long intraday but be cautious about high - level chasing, and consider using protective options or bull spread strategies [3]. - **Bond Futures**: The pressure on the bond market to decline may have passed, and bond futures may return to a sideways trend. It is recommended to wait and see for now and pay attention to the outcome of the Central Economic Work Conference. Positive arbitrage opportunities between TL and TF2603 contracts can be gradually considered [3]. - **Precious Metals**: Gold prices are fluctuating in the range of $4150 - 4260 and need to build momentum to break the sideways pattern. Silver may face increased trading congestion after a rapid rise. It is recommended to use a virtual option double - selling strategy for gold and be cautious about chasing high prices for silver [3]. 3.2.2 Industrial Products - **Steel and Iron Ore**: Steel prices have stopped falling and are expected to continue to move sideways. Iron ore is expected to weaken from its high - level sideways movement, and coking coal and coke are also expected to be bearish [3]. - **Non - ferrous Metals**: For copper, long - term long positions can be held. Aluminum prices are affected by the Fed's interest rate decision, and it is recommended to take profits for previous long positions and then go long again. For other non - ferrous metals, different trading strategies are provided according to their respective fundamentals [3]. - **New Energy and Chemicals**: Polysilicon futures are rising, while industrial silicon prices are falling. PX has support at low levels, while PTA and short - fiber are expected to be weak in the short - term. Different trading strategies are recommended for various chemical products based on their supply - demand situations [3]. 3.2.3 Agricultural Products - **Grains and Oils**: Corn is expected to be sideways with a downward bias, while soybean meal and rapeseed meal are expected to move in a narrow range. Palm oil has broken through support levels, and its main contract is testing the support at 8500 [3]. - **Livestock and Poultry**: The spot price of live pigs is expected to be sideways with an upward bias in the short - term due to pickling demand [3]. - **Other Agricultural Products**: Sugar is expected to move sideways at the bottom, cotton is expected to be sideways with an upward bias, and eggs are expected to be sideways with a downward bias [3].

消息面 机构观点 新世纪期货： 油价继续下滑，成本支撑乏力，业内心态偏谨慎，聚酯瓶片市场或维持疲态。 银河期货： 近期瓶片开工率稳定，暂无饮料大厂招标，瓶片局部货源偏紧，加工费走强。供应方面，山东富海30万吨聚酯瓶片新装置有投产预期，华润珠海 两套各30万吨聚酯瓶片装置预计12月下旬附近重启，下游采购节奏偏缓，瓶片供需面相对宽松，加工费缺乏继续上行的驱动。关注新装置的投产 节奏。 昨日聚酯瓶片市场成交气氛尚可。12-2月订单多成交在5680-5740元/吨出厂不等，略低5600-5640元/吨出厂不等，少量略高5760-5780元/吨出厂附 近，品牌不同价格略有差异。 国内聚酯瓶片产能利用率周均值为72.05%，环比持平；聚酯瓶片生产成本5321元，环比+44元/吨；聚酯瓶片周生产毛利为-164元/吨，环比+2.6元/ 吨。 12月5日当周，聚酯瓶片库存可用天数录得16.13天，较上一周减少0.36天，减少幅度达2.18%；最近一个月，聚酯瓶片库存可用天数累计增加0.32 天，增加幅度为2.02%。 ...

2025 年 12 月 08 日 短纤：中期有压力，逢高做缩加工费 瓶片：中期有压力，逢高做缩加工费 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2601 | 6210 | 6262 | -52 | PF01-02 | 0 | -6 | 6 | | PF | 短纤2602 | 6210 | 6268 | -58 | PF02-03 | -4 | -2 | -2 | | | 短纤2603 | 6214 | 6270 | -56 | PF主力基差 | 110 | 62 | 48 | | | 短纤主力持仓量 | 119104 | 208598 | -89494 | 短纤华东现货价格 | 6. 320 | 6. 330 | -10 | | | 短纤主 ...

Report Summary 1. Report Industry Investment Rating - PX/PTA/PF/PR are cautiously bullish, but the rebound space of the 01 contract may be limited. Long - term attention should be paid to the 05 contract [3] 2. Core Viewpoints of the Report - Cost - end: Brent oil prices range from $60 - 65 per barrel. OPEC+ agreed to keep production stable next year, and eight major oil - producing countries reiterated the suspension of production increases in Q1 next year, partially alleviating oil price pressure, but the overall fundamentals have a bearish impact on oil prices, and geopolitical and macro events may affect market sentiment. PX load remains high, and PXN has support but limited rebound space. PTA's supply - demand situation has improved, and processing fees are expected to gradually improve in the long - run. - Demand: The polyester operating rate is 91.5% (a 0.2% increase from the previous period). Although weaving orders are weakening, the short - term polyester load is expected to remain around 91% due to low inventory in polyester factories. PF has good fundamentals but weakening demand, and the processing fee is slightly compressed. PR's fundamentals change little, and the processing fee is expected to fluctuate within a range [1][2][3] 3. Summary by Relevant Catalogs Price and Basis - The TA main - contract spot basis is - 32 yuan/ton (a 3 - yuan increase from the previous period), the PTA spot processing fee is 184 yuan/ton (a 6 - yuan increase from the previous period), and the main - contract disk processing fee is 266 yuan/ton (a 2 - yuan increase from the previous period). The PXN of PX is 286 dollars/ton (a 2.25 - dollar increase from the previous period) [1] Upstream Profits and Spreads - Relying on the current abundant MX supply, the PX load can be maintained at a high level, and PXN has support under the support of polyester operation. The PTA processing fee is expected to gradually improve in the long - run [1][3] International Spreads and Import - Export Profits - India's BIS cancellation has boosted PTA export demand [1] Upstream PX and PTA Operation - PX load remains high, and PTA has concentrated maintenance recently, and the supply - demand situation has improved [1][3] Social Inventory and Warehouse Receipts - Polyester factory inventory is currently low [2] Downstream Polyester Load - The polyester operating rate is 91.5% (a 0.2% increase from the previous period), and it is expected to remain around 91% in the short - term [2] PF Detailed Data - The PF spot production profit is 183 yuan/ton (a 9 - yuan increase from the previous period). Short - fiber load is at a high level, and inventory has decreased to a low level. However, downstream demand is weakening, and the processing fee is slightly compressed [2] PR Fundamental Detailed Data - The PR bottle - chip spot processing fee is 445 yuan/ton (a 13 - yuan decrease from the previous period). The bottle - chip load remains stable, large manufacturers continue to cut or stop production, and the inventory of polyester bottle - chip factories remains stable [2]

化工日报 | 2025-12-04 市场震荡运行，PXN偏强 市场要闻与数据 无 市场分析 成本端，Brent油价维持60~65美元/桶运行，欧佩克+同意明年全集团保持产量稳定，八个主要产油国重申明年Q1 暂停增产，部分缓解油价压力，油价有所反弹。整体基本面对油价的驱动偏空。但制裁导致的市场分化依然存在， 需要考虑地缘与宏观事件对情绪面的扰动。 PX方面，上上个交易日PXN284美元/吨(环比变动+2.25美元/吨）。依靠目前宽松的MX供应环境，即使部分工厂重 整开工波动，PX负荷依旧能得到有效维持在高位，海外PX中高位持稳。聚酯开工支撑下PXN有支撑，但PX负荷高 位以及个别装置扩能下PXN反弹空间也受限，关注调油情况。 TA方面，TA主力合约现货基差 -35元/吨 元/吨(环比变动-2元/吨），PTA现货加工费173元/吨（环比变动-4元/吨）， 主力合约盘面加工费264元/吨（环比变动+0元/吨），近期PTA检修集中，且印度BIS取消提振PTA出口需求，聚酯负 荷支撑下，PTA供需好转，基差反弹。中长期集中投放周期结束，PTA加工费预计将逐步改善。 需求方面，聚酯开工率91.5%（环比+0.2%），近期 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20251201：区间整理 | | | --- | --- | | 2025/12/1 指标 单位 今值 变动 | | | 16,975.00 0.44% SMM1#铅锭平均价格 元/吨 | | | 期货主力合约收盘价 元/吨 17,090.00 0.80% | | | 沪铅基差 元/吨 -115.00 -60.00 | | | 20.00 - 升贴水-上海 元/吨 | | | 美元/吨 -81.80 1.00 | | | 元/吨 -35.00 -25.00 沪铅近月-沪铅连一 | | | 沪铅连一-沪铅连二 元/吨 10.00 10.00 | | | 沪铅连二-沪铅连三 元/吨 -20.00 5.00 | | | 手 43,419.00 -24.23% 期货活跃合约成交量 | | | 期货活跃合约持仓量 手 47,922.00 -0.43% | | | 成交持仓比 / 0.91 -23.90% | | | 沪锌近月-沪锌连一 元/吨 -40.00 -5.00 | | | 沪伦铅价比值 / 0.92% | 8. ...

Report Industry Investment Ratings No information provided regarding industry investment ratings in the reports. Core Views Methanol - Short - term outlook is oscillating and slightly bullish. Inner - land marginal devices are in the red, and attention should be paid to their operation. Iranian devices are starting to limit gas and stop production, but the current shipment volume is still high [1][2]. Polyolefin - PP shows a pattern of both supply and demand increasing, with reduced maintenance driving supply recovery and slight inventory depletion. PE shows supply increasing and demand decreasing, with inventory slightly accumulating under the pressure of new production capacity. The 01 contract is under relatively high pressure [6]. Natural Rubber - The market is expected to enter a range - bound consolidation. The inventory is in a seasonal accumulation cycle, and terminal demand support is insufficient. The price trend depends on the raw material output in the main production areas and macro - level changes [7]. Crude Oil - Oil prices are expected to continue to oscillate weakly. Affected by news, the geopolitical premium is declining, and the supply - demand pattern is weak. Short - term attention should be paid to the support level of Brent at $60 per barrel and the results of the Russia - Ukraine negotiations [9]. Polyester Industry Chain - PX: Short - term drive is limited, but the medium - term supply - demand is expected to be tight, and it is expected to be in a high - level oscillation in the short term. - PTA: The supply - demand is expected to be tight in November - December, but loose from December to the first quarter. The absolute price is relatively firm in the short term, but the rebound space is limited. - Ethylene Glycol: Expected to oscillate at a low level. - Short - fiber: The absolute price drive is limited, and the processing fee is expected to be compressed. - Bottle chips: The supply - demand is in a loose pattern, and the processing fee is expected to decline [11]. Benzene - Styrene - Pure benzene: Supply is generally loose, demand support is limited, and the price may be adjusted due to the drag of oil prices in the short term. - Styrene: Although the short - term supply - demand is expected to improve, the overall drive is limited, and the 01 contract should be treated with oscillation [13]. Glass and Soda Ash - Soda Ash: The overall supply - demand pattern is bearish. Although there is short - term inventory depletion, the medium - term demand is expected to remain rigid. - Glass: There is short - term rigid demand support, but there are concerns about the long - term demand, and the price may be under pressure [14]. PVC and Caustic Soda - Caustic Soda: The supply - demand is under pressure, and the price is expected to be weak. - PVC: The supply - demand is in an oversupply pattern, and the price is difficult to be optimistic, continuing the weak trend [15]. Summary by Directory Methanol - **Price and Spread**: MA2601 and MA2605 closed down, while the regional spread between Taicang and Inner Mongolia's northern line increased by 8.70%. - **Inventory**: Methanol enterprise, port, and social inventories all decreased, with port inventory down 4.16% [1]. - **Upstream and Downstream Operating Rates**: The upstream domestic enterprise operating rate decreased slightly, while some downstream operating rates such as formaldehyde and glacial acetic acid increased [2]. Polyolefin - **Price and Spread**: L2601, L2605, PP2601, and PP2605 all closed down, and the regional spreads and basis had different degrees of changes. - **Inventory**: PE and PP enterprise and social inventories decreased to varying degrees. - **Upstream and Downstream Operating Rates**: PE and PP device operating rates decreased, while some downstream operating rates increased slightly [6]. Natural Rubber - **Price and Spread**: Spot prices such as Yunnan state - owned whole latex decreased, and the basis and non - standard price spread changed. - **Fundamentals**: Production in major producing countries decreased, tire production and exports decreased, and inventory increased. - **Inventory**: Bonded area inventory and warehouse futures inventory increased [7]. Crude Oil - **Price and Spread**: Brent, WTI, and SC prices changed, and the spreads between different contracts also changed. - **Refined Oil Price and Spread**: NYM RBOB, NYM ULSD, and ICE Gasoil prices decreased, and the spreads between different contracts also decreased. - **Refined Oil Cracking Spread**: The cracking spreads of various refined oils decreased [9]. Polyester Industry Chain - **Downstream Polyester Product Price and Cash Flow**: The prices of some polyester products decreased, and the cash flow and processing fees had different degrees of changes. - **PX - related Price and Spread**: PX prices and spreads changed, and the supply was relatively high while the demand was weak. - **PTA - related Price and Spread**: PTA prices and spreads changed, and the supply - demand was expected to change in different periods. - **MEG - related Price and Spread**: MEG prices and spreads changed, and the supply - demand was expected to be in a low - level oscillation. - **Short - fiber and Bottle - chip Price and Spread**: Short - fiber prices and spreads changed, and bottle - chip supply - demand was loose [11]. Benzene - Styrene - **Upstream Price and Spread**: The prices of Brent, WTI, and related raw materials changed, and the spreads and import profits also changed. - **Styrene - related Price and Spread**: Styrene prices and spreads changed, and the cash flow improved. - **Inventory and Operating Rate**: Pure benzene and styrene inventories increased, and the operating rates of related industries changed [13]. Glass and Soda Ash - **Glass Price and Spread**: Glass prices in different regions and futures prices had different degrees of changes. - **Soda Ash Price and Spread**: Soda ash prices in different regions and futures prices changed, and the inventory decreased. - **Production and Inventory**: Soda ash production decreased, and glass and soda ash inventories changed. - **Real Estate Data**: Real estate new construction, construction, completion, and sales areas had different degrees of change [14]. PVC and Caustic Soda - **Price and Spread**: The prices of PVC and caustic soda and their spreads changed. - **Supply and Demand**: The operating rates of PVC and caustic soda supply - side and demand - side industries changed, and the inventory changed [15].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - PX prices are rebounding due to limited production despite the end of some planned maintenance and capacity recovery, driven by high gasoline profit margins and low pure benzene prices. PTA supply has slightly shrunk, polyester production remains stable with a load above 90%, and domestic polyester exports are still optimistic. The downstream weaving industry is performing well and export demand may improve [2]. - The inventory of ethylene glycol in East China ports has increased significantly compared to last week, with an increase of 120,000 tons. The ethylene price cannot support the strengthening of the ethylene glycol price, and new device startups are pressuring the price. The coal price increase does not provide strong cost support, and the profit of coal - based ethylene glycol has been repaired. The reduction of tariffs after the Sino - US trade negotiation may increase textile and clothing export demand [2]. Summary by Directory Market Data - INE crude oil price increased from 447.4 yuan/barrel on November 21, 2025, to 447.9 yuan/barrel on November 24, 2025, with a change of 0.5 yuan/barrel [2]. - PTA - SC spread increased from 1414.7 yuan/ton to 1425.1 yuan/ton, with a change of 10.37 yuan/ton; PTA/SC ratio increased from 1.4351 to 1.4378, with a change of 0.0027 [2]. - CFR China PX price increased from 824 to 826, with a change of 2; PX - naphtha spread increased from 262 to 264, with a change of 2 [2]. - PTA main contract futures price increased from 4666 yuan/ton to 4680 yuan/ton, with a change of 14 yuan/ton; PTA spot price increased from 4615 yuan/ton to 4630 yuan/ton, with a change of 15 yuan/ton [2]. - PTA spot processing fee increased from 191 yuan/ton to 212 yuan/ton, with a change of 21 yuan/ton; PTA futures processing fee increased from 257 yuan/ton to 262 yuan/ton, with a change of 5 yuan/ton [2]. - PTA main contract basis increased from - 63 to - 49, with a change of 14; PTA warehouse receipt quantity increased from 117,192 to 117,828, with a change of 636 [2]. - MEG main contract futures price increased from 3808 yuan/ton to 3884 yuan/ton, with a change of 76 yuan/ton; MEG - naphtha spread decreased from - 151.12 yuan/ton to - 151.31 yuan/ton, with a change of - 0.2 yuan/ton [2]. - MEG domestic price increased from 3852 yuan/ton to 3890 yuan/ton, with a change of 38 yuan/ton; MEG main contract basis decreased from 35 to 33, with a change of - 2 [2]. Industry Chain Start - up Situation - PX start - up rate remained at 87.39% [2]. - PTA start - up rate remained at 72.11% [2]. - MEG start - up rate increased from 60.14% to 60.33%, with a change of 0.19% [2]. - Polyester load remained at 89.19% [2]. Polyester Product Data - POY150D/48F price decreased from 6580 yuan/ton to 6545 yuan/ton, with a change of - 35 yuan/ton; POY cash flow decreased from 94 to 33, with a change of - 61 [2]. - FDY150D/96F price remained at 6825 yuan/ton; FDY cash flow decreased from - 161 to - 187, with a change of - 26 [2]. - DTY150D/48F price remained at 7865 yuan/ton; DTY cash flow decreased from 179 to 153, with a change of - 26 [2]. - Long - filament sales rate increased from 39% to 43%, with a change of 4% [2]. - 1.4D direct - spinning polyester staple fiber price increased from 6340 yuan/ton to 6350 yuan/ton, with a change of 10 yuan/ton; polyester staple fiber cash flow decreased from 204 to 188, with a change of - 16 [2]. - Polyester staple fiber sales rate increased from 31% to 65%, with a change of 34% [2]. - Semi - bright chip price increased from 5540 yuan/ton to 5545 yuan/ton, with a change of 5 yuan/ton; chip cash flow decreased from - 46 to - 67, with a change of - 21 [2]. - Chip sales rate decreased from 75% to 60%, with a change of - 15% [2]. Device Maintenance - A 2.5 - million - ton PTA device in East China is currently restarting and is expected to produce products soon, having stopped for maintenance around November 17 [2]