Group 1: Investment Ratings - There is no information about the industry investment rating in the report Group 2: Core Views - PVC is affected by macro - sentiment and rebounds, with a slight improvement in supply - demand. However, the overall supply is still abundant, and the improvement in supply - demand is limited. Attention should be paid to subsequent device maintenance and macro - policy dynamics [3] - The current spot price of caustic soda is mainly stable with regional differentiation. Shandong is destocking while Jiangsu is accumulating inventory. The supply - side operating rate is slightly down, and attention should be paid to the price fluctuation of liquid chlorine, device dynamics, and the implementation of specific macro anti - involution rules [4][5] Group 3: Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4,781 yuan/ton (+43), the East China basis is - 301 yuan/ton (-3), and the South China basis is - 281 yuan/ton (+7) [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4,480 yuan/ton (+40), and the South China calcium carbide - based PVC is quoted at 4,500 yuan/ton (+50) [1] - Upstream production profit: The semi - coke price is 750 yuan/ton (-30), the calcium carbide price is 2,780 yuan/ton (+0), the calcium carbide profit is - 110 yuan/ton (+24), the production gross profit of PVC by calcium carbide method is - 986 yuan/ton (+116), the production gross profit of PVC by ethylene method is - 469 yuan/ton (+51), and the PVC export profit is - 6.0 US dollars/ton (-5.1) [1] - PVC inventory and operation: The in - factory inventory of PVC is 32.9 million tons (-1.6), the social inventory of PVC is 51.1 million tons (-0.7), the operating rate of PVC by calcium carbide method is 77.01% (-2.12%), the operating rate of PVC by ethylene method is 74.06% (-2.61%), and the overall operating rate of PVC is 76.12% (-2.27%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 76.2 million tons (+11.4) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2,250 yuan/ton (+31), and the basis of 32% liquid caustic soda in Shandong is 0 yuan/ton (-31) [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 720 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1,140 yuan/ton (+0) [2] - Upstream production profit: The single - product profit of caustic soda in Shandong is 1,229 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 585.0 yuan/ton (+0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 226.96 yuan/ton (+20.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 393.99 yuan/ton (+53.60) [2] - Caustic soda inventory and operation: The inventory of liquid caustic soda factories is 46.47 million tons (+0.76), the inventory of flake caustic soda factories is 3.51 million tons (+0.06), and the operating rate of caustic soda is 84.50% (-1.70%) [2] - Downstream operation of caustic soda: The operating rate of alumina is 85.00% (-1.11%), the operating rate of printing and dyeing in East China is 62.06% (-0.68%), and the operating rate of viscose staple fiber is 89.62% (+0.00%) [2] Group 4: Market Analysis PVC - Macro - level policies boost demand expectations, and PVC rebounds due to macro - sentiment. The supply decreases slightly, but the supply side is still abundant. The downstream operation declines slightly, and the export orders are resilient. The social inventory decreases slightly, and the upstream comprehensive chlor - alkali production profit is repaired to some extent. The high - level warehouse receipts suppress the futures price. Overseas factory news provides some support [3] Caustic Soda - The spot price is stable with regional differences. Shandong is destocking and Jiangsu is accumulating inventory. The supply - side operating rate decreases slightly, but the overall operation is at a high level. The liquid chlorine price is positive, and there is a risk of further decline. The alumina demand is stable, and the non - aluminum demand weakens [4][5] Group 5: Strategies PVC - Unilateral: Oscillation - Inter - delivery: Wait - and - see - Inter - commodity: None [6] Caustic Soda - Unilateral: Oscillation - Inter - delivery: Wait - and - see - Inter - commodity: None [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The report provides a comprehensive analysis of various financial and commodity markets, including futures, stocks, and bonds. It assesses the market trends, supply - demand dynamics, and price movements of different assets, offering trading strategies and outlooks based on current economic and industry conditions [2][3][8] 3. Summary by Relevant Catalogs 3.1 Daily Selections - **Nickel**: Low valuation and mine - end news drive the sentiment, but the short - term reality is weak and the medium - term fundamentals are loose. The price is expected to oscillate and repair in the short term, with the main contract reference range of 116000 - 124000 [2] - **Styrene**: Supply - demand expectations are weak, and the rebound space is limited. The EB02 contract is expected to oscillate in the 6300 - 6700 range in the short term [3] - **Coking Coal**: Spot prices fluctuate, and the futures rebound. Short - term trading can consider going long on the 2605 contract [4] - **Oils and Fats**: Due to the approaching Christmas holiday, they are expected to show an interval oscillation trend. Palm oil may rebound, while soybean oil and rapeseed oil have limited upward space [5] - **Silver**: Driven by funds during the holiday, it strengthens the upward trend. It is recommended to buy on dips to increase the trading safety margin [7] 3.2 Financial Derivatives 3.2.1 Financial Futures - **Stock Index Futures**: The A - share market rebounded, and the main contracts of the four major stock index futures rose. The current trend is expected to be interval oscillation, and it is recommended to wait and see cautiously [8][9][10] - **Treasury Bond Futures**: LPR remained unchanged, and the stock market was strong, suppressing the bond market. It is recommended to view it as an oscillation, and if participating in trading, enter and exit quickly and stop profit in time [12][13] 3.2.2 Precious Metals - The prices of gold, silver, platinum, and palladium all rose. The market has a positive expectation for the future price of precious metals, and it is recommended to hold long positions unilaterally [15][16] 3.2.3 Container Shipping Index (European Line) - The index is rising, and it is expected to show an oscillating upward pattern in the short term [18] 3.3 Commodity Futures 3.3.1 Non - ferrous Metals - **Copper**: The price is oscillating at a high level. The short - term recommendation is to wait and see, with the main contract reference range of 92500 - 95000 [23] - **Alumina**: It is expected to oscillate at a low level around the cash cost line, with the main contract reference range of 2450 - 2650 yuan/ton [26] - **Aluminum**: It is expected to maintain a wide - range oscillation, with the main contract reference range of 21800 - 22600 yuan/ton [29] - **Aluminum Alloy**: It is expected to continue to oscillate at a high - level interval, with the main contract reference range of 20800 - 21600 yuan/ton [32] - **Zinc**: The TC stops falling and stabilizes, and the price oscillates. The main contract should pay attention to the support at 22850 - 22950 [35] - **Tin**: The short - term fundamentals are still strong, and it is recommended to hold long positions and buy on dips [40] - **Nickel**: The price is expected to oscillate and repair in the short term, with the main contract reference range of 116000 - 124000 [43] - **Stainless Steel**: It is expected to oscillate and adjust in the short term, with the main contract reference range of 12300 - 13000 [46] - **Lithium Carbonate**: It is expected to have a wide - range oscillation, with the main contract reference range of 11.2 - 11.6 million [51] - **Polysilicon**: It is in a high - level oscillation, and it is recommended to wait and see [54] - **Industrial Silicon**: It is expected to oscillate at a low level, and attention should be paid to the implementation of production cuts [56] 3.3.2 Ferrous Metals - **Steel**: It is expected to maintain an interval oscillation, with the rebar in the 3000 - 3200 range and the hot - rolled coil in the 3150 - 3350 range [58] - **Iron Ore**: It is expected to maintain an interval oscillation, with the reference range of 730 - 820. It is recommended to conduct short - term operations on the 05 contract [61] - **Coking Coal**: It is recommended to go long on the 2605 contract on dips [64] - **Coke**: It is recommended to go long on the 2605 contract on dips [67] - **Silicon Iron**: It is expected to oscillate in the 5400 - 5650 range [70] - **Manganese Silicon**: It is expected to be weak, and it is recommended to try shorting when the price rebounds above the Ningxia spot cost [73] 3.3.3 Agricultural Products - **Meal**: The domestic soybean meal market is in a loose pattern, and attention should be paid to the performance of the main contract around 2750 [77] - **Pigs**: The spot price is stable, and the disk is expected to have support around 11000 [79] - **Corn**: The disk may maintain a weak pattern, but the downward space is limited. Attention should be paid to the selling sentiment and policy release [82] - **Sugar**: The raw sugar price is in a bearish pattern, and the domestic market is oscillating at the bottom. It is recommended to maintain a bearish mindset [83] - **Cotton**: The US cotton is oscillating at the bottom, and the domestic market's upward trend slows down. It is expected to oscillate in a strong - level interval [85] - **Eggs**: The supply is still loose, and it is expected to oscillate weakly this week [87] - **Oils and Fats**: They are expected to show an interval oscillation trend. Palm oil may rebound, while soybean oil and rapeseed oil have limited upward space [91] - **Jujubes**: The supply - demand expectation is bearish, and the price is running weakly. Attention should be paid to the market consumption [93] - **Apples**: The demand is weak, and the rebound height is limited. It is recommended to exit long positions opportunely [94] 3.3.4 Energy and Chemicals - **PX**: It is expected to continue a relatively strong trend in the short term. It is recommended to reduce long positions on rallies and take a long - term low - buying approach [96] - **PTA**: It follows the raw material PX. It is recommended to reduce long positions on rallies and take a long - term low - buying approach [99] - **Short - fiber**: It follows the raw material, and the supply - demand expectation is weak [100] - **Bottle - grade PET**: The domestic supply is expected to increase, and the processing fee will be compressed in the short term [102] - **Ethylene Glycol**: It is expected to oscillate at a low level in the short term [103] - **Pure Benzene**: It is expected to oscillate in the 5300 - 5600 range [105] - **Styrene**: It is expected to oscillate in the 6300 - 6700 range in the short term [107] - **LLDPE**: It is recommended to wait and see [108] - **PP**: Attention should be paid to the expansion of PDH profits [109] - **Methanol**: It is recommended to pay attention to the shrinkage of MTO05 [110] - **Caustic Soda**: The price is expected to run weakly [112] - **PVC**: It is expected to maintain an interval arrangement and then weaken after a rebound [114] - **Soda Ash**: It is recommended to go short on rallies [116] - **Glass**: It is recommended to wait and see [117] - **Natural Rubber**: It is expected to oscillate in the 15000 - 15500 range, and it is recommended to wait and see [120] - **Synthetic Rubber**: It is expected to oscillate in the short term. Attention should be paid to the pressure of BR2602 around 11200 - 11300 [122]

Group 1 - The main contract for paraxylene (PX) futures experienced a rapid increase, reaching a peak of 7248.0 yuan, with a current price of 7180.0 yuan, reflecting a rise of 2.87% [1] Group 2 - Wenkang Futures suggests focusing on buying opportunities on dips, noting that PX load remains high while downstream PTA maintenance is frequent, leading to a lower overall load center and expectations of slight inventory accumulation in December [2] - Xinhuh Futures indicates that the PX market will continue to run strong in the short term, with a tight supply-demand balance expected to persist until new capacity comes online in Q3 next year [3] - Donghai Futures anticipates that PX will maintain a strong oscillating pattern in the short term, with only one new production line expected next year, contributing to a tight market outlook and supporting price increases [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, although there is uncertainty at the end of the year, the policy - supported attitude towards the capital market remains unchanged, and the medium - to - long - term strategy is to go long on dips [4]. - For national debt, in the short term, the bond market is expected to fluctuate under the background of weak domestic demand and institutional behavior disturbances. Attention should be paid to the repair of the supply - demand relationship at the end of the year and the rebound after over - decline [6]. - For precious metals, the weak US non - farm payroll data boosts the expectation of interest rate cuts. It is recommended to hold long positions in gold and maintain a wait - and - see attitude towards silver [8]. - For non - ferrous metals, the prices of copper, aluminum, etc. are expected to be relatively stable or have upward potential due to factors such as supply - demand structure and macro - policies, while zinc, lead, etc. may face some downward pressure [11][13][16]. - For black building materials, steel prices are expected to maintain a bottom - range oscillation, and the price of iron ore is estimated to run within an oscillation range [33][35]. - For energy and chemicals, different products have different trends. For example, rubber can be short - term operated with a neutral - to - long idea, and oil prices are recommended to be traded with a low - buy and high - sell strategy [53][57]. - For agricultural products, the prices of different products such as pigs, eggs, and beans are affected by factors such as supply - demand relationship and seasonal factors, presenting different trends and investment suggestions [81][84][86]. Summaries According to Relevant Catalogs Macro - financial Category Stock Index - **Market Information**: The A500ETF had a huge trading volume of nearly 53 billion yuan, three times that of the CSI 300ETF. The national general public budget revenue from January to November was 20.0516 trillion yuan, a year - on - year increase of 0.8%. SpaceX entered the pre - IPO regulatory quiet period [2]. - **Strategy Viewpoint**: At the end of the year, some funds cash in on profits, and the market faces certain uncertainties. But in the long - term, the policy - supported attitude towards the capital market remains unchanged, and the strategy is to go long on dips [4]. National Debt - **Market Information**: On Wednesday, the main contracts of TL, T, TF, and TS had different changes. The national general public budget revenue from January to November was 20.0516 trillion yuan, a year - on - year increase of 0.8%. The central bank conducted 46.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 143 billion yuan [5]. - **Strategy Viewpoint**: In November, the production side was stable, but the service industry was weak, and the demand side needed to be strengthened. The expectation of interest rate cuts is expected to boost the bond market sentiment. The bond market is expected to fluctuate in the short term [6]. Precious Metals - **Market Information**: Shanghai gold rose 0.53% to 982.48 yuan/gram, and Shanghai silver rose 3.93% to 15,594 yuan/kilogram. The US non - farm payroll data was weak, and the Fed governor's speech was dovish [7]. - **Strategy Viewpoint**: The weak non - farm payroll data boosts the expectation of interest rate cuts. It is recommended to hold long positions in gold and maintain a wait - and - see attitude towards silver [8]. Non - ferrous Metals Category Copper - **Market Information**: The silver price hit a new high, and the copper price rose. The LME copper inventory increased, and the domestic futures warehouse receipts decreased. The domestic copper spot import was at a loss, and the refined - scrap price difference widened [10]. - **Strategy Viewpoint**: The liquidity expectation is marginally relaxed, and the supply of copper ore is tight. The short - term copper price is expected to oscillate at a high level [11]. Aluminum - **Market Information**: The LME aluminum cancelled warehouse receipts continued to increase, and the aluminum price rose. The domestic aluminum inventory decreased, and the spot was at a discount [12]. - **Strategy Viewpoint**: The global aluminum inventory is decreasing, and the aluminum price is strongly supported. It is expected to rise after oscillation [13]. Zinc - **Market Information**: The zinc price fell, the zinc ore inventory decreased, and the LME zinc inventory slowly increased. The domestic zinc ingot social inventory decreased, and the import was at a loss [14][15]. - **Strategy Viewpoint**: The zinc ore inventory decreased, and the domestic spot tightened. After the Fed's meeting, the zinc price may give back some gains [16]. Lead - **Market Information**: The lead price fell, the lead ore inventory was basically flat, and the domestic social inventory increased slightly [17]. - **Strategy Viewpoint**: The lead price is expected to run weakly in a wide range in the short term [17]. Nickel - **Market Information**: The nickel price rebounded after hitting the bottom. The nickel ore price was stable, and the nickel iron price weakened [18]. - **Strategy Viewpoint**: The nickel surplus pressure is still large. It is recommended to wait and see in the short term [19]. Tin - **Market Information**: The tin price rose. The supply side had problems such as insufficient raw materials, and the demand side was affected by high prices. The inventory increased [20]. - **Strategy Viewpoint**: The tin price is expected to fluctuate with market sentiment. It is recommended to wait and see [21]. Lithium Carbonate - **Market Information**: The lithium carbonate price rose. The MMLC battery - grade and industrial - grade lithium carbonate prices increased [22]. - **Strategy Viewpoint**: The supply - demand pattern repair expectation cannot be falsified. It is recommended to wait and see and pay attention to fundamental dynamics [23]. Alumina - **Market Information**: The alumina price rose. The domestic spot was at a premium, and the overseas price fell. The futures inventory decreased [24]. - **Strategy Viewpoint**: The ore price is expected to oscillate downward, and the alumina production capacity is surplus. It is recommended to wait and see in the short term [26]. Stainless Steel - **Market Information**: The stainless steel price rose. The raw material price was stable, and the social inventory decreased [27]. - **Strategy Viewpoint**: The stainless steel market is in a traditional off - season, and the price is expected to oscillate widely. It is recommended to wait and see [28]. Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price rose. The trading volume and open interest decreased, and the inventory decreased [29]. - **Strategy Viewpoint**: The cost is firm, and the supply is disturbed. The price is expected to fluctuate within a range [30]. Black Building Materials Category Steel - **Market Information**: The rebar price rose slightly, and the hot - rolled coil price fell slightly. The inventory of rebar decreased, and the inventory of hot - rolled coil increased [32]. - **Strategy Viewpoint**: The terminal demand is weak, and the steel price is expected to oscillate at the bottom. The export license policy may suppress the price in the short term [33]. Iron Ore - **Market Information**: The iron ore price rose, and the inventory increased [34]. - **Strategy Viewpoint**: The supply of iron ore increased, and the demand decreased. The price is expected to oscillate within a range [35]. Glass and Soda Ash - **Market Information**: The glass price was flat, and the inventory decreased. The soda ash price was flat, and the inventory decreased [36][38]. - **Strategy Viewpoint**: The glass market is in a weak supply - demand balance and is expected to oscillate narrowly. The soda ash price is expected to decline under pressure [37][39]. Manganese Silicon and Ferrosilicon - **Market Information**: The manganese silicon price rose slightly, and the ferrosilicon price rose. The manganese silicon was at a premium, and the ferrosilicon was at a premium [40]. - **Strategy Viewpoint**: The future market trend is mainly led by the black sector and cost factors. It is recommended to pay attention to the manganese ore and electricity price [44]. Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon price rose, and the polysilicon price rose. The inventory of industrial silicon decreased, and the inventory of polysilicon increased [45][47]. - **Strategy Viewpoint**: The industrial silicon supply and demand weakened marginally, and the polysilicon supply decreased and the demand was weak. Both are expected to fluctuate with the market [46][48]. Energy and Chemicals Category Rubber - **Market Information**: The rubber price oscillated and rose. The inventory was low, and the demand for winter storage was positive. The tire enterprise's operating rate was different [51]. - **Strategy Viewpoint**: It is recommended to operate short - term with a neutral - to - long idea and hold the hedging position of buying RU2601 and selling RU2609 [53]. Crude Oil - **Market Information**: The crude oil price fell, and the refined oil prices had different changes. The gasoline and diesel inventories decreased, and the fuel oil inventory increased [54][56]. - **Strategy Viewpoint**: The oil price is not recommended to be overly shorted in the short term. It is recommended to wait and see and test OPEC's export support willingness [57]. Methanol - **Market Information**: The regional spot prices of methanol had different changes, and the futures price rose. The MTO profit was negative [58]. - **Strategy Viewpoint**: After the bullish factors are realized, the methanol price is expected to be sorted out at a low level. It is recommended to wait and see [59]. Urea - **Market Information**: The regional spot prices of urea were stable, and the futures price rose. The inventory decreased [60]. - **Strategy Viewpoint**: The urea supply decreased and the demand increased. It is recommended to go long at low prices [61]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene decreased. The inventory of pure benzene and styrene increased, and the demand had different changes [62][63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long at present [64]. PVC - **Market Information**: The PVC price rose. The cost was stable, and the operating rate decreased. The inventory increased [65]. - **Strategy Viewpoint**: The PVC supply is strong and the demand is weak. It is recommended to go short on rallies [66]. Ethylene Glycol - **Market Information**: The ethylene glycol price fell. The supply decreased, and the demand decreased. The inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol supply and demand need to be improved by reducing production. Pay attention to the risk of price rebound [69]. PTA - **Market Information**: The PTA price rose. The supply was stable, and the demand decreased. The inventory decreased slightly [70]. - **Strategy Viewpoint**: The PTA supply is expected to increase, and the demand will decrease. Pay attention to the opportunity of going long on dips [71]. p - Xylene - **Market Information**: The p - xylene price rose. The supply decreased slightly, and the demand decreased. The inventory increased [72]. - **Strategy Viewpoint**: The p - xylene inventory is expected to increase slightly. Pay attention to the opportunity of going long on dips [73]. Polyethylene (PE) - **Market Information**: The PE price fell. The supply decreased slightly, and the demand decreased. The inventory increased [74]. - **Strategy Viewpoint**: The PE price is under pressure, and it is recommended to go short on rallies for the LL1 - 5 spread [76]. Polypropylene (PP) - **Market Information**: The PP price fell. The supply increased slightly, and the demand increased slightly. The inventory decreased [77]. - **Strategy Viewpoint**: The PP supply and demand are weak, and the price may be supported in the first quarter of next year [78]. Agricultural Products Category Pigs - **Market Information**: The domestic pig price rose. Some farmers held back sales, and the demand for large pigs increased [80]. - **Strategy Viewpoint**: The pig price may rebound in the short term, but the long - term supply is high. It is recommended to short after the rebound and long the far - month contract [81]. Eggs - **Market Information**: The egg price was mostly stable. The supply was stable, and the demand was different in different regions [82]. - **Strategy Viewpoint**: The egg price is expected to squeeze the premium in the near - month and pay attention to the pressure in the far - month [84]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean price fell. The domestic soybean meal price fell slightly, and the inventory decreased [85]. - **Strategy Viewpoint**: The soybean import cost has a bottom, and the soybean meal price is expected to oscillate [86]. Oils and Fats - **Market Information**: The palm oil production and export data were different. The domestic oil price stopped falling [87]. - **Strategy Viewpoint**: The palm oil supply may reverse in the future. It is recommended to operate based on high - frequency data [88]. Sugar - **Market Information**: The sugar price oscillated weakly. The production data of major sugar - producing countries were different [89][90]. - **Strategy Viewpoint**: The global sugar supply is expected to be in surplus, and it is recommended to wait and see in the short term [91]. Cotton - **Market Information**: The cotton price oscillated narrowly. The spot price rose, and the inventory increased [92]. - **Strategy Viewpoint**: The cotton price is unlikely to have a unilateral trend due to uncertain policies and hedging pressure [93].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2025-12-03 俄罗斯海上原油量持续攀升，甲醇关注 12⽉的进⼝压⼒ 化工品近期的反弹开始略显迟疑。甲醇在海外限气的提振下，近期期 价反弹；同时前期较高的开工导致伊朗11月装船量再创历史新高，12月可 能出现非伊甲醇减量，伊朗货源依旧充足的情况，12月甲醇的进口压力依 旧较大。而烯烃端也没有实质性利好。资金换月和原油反弹短暂拉升了烯 烃价格，但生产企业仍以去库存为核心导向，通过下调出厂价、加大促销 力度等方式积极去库；需求端则以刚需为主，并未有投机性囤货举措。 原油：地缘溢价摇摆，供应压力延续 沥青：沥青期价大跌，测试2800重要支撑位 高硫燃油：燃油期价弱势震荡 低硫燃油：低硫燃油期价弱势震荡 甲醇：12月沿海卸货预期偏高，内地供需阶段性支撑，甲醇震荡整理 尿素：淡储推进暂缓，盘面震荡整理 乙二醇：国内供应阶段性见顶，但海外货源供应充裕 PX：供需双强，叠加市场预期偏强下利润持续扩张 PTA：现货市场氛围改善，基差偏强运行 短纤：下游维持观望居多，持续追涨意愿不强 瓶片：价格波动率收窄，成交氛围小幅回落 丙烯：PG带动，P ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - PG futures prices declined, with the basis at -43 (-57) and the 01 - 02 spread at 109 (-19). Domestic LPG prices dropped, and the cheapest deliverable was East China LPG at 4315 (-49), with the propane - LPG price difference narrowing. [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1] - Overall, domestic chemical demand is relatively strong, and civil demand is increasing, but more arrivals are expected in December. Middle Eastern supplies are tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil prices need to be monitored. [1] 3) Summary by Relevant Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4310 (+0), in Shandong was 4450 (-10), and in South China was 4335 (+5). The price of ether - post - carbon four was 4480 (+10). The lowest delivery location was East China, with a basis of 5. The 01 - 02 spread was 89 (-1). FEI was 526.79 (+6.79) and CP was 498.8 (+5.8) dollars per ton. [1] Weekly Changes - The PG futures price declined. The basis was -43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil LPG prices dropped, and the cheapest deliverable was East China civil LPG at 4315 (-49). [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1]

Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views of the Report Tin - The current supply of tin ore remains tight, and smelter processing fees continue at a low level. It is expected that the improvement in tin ore supply this year will be limited, and the supply side will remain strong. In the demand aspect, the tin solder enterprises in South China show certain resilience, while those in East China are more obviously suppressed. Considering the strong fundamentals, after the market sentiment stabilizes, consider a low - long strategy. Follow up on macro - end changes and the supply recovery in Myanmar in the fourth quarter [2]. Industrial Silicon - The spot price of industrial silicon has stabilized and increased, and the futures price has fluctuated. There is a possibility of an arbitrage window. The market in November shows a double - decline in supply and demand, with a larger decline in supply, but there is still a risk of inventory accumulation. In December, if the organic silicon enterprises cut production, the inventory accumulation pressure will increase. It is expected that the price will mainly fluctuate in the range of 8500 - 9500 yuan/ton [5]. Polysilicon - The spot price of polysilicon has stabilized, and the demand is weak. The futures price has dropped significantly, and the arbitrage window has closed. It is expected that the price will fluctuate in a high - level range. Pay attention to the spot support strength, the digestion of warehouse receipts after the centralized cancellation of November contracts, and whether there is an increase in orders on the demand side [6]. Copper - The market is waiting and seeing, and copper prices fluctuated weakly yesterday. In the macro aspect, there may be a "vacuum period" in November, and the subsequent focus is on the US government shutdown and interest - rate cut expectations. In the fundamental aspect, the supply of copper ore remains tight, and the psychological price ceiling of downstream customers for copper prices has gradually increased. The medium - and long - term supply - demand contradiction supports the upward movement of the bottom center of copper prices, with the main reference range of 85000 - 87500 [7]. Zinc - The logic of loose supply has basically materialized, and the subsequent supply - side pressure may be limited. The demand side has not shown unexpected performance, and domestic zinc ingots remain at a discount. With the increase in the LME warehousing expectation, the LME inventory has started to accumulate, and the risk of a short squeeze has eased. The export of zinc ingots may boost domestic zinc prices. In the short term, it is expected to remain volatile, with the main reference range of 22000 - 22800 [10]. Alumina - The current alumina market maintains a pattern of loose supply and demand, and the price is expected to continue to oscillate weakly, with the main contract reference range of 2750 - 2900 yuan/ton. Pay attention to whether the production cuts of high - cost enterprises can reverse the supply - demand pattern [12]. Aluminum - The aluminum price will be in a game between macro - level positives and weak fundamentals in the short term. Although the market performance is strong, be vigilant against the risk of a high - level correction above 22000 yuan/ton. Focus on downstream start - up changes, inventory depletion rhythms, and overseas policy trends [12]. Aluminum Alloy - The price of cast aluminum alloy will remain strong in the short term, with a firm cost support. The supply of scrap aluminum is expected to remain tight in the short term, and the main contract reference range is 20600 - 21200 yuan/ton. Follow up on the improvement of scrap aluminum supply, downstream procurement rhythms, and inventory depletion processes [13]. Stainless Steel - The stainless - steel market is in a weak oscillation, with insufficient macro - level driving forces and no obvious improvement in the fundamental structure. The supply - side pressure from steel - mill production schedules and social inventories remains, and demand stimulation is insufficient. The short - term market is expected to continue to adjust in a weak oscillation, with the main operating range of 12300 - 12700. Pay attention to steel - mill production cuts and nickel - iron prices [15]. Nickel - The macro - level sentiment has improved, but the fundamental improvement is limited. The medium - term supply of nickel remains loose, restricting the upward price space. The short - term drive is weak. The market is expected to be in a weak oscillation, with the main reference range of 116000 - 122000. Follow up on macro - level expectations and Indonesian industrial policy news [18]. Lithium Carbonate - Yesterday, the lithium carbonate market was strong, with multiple contracts hitting the daily limit. The fundamentals provide support, and the news has stimulated bullish sentiment. The downstream demand is currently optimistic, and social inventory is being depleted. The short - term market may see intensified competition. Be cautious about chasing long positions at the current price, and wait for a pull - back before further observation [20]. Summary by Relevant Catalogs Tin - **Spot Price and Basis**: The price of SMM 1 tin decreased by 0.75% to 289900 yuan/ton, and the LME 0 - 3 spread decreased by 671.90% to - 87.50 dollars/ton. The import loss decreased by 1.62% to - 15173.89 yuan/ton [2]. - **Monthly Fundamental Data**: In September, tin ore imports decreased by 15.13% to 8714 tons; in October, SMM refined tin production increased by 53.09% to 16090 tons; in September, the average SMM refined tin operating rate decreased by 31.77% to 43.60% [2]. - **Inventory Changes**: The SHEF inventory increased by 4.44% to 6258 tons, and the social inventory increased by 5.83% to 7443 tons [2]. Industrial Silicon - **Spot Price and Main - Contract Basis**: The price of East China oxygen - containing SI5530 industrial silicon remained unchanged at 9500 yuan/ton, and the price of East China SI4210 industrial silicon remained unchanged at 9750 yuan/ton [5]. - **Monthly Fundamental Data**: In the month, the national industrial silicon production increased by 7.46% to 45.22 million tons, and the Xinjiang industrial silicon production increased by 15.94% to 23.56 million tons [5]. - **Inventory Changes**: The Xinjiang factory - warehouse inventory increased by 0.89% to 11.31 million tons, and the social inventory decreased by 1.09% to 54.60 million tons [5]. Polysilicon - **Spot Price and Basis**: The average price of N - type re -投料 remained unchanged at 52300 yuan/ton, and the average price of N - type granular silicon remained unchanged at 50500 yuan/ton [6]. - **Weekly and Monthly Fundamental Data**: The weekly silicon wafer production decreased by 2.45% to 13.12 GW, and the monthly polysilicon production increased by 3.08% to 13.40 million tons [6]. - **Inventory Changes**: The polysilicon inventory increased by 3.09% to 26.70 million tons, and the silicon wafer inventory increased by 5.14% to 18.42 GW [6]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper decreased by 0.67% to 86510 yuan/ton, and the SMM 1 electrolytic copper premium increased by 50 yuan/ton to 105 yuan/ton [7]. - **Fundamental Data**: In October, electrolytic copper production decreased by 2.62% to 109.16 million tons; in September, electrolytic copper imports increased by 26.50% to 33.43 million tons [7]. - **Inventory Changes**: The domestic social inventory decreased by 1.07% to 19.38 million tons, and the SHFE inventory decreased by 4.89% to 10.94 million tons [7]. Zinc - **Price and Spread**: The price of SMM 0 zinc ingot decreased by 0.40% to 22400 yuan/ton, and the import loss increased to - 4292 yuan/ton [10]. - **Fundamental Data**: In October, refined zinc production increased by 2.85% to 61.72 million tons; in September, refined zinc imports decreased by 11.61% to 2.27 million tons [10]. - **Inventory Changes**: The seven - region social inventory of Chinese zinc ingots decreased by 1.88% to 15.66 million tons, and the LME inventory increased by 2.57% to 4.0 million tons [10]. Alumina - **Price and Spread**: The price of SMM A00 aluminum decreased by 1.28% to 21630 yuan/ton, and the import loss was - 1982 yuan/ton [12]. - **Fundamental Data**: In October, alumina production increased by 2.39% to 778.53 million tons, and electrolytic aluminum production increased by 3.52% to 374.21 million tons [12]. - **Inventory Changes**: The social inventory of Chinese electrolytic aluminum increased by 3.03% to 62.70 million tons, and the LME inventory decreased by 0.39% to 55.0 million tons [12]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 decreased by 0.46% to 21550 yuan/ton, and the refined - scrap price difference of Foshan crushed primary aluminum decreased by 3.57% to 1754 yuan/ton [13]. - **Fundamental Data**: In October, the production of recycled aluminum alloy ingots decreased by 2.42% to 64.50 million tons, and the production of primary aluminum alloy ingots increased by 1.06% to 28.60 million tons [13]. - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased by 0.18% to 5.57 million tons, and the daily inventory of recycled aluminum alloy in Foshan increased by 2.55% to 36817 tons [13]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12700 yuan/ton, and the price of 304/2B (Foshan Hongwang 2.0 coil) decreased by 0.40% to 12600 yuan/ton [15]. - **Fundamental Data**: The production of 300 - series stainless - steel crude steel in China (43 enterprises) increased by 0.38% to 182.17 million tons, and the stainless - steel net export volume decreased by 9.83% to 29.82 million tons [15]. - **Inventory Changes**: The 300 - series social inventory (Wuxi + Foshan) increased by 1.73% to 49.74 million tons, and the SHFE warehouse receipts decreased by 1.53% to 6.93 million tons [15]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel decreased by 0.75% to 118700 yuan/ton, and the LME 0 - 3 spread increased by 2.39% to - 194 dollars/ton [18]. - **Cost of Electrowinning Nickel**: The cost of integrated MHP - produced electrowinning nickel decreased by 4.84% to 110810 yuan/ton, and the cost of integrated high - matte nickel - produced electrowinning nickel increased by 3.75% to 129484 yuan/ton [18]. - **Supply - Demand and Inventory**: In China, refined nickel production increased by 0.84% to 35900 tons, and refined nickel imports increased by 124.36% to 38164 tons. The SHFE inventory increased by 9.11% to 40573 tons, and the LME inventory increased by 2.22% to 257694 tons [18]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate increased by 1.17% to 86150 yuan/ton, and the average price of SMM industrial - grade lithium carbonate increased by 1.21% to 83800 yuan/ton [20]. - **Fundamental Data**: In October, lithium carbonate production increased by 5.73% to 92260 tons, and lithium carbonate demand increased by 8.70% to 126961 tons [20]. - **Inventory Changes**: In October, the total lithium carbonate inventory decreased by 10.90% to 84234 tons, and the downstream lithium carbonate inventory decreased by 13.50% to 53291 tons [20].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals [3]. - The potential end of the US government shutdown and the weakening labor market indicators have increased the market's expectation of a December interest rate cut, weakening the US dollar index and boosting copper prices. Meanwhile, the average price in the domestic spot market has risen, and the premium has slowed [12]. - For aluminum, funds are the core factor affecting prices. There is a contradiction between funds and the industry, and the upward trend of Shanghai aluminum depends on continuous fund inflows. For alumina, it is still in an oversupply situation [32]. - In November, due to intense competition for zinc ore in the smelting sector and a decrease in TC, the willingness to reduce or halt production has increased. If demand remains stable, there is a possibility of inventory reduction, and zinc prices are expected to have upward momentum [56]. - For the nickel industry chain, weak demand in the off - season suppresses the upward space. The price of nickel ore may remain strong in the short term, while nickel iron prices have been decreasing, and stainless steel faces pressure [72]. - For tin, supply is weaker than demand due to limited resumption of production in Wa State and a sharp decline in concentrate imports. Shanghai tin will maintain high - level volatility, but there is a risk of price decline [87]. - For lithium carbonate, it is currently in a state of being prone to rise but difficult to fall, maintaining a strong - side oscillation, but there is a risk of correction [103]. - For the silicon industry chain, the overall supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and they are expected to show wide - range oscillations [114]. Summary by Related Catalogs Precious Metals - Price trends: Presented data on SHFE and COMEX gold and silver futures prices, as well as price - to - ratio relationships [4][10]. - Price differences: Showed SHFE and SGX gold and silver futures - spot price differences [5][7]. - Correlation: Illustrated the relationship between gold and US Treasury real interest rates and the US dollar index [8][9]. - Fund positions: Displayed the positions of gold and silver long - term funds [10]. - Inventory: Showed SHFE and COMEX gold and silver inventories [11]. Copper - Futures data: Provided data on copper futures prices, including Shanghai and London copper, with details such as the latest price, daily change, and daily change rate [13]. - Spot data: Presented copper spot prices and premium data from different regions, as well as import profit and loss and processing fee data [17][23]. - Scrap price difference: Gave the difference between refined and scrap copper prices [27]. - Warehouse receipts: Showed the quantity and change of copper warehouse receipts in the Shanghai Futures Exchange and international markets [28][30]. Aluminum and Alumina - Price data: Provided price data for aluminum, alumina, and aluminum alloy futures, including the latest price, daily change, and daily change rate [34]. - Price difference: Showed the price differences between different contracts of aluminum, alumina, and aluminum alloy [36][38]. - Spot data: Presented aluminum spot prices, basis, and price differences in different regions, as well as alumina basis data [42][44]. - Inventory: Showed the inventory data of aluminum and alumina futures, including Shanghai and London inventory changes [50]. Zinc - Price data: Provided zinc futures price data, including Shanghai and LME zinc, with details such as the latest price, daily change, and daily change rate [57]. - Spot data: Presented zinc spot prices and premium data, as well as LME zinc premium data [65]. - Inventory: Showed the inventory data of zinc futures, including Shanghai and LME inventory changes [69]. Nickel Industry Chain - Price data: Provided price data for nickel and stainless steel futures, including the latest price, change, and change rate, as well as trading volume, open interest, and warehouse receipt data [73]. - Downstream profit: Showed the profit data of downstream products in the nickel industry chain, such as the profit rate of producing nickel sulfate and stainless steel [82][84]. Tin - Futures data: Provided tin futures price data, including Shanghai and LME tin, with details such as the latest price, daily change, and daily change rate [88]. - Spot data: Presented tin spot prices and premium data, as well as the price data of tin - related products [93]. - Inventory: Showed the inventory data of tin futures, including Shanghai and LME inventory changes [98]. Lithium Carbonate - Futures price: Provided the price data of lithium carbonate futures, including the latest price, daily change, and weekly change, as well as the price difference between different contracts [104][106]. - Spot data: Presented lithium spot prices, including the prices of different types of lithium products and their price differences [108]. - Inventory: Showed the inventory data of lithium carbonate, including exchange inventory, social inventory, and inventory in different sectors [112]. Silicon Industry Chain - Industrial silicon: Presented industrial silicon spot prices, basis, and price differences, as well as futures price data and price differences between different contracts [115][116]. - Polysilicon and related products: Showed the price data of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain [123][125]. - Production and inventory: Displayed the production, inventory, and cost data of industrial silicon and polysilicon, as well as the production capacity and output data of silicon wafers [130][134].

Report Industry Investment Rating - Not provided Core View of the Report - With the weakening of macro - drivers, the trading of the black series will return to the real - world situation. The price of iron ore is expected to fluctuate within a range this week as the overall supply - demand of iron ore tends to accumulate inventory, but the inventory accumulation pressure is within an expectable range, and the current domestic basis is still relatively high with a large price difference between domestic and foreign markets [3][4] Summary by Related Catalogs Market Situation - Last week, the black series rebounded collectively, with raw material prices rising more significantly due to positive macro - drivers such as the Fed's interest rate cut, better - than - expected Sino - US trade negotiation results, and the release of the 15th Five - Year Plan. However, in the short term, it will enter a policy vacuum period. The Fed's interest rate cut has fully realized its positive impact, and hawkish statements have curbed market optimism. The 15th Five - Year Plan focuses more on new - quality productivity, with limited and long - term boost to steel demand. Although the adjustment of Sino - US tariff policies may maintain export resilience, the reality of weak supply and demand in domestic manufacturing data is difficult to improve [3] Supply - Overseas iron ore supply is increasing steadily, but the supporting strength is continuously weakening. In October, the weekly average shipment from Australia and Brazil was 27.32 million tons, a 2% month - on - month increase. From January to October, the weekly average shipment was 25.46 million tons, a 0.8% year - on - year increase. It is expected that the import volume in October will remain at a high level. In November, due to seasonal maintenance of Australian and Brazilian iron ore shipment ports, the supply is expected to decline by 10 million tons month - on - month but still have an increase of over 3 million tons year - on - year. Due to the high shipment in October, the arrival volume in November is expected to remain at an absolute high level, basically flat month - on - month and an increase of over 10 million tons year - on - year [3] Demand - Domestic demand has been declining month - on - month mainly because of the temporary tightening of environmental protection in Hebei, which led some steel mills to shut down or reduce their loads. This week, although the blast furnace operating rate increased, the molten iron output decreased. In addition, due to the continuous decline in finished product prices, the loss range of steel mills has further expanded, and the profitability rate has dropped to the lowest level of the year. Overall, the blast furnace operating rate and profitability rate are continuously declining due to environmental protection and weak terminal demand, but the decline slope is not steep. Coupled with steel mills entering the seasonal restocking cycle, domestic iron ore demand is expected to remain resilient [3] Inventory - The inventory level at the steel mill end has rebounded slightly month - on - month as steel mills enter the seasonal restocking cycle. Due to the high arrival volume at the same period and the decline in port clearance volume due to weather reasons, the port inventory has been continuously accumulating month - on - month [3] Price and Strategy - The price will fluctuate within a range. The main contract of Dalian iron ore futures will be in the range of 760 - 810 yuan/ton, corresponding to an overseas price of about 100 - 107 US dollars/ton. The strategy is to conduct range operations and use covered call options [5]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the current situation has persisted for a long time, and the improvement in terminal data on a month - on - month basis supports the continuation of polyester operation. Attention should be paid to additional maintenance. With limited new capacity coming online in the far - month, the processing fee center may gradually recover [3] - For MEG, the domestic oil - based maintenance has been implemented in the near - term with some unexpected events, leading to a decline in the load on a month - on - month basis. Overseas operations are stable, and port inventories will continue to accumulate slightly at the beginning of next week. The arrival forecast for the week has declined, and the basis has strengthened on a month - on - month basis. The profitability and price ratio of coal - based MEG have rebounded. In the future, with the high - level operation of existing EG capacity and new capacity coming online, it will enter a continuous inventory accumulation stage. However, after the weakening of coal - based profitability and price ratio, there may be some negative feedback on the supply side. Considering the recent strengthening of coal prices, attention should be paid to the opportunity of selling put options near the coal - based cost [8] - For polyester staple fiber, the near - term device operation is stable, with the operation rate maintained at 94.3%. The production and sales have improved on a month - on - month basis, and the inventory has continued to decline. On the demand side, the operation rate of polyester yarn has remained stable, raw material inventory has increased, and finished - product inventory has decreased, with a slight weakening in profitability. In the future, the overall profitability and operation rate of polyester yarn have not significantly improved. The export of staple fiber itself has maintained high growth. With the decent spot profitability, the high operation rate will be maintained, and the overall inventory pressure is limited. The processing fee on the futures market is not high. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [8] - For natural rubber and 20 - grade rubber, the main contradictions are that the national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup lump rubber is stable while rainfall affects rubber tapping. The strategy is to wait and see [8] Summary by Related Catalogs PTA - **Price and Index Changes**: From October 22 to October 28, 2025, the price of crude oil decreased by 1.2, naphtha decreased by 9, PX CFR Taiwan decreased by 10, PTA domestic spot price increased by 30, and POY 150D/48F increased by 15. The naphtha cracking spread decreased by 0.06, PX processing margin decreased by 1, PTA processing margin remained unchanged, and polyester gross profit decreased by 5. The PTA balance load and PTA load remained unchanged, the number of warehouse receipts + valid forecasts increased by 4104, the TA basis increased by 1, and the production - sales ratio decreased by 0.2 [2] - **Device Changes**: Dushan Energy's 3 - million - ton device was put into operation [2] MEG - **Price and Index Changes**: From October 22 to October 28, 2025, the price of Northeast Asian ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price decreased by 16, MEG East China price decreased by 16, and MEG far - month price decreased by 15. The coal - based MEG profit decreased by 16, the MEG inner - market cash flow (ethylene) remained unchanged, the total MEG load, coal - based MEG load, MEG port inventory, and non - coal - based load remained unchanged [8] - **Device Changes**: Fujian Refining's 400,000 - ton device was under maintenance [8] Polyester Staple Fiber - **Price and Index Changes**: From October 22 to October 28, 2025, the price of 1.4D cotton - type staple fiber increased by 40, the price of low - melting - point staple fiber remained unchanged, the price of virgin hollow staple fiber increased by 40, and the prices of other products remained unchanged. The profit of virgin staple fiber increased by 20, the profit of pure polyester yarn decreased by 20, the price difference between cotton and polyester staple fiber decreased by 80, and the price difference between viscose and polyester staple fiber decreased by 40 [8] - **Device and Market Information**: The near - term device operation is stable, with the operation rate maintained at 94.3%. The production and sales have improved on a month - on - month basis, and the inventory has continued to decline. The spot price is around 6381, and the market basis is around - 30 for December [8] Natural Rubber and 20 - grade Rubber - **Price and Index Changes**: From October 22 to October 28, 2025, the price of US - dollar - denominated Thai standard rubber decreased by 15, the price of US - dollar - denominated Thai mixed rubber remained unchanged, the price of RMB - denominated mixed rubber decreased by 50, and the prices of other products had corresponding changes. The daily change in the price difference between mixed rubber and RU main contract was - 30, the price difference between US - dollar - denominated Thai standard rubber and NR main contract remained unchanged, and other price differences also had corresponding changes [8] - **Market Situation**: The national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup lump rubber is stable while rainfall affects rubber tapping [8] Styrene - **Price and Index Changes**: From October 22 to October 28, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, the price of pure benzene (East China) decreased by 65, and the prices of other products had corresponding changes. The daily change in the price of PS (East China transparent benzene) remained unchanged, the price of ABS (0215A) remained unchanged, the Asian price difference between pure benzene and naphtha remained unchanged, the domestic profit of styrene remained unchanged, the domestic profit of EPS decreased by 30, the domestic profit of PS increased by 69, and the domestic profit of ABS remained unchanged [11]