Industry Investment Ratings No investment ratings are provided in the report. Core Views - The report analyzes the market trends of various commodities and financial products, including energy, metals, agricultural products, and financial derivatives. It points out that most commodities are in a state of price fluctuation and supply - demand adjustment, with many facing uncertain factors such as geopolitical risks, policy changes, and seasonal demand variations. Commodity Summaries Energy - **Crude Oil**: International oil prices fluctuated last week. Geopolitical risks around Russia and Venezuela supported prices, but the Russian port's resumption of loading reduced the impact. There is a risk of price decline in the medium - term due to increasing supply - demand pressure in Q4 and Q1 next year. Attention should be paid to the impact of Russian oil sanctions and the release of Venezuelan risks [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: The absolute price of fuel oil is still suppressed by the cost side. High - sulfur fuel oil is supported by short - term export decline but may face a more relaxed supply pattern in the medium - term. Low - sulfur fuel oil's fundamentals have improved due to factors such as unstable overseas refinery operations and strong demand in the fourth - quarter shipping season [20]. - **Asphalt**: The poor shipment volume has falsified the "14th Five - Year Plan" end - of - year rush - work demand expectation, and the demand is weaker than last year. The inventory de - stocking is slowing down, and the fundamentals are bearish in the long - term [21]. - **Liquefied Petroleum Gas (LPG)**: Import supply is tight. The improvement of butane dehydrogenation device profitability and cold weather have increased demand, leading to a decline in refinery and port storage rates. LPG is expected to be in a slightly strong upward trend [22]. Metals - **Precious Metals**: International gold and silver prices dropped significantly on Friday. After the end of the US government shutdown, the market is waiting for economic data. Fed officials' hawkish remarks have suppressed the expectation of interest rate cuts. Precious metals are in a high - level oscillation platform, waiting for new drivers [3]. - **Base Metals** - **Copper**: Copper prices first declined and then rose on the night of last Friday. The market trading theme is unclear, waiting for US economic indicators and domestic demand. Short - term high - position short orders can be traded near 88,000 yuan, and copper prices are in a state of oscillation [4]. - **Aluminum**: Shanghai aluminum prices dropped on Friday. The long - term supply - demand situation has potential, but the short - term fundamentals are stable. The oscillation - upward trend has not been broken, and attention should be paid to capital movements [5]. - **Zinc**: Fed officials' hawkish remarks led to a decline in the equity market and a large - scale exit of long - position funds in the non - ferrous sector. LME zinc inventory is rising slightly, and domestic refinery profits are under pressure. The support for the decline of Shanghai zinc is seen at the 20 - day moving average [8]. - **Lead**: High lead prices have weakened downstream procurement, and refineries are resuming production. Although there are short - term factors to stimulate consumption, the support for high prices is insufficient. Considering cost support, Shanghai lead is expected to oscillate in the range of 17,300 - 17,500 yuan/ton [9]. - **Tin**: The amplitude of Shanghai tin increased on the night of last Friday. The inventory of tin has increased. The market is waiting for the inventory data. Long - term high - position short orders can be held near 295,000 yuan [10]. - **Manganese Silicon**: The tender price of a large northern steel mill is stable. Iron - water production has rebounded, and the output of manganese silicon has slightly decreased. The price has strong bottom support [17]. - **Silicon Iron**: The tender price of a large northern steel mill has increased slightly. Demand has resilience, and supply is at a high level. Due to the increase in cost, the price is expected to be more likely to rise [18]. - **Other Metals - Related Products** - **Cast Aluminum Alloy**: The spot price of Baotai ADC12 decreased by 100 yuan to 21,000 yuan on Friday. The supply of scrap aluminum is tight, and the tax policy adjustment is unclear. It continues to fluctuate with aluminum prices [6]. - **Alumina**: The operating capacity is at a historical high, and the supply surplus pattern is difficult to change. The price is mainly in a weak operation with limited rebound space [7]. Chemicals - **Polysilicon**: Photovoltaic terminal demand is weak. Both upstream and downstream reduced production in November, and the actual improvement in supply - demand is limited. The price will continue to oscillate in the short - term [11]. - **Industrial Silicon**: The supply in the southwest is significantly reduced during the dry season, but the expected production reduction of organic silicon monomer enterprises may drag down demand. The price is under pressure at a high level and will continue to oscillate [12]. - **Benzene and Its Derivatives** - **Pure Benzene**: The overseas gasoline market is strong, and the price has rebounded, but the downstream profit is weak, and the sustainability of overseas demand is uncertain [25]. - **Styrene**: The supply - demand is in a tight balance, with only a small expected increase in domestic supply and a weakened import increase expectation. The demand is stable [26]. - **Polyolefins** - **Polypropylene, Plastic, and Propylene**: The supply of propylene is loose, and the demand is supported to some extent. The supply of polyethylene is stable, and the demand is weakening. The supply pressure of polypropylene is slightly increasing, and the market price is difficult to rise continuously [27]. - **PVC and Caustic Soda** - **PVC**: The cancellation of India's BIS certification has little impact. The cost has some support, and the inventory has decreased slightly. The supply is high, and the demand is weak, so it is expected to oscillate narrowly [28]. - **Caustic Soda**: The upstream cost has increased, and the price has weakened. The inventory pressure is still large, and the demand is insufficient, so it is in a weak operation [28]. - **PX and PTA**: Affected by the tight overseas aromatics market, the prices of PX and PTA have rebounded. There is still an expectation of industry production reduction, and the overseas demand sustainability needs to be observed [29]. - **Ethylene Glycol**: The weekly output has slightly increased, and the port inventory has increased significantly. The supply pressure is large, and the demand is expected to weaken in the medium - term, so a short - selling strategy is recommended [30]. - **Short - Fiber and Bottle - Chip**: Short - fiber has no new investment pressure, but the demand is expected to weaken. The demand for bottle - chip has decreased with the cooling weather, and the long - term pressure is over - capacity [31]. Agricultural Products - **Soybeans and Related Products** - **Soybeans and Soybean Meal**: The USDA report has a limited impact on the market. Domestic soybean supply is sufficient, and the inventory is at a relatively high level. The planting progress of new - season soybeans in South America is slow, and attention should be paid to the impact of La Niña. The domestic soybean meal will follow the short - term decline of US soybeans [35]. - **Soybean Oil and Palm Oil**: The USDA report has led to a decline in US soybean prices. The domestic price difference between soybean oil and palm oil has changed, and attention should be paid to the supply - demand of palm oil [36]. - **Rapeseed Meal and Rapeseed Oil**: The USDA report is bearish for domestic rapeseed products. The inventory of rapeseed oil has decreased, and attention should be paid to the arrival of Australian rapeseed and the production and export of Canadian rapeseed [37]. - **Domestic Soybeans**: The price of domestic soybeans is strong, and the difference with imported soybeans has widened. Attention should be paid to the performance of the domestic soybean spot market [38]. - **Corn**: The USDA report is slightly bearish. Domestic corn imports are expected to continue, and the new - grain supply peak in the Northeast has not passed. The futures price is expected to decline [39]. - **Livestock and Poultry Products** - **Pigs**: The futures price of pigs shows a pattern of near - term weakness and long - term strength. The spot price has slightly decreased. In the long - term, there is a high probability of a second bottom - probing next year [40]. - **Eggs**: The futures price has dropped rapidly. The trading logic has switched to the high - supply and low - demand situation, and short positions can be held [41]. - **Cotton**: The USDA report is bearish for US cotton. The domestic cotton purchase is almost over, and the new - cotton listing brings pressure. It is recommended to wait and see or conduct short - term operations [42]. - **Sugar**: The international sugar supply is sufficient, and the domestic market focuses on the new - season production estimate. The production expectation of Guangxi is relatively good [43]. - **Apples**: The futures price is oscillating at a high level. The short - term price is strong, but there may be inventory pressure in the long - term [44]. - **Wood**: The futures price is oscillating. The low inventory supports the price, and it is recommended to wait and see [45]. - **Paper Pulp**: The price has risen continuously, and the inventory has increased. The valuation is low, and there is an expectation of improvement in the long - term. The short - term upward space may be limited, and long positions should be held carefully [46]. Financial Derivatives - **Container Shipping Index (European Line)**: The 12 - contract is expected to oscillate, and the 02 - contract is expected to reflect the pre - Spring Festival freight peak. Attention should be paid to the end - of - month fixed - cargo situation and supply - side changes [19]. - **Stock Index**: The Shanghai Composite Index has fluctuated, and the futures index has declined. The economic data has slowed down, and the overseas situation has increased market uncertainty. The technology and advanced manufacturing sectors are still the mid - term focus, and attention should be paid to the style rotation of consumption and cyclical sectors [47]. - **Treasury Bonds**: The futures price of treasury bonds is in a narrow - range oscillation. The market's reaction to economic data is flat. The structural differentiation continues, and changes in market risk preference may bring new opportunities [48].

Core Viewpoint - The recent surge in gold prices is attributed to a combination of factors including interest rate expectations, central bank purchases, geopolitical tensions, and increased investment flows into gold as a safe haven asset [1][3][20]. Group 1: Interest Rates and Central Bank Actions - The shift in market sentiment regarding interest rates, with expectations of 2-3 rate cuts by the Federal Reserve by May 2025, has reduced the opportunity cost of holding gold [5][6]. - Central banks have been consistently increasing their gold reserves, with China adding nearly 30 tons in Q1 2025, indicating a long-term strategy to hold gold as a stable asset [6][7]. Group 2: Geopolitical Tensions and Investment Flows - Ongoing geopolitical tensions, particularly in the Middle East and Europe, have heightened market anxiety, leading to increased demand for gold as a defensive asset [9][11]. - In Q2 2025, global gold ETF holdings increased by 5%, with significant inflows from the US and Europe, as investors shifted back to gold after previously reducing their positions [12][14]. Group 3: Market Dynamics and Future Outlook - The current high gold prices are influenced by both emotional market responses to geopolitical events and substantial capital inflows, creating a feedback loop that drives prices higher [11][14]. - There are mixed opinions on future gold price movements, with some predicting a rise to $2,600 per ounce while others caution about potential corrections to $2,200 per ounce due to over-optimism regarding interest rate cuts [16][18].

Report Industry Investment Ratings - Crude oil: ★☆☆, indicating a bullish/ bearish bias with a driving force for price movement, but limited operability in the market [1] - Fuel oil: ★☆☆, similar to crude oil, with a bias but limited operability [1] - Low - sulfur fuel oil: ★☆☆, same as above [1] - Asphalt: ★☆☆, with a bias but limited operability [1] - Liquefied petroleum gas: ☆☆☆, suggesting a relatively balanced short - term trend with poor operability and a wait - and - see approach [1] Core Viewpoints - The global oil market will have supply surpluses of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively, and the surplus will gradually expand quarter by quarter. There is still a downward risk in the crude oil market this year [1] - The fuel oil market is affected by geopolitical factors, and the upward drive for high - sulfur cracking is limited. The low - sulfur market has improved fundamentals [2] - The 2601 asphalt contract has some support at 3000 yuan/ton, and the fundamental bearish factors still suppress the market in the medium - to - long term [3] - The LPG market is expected to fluctuate strongly due to tightened supply - demand margins [3] Summary by Related Catalogs Crude Oil - Based on the latest adjustments of the supply - demand balance sheets by three major institutions in November, considering OPEC+ suspending production increases and strictly implementing production cut compensation in the first quarter of next year, the global oil market will have supply surpluses of 1.84 million barrels per day and 3.31 million barrels per day this year and next year respectively. The supply surplus will gradually expand quarter by quarter, and the most relaxed quarter (Q1 next year) has not arrived yet. Since the fourth quarter, the inventory accumulation rate of global oil at 2.4% has exceeded that of the previous three quarters, and the supply surplus is increasingly evident in the inventory. There is still a downward risk in the crude oil market this year, and attention should be paid to the realization of geopolitical risks related to Venezuela [1] Fuel Oil & Low - Sulfur Fuel Oil - The drone attack on Russia's Novorossiysk today damaged the oil terminal facilities, driving up the prices of crude - related products, and fuel oil followed suit. In terms of fundamentals, high - sulfur fuel oil is still supported by geopolitical factors in the short term. Sanctions and attacks on Russia continue to disrupt the supply side, and the possible further sanctions on Venezuela by the US also bring uncertainties. However, the actual reduction in supply needs further observation. The demand side is at the end of the power - generation peak season, and the increase in Middle - East supply offsets the impact, and the demand for refinery feedstock is also weak, so the upward drive for high - sulfur cracking is limited. The low - sulfur market has seen a relief in supply pressure due to unstable operation of overseas refineries. The strengthening of the crack spreads of gasoline and diesel provides support from the perspective of production conversion. Coupled with the peak season of bunker fuel demand in the fourth quarter and the easing of Sino - US trade relations, the fundamentals have improved compared with the previous period [2] Asphalt - The 2601 contract has some support at 3000 yuan/ton. The worse - than - expected shipment volume not only disproves the expectation of rush - demand in the final year of the "14th Five - Year Plan" but also sends a negative signal that the demand is lower than the same period last year. The destocking of the latest commercial inventory continues to slow down, and the year - on - year increase in social inventory has widened after reaching an inflection point of being higher than the same period last year at the end of October. In the medium - to - long term, the bearish fundamentals still suppress the BU market [3] Liquefied Petroleum Gas - The international LPG market has been trending strongly recently, and the supply of imported resources is tight. The improved profitability of butane dehydrogenation plants has boosted the enthusiasm of downstream chemical enterprises to start production, and the significant cooling in many places has led to an improvement in combustion - end demand. The storage capacity utilization rates of refineries and ports have decreased. The tightening of supply - demand margins has boosted the LPG market to be regarded as fluctuating strongly [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Short - term oil prices are range - bound, and geopolitical risks remain a potential upward driving force. The downside space for crude oil is limited, with support at $55 for WTI crude oil due to US shale oil cost support, OPEC+ actively adjusting production growth rates to ease crude oil inventory accumulation pressure, and the end of the US government shutdown leading to a low risk of macro - economic recession. [1][4][74] - It is recommended to pay attention to the opportunity to go long near $55 for WTI crude oil and the opportunity to go long on option volatility brought by geopolitical situation changes. [4][74] Summary by Relevant Catalogs 1. Market Review - The oil price was range - bound this week with increased amplitude. It dropped significantly due to the bearish OPEC report during the week but then recovered some losses. As of November 13, WTI crude oil futures active contract closed at $58.60 per barrel, Brent at $63.11 per barrel, and SC crude oil futures active contract at 449.5 yuan per barrel. [9] - The monthly spread continued to decline with signs of gradual stabilization. [10] - The CFTC持仓 report was postponed. As of the week ending November 4, Brent fund net long positions were 152,761 lots, a decrease of 21,126 lots from the previous period, while diesel net long positions increased by 6,957 lots. [14] 2. Crude Oil Supply - OPEC+ production growth slowed down in October. OPEC+ crude oil production decreased by 106,000 barrels per day month - on - month in October. OPEC production increased by 33,000 barrels per day month - on - month. Saudi Arabia's production growth rate declined, and some countries like Iran and Kazakhstan had production declines. OPEC+ decided to moderately increase production by 137,000 barrels per day on November 2 and suspend production increase in Q1 2026. [20] - US crude oil daily production increased slightly. As of the week ending November 7, US crude oil daily production was 1,386,200 barrels per day, an increase of 211,000 barrels per day from the previous period. The OPEC report revised up the US crude oil production increase in 2025 to 410,000 barrels per day and kept the increase in 2026 at 100,000 barrels per day. [28] 3. Crude Oil Demand - In the US, gasoline and diesel demand rebounded, while jet fuel demand declined from its high due to the previous US government shutdown. As of the week ending November 7, gasoline demand was 9,028,000 barrels per day, an increase of 154,000 barrels per day from the previous period; diesel demand was 4,018,000 barrels per day, an increase of 308,000 barrels per day from the previous period; jet fuel demand was 1,636,000 barrels per day, a decrease of 45,000 barrels per day from the previous period. Diesel crack spread declined after rising, while gasoline crack spread was at a five - year high. US refinery estimated profit slightly declined, still at a moderately high level, and refinery utilization rate increased. [32][41][46] - In China, crude oil processing volume continued to grow. From June to October, China's crude oil processing volume increased year - on - year. In October, it was 63.43 million tons, an increase of 743,000 tons from the previous month and 3.892 million tons from the same period last year. [51] 4. Crude Oil Inventory - In the US, crude oil inventory increased significantly but remained at a low level in the past five years. As of the week ending November 7, US crude oil inventory (excluding SPR) was 427.581 million barrels, an increase of 6.413 million barrels from the previous period; SPR inventory was 410.393 million barrels, an increase of 798,000 barrels from the previous period. Gasoline and diesel continued to draw down inventory, while jet fuel inventory increased slightly. [57][63] - For OECD, the surplus pressure gradually increased. In October 2025, the global crude oil monthly supply was 108.18 million barrels per day, demand was 103.75 million barrels per day, and the supply - demand gap was 4.43 million barrels per day. OECD continued to accumulate inventory, with the inventory at the end of October at 2.903 billion barrels, an increase of 250 million barrels from the previous period. [70] 5. Summary and Outlook - The short - term oil price is range - bound, and geopolitical risks are a potential upward driving force. The downside space for crude oil is limited, with support at $55 for WTI crude oil. It is recommended to pay attention to the long - position opportunity near $55 for WTI crude oil and the long - position opportunity for option volatility due to geopolitical changes. [74]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.85% to 26,922.73 points, the Hang Seng Tech Index rising by 0.16%, and the National Enterprises Index up by 0.82% [2] Biopharmaceutical Sector - The biopharmaceutical stocks strengthened, with BeiGene rising over 7%. The company reported a total revenue of 27.595 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 44.2%. The net profit attributable to the parent company was 1.139 billion yuan, driven by sales growth of self-developed products and authorized products [1][2] Oil Sector - Oil stocks led the gains, with PetroChina increasing nearly 3%. Geopolitical tensions in South America, particularly regarding Venezuela, may elevate risks in the region, which could support oil prices due to OPEC+ production adjustments [3][4] New Consumption Concept Stocks - New consumption concept stocks saw some increases, with "Hushang Aiyi" rising nearly 29%. The company announced a ten-year H-share incentive plan, aiming to incentivize core talent through restricted stock [4][5] Solar Energy Sector - Solar energy stocks weakened, with GCL-Poly Energy falling over 7%. There were rumors regarding significant changes in the photovoltaic industry, which the China Photovoltaic Industry Association has refuted, emphasizing the need for careful decision-making amidst misinformation [6]

Core Viewpoint - The U.S. Senate's passage of the funding and extension bill paves the way to end the government shutdown, while poor employment data suggests the Federal Reserve may continue its rate cuts, supporting gold prices amid rising geopolitical risks and a weakening dollar [1][3]. Market Summary - COMEX gold futures rose by 0.27% to $4,133.20 per ounce, and COMEX silver futures increased by 1.52% to $51.08 per ounce [1]. - The U.S. announced a suspension of export control penetration rules from November 10, 2025, to November 9, 2026 [1]. - The ADP reported a decline of 11,250 jobs in the private sector every two weeks, totaling a loss of 45,000 jobs for the month, excluding government employees [1][3]. - The market outlook indicates a period of consolidation [3].

Group 1 - Gold futures are currently trading around 951, with a price of 948.24 yuan/gram, reflecting a 0.42% increase, and have reached a high of 952.08 yuan/gram and a low of 940.78 yuan/gram, indicating a short-term bullish trend [1] - The key resistance levels for gold futures are identified between 1001 yuan/gram and 1020 yuan/gram, while the important support levels are between 766 yuan/gram and 950 yuan/gram [2]

Report Industry Investment Rating No relevant content provided. Core View of the Report In the past two weeks, the crude oil market has been in a volatile state due to the delayed realization of the expected supply shock and the digestion of previous short - term geopolitical events. Without clear fundamental and geopolitical drivers, crude oil is likely to continue to fluctuate until new variables emerge. In the energy - chemical sector, different products show different trends. Polyester is hyped for supply cuts, styrene has short - term supply - demand improvement but significant medium - term supply pressure, and methanol has a clear medium - term upward drive. Attention should be paid to the situation in Venezuela and the deployment of the US military in the region [2]. Summary by Directory Crude Oil - Logic: The pressure of crude oil supply surplus remains significant from the end of this year to the first quarter of next year, but the expected supply shock is delayed. After the rebound caused by the US Treasury's sanctions on a Russian oil company was mostly reversed, and with no new geopolitical variables, crude oil is likely to keep fluctuating. The situation in Venezuela is uncertain and not fully priced in the market. Wait for the last high - selling opportunity after possible military actions [4]. - Technical Analysis: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term volatile structure. It is recommended to wait and see in the hourly cycle [4]. Styrene - Logic: Recently, due to more maintenance, the operating rate has dropped to the lowest in the same period in recent years, but the output is still at a high level. Although the inventory is in the seasonal destocking stage, the destocking rate is lower than in previous years. In the medium - term, there are huge contradictions, especially the seasonal inventory build - up in the first quarter of next year. It is not advisable to short at present, but rather to take profit on previous short positions and wait for a high - selling opportunity [6]. - Technical Analysis: The hourly - level shows a short - term downward structure. Although the short - term downward trend remains unchanged, there are signs of short - position profit - taking. The upper short - term pressure level is at 6345. It is recommended to take profit when geopolitical risks increase and wait for a rebound to re - enter short positions [9]. Rubber - Logic: Since August, the downward trend of rubber has been less smooth than that of synthetic rubber. Although the tire demand has a similar impact on both, the natural rubber has no obvious supply pressure during the Southeast Asian rainy season since October. The short - term supply - demand contradiction is not prominent, and attention should be paid to the driving effect of synthetic rubber [11]. - Technical Analysis: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. The downward momentum has weakened, and the upper short - term pressure is at 15170. It is recommended to wait and see in the hourly cycle [12][14]. Synthetic Rubber - Logic: The main driver is the cost - side butadiene. Although the weekly production of domestic butadiene has reached a new high, the inventory has not increased significantly due to the high operating rate of styrene - butadiene rubber. In the medium - term, the high supply pressure of butadiene will be the main contradiction, and the medium - term short - selling idea remains unchanged. It is recommended to take profit on previous short positions and wait for a high - selling opportunity [17]. - Technical Analysis: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. The upper short - term pressure is at 10500. It is recommended to take profit when geopolitical risks increase and wait for a rebound to re - enter short positions [19]. PX - Logic: There are few contradictions in the polyester industry itself, but after a symposium on the development of the PTA and bottle - chip industries, there are rumors of production cuts in the polyester industry, and the market has increased positions and risen. Attention should be paid to the realization of these expectations [24]. - Technical Analysis: The hourly - level shows a short - term upward structure. After a decline with reduced positions, the upward structure remains unchanged. The lower short - term support is at 6715. It is recommended to try to go long when the support is not broken and a reversal pattern appears [24]. PTA - Logic: Similar to PX, there are few contradictions in the polyester industry itself, but production - cut rumors have led to an increase in positions and prices. Attention should be paid to the realization of these expectations [26]. - Technical Analysis: The hourly - level shows a short - term upward structure. After a decline with reduced positions, the upward structure remains unchanged. The lower short - term support is at 4620. It is recommended to try to go long when the support is not broken and a reversal pattern appears [26]. PP - Logic: After the commissioning of a petrochemical plant in Guangxi, the supply pressure of PP has increased, and the downstream demand recovery is limited. The supply - demand expectation is weak, and attention should be paid to the cost - side crude oil drive [28]. - Technical Analysis: The hourly - level shows a short - term downward structure. After a decline with reduced positions, the upper short - term pressure is at 6530. It is recommended to take profit on short positions when geopolitical risks increase [28]. Methanol - Logic: Currently, the import of methanol is still abundant, and the downward drive from high supply, high import, and high inventory continues. However, due to the high coal price and compressed profit margins, it is not advisable to short. For long - position seekers, although the short - term pressure of high supply and high inventory exists, the domestic supply - demand is relatively healthy, and the medium - term long - buying logic is expected due to the approaching winter gas - restriction in Iran and the unpriced situation in Venezuela. Pay attention to the signal of short - term structure conversion and the occurrence of the two events [33]. - Technical Analysis: The daily - level and short - term show a downward structure. After a small decline with increased positions, the upper short - term pressure is at 2150. It is recommended to take profit on short positions at 2150 or take the initiative to take profit. Wait to go long after the short - term structure reverses above 2150 [33]. PVC - Logic: After the end of centralized maintenance, the operating rate has increased, and the supply remains high. The domestic real - estate demand has collapsed, and the social inventory has reached a historical high. There is no upward drive [36]. - Technical Analysis: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. After reaching a new low with increased positions, the upper short - term pressure has moved down to 4625. It is recommended to hold short positions in the hourly cycle [36]. Ethylene Glycol - Logic: The supply is at a high level, and the supply pressure increases with new capacity coming online. The supply - demand pressure is large under the inventory - build - up pattern, but beware of short - term geopolitical risks in crude oil [38]. - Technical Analysis: The daily - level and hourly - level show a downward structure. After a decline with increased positions, the upper short - term pressure is at 3950. It is recommended to take profit on short positions when geopolitical risks increase [38]. Plastic - Logic: After the commissioning of a petrochemical plant in Guangxi, the supply pressure has increased, and the downstream demand in the peak season is weak. The supply - demand expectation is weak, and beware of short - term geopolitical risks in crude oil [40]. - Technical Analysis: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. After a decline with reduced positions, the upper short - term pressure is at 6850. It is recommended to take profit on short positions when geopolitical risks increase [40]. Soda Ash - Logic: The pattern of high supply and high inventory continues, and the downward drive remains unchanged. There was a rebound today due to rumors of some enterprises' production suspension [45]. - Technical Analysis: The hourly - level shows a downward structure. After a decline with reduced positions, the upper short - term pressure is at 1245. It is recommended to hold short positions cautiously with a stop - profit at 1245 [45]. Caustic Soda - Logic: The pattern of high supply and high inventory continues, and there is no upward drive in supply - demand [46]. - Technical Analysis: The hourly - level shows a downward structure. After intraday fluctuations, the downward structure remains unchanged. The upper short - term pressure is at 2400. It is recommended to wait and see in the hourly cycle [46].

Report Industry Investment Rating No relevant content provided. Core View of the Report - In the short - term, crude oil is likely to continue oscillating as it lacks both short - term supply - demand and geopolitical drivers. After the Venezuelan situation develops, there may be an opportunity for a high - level short position this year. Among the energy and chemical products, polyester is hyped for supply cuts. Styrene has short - term supply - demand improvement but significant medium - term supply pressure. Methanol has clear medium - term upward drivers and can be considered a long - position core variety [1]. Summary by Directory Crude Oil - Logic: From this year to the first quarter of next year, the pressure of crude oil supply surplus is still significant. However, due to the low - level inventory and the delay of the expected supply shock, combined with the digestion of previous short - term geopolitical events, it will likely oscillate until new variables emerge. Pay attention to the Venezuelan situation for a high - level short - selling opportunity [3]. - Technical Analysis: It shows a medium - term downward structure on the daily line and a short - term oscillating structure on the hourly line. It oscillates during the day. The hourly cycle strategy suggests waiting and seeing [3]. Styrene - Logic: Recently, with more maintenance, the operating rate has dropped to the lowest in the same period in recent years, but the production is still at the highest in the same period. Although the inventory is in the seasonal destocking stage, the destocking rate is lower than in previous years. In the medium term, the situation is still pessimistic, especially in the first quarter of next year [5]. - Technical Analysis: It has a short - term downward structure on the hourly line. It oscillates during the day, with signs of short - position profit - taking. The upper short - term pressure is at 6345. It is recommended to take profit actively when geopolitical risks reappear and look for short - position re - entry opportunities after the daily - line rebound [8]. Rubber - Logic: Since August, the downward trend of rubber has been less smooth than that of synthetic rubber. The supply pressure of natural rubber is not obvious in the rainy season in Southeast Asia since October. The key is to focus on the driving effect of synthetic rubber [10]. - Technical Analysis: It shows a medium - term downward structure on the daily line and a short - term downward structure on the hourly line. It rebounds with reduced positions today, but the downward structure remains unchanged, and the upper short - term pressure is at 15170. The hourly - level strategy is to wait and see [11][13]. Synthetic Rubber - Logic: The main driver is the cost - end butadiene. Although the current inventory has not increased significantly, the high supply pressure of butadiene in the medium term will still be prominent. It is recommended to take profit on previous short positions and wait for a high - level short - selling opportunity after the crude oil rebound [16][18]. - Technical Analysis: It shows a medium - term downward structure on the daily line and a short - term downward structure on the hourly line. It rebounds with reduced positions today, and the upper short - term pressure is at 10500. It is recommended to take profit actively when geopolitical risks reappear and look for short - position re - entry opportunities after the daily - line rebound [18]. PX - Logic: There are few contradictions in polyester itself, but after the industry development symposium, there are many rumors of polyester industry production cuts, and the market has been trading with increasing positions. Pay attention to the realization of expectations [22]. - Technical Analysis: It has a short - term upward structure on the hourly line. It rises with increasing positions today, and the lower short - term support is at 6715. The hourly - level strategy is to wait and see [22]. PTA - Logic: Similar to PX, there are few contradictions in polyester itself, and pay attention to the realization of production - cut rumors [24]. - Technical Analysis: It has a short - term upward structure on the hourly line. It rises with reduced positions today, and the lower short - term support is at 4620. The hourly - level strategy is to wait and see [24]. PP - Logic: After the commissioning of the Guangxi Petrochemical plant, the supply pressure increases, and the downstream demand recovery is limited. Pay attention to the cost - end crude oil drive [27]. - Technical Analysis: It has a short - term downward structure on the hourly line. It oscillates during the day, and the upper short - term pressure is at 6530. It is recommended to take profit actively when geopolitical risks reappear [27]. Methanol - Logic: The current high - supply, high - import, and high - inventory situation continues, and the market is still in the bottom - finding stage. For short - sellers, it is not advisable to chase short positions. For long - buyers, there are medium - term long - entry opportunities when the short - term structure changes and specific events occur [32]. - Technical Analysis: It shows a medium - term and short - term downward structure on the daily line. It rebounds after hitting a new low today, and the upper short - term pressure moves down to 2150. It is recommended to take profit on short positions at 2150 and look for long - entry opportunities after the short - term structure reverses [32]. PVC - Logic: The supply remains high, the domestic real - estate demand collapses, and the social inventory has reached the highest level in history. There is no upward driving force [35]. - Technical Analysis: It shows a medium - term downward structure on the daily line and a short - term downward structure on the hourly line. It oscillates during the day, and the upper short - term pressure moves down to 4640. The hourly - cycle short - position strategy can be held according to the technical analysis [35]. Ethylene Glycol - Logic: The supply is at a high level, and the supply pressure increases with new capacity. Be vigilant against short - term geopolitical risks in crude oil [37]. - Technical Analysis: It shows a medium - term and short - term downward structure on the daily and hourly lines respectively. It oscillates near the pressure level during the day, and the upper short - term pressure is at 3950. It is recommended to take profit actively when geopolitical risks reappear [37]. Plastic - Logic: After the commissioning of the Guangxi Petrochemical plant, the supply pressure increases, and the downstream demand in the peak season is weak. Be vigilant against short - term geopolitical risks in crude oil [39]. - Technical Analysis: It shows a medium - term and short - term downward structure on the daily and hourly lines respectively. It oscillates during the day, and the upper short - term pressure is at 6850. It is recommended to take profit actively when geopolitical risks reappear [39]. Soda Ash - Logic: The pattern of high supply and high inventory continues, and the downward driving force remains unchanged. There is a rebound today due to rumors of some enterprises' production suspension [44]. - Technical Analysis: It has a short - term downward structure on the hourly line. It oscillates during the day, and the upper short - term pressure is at 1245. The 15 - minute cycle structure turns bullish, and the hourly level shows resistance to decline. It is recommended to hold the remaining short positions cautiously with 1245 as the profit - taking level [44]. Caustic Soda - Logic: The pattern of high supply and high inventory continues, and there is no upward driving force in supply - demand [45]. - Technical Analysis: It has a short - term downward structure on the hourly line. It oscillates during the day, and the upper short - term pressure is at 2400. The hourly - level strategy is to wait and see [45].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core View of the Report - Asian low - sulfur fuel oil market structure remains stable with mild recovery in downstream bunker activities, but the spot spread of 0.5% sulfur marine fuel has reached the largest discount in over a week; Asian high - sulfur fuel oil market is supported by stable downstream bunker demand, but competitive quotes for November shipments suppress the spot spread [3]. - Singapore high - sulfur fuel oil has a price of 363.42 dollars/ton with a basis of - 55 yuan/ton, and low - sulfur fuel oil has a price of 447.83 dollars/ton with a basis of - 12 yuan/ton, showing a spot discount to futures [3]. - Singapore fuel oil inventory in the week of November 5 was 2106.9 million barrels, an increase of 14 million barrels [3]. - The price is near the 20 - day line, with the 20 - day line trending downward [3]. - High - sulfur main positions are short, with an increase in short positions; low - sulfur main positions are long, with an increase in long positions [3]. - Crude oil has a small intraday increase, the bunker market lacks actual positive factors, and downstream players remain on the sidelines. Fuel oil is expected to fluctuate. FU2601 is expected to trade in the range of 2660 - 2720, and LU2601 in the range of 3240 - 3280 [3]. Summary by Directory 1. Daily Prompt - The report provides an analysis of the fuel oil market, including fundamentals, basis, inventory, price trends, and position analysis, and gives expected trading ranges for FU2601 and LU2601 [3]. 2. Multi - Empty Concerns - **Likely to Rise**: Russia has extended fuel export restrictions, and the cancellation of US - Russia talks and sanctions on Russian oil - related enterprises are positive factors [4]. - **Likely to Fall**: The optimism on the demand side remains to be verified [4]. - **Market Drivers**: Supply is affected by geopolitical risks, while demand is neutral [4]. 3. Fundamental Data - **Market Structure**: Asian low - sulfur fuel oil market structure is stable with mild bunker activity recovery, but the spot spread of 0.5% sulfur marine fuel has reached a large discount; Asian high - sulfur fuel oil market is supported by stable bunker demand, but competitive quotes for November shipments suppress the spot spread [3]. - **Basis**: Singapore high - sulfur fuel oil basis is - 55 yuan/ton, and low - sulfur fuel oil basis is - 12 yuan/ton, showing a spot discount to futures [3]. - **Inventory**: Singapore fuel oil inventory in the week of November 5 was 2106.9 million barrels, an increase of 14 million barrels [3]. - **Price Trend**: The price is near the 20 - day line, with the 20 - day line trending downward [3]. - **Main Positions**: High - sulfur main positions are short, with an increase in short positions; low - sulfur main positions are long, with an increase in long positions [3]. 4. Spread Data - The report does not provide a detailed analysis of spread data, only showing a chart of high - low sulfur futures spreads [10]. 5. Inventory Data - Singapore fuel oil inventory data from August 27 to November 5 is provided, showing fluctuations in inventory levels [8].