Report Industry Investment Rating - Not provided in the document Core Viewpoints - The supply - demand pattern of pure benzene is weak, the supply - demand side of styrene lacks upward drivers, and with the increase in US crude oil inventories, the prices of pure benzene and styrene are expected to show a weak and volatile trend [6][8] - For trading strategies of both pure benzene and styrene, it is recommended to take a wait - and - see approach for arbitrage and sell out - of - the - money call options [6][8] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Pure Benzene - Upstream: OPEC decided to increase production in December but suspend it in Q1 next year. There are many uncertainties in the situations of Russia, Ukraine, and Venezuela, and oil prices are volatile in the short term. Sinopec lowered the listed price of pure benzene, large integrated plants increased external sales, and market transactions were light. The arbitrage window between Shandong and East China has closed, and the expected imports in November are high, resulting in a weak market atmosphere [6][10] - Supply: Dalian Fujia's 350,000 - ton pure benzene plant restarted, Luoyang Petrochemical's 140,000 - ton plant had a short - stop, and Zhenhai Refining & Chemical's 240,000 - ton plant is expected to restart in mid - to - late November, with relatively ample supply of petroleum benzene. For hydrogenated benzene, some plants were under maintenance while others restarted. The operating rate decreased week - on - week but is expected to increase in the middle of the month [6][13] - Demand: The downstream operating rate of pure benzene decreased, profits continued to be in the red, and the inventory of major downstream products was high. The main ports of pure benzene may continue to see a slight increase in inventory [6][14][16] Comprehensive Analysis - Styrene - Supply - demand: Both supply and demand of styrene decreased, the inventory at the main ports decreased month - on - month, the basis fluctuated slightly, the price difference between East China and Shandong weakened, and the inter - regional arbitrage window remained closed. Some plants restarted or increased production, while others planned maintenance. New plants are expected to increase supply [8][30] - Downstream: The operating rate of EPS decreased, while those of ABS and PS increased slightly. The inventory of EPS and PS decreased, and the inventory of ABS increased month - on - month [33][35] Chapter 3: Weekly Data Tracking 3.1 Pure Benzene - Price: Includes domestic and foreign prices, price differences between varieties and regions, and profit data of the industrial chain [39][42][44] - Operating rate: Covers the operating rates of pure benzene, hydrogenated benzene, and downstream products [61][63] - Inventory: The inventory at the pure benzene ports is presented [62] 3.2 Styrene - Price: Includes domestic and foreign prices, price differences between regions and foreign markets, and profit data of the industrial chain [69][72][74] - Operating rate: Covers the operating rates of styrene and its downstream products [76] - Inventory: The inventory at the styrene ports in East and South China is presented [81]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - Iron ore is expected to experience a high - level decline due to the realization of inventory accumulation pressure [2][4]. - Rebar and hot - rolled coil are expected to have wide - range fluctuations [2][6][7]. - Ferrosilicon is expected to have wide - range fluctuations due to sector sentiment resonance, while silicomanganese is expected to have wide - range fluctuations due to the price - supporting sentiment from the ore end [2][11]. - Coke is expected to follow the market downward [2][15]. - Coking coal is expected to see a valuation decline due to the repeated supply expectations [2][16]. - Logs are expected to fluctuate repeatedly [2][18]. 3. Summary by Commodity Iron Ore - **Fundamental Data**: The futures price of iron ore closed at 763.0 yuan/ton, down 2.0 yuan/ton with a decline of 0.26%. The open interest decreased by 11,250 hands. Spot prices remained stable. The basis and some spreads changed slightly [4]. - **News**: Deputy Premier Liu Guozhong will attend the commissioning ceremony of the Simandou Iron Ore Project in Guinea [4]. - **Trend Intensity**: 0, indicating a neutral trend [4]. Rebar and Hot - Rolled Coil - **Fundamental Data**: The closing price of RB2601 was 3,025 yuan/ton, down 10 yuan/ton (-0.33%), and HC2601 was 3,242 yuan/ton, up 1 yuan/ton (0.03%). Open interest and trading volume changed. Spot prices in different regions had minor fluctuations. Basis and spreads also changed [7]. - **News**: In October 2025, China's imported steel decreased in quantity and price. Steel production, inventory, and apparent demand data in November and October showed various trends. The government supported commercial real estate REITs issuance [8][9]. - **Trend Intensity**: 0 for both, indicating a neutral trend [9]. Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures prices of ferrosilicon and silicomanganese declined. Spot prices of ferrosilicon increased slightly, and the price of manganese ore rose. Basis, near - far month spreads, and cross - variety spreads changed [11]. - **News**: There were price quotes and tender information for ferrosilicon and silicomanganese in November. From January to October 2025, the national silicomanganese production was 903.96 million tons, with Inner Mongolia accounting for 48.5%, and there were new capacity plans [11][13]. - **Trend Intensity**: 0 for both, indicating a neutral trend [14]. Coke and Coking Coal - **Fundamental Data**: Futures prices of coking coal (JM2601) and coke (J2601) decreased by 4.1% and 3.4% respectively. Spot prices were mostly stable, with some changes in basis and spreads [16]. - **News**: The National Development and Reform Commission held an energy supply guarantee meeting for the heating season [16]. - **Trend Intensity**: - 1 for both, indicating a bearish trend [17]. Logs - **Fundamental Data**: Futures prices of different log contracts decreased slightly. Trading volume and open interest showed different trends. Spot prices of various log types were mostly stable [19]. - **News**: China decided to lift the suspension of importing US logs from November 10, 2025 [21]. - **Trend Intensity**: 0, indicating a neutral trend [21].

Report Information - Report Date: November 11, 2025 [1] - Report Source: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series Industry Investment Rating - Not provided in the report Core Viewpoints - Iron ore is expected to face inventory build - up pressure and decline from high levels [2][4] - Rebar, hot - rolled coil, ferrosilicon, and silicomanganese are expected to experience wide - range fluctuations [2][7][8][12] - Coke and coking coal are expected to fluctuate around high levels [2][16] - Logs are expected to fluctuate repeatedly [2][18] Summary by Commodity Iron Ore - **Fundamentals**: The previous day's closing price was 765.0 yuan/ton, up 4.5 yuan/ton (0.59%). The previous day's position was 541,602 lots, down 17,806 lots. Spot prices of imported and some domestic ores remained stable, while prices of some domestic ores decreased [4] - **News**: Deputy Premier Liu Guozhong will attend the commissioning ceremony of the Simandou Iron Ore Project on November 11 [5] - **Trend Intensity**: 0 [5] Rebar and Hot - Rolled Coil - **Fundamentals**: For rebar RB2601, the previous day's closing price was 3,044 yuan/ton, up 8 yuan/ton (0.26%); for hot - rolled coil HC2601, it was 3,252 yuan/ton, up 2 yuan/ton (0.06%). There were changes in trading volume, position, and basis [8] - **News**: In October 2025, China imported 50.3 million tons of steel, a decrease of 4.5 million tons (8.2%) from the previous month. There were also changes in production, inventory, and apparent demand in November [9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil [10] Ferrosilicon and Silicomanganese - **Fundamentals**: There were price changes in futures contracts of ferrosilicon and silicomanganese. Spot prices and various price differences also had corresponding changes [12] - **News**: There were price changes in raw materials such as semi - coke, and changes in the tender quantity of a large steel group [12][13][14] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [15] Coke and Coking Coal - **Fundamentals**: The previous day's closing price of JM2601 was 1,265.5 yuan/ton, down 4.5 yuan/ton (- 0.4%); J2601 was 1,743.5 yuan/ton, down 13 yuan/ton (- 0.7%). There were changes in trading volume, position, and basis [16] - **News**: In October 2025, the national consumer price index increased by 0.2% year - on - year [16] - **Trend Intensity**: 0 for both coke and coking coal [16] Logs - **Fundamentals**: There were price, trading volume, and position changes in different log futures contracts. Spot prices of some log varieties remained stable, while others had slight changes [19] - **News**: The General Administration of Customs decided to abolish the announcement on suspending the import of US logs from November 10, 2025 [21] - **Trend Intensity**: 0 [21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Silicon ferroalloy (silicon iron and ferromanganese) is expected to experience wide - range oscillations, with Silicon iron affected by sector sentiment resonance and ferromanganese supported by price - holding sentiment at the ore end [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data** - Silicon iron 2601 closed at 5588, up 62 from the previous trading day, with a trading volume of 165,588 and an open interest of 162,088. Silicon iron 2605 closed at 5654, up 62, with a trading volume of 3,798 and an open interest of 10,807 [1] - Ferromanganese 2601 closed at 5820, up 60, with a trading volume of 213,766 and an open interest of 354,763. Ferromanganese 2605 closed at 5878, up 64, with a trading volume of 15,756 and an open interest of 45,381 [1] - **Spot Data** - The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5220 yuan/ton, and the price of ferromanganese (FeMn65Si17) in Inner Mongolia was 5620 yuan/ton. The price of manganese ore (Mn44 block) was 40.0 yuan/ton - degree, and the price of semi - coke (small material) in Shenmu was 820 yuan/ton [1] - **Spread Data** - The spot - futures spread of silicon iron (spot - 01 futures) was - 368 yuan/ton, down 62. The spot - futures spread of ferromanganese (spot - 01 futures) was - 200 yuan/ton, down 60 [1] - The near - far month spread of silicon iron 2601 - 2605 was - 66 yuan/ton, unchanged. The near - far month spread of ferromanganese 2601 - 2605 was - 58 yuan/ton, down 4 [1] - The cross - variety spread of ferromanganese 2601 - silicon iron 2601 was 232 yuan/ton, down 2. The cross - variety spread of ferromanganese 2605 - silicon iron 2605 was 224 yuan/ton, up 2 [1] 3.2 Macro and Industry News - **Coal and Coke News** - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 tons, down 2.8 tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1] - **Ferroalloy Price News** - On November 10th, the price of 72 silicon iron in Shaanxi was 5100 - 5200 (+50), in Ningxia 5200 - 5250, in Qinghai 5200 - 5250 (+25), in Gansu 5150 - 5250, and in Inner Mongolia 5150 - 5250. The price of 75 silicon iron in Shaanxi was 5700, in Ningxia 5650 - 5700, in Qinghai 5600 - 5700, in Gansu 5650 - 5700, and in Inner Mongolia 5650 - 5700. The FOB price of 72 silicon iron was 1020 - 1040 (-10), and that of 75 was 1110 - 1130 dollars/ton. The northern quotation of 6517 ferromanganese was 5550 - 5600 yuan/ton, and the southern quotation was 5600 - 5650 yuan/ton [2] - **Ferroalloy Tendering News** - A large steel group in Hebei tendered 16,000 tons of ferromanganese in November, 500 tons less than in October. The tender notice for 75B silicon iron was for 2716 tons, 240 tons less than in October [3] - **Ferroalloy Production News** - From January to October 2025, the total national production of ferromanganese was 903.96 million tons, with Inner Mongolia producing 438.51 million tons, accounting for 48.5% of the national total. There are currently 28 operating factories in Inner Mongolia, and 13 have new production capacities, which are expected to be launched from November 2025 to the first three quarters of 2026. The current monthly production of ferromanganese in the factories to be put into operation from the end of 2025 to the first three quarters of 2026 is about 16.1 million tons, and the subsequent new monthly production is expected to be about 25.9 million tons. Over 90% of the new production capacity is for 6517 [3] 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and that of ferromanganese is 0, indicating a neutral view on both [4]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The demand improvement of LPG is limited, and the valuation of the futures market is relatively high. The supply - demand gap of propylene is narrowing, and there is short - term support [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: For LPG futures, PG2512 closed at 4,323 yesterday with a 1.19% daily increase and 4,329 in the night session with a 0.14% increase; PG2601 closed at 4,239 yesterday with a 0.93% daily increase and 4,242 in the night session with a 0.07% increase. For propylene futures, PL2601 closed at 5,905 yesterday with a 0.14% daily increase and 5,908 in the night session with a 0.05% increase; PL2602 closed at 5,934 yesterday with a 0.30% daily increase and 5,945 in the night session with a 0.19% increase; PL2603 closed at 5,892 yesterday with a 0.58% daily increase and 5,911 in the night session with a 0.32% increase [1]. - **Trading Volume and Open Interest**: For PG2512, the trading volume yesterday was 82,991, an increase of 16,413 compared with the previous day, and the open interest was 88,811, a decrease of 1,433. For PG2601, the trading volume was 20,350, an increase of 1,173, and the open interest was 41,066, an increase of 1,756. For PL2601, the trading volume was 1,222, a decrease of 740, and the open interest was 5,520, an increase of 105. For PL2602, the trading volume was 32,642, an increase of 7,357, and the open interest was 6,545, an increase of 50. For PL2603, the trading volume was 51,745, an increase of 5,167, and the open interest was 15,114, an increase of 846 [1]. - **Price Spreads**: The spread between Guangzhou domestic gas and PG12 contract was 147 yesterday (178 the day before); the spread between Guangzhou imported gas and PG12 contract was 227 yesterday (238 the day before); the spread between Shandong propylene and PL01 contract was - 140 yesterday (- 282 the day before); the spread between East China propylene and PL01 contract was - 55 yesterday (- 97 the day before); the spread between South China propylene and PL01 contract was - 80 yesterday (- 72 the day before) [1]. - **Industrial Chain Data**: The PDH operating rate this week was 75.5% (73.9% last week), the MTBE operating rate was 68.6% (68.0% last week), and the alkylation operating rate was 42.2% (44.9% last week) [1]. 3.2 Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5]. 3.3 Market Information - On November 10, 2025, the December CP paper - cargo price of propane was 468 dollars/ton, a 2 - dollar/ton increase from the previous trading day; the price of butane was 462 dollars/ton, a 3 - dollar/ton increase. The January CP paper - cargo price of propane was 478 dollars/ton, a 2 - dollar/ton increase from the previous trading day [6]. - There are multiple domestic PDH device maintenance plans. For example, Henan Huasong New Material Technology Co., Ltd.'s PDH device with a capacity of 15 started maintenance on May 12, 2023, and the end time is to be determined. There are also many other companies with similar maintenance situations [7]. - There are also multiple domestic liquefied gas plant device maintenance plans. For example, Huaxing Petrochemical in Shandong had its whole - plant maintenance from October 22, 2024, to the beginning of November 2025, with a normal production volume of 800 and a loss volume of 800 [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the domestic butadiene market declined rapidly, reaching the mid - 2023 level. Ample supply, weak upstream and downstream products, and the external market dampened downstream buying sentiment. However, as prices hit annual lows, some downstream buyers replenished inventory, and the market found short - term support. The market stopped falling and consolidated in the latter part of the week under the influence of synthetic rubber futures [3]. - Although suppliers intended to stabilize or increase prices, market sentiment remained cautious due to fundamental expectations. The butadiene end improved slightly at the end of the cycle, reducing the bearish sentiment in the butadiene rubber market. Some arbitrageurs bought discounted butadiene rubber resources, and spot traders tried to increase prices [3]. 3. Summary by Relevant Catalogs Market Conditions Overview - **Futures Market**: The domestic butadiene rubber futures contract BR2601.SHF had a closing price of 10,305 yuan/ton, up 0.68%; the settlement price was 10,170 yuan/ton, up 0.25%. The trading volume was 128,144 lots, up 53.50%, and the open interest was 83,941 lots, up 191.08%. The warehouse receipt quantity decreased by 100% [3]. - **Spot Market**: The prices of butadiene in various regions declined. For example, the price in Hangzhou dropped by 1.32% to 7,450 yuan/ton. The ex - factory prices of some manufacturers also decreased, such as Nanjing Yangzi's price dropping by 5.06% to 7,500 yuan/ton [3]. - **Price Spreads**: There were various price spreads in the market, including inter - month spreads, cross - month spreads, cross - variety spreads, etc. For example, the BR - RU spread was - 4,615 yuan/ton, down 2.71% [3]. Industry Chain Analysis - **Butadiene Market**: Domestic production and imports were abundant, and the supply could not support the market. The prices of upstream and downstream products and the external market were weak, affecting downstream buying sentiment. However, some downstream buyers replenished inventory at low prices, and the market found short - term support [3]. - **Butadiene Rubber Market**: Although there was a restart of a butadiene rubber plant in Sichuan Petrochemical, many plants in East and South China were under maintenance. The butadiene end improved at the end of the cycle, reducing the bearish sentiment in the butadiene rubber market. Some arbitrageurs and spot traders were active [3]. Strategy Operation - **Unilateral Strategy**: The BR contract is expected to move in a consolidation pattern [3]. - **Arbitrage Strategy**: After the price spreads widen again, consider going long on BR and short on RU or NR [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Near the new crops in the Northern Hemisphere and the domestic cane sugar listing, Zhengzhou sugar is expected to be mainly volatile and weak. The large current import volume of raw sugar and the gradually released pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, suppress the futures market. The initial crushing of sugar mills in Yunnan occurred two days ago, and Guangxi sugar mills are expected to start centralized crushing in mid - to late November, which may create new selling pressure. However, as the current futures market is close to the domestic sugar - making cost, the futures market is expected to show a resistant decline before the domestic new sugar is launched [4]. 3. Summary by Relevant Data Domestic Spot Market - In the domestic spot market, on November 5, 2025, the price in Nanning, Guangxi was 5720 yuan/ton, down 10 yuan; in Kunming, Yunnan it was 5660 yuan/ton, down 20 yuan; in Dali, Yunnan it was 5520 yuan/ton, down 20 yuan; and in Rizhao, Shandong it was 5820 yuan/ton, unchanged [4]. Futures Market - The price of SR01 was 5441 yuan/ton, down 40 yuan; SR05 was 5393 yuan/ton, down 38 yuan; and the spread between SR01 and SR05 was 48, down 2 [4]. Exchange Rate and International Market - The exchange rate of RMB against the US dollar was 7.1503, up 0.0071; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of the ICE raw sugar main contract was 14.21, unchanged; the price of the London white sugar main contract was 573, up 3; the price of the Brent crude oil main contract was 64.35, unchanged [4].

Group 1: Natural Rubber Industry Investment Rating - Not provided Core Views - Dark-colored rubber shows an inventory accumulation inflection point, and with weak macro sentiment, rubber prices have further declined. Future focus should be on raw material output during the peak production season in the main producing areas and macro changes. If raw material supply is smooth, there is room for further decline; if not, the rubber price is expected to fluctuate between 15,000 - 15,500 [1]. Summary by Directory - **Spot Prices and Basis**: On November 5, prices of various natural rubber products showed different trends, with some decreasing and others remaining stable. For example, the price of Yunnan state - owned whole - miscible rubber (SCRWF) in Shanghai decreased by 250 yuan to 14,350 yuan, a decrease of 1.71% [1]. - **Inter - monthly Spreads**: The spreads between different contracts also changed. For example, the 9 - 1 spread decreased by 5 yuan to 150 yuan, a decrease of 3.23% [1]. - **Fundamental Data**: In August, production in Thailand, Indonesia, and other countries changed, with Thailand's production decreasing by 5.45% to 451.50. Tire production and export data also showed fluctuations. For example, domestic tire production in August increased by 9.10% to 10,295.40 million pieces [1]. - **Inventory Changes**: Bonded area inventory and factory - warehouse futures inventory of natural rubber increased, while the出库 rate of dry rubber in the bonded warehouse in Qingdao decreased [1]. Group 2: Glass and Soda Ash Industry Investment Rating - Not provided Core Views - **Soda Ash**: The price of soda ash is trending weakly. There is obvious over - supply, and the market is under pressure. In the medium - term, demand will continue to be based on rigid needs, and the market will face further pressure without actual capacity withdrawal or load reduction. It is advisable to take a bearish approach in operation [3]. - **Glass**: The news of production line shutdown in Shahe area has a short - term emotional impact on the market. In the long - term, there will be production line restart, which will increase supply pressure. Although there is some demand expectation during the peak season, the glass industry still needs capacity clearance to solve the over - supply problem. There is short - term support for the market, and short - term long opportunities for low - level rebounds can be captured [3]. Summary by Directory - **Glass - related Prices and Spreads**: On November 5, glass prices in different regions showed little change, with only the South China quotation decreasing by 10 yuan to 1,190 yuan per ton, a decrease of 0.83%. The 01 basis increased by 8 yuan to 33 yuan, an increase of 32.00% [3]. - **Soda Ash - related Prices and Spreads**: Soda ash prices in different regions remained stable, and the 01 - 4 spread decreased by 6 yuan to 105 yuan, a decrease of 5.41% [3]. - **Supply**: Soda ash production and float glass and photovoltaic glass melting volume data showed different trends. Soda ash production decreased slightly, and photovoltaic glass melting volume decreased by 0.84% [3]. - **Inventory**: Glass factory - warehouse inventory and soda ash factory - warehouse inventory increased, while soda ash delivery warehouse inventory decreased [3]. - **Real Estate Data**: Real estate data showed negative growth in new construction area, completion area, and sales area, with the sales area decreasing by 6.50% [3]. Group 3: Log Industry Investment Rating - Not provided Core Views - The log futures market is in a situation of strong supply and weak demand. Although the disk price is at a relatively low level and the price difference between domestic and foreign markets provides some support, the market is still expected to maintain a weak and volatile trend [4]. Summary by Directory - **Futures and Spot Prices**: On November 5, log futures prices showed an upward trend. For example, the price of the log 2511 contract increased by 2 yuan to 778.5 yuan per cubic meter, an increase of 0.26%. Spot prices of some radiata pine and spruce in ports remained stable [4]. - **Import Cost Calculation**: The import theoretical cost increased by 6.84 yuan to 812.97 yuan, an increase of 1% [4]. - **Supply and Demand**: Supply is increasing, with the expected arrival of 17 ships of New Zealand logs at 13 Chinese ports from November 3 - 9, an increase of 2 ships and 16% in volume compared to the previous week. Demand is slightly declining, with the average daily log出库 volume decreasing by 0.16 million cubic meters to 6.28 million cubic meters as of October 31 [4]. Group 4: Industrial Silicon Industry Investment Rating - Not provided Core Views - Industrial silicon prices are expected to fluctuate at a low level. Although there are expectations of supply contraction, it is expected to have little short - term impact. The market still faces inventory accumulation pressure in November, but there is cost support at the bottom. The main price fluctuation range is expected to be between 8,500 - 9,500 yuan per ton. If the price drops to around 8,500 yuan per ton, long positions can be considered [5]. Summary by Directory - **Spot Prices and Main Contract Basis**: On November 5, spot prices of various industrial silicon products remained stable, and the basis of different benchmarks changed. For example, the basis of East China oxygen - passing SI5530 industrial silicon decreased by 135 yuan to 430 yuan, a decrease of 23.89% [5]. - **Inter - monthly Spreads**: Spreads between different contracts changed. For example, the 2511 - 2512 spread increased by 25 yuan to - 400 yuan, an increase of 6.25% [5]. - **Fundamental Data**: National industrial silicon production increased by 7.46% to 45.22 million tons, and production in different regions also showed different trends. For example, Xinjiang's production increased by 15.94% to 23.56 million tons [5]. - **Inventory Changes**: Inventory in different regions and types showed different trends. For example, Yunnan's factory - warehouse inventory increased by 0.05 million tons to 3.46 million tons, an increase of 1.47% [5]. Group 5: Polysilicon Industry Investment Rating - Not provided Core Views - In November, the supply pressure is decreasing, but the demand is also decreasing, resulting in a situation of weak supply and demand. There is still a risk of inventory accumulation. It is expected that the price will fluctuate in a high - level range. In trading, it is advisable to try long positions when the futures price returns to the lower end of the range, sell put options around 50,000 in the options market, and hold photovoltaic ETFs, new energy ETFs, or related stocks in the equity market [6]. Summary by Directory - **Spot Prices and Basis**: On November 5, spot prices of N - type polysilicon products were mostly stable, and the N - type material basis increased by 360 yuan to - 1,155 yuan, an increase of 23.76% [6]. - **Futures Prices and Inter - monthly Spreads**: The futures price decreased by 360 yuan to 53,355 yuan per ton, and the spreads between different contracts changed significantly [6]. - **Fundamental Data**: Weekly and monthly polysilicon and silicon wafer production, import, and export data showed different trends. For example, weekly polysilicon production decreased by 4.41% to 2.82 million tons, while monthly production increased by 3.08% to 13.40 million tons [6]. - **Inventory Changes**: Polysilicon and silicon wafer inventories increased, and the polysilicon warehouse receipt increased by 140 to 9,730 [6].

Report Industry Investment Rating - No information provided Core View of the Report - The PP market is expected to experience weak and volatile trends in the near future due to factors such as the increase in PP enterprise operating rate, the lower - than - expected demand during the peak season, and the lack of large - scale centralized procurement [1] Summary by Relevant Catalogs Market Analysis - PP downstream operating rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level in the same period over the years; however, the plastic weaving operating rate decreased by 0.2 percentage points to 44.2%, with slightly fewer orders compared to the previous week and slightly lower than the same period last year [1] - On November 5th, the restart of maintenance devices such as the single - line of Beihai Refinery led to an increase in the PP enterprise operating rate to around 82%, at a moderately low level, and the production ratio of standard drawstring dropped to around 23% [1][4] - At the beginning of the month, petrochemical inventory accumulated significantly, and currently, it is at a neutral level in the same period in recent years [1][4] - In terms of cost, the market digested the news of Russian oil sanctions, the meeting between Chinese and US leaders met market expectations, OPEC+ decided to increase production by 137,000 barrels per day in December but suspend production increase in the first quarter of next year, and crude oil prices fluctuated within a narrow range [1] - In terms of supply, the 400,000 - ton/year new production capacity of PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance devices decreased recently [1] - Although it is the peak season for downstream industries, the plastic weaving operating rate decreased week - on - week, the demand during the peak season was lower than expected, and there was a lack of large - scale centralized procurement in the market, which had limited impact on the market [1] - After the National Day, the stocking demand weakened periodically, and traders generally offered discounts to stimulate transactions [1] - There has been no actual anti - involution policy implemented in the PP industry, and anti - involution and the elimination of old devices to solve the problem of petrochemical over - capacity are still macro - policies that will affect future market trends [1] Futures and Spot Market Quotes - Futures: The PP2601 contract increased in positions and fluctuated downward, with a minimum price of 6,477 yuan/ton, a maximum price of 6,552 yuan/ton, and finally closed at 6,491 yuan/ton, below the 20 - day moving average, with a decline of 1.13%. The open interest increased by 16,153 lots to 644,601 lots [2] - Spot: Most spot prices of PP in various regions declined, with drawstring reported at 6,330 - 6,610 yuan/ton [3] Fundamental Tracking - Supply: On November 5th, the restart of maintenance devices such as the single - line of Beihai Refinery led to an increase in the PP enterprise operating rate to around 82%, at a moderately low level [4] - Demand: As of the week ending October 31st, the PP downstream operating rate increased by 0.24 percentage points to 52.61% week - on - week, remaining at a relatively low level in the same period over the years; however, the plastic weaving operating rate decreased by 0.2 percentage points to 44.2%, with slightly fewer orders compared to the previous week and slightly lower than the same period last year [1][4] - Inventory: On Wednesday, the morning petrochemical inventory decreased by 25,000 tons to 710,000 tons week - on - week, 30,000 tons higher than the same period last year [4] - Raw materials: Brent crude oil contract 01 fluctuated around $65 per barrel, and the CFR propylene price in China increased by $15 per ton to $740 per ton week - on - week [4]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The report predicts that PX, PTA, and PR will experience narrow - range oscillations. The view scores for PX, PTA, and PR are all 0 [2]. Summary by Relevant Catalogs Price Information - **Upstream**: On November 4, 2025, the futures settlement price of WTI crude oil was $60.56 per barrel, down 0.80% from the previous value; Brent crude oil was $64.44 per barrel, down 0.69%. The spot price of naphtha (CFR Japan) was $576.50 per ton, down 1.01%. The spot price of xylene (isomeric grade, FOB Korea) was $686.00 per ton, up 0.07%. The spot price of PX (CFR China Main Port) was $816.00 per ton, down 0.37% [1]. - **PTA**: The closing price of CZCE TA's main contract was 4,604 yuan per ton, up 0.17%; the settlement price was 4,596 yuan per ton, down 0.22%. The domestic PTA spot price was 4,524 yuan per ton, down 0.18%. The CCFEI price index of domestic PTA was 4,510 yuan per ton, down 0.55%, and the external price index was $613.00 per ton, down 0.49% [1]. - **PX**: The closing price of CZCE PX's main contract was 6,660 yuan per ton, up 0.30%; the settlement price was 6,648 yuan per ton, down 0.21%. The domestic PX spot price remained unchanged at 6,511 yuan per ton. The PXN spread was $239.50 per ton, up 1.22%, and the PX - MX spread was $130.00 per ton, down 2.62% [1]. - **PR**: The closing price of CZCE PR's main contract was 5,666 yuan per ton, down 0.14%; the settlement price was 5,672 yuan per ton, down 0.25%. The market price of polyester bottle - chips in East China was 5,715 yuan per ton, down 0.26%, and in South China it dropped 100% to 0 [1]. - **Downstream**: CCFEI price indices of various polyester products such as polyester DTY, POY, and FDY remained mostly unchanged on November 4, 2025, with only minor fluctuations in some products [2]. Purchase and Sales and Operating Rates - **Operating Rates**: On November 4, 2025, the operating rates of PX, PTA factories, polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms in the polyester industry chain remained unchanged, at 86.21%, 79.66%, 89.56%, 75.63%, and 72.28% respectively [1]. - **Purchase and Sales**: The sales - to - production ratio of polyester filament was 48.15%, down 4.89 percentage points; that of polyester staple fiber was 42.61%, down 5.80 percentage points; and that of polyester chips was 68.45%, up 0.33 percentage points [1]. Important Information and Market Analysis - **PX**: OPEC + decided to suspend production increases in the first quarter of next year, but the poor demand outlook due to macro - economic pressure limited the rise in oil prices. The domestic PX operating rate was high, and the market lacked confidence due to the balance between new output and maintenance plans of PTA devices. Although some PX plants' reforming devices were under maintenance, the market supply remained stable. The PX benefit was expected to oscillate steadily in the short term [2]. - **PTA**: The production - cut expectation was not fulfilled. With sufficient PTA spot and no new positive drivers, the PTA market declined slightly. An additional 2.7 million - ton PTA device of Dushan Energy was under trial operation, and it was expected to replace old devices after stable operation. The overall downstream demand was weak [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in Jiangsu and Zhejiang decreased. The market atmosphere was weak, with low downstream purchasing willingness. The supply was increasing, and the demand was flat [2]. Device Information - Dushan Energy's 4 2.7 - million - ton PTA device (design capacity) started trial operation on October 25, and it planned to shut down old devices after the new one operated stably [2]