Core Viewpoint - The collaboration between China National Petroleum Corporation (CNPC) Northwest Chemical Sales Company, Lanzhou Petrochemical, and Northeast CNPC International Business Co., Ltd. has successfully delivered 330 tons of "Kunlun" brand 7042 low-density polyethylene to customers through a warehouse agreement in Yulin [1] Group 1: Industry Developments - The Northwest region is a key area for polyethylene production, hosting numerous agricultural film and plastic product processing enterprises [1] - The three companies have worked together to include Shaanxi in the polyethylene futures delivery area, registering the Yulin Petrochemical Polyolefin Plant as a futures delivery warehouse [1] - The first warehouse agreement delivery significantly reduces logistics and storage costs, helping companies enhance their benefits through hedging [1] Group 2: Future Outlook - With the continuous improvement of the delivery mechanism, Shaanxi is expected to become a core hub for polyethylene spot and futures trading in the Northwest [1] - The company aims to continuously upgrade and optimize its marketing model to enhance the quality and efficiency of Yulin Petrochemical products, injecting new momentum into the regional bulk commodity market [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The urea market is in a loose pattern, with the center of futures and spot prices moving down, and the delivery volume and warehouse receipt volume hitting new highs, indicating a large selling pressure in the market [2][6]. - The UR2511&2601 spread mainly follows the reverse arbitrage logic, and the UR2601&2605 spread is likely to fluctuate strongly under the influence of export, reserve demand expectations, and high - load production [4]. 3. Summary by Relevant Catalogs 3.1 Delivery Information Summary - Since its listing, the urea 11 - contract has undergone 6 deliveries. In the mainstream delivery areas of Henan and Hebei, the 11 - contract has mostly had a discounted futures price. The current UR2511 contract's delivery settlement price is 1619 yuan/ton, with a lower basis compared to historical contracts. The delivery volume of the UR2511 contract is about 3950 lots (about 79,000 tons), an increase compared to the 2510 contract and last year's 11 - contract, reflecting the loose market situation [2][6][12]. 3.2 Warehouse Receipt and Seat Distribution Overview - As of the end of November, the urea warehouse receipt volume is much higher than the historical level. As of the last trading day in November, the warehouse receipt volume is about 7183 lots, an increase of 1627 lots from the previous month and 3469 lots from the same period last year. High warehouse receipt volume weakens the long - position holding willingness and is related to factors such as loose supply - demand, expanded sales channels, and hedging needs [3][14]. - Warehouse receipts are mainly distributed in factories such as Yuntu Holdings, Sichuan Agricultural Means of Production, Zhongnong Holdings, and Anhui Zhongneng, with Yuntu Holdings having the highest proportion (about 28%). In terms of provinces, Henan has the largest warehouse receipt volume (about 21.3%), followed by Hubei and Hebei (17.3% - 17.4%). Warehouse receipts are mainly concentrated in factories, accounting for about 84% [3][15]. - Among the seller member seats, Yide Futures has the highest proportion (about 26.03%), followed by Guohai Liangshi and Zhongyuan Futures. Among the buyer member seats, Guotai Junan has the largest proportion (about 118.71%), followed by Hongyuan Futures and Wuchan Zhongda [3][19]. 3.3 Later Evaluation - The UR2511&2601 spread follows the reverse arbitrage logic due to insufficient industrial and agricultural demand and inventory accumulation. The UR2601&2605 spread is under pressure from high inventory, with limited further downward space and weak rebound momentum. It is likely to fluctuate strongly under the influence of export and reserve demand expectations and high - load production [4]. 3.4 Other Information - The seasonal performance of the basis of the urea 11 - contract in Hebei this year is weaker than that of last year, with low volatility. The estimated one - month fixed delivery cost of urea is about 30 - 50 yuan/ton, and there are limited risk - free arbitrage opportunities. In the long - term, the loose market pattern may increase enterprises' willingness to participate in delivery [22]. - The report also provides detailed information on urea delivery factories, warehouses, and the calculation of theoretical delivery costs [21][24][26].

Core Insights - The first domestic log futures delivery in China was successfully completed in Chongqing, marking a significant milestone for the industry [1] - A joint inspection team, including various organizations, observed the entire delivery process, highlighting the operational capabilities of standardized, localized, and market-oriented domestic log futures [1] - The successful delivery has been recognized for its procedural norms and operational efficiency, indicating a solid foundation for a more mature and robust log futures market in China [1] Industry Developments - The event involved a comprehensive observation of the log supply chain, including storage management, quality inspection, loading operations, and release from storage [1] - Discussions among participants focused on optimizing the log futures delivery mechanism and how physical enterprises can effectively utilize futures and options for risk management [1] - The collaboration among industry associations, financial institutions, and core enterprises is seen as a step towards higher quality development in the Chinese timber industry [1]

Core Points - The Shanghai Futures Exchange has established regulations for alumina futures, stating that the effective period for warehouse receipts is within 180 days from the earliest production date, but must enter the designated delivery warehouse and pass inspection within 60 days from the production date [1] - Domestic alumina uses the "packaging date" as the production date, while imported alumina uses the "import date" on the customs declaration, both requiring a backward calculation of 60 days for the storage deadline [1] - If alumina produced on September 1, 2025, must be stored and inspected by October 30, 2025, to be registered as a warehouse receipt; any attempt to store it after November 1, 2025, will be rejected by the system, regardless of the 180-day limit [1] Delivery Considerations - During the delivery of alumina futures, it is essential to pay attention to the weight of the warehouse receipt and packaging specifications [1] - The weight for delivery must be based on net content, with each standard warehouse receipt allowing a physical discrepancy of no more than ±1% and a weighing difference of no more than ±0.3% [1] - The packaging specifications for alumina futures must be 1.5±0.15 tons per bag, using packaging that complies with the national standard GBT10454-2000 [1]

Core Points - The delivery of aluminum oxide futures is divided into domestic and imported categories, both of which must meet the chemical composition and physical performance requirements outlined in GB/T 24487-2022 [1] Group 1: Domestic Aluminum Oxide - Domestic aluminum oxide must be registered with the Shanghai Futures Exchange and produced by approved domestic manufacturers, with a quality certificate provided by the producer [1] - Each standard warehouse receipt must have a production date not exceeding 15 days, with the earliest date considered as the production date [1] - Quality assurance certificates allow for exemption from inspection upon storage [1] Group 2: Imported Aluminum Oxide - Imported aluminum oxide must be produced by foreign manufacturers recognized by the exchange, with only two Australian companies currently approved [2] - Imported products are required to provide quality inspection certificates, certificates of origin, and customs declaration documents [1] Group 3: Registered Brands and Recognized Enterprises - There are currently 8 registered domestic brands involving 17 manufacturing enterprises, covering major production areas such as Shandong, Shanxi, Henan, Guangxi, and Guizhou, accounting for 46.9% of national production capacity [2] - The two recognized Australian companies account for 65.4% of Australia's total production capacity, primarily targeting the Chinese import market [2]

Group 1 - The core point of the article is that alumina futures can be delivered throughout the year, with contracts available for every month from January to December [1] - Each month's contract has a specified last trading day, typically the 15th of the month, with adjustments for holidays [1] - Delivery methods include warehouse delivery and factory delivery, with designated locations by the exchange to ensure feasibility of year-round delivery [1] Group 2 - Individual clients are not allowed to participate in delivery and must close positions by the third trading day before the last trading day [2] - Only qualified corporate clients, such as exchange members or those with VAT invoicing capabilities, can enter the delivery month and apply for delivery [2] - Special months, such as during the Spring Festival, may have adjusted last trading days, as notified by the Shanghai Futures Exchange [2]

Financial Performance - The company's revenue for the first three quarters of 2025 reached ¥1,303.19 million, representing a year-on-year growth of 82.46% [3] - The net profit attributable to shareholders was ¥59.24 million, showing a year-on-year decline of 12.42% [3] Accounts Receivable - The increase in accounts receivable by the end of Q3 2025 is attributed to the growth in operating revenue [3] Competitive Advantages - The company is recognized as a national 4A-level logistics enterprise, with competitive advantages including comprehensive logistics and warehousing service capabilities, multi-category futures delivery warehouse qualifications, and a well-established logistics network [3] Convertible Bonds and M&A Plans - The company is actively advancing its convertible bond project and will disclose any progress in accordance with regulatory requirements [3] - Currently, there are no plans for mergers and acquisitions, but the company aims to leverage its influence in the bulk commodity logistics and warehousing sector to expand its international freight and futures delivery operations [4]

Group 1: Market Participants - The market participants in the alumina futures market can be categorized into five main types: upstream production enterprises, downstream consumption enterprises, domestic and foreign traders, financial institutions and arbitrage funds, and individual and speculative funds [1][2]. Group 2: Upstream and Downstream Enterprises - Upstream production enterprises, such as alumina plants, use futures to hedge against price fluctuations of bauxite and their own products, thereby locking in sales profits [1]. - Downstream consumption enterprises, like electrolytic aluminum plants, utilize a combination of "alumina futures + electrolytic aluminum futures" to stabilize processing fees and profits [1]. Group 3: Trading and Financial Institutions - Domestic and foreign traders, along with spot traders and specialized futures companies, engage in both hedging and basis trading, providing liquidity to the market [1]. - Financial institutions and arbitrage funds, including futures company asset management, private equity funds, and chemical product arbitrage teams, primarily conduct cross-commodity, cross-month, or spot-futures arbitrage [1]. Group 4: Individual and Speculative Funds - The high volatility of alumina futures attracts a significant amount of intraday short-term and high-frequency speculative funds, which play an important role in price discovery [2]. Group 5: Delivery Details - The delivery unit for alumina futures is set at 300 tons (15 lots) in integer multiples, with dual-track delivery involving registered brands and warehouses/factories; individuals are not allowed to enter the delivery month [3]. - The quality standards are defined by the national standard GB/T 24487-2022 for AO-1 or AO-2 grades, with strict upper limits on impurities such as SiO, FeO, and NaO [3]. - The delivery settlement price is calculated as the arithmetic average of the settlement prices from the last five trading days with transactions [4].

Core Insights - The article discusses the pricing, margin calculations, delivery methods, and transaction fees for monthly average futures of three chemical products: Linear Low-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), and Polypropylene (PP) Pricing and Settlement - The daily settlement price for monthly average futures is aligned with the corresponding physical futures price during ordinary months, while in the expiration month, it is calculated as a weighted arithmetic average of the prices from the traded days and remaining days [1] - For example, the settlement price for L2504F on March 6, 2025, is calculated using the prices from March 1-3 and the remaining 20 days [1] Margin Calculations - The margin ratio for the three chemical products' monthly average futures generally matches that of the corresponding physical futures contracts, and adjustments to the physical contracts' margin will also affect the monthly average futures [1] Delivery and Settlement Price Calculation - The delivery method for the three chemical products' monthly average futures is cash settlement, with the settlement price being the arithmetic average of the daily settlement prices of the corresponding physical futures in the month prior to the contract month [2] Transaction Fees - Initial transaction fees are set at 1 yuan per contract, with a reduced fee of 0.5 yuan for hedging transactions, subject to adjustments based on market conditions [2] - Delivery fees are also initially set at 1 yuan per contract, with a waiver of delivery fees until December 31, 2025, for the three chemical products' monthly average futures, except for designated high-frequency traders [2] Margin Discounts - The three chemical products' monthly average futures contracts are eligible for combined margin discounts, with specific details available on the Dalian Commodity Exchange's website after the contracts are listed [2]

Group 1: Report Summary - The report is a delivery report for the 2510 contracts of rebar and hot-rolled coil in October 2025 [2][3] - The delivery settlement price of the rebar 2510 contract is 2954 yuan/ton, at a discount to the spot price, mainly due to the continuous contraction of building material demand and weak market expectations [3][5] - The delivery settlement price of the hot-rolled coil 2510 contract is 3534 yuan/ton, at a premium to the spot price, and it's the first significant premium delivery in recent years due to the weakening of the basis on the last trading day [3][24] Group 2: Rebar 2510 Contract Delivery Summary Delivery Price and Basis Repair Path - The rebar 2510 contract is at a discount delivery, with discounts of 226 and 236 yuan/ton to Shanghai and Tianjin spot prices respectively [5] - In Q3 2025, domestic steel prices rose first and then fell. The supply-demand contradiction accumulated during the continuous release of production, putting pressure on prices [3][5] - The peak-season consumption was still lower than previous years. The basis was strong from August to September, and the large discount structure suppressed the delivery enthusiasm [5] Delivery Volume and Position Change - The total delivery volume of the Rb2510 contract is 76,200 tons, mainly concentrated in Jiangsu and Guangdong. The warehouse registered warehouse receipts on the last trading day were 277,000 tons, not all completed for delivery [8] - The delivery parties were relatively scattered, mainly participating in hedging and basis trading [8] Inter - period Strategy Summary - The demand of the 2510 contract was weak, and the delivery settlement price was at the lowest level in recent years [17] - The far - month contracts were at a premium to the near - month contracts. As of October 15, the 10 - 1 spread of rebar steel closed at - 84 yuan/ton [17] - The main driver of the 10 - 1 reverse spread was the weak reality, with insufficient near - month demand and relatively stronger far - month performance supported by policies [17] Group 3: Hot - rolled Coil 2510 Delivery Summary Delivery Price and Basis Repair Path - The hot - rolled coil 2510 contract is at a premium delivery, with premiums of 254 and 274 yuan/ton to Shanghai and Tianjin spot prices respectively [24] - The basis weakened significantly on the last trading day, and the scattered seller seats and poor delivery concentration led to a sharp rise in the settlement price due to virtual position closing [24] Delivery Volume and Position Change - The delivery volume of the HC2510 contract is 66,000 tons, significantly lower than the HC2410 contract and at a medium - low level in recent years [32] - The delivery warehouse receipts were mainly concentrated in Jiangsu. The factory warehouse receipts increased significantly after the change of delivery rules, which facilitated hedging for traders and increased their participation enthusiasm [32] Inter - period Strategy Summary - The average level of the 10 - 1 positive spread of hot - rolled coil was higher than the same period in previous years [38] - As of October 15, the 10 - 1 spread of hot - rolled coil expanded to 398 yuan/ton, a new high in recent years, mainly due to the insufficient delivery ability of the seller and the sharp rise of the 2510 contract price caused by the departure of virtual positions [38]