Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PG futures prices have declined The basis is -43 (-57), and the spread between January and February contracts is 109 (-19) Domestic LPG prices for civil use have decreased The cheapest deliverable is the civil - use LPG in East China at 4315 (-49), and the price difference between propane and civil - use LPG has narrowed The number of warehouse receipts is 4561 (-54) [1] - The paper prices in the overseas market have decreased, while the spread between contracts has strengthened The ratio of oil and gas prices in North Asia and North America has changed little The spread between domestic PG and CP has reached 126 (-2); the spread between PG and FEI has reached 114 (+3) The discounts for East China's arrival, North America's and AFEI's departure have remained stable The supply of Middle - Eastern goods is tight, with a discount of 35 USD (+13) Freight rates have slightly decreased The spread between FEI and MOPJ has narrowed to -55 (+11) [1] - The profit of propylene production from PDH in Shandong has slightly recovered The profit of alkylation units has slightly improved but remains poor The profit of MTBE production has fluctuated, and the export profit is still good The arrival volume has increased, the external release has decreased, the factory inventory has slightly accumulated, and the port inventory has increased The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] - Overall, the chemical industry in China is relatively strong, and the civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, but the market may tend to wait and see as the CP official price announcement approaches Attention should also be paid to weather and oil price conditions [1] Group 3: Summaries According to Relevant Catalogs Daily Changes - On Friday, for civil - use LPG, the price in East China is 4323 (+13), in Shandong is 4460 (+10), and in South China is 4360 (+25) The price of ether - post - carbon - four is 4490 (+10) The lowest delivery location is East China, with a basis of -43 (-57), and the spread between January and February contracts is 109 (-19) FEI is 537 (+10) USD/ton The official CP prices for December have been released, with propane and butane at 495/485 (+20/+25) [1] Weekly Views - The PG futures prices have declined, with a decrease in the basis and the spread between January and February contracts The domestic civil - use LPG prices have dropped, the cheapest deliverable has decreased in price, and the propane - civil LPG price difference has shrunk The number of warehouse receipts has decreased [1] - Overseas paper prices have fallen, contract spreads have strengthened, and the oil - gas price ratio in North Asia and North America has changed little The spreads of domestic PG - CP and PG - FEI have changed, and the discounts in different regions have different trends The freight rates have slightly decreased, and the FEI - MOPJ spread has narrowed [1] - The profits of some chemical production processes have shown different trends, with the arrival volume increasing, external release decreasing, and inventory accumulating in factories and ports The PDH operating rate has decreased, and a PDH unit is expected to restart next week [1] - The domestic chemical industry is relatively stable, civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, and the market may wait and see before the CP official price announcement Attention should also be paid to weather and oil prices [1]

油脂油料产业日报 2025/11/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Crude oil prices will fluctuate due to the combined impact of supply increases and weak demand. OPEC+ is expected to maintain stable oil production policies in Q1 2026 and may reach an agreement on evaluating member countries' maximum production capacity mechanisms [1]. - Fuel oil prices will oscillate. The immediate supply is relatively sufficient, but high freight rates may lead to a tightening of arrivals in December. The high - sulfur market is strongly supported by downstream demand [3]. - Asphalt prices will experience low - level oscillations. The supply - demand situation is expected to remain loose, but the price has shown relative stability around 3000 yuan/ton recently [3]. - PX, PTA, and ethylene glycol prices will fluctuate. PX has a strong fundamental expectation but a weak reality; PTA's basis is oscillating strongly; ethylene glycol is expected to oscillate at a low level [4]. - Rubber prices have support. The supply - demand situation is weak, but the futures price is expected to be supported after the concentrated cancellation of natural rubber warehouse receipts [7]. - Methanol prices will oscillate with a short - term upward bias. The supply from Iran will decline, leading to a reduction in port inventory and a price rebound, but there is an upper limit to the price [7][9]. - Polyolefin prices will tend to oscillate at the bottom. Supply will remain high, and demand will weaken, but the low valuation may prompt downstream buying [9]. - PVC prices will tend to oscillate at the bottom. Supply remains high, domestic demand slows down, but the export situation improves, and the basis is repaired [9][10]. 3. Summary by Related Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, Brent January contract closed up $0.21 to $63.34/barrel, a 0.33% increase; SC2601 closed at 451.6 yuan/barrel, up 6.5 yuan/barrel, a 1.46% increase. OPEC+ meetings are planned on Sunday, with expectations of stable Q1 2026 production policies and an agreement on evaluating maximum production capacity mechanisms. Russia's oil revenue is under pressure, and the price will oscillate due to supply and demand factors [1]. - **Fuel Oil**: On Thursday, FU2601 rose 0.82% to 2471 yuan/ton, and LU2601 rose 1% to 3033 yuan/ton. Singapore and Fujeirah inventories increased. November's western - sourced low - sulfur fuel oil arrivals in Singapore are expected to be higher, but high freight rates may affect December arrivals. The price will oscillate [3]. - **Asphalt**: On Thursday, BU2601 fell 1.41% to 3007 yuan/ton. This week's domestic asphalt shipments decreased, and the capacity utilization rate of modified asphalt enterprises declined. Supply - demand is expected to be loose, and the price will oscillate at a low level [3]. - **PTA, EG, PX**: TA601 closed down 1.11% at 4632 yuan/ton; EG2601 closed down 0.59% at 3873 yuan/ton; PX01 closed down 0.83% at 6718 yuan/ton. PX has a strong expectation but weak reality; PTA's basis is oscillating strongly; ethylene glycol may oscillate at a low level [4]. - **Rubber**: On Thursday, RU2601 rose 85 yuan/ton to 15280 yuan/ton, NR rose 40 yuan/ton to 12205 yuan/ton, and BR rose 40 yuan/ton to 10400 yuan/ton. The supply - demand situation is weak, but the futures price has support [7]. - **Methanol**: The domestic supply is stable, but Iranian plants are shutting down due to gas restrictions. Port inventory is expected to decline from mid - December to early January, driving the price to rebound, but there is an upper limit [7][9]. - **Polyolefin**: On Thursday, the price of polyolefin products was low, and production was in a loss - making state. Supply will remain high, demand will weaken, and the price will oscillate at the bottom [9]. - **PVC**: On Thursday, the price in the East China market was adjusted upwards. Supply remains high, domestic demand slows down, but export obstacles are basically eliminated, and the price will oscillate at the bottom [9][10]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy - chemical products on November 27, including spot price, futures price, basis, basis rate, and their changes, as well as the quantile of the latest basis rate in historical data [11]. 3.3 Market News - OPEC+ is expected to maintain stable Q1 2026 oil production policies and may reach an agreement on evaluating member countries' maximum production capacity mechanisms. Eight OPEC+ countries that increased production in 2025 are expected to keep their production suspension policies unchanged in Q1 2026 [16]. - Russia's Ural crude oil discount has widened, and the US has imposed sanctions on Russian oil companies, increasing pressure on Russia's oil revenue [16]. 3.4 Chart Analysis - **Main Contract Prices**: The report presents the closing price charts of main contracts of various energy - chemical products from 2021 - 2025, including crude oil, fuel oil, asphalt, etc. [18][20][24] - **Main Contract Basis**: Charts show the basis of main contracts of various products over the years, such as crude oil, fuel oil, and asphalt [35][39] - **Inter - period Contract Spreads**: Charts display the spreads between different contracts of products like fuel oil, asphalt, and PTA [47][53] - **Inter - product Spreads**: Charts cover spreads between different products, such as crude oil's internal - external spreads, fuel oil's high - low sulfur spreads, etc. [64][66] - **Production Profits**: Charts show the production profits of LLDPE and PP [72] 3.5 Team Member Introduction - The report introduces the members of the Everbright Futures energy - chemical research team, including their positions, educational backgrounds, honors, and professional experience [77][78][79]

Report Summary 1. Index Trends - On November 27th, the Shanghai Composite Index rose by 0.29% to close at 3875.26 points, with a trading volume of 698.519 billion yuan. The Shenzhen Component Index fell by 0.25% to close at 12875.19 points, with a trading volume of 1011.275 billion yuan [1]. - The CSI 1000 Index rose by 0.12% with a trading volume of 365.626 billion yuan. The CSI 500 Index fell by 0.2% with a trading volume of 253.013 billion yuan. The SSE 50 Index rose by 0.02% with a trading volume of 105.106 billion yuan. The CSI 300 Index fell by 0.05% with a trading volume of 417.79 billion yuan [1]. 2. Impact of Sector Movements on Indexes - For the CSI 1000, sectors such as electronics, power equipment, and communication pulled the index up, while pharmaceutical biology, computer, and media sectors pulled it down [3]. - For the CSI 500, basic chemicals, power equipment, and non - ferrous metals sectors pulled the index up, while media, electronics, and computer sectors pulled it down [3]. - For the CSI 300, banks, basic chemicals, and public utilities sectors pulled the index up, while computer, pharmaceutical biology, and power equipment sectors pulled it down [3]. - For the SSE 50, banks, basic chemicals, and coal sectors pulled the index up, while communication, machinery, and pharmaceutical biology sectors pulled it down [3]. 3. Futures Basis and Annualized Opening Costs - The average daily basis for IM00 was -72.04, IM01 was -143.98, IM02 was -294.56, and IM03 was -530.53. For IC00, it was -47.73; IC01, -103.75; IC02, -213.96; IC03, -420.19. For IF00, it was -16.24; IF01, -31.18; IF02, -48.51; IF03, -95.63. For IH00, it was -4.95; IH01, -9.43; IH02, -10.66; IH03, -19.69 [13]. 4. Futures Roll - over Point Differences and Annualized Costs - Data on the roll - over point differences and their annualized costs for IM, IC, IF, and IH futures at different time intervals (15 - minute means) are provided, including specific point differences and cost calculations [23][25][26].

Report Industry Investment Ratings No relevant content provided. Core Viewpoints Oils and Fats - Palm oil: As the end of the month approaches, the market focuses on export and production data, with potential downside risks. Dalian palm oil futures may continue to rise and could break through the 8,600 yuan resistance [1]. - Soybean oil: Chinese purchases of US soybeans boost CBOT soybeans, but domestic supply is ample and demand is weak, with inventory likely to increase and prices unable to rise in the short term [1]. Livestock (Pigs) - The market supply is accelerating, and although southwest curing has started, demand support is limited. Pig prices are expected to remain weak and volatile, and the strategy of inter - month reverse spreads can be continued [3]. Meal Products - The domestic soybean meal market remains in a loose pattern. With the one - price rising with the market and the basis slightly falling, the market is unlikely to see a continuous upward trend, and there is a risk of a decline after short - term chasing [6]. Corn and Corn Starch - In the short term, the market remains firm due to farmers' reluctance to sell, but there is still a large amount of grain to be sold, limiting price increases. Attention should be paid to the pace of corn supply and market sentiment [7]. Sugar - ICE raw sugar is expected to consolidate around 14 cents per pound. With new sugar from Guangxi on the market, the market is expected to remain weak and bottom - oscillating this week [11]. Cotton - ICE US cotton futures were closed for the US Thanksgiving holiday. Domestically, the high output of Xinjiang cotton in the 2025/26 season creates hedging pressure, but the firm basis and resilient demand support prices, so short - term prices may oscillate within a range [13]. Eggs - Egg prices have fallen below the feed cost line, and with reduced inventory at all levels and recovering demand, futures prices are expected to oscillate at a low level [15]. Key Points by Product Oils and Fats - **Soybean oil**: On November 27, the spot price in Jiangsu was 8,560 yuan, up 1.18% from the previous day; the futures price of Y2601 was 8,224 yuan, up 0.91%; the basis of Y2601 was 336 yuan, up 8.39%; the warehouse receipts decreased by 34.03% [1]. - **Palm oil**: The spot price in Guangdong was 8,390 yuan, up 1.21%; the futures price of P2601 was 8,558 yuan, up 1.04%; the basis of P2601 was - 138 yuan, up 8.00%; the import profit in Guangzhou Port in January increased by 14.08% [1]. - **Rapeseed oil**: The spot price in Jiangsu was 10,110 yuan, unchanged; the futures price of OI601 was 9,772 yuan, down 0.48%; the basis of OI601 was 338 yuan, up 16.15% [1]. Livestock (Pigs) - **Futures**: The basis of the main contract was - 225 yuan/ton, down 60.71%; the price of LH2605 was 11,990 yuan, down 0.58%; the price of LH2601 was 11,585 yuan, up 0.39% [3]. - **Spot**: Prices in various regions showed mixed trends, with slaughter volume increasing by 0.47% daily, and most breeding profits decreasing [3]. Meal Products - **Soybean meal**: The spot price in Jiangsu was 3,030 yuan, unchanged; the futures price of M2601 was 3,055 yuan, up 1.33%; the basis of M2601 was - 25 yuan, down 266.67% [6]. - **Rapeseed meal**: The spot price in Jiangsu was 2,470 yuan, up 1.23%; the futures price of RM2601 was 2,469 yuan, up 1.23%; the basis of RM2601 was unchanged [6]. Corn and Corn Starch - **Corn**: The price of C2601 was 2,243 yuan, up 0.36%; the basis decreased by 14.55%; the import profit increased by 0.93%; the number of trucks at Shandong deep - processing plants decreased by 32.43% [7]. - **Corn starch**: The price of CS2601 was 2,572 yuan, up 0.82%; the basis decreased by 53.85%; the starch - corn 01 spread increased by 4.11% [7]. Sugar - **Futures**: The price of SR2601 was 5,403 yuan, up 0.45%; the price of SR2605 was 5,322 yuan, up 0.30%; ICE raw sugar rose 1.48% [11]. - **Spot**: The price in Nanning was 5,450 yuan, unchanged; the basis decreased; the import volume increased by 37.50% [11]. Cotton - **Futures**: The price of CF2605 was 13,605 yuan, up 0.15%; the price of CF2601 was 13,640 yuan, up 0.11%; ICE US cotton rose 0.59% [13]. - **Spot**: The Xinjiang arrival price of 3128B grade cotton rose 0.69%; the commercial inventory increased by 24.2% [13]. Eggs - **Futures**: The price of JD12 was 2,947 yuan/500KG, up 0.96%; the price of JD01 was 3,282 yuan/500KG, up 1.77% [15]. - **Spot**: The egg - producing area price rose 1.20%; the egg - to - feed ratio decreased by 3.33%; the breeding profit decreased by 18.60% [15].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on November 28, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][5][20][26][36][46] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis data for different contract spreads (May - January, September - January, September - May) from November 21 to November 27, 2025, are presented. For example, on November 27, the basis of May - January was 16 yuan/ton, and the basis of September - January was 6 yuan/ton [2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of energy commodities such as fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 21 to November 27, 2025, are provided. For example, on November 27, the basis of fuel oil was - 10.13 yuan/ton, and the ratio of INE crude oil to asphalt was 0.1475 [7] 3.2.2 Chemical Commodities - **Inter - period spreads**: The inter - period spreads (May - January, September - January, September - May) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the May - January inter - period spread of LLDPE was 56 yuan/ton [9] - **Inter - variety spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 21 to November 27, 2025, are presented. For example, on November 27, the LLDPE - PVC spread was 2214 yuan/ton [9] 3.3 Black Metals - **Inter - period spreads**: The inter - period spreads (May - January, September(10) - January, September(10) - May) of rebar, iron ore, coke, and coking coal are provided. For example, the May - January inter - period spread of rebar was 16 yuan/ton [19] - **Inter - variety spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 21 to November 27, 2025, are presented. For example, on November 27, the rebar/iron ore ratio was 3.88 [19] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 21 to November 27, 2025, are given. For example, on November 27, the basis of rebar was 127.0 yuan/ton [20] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 21 to November 27, 2025, are presented. For example, on November 27, the basis of copper was 30 yuan/ton [29] 3.4.2 London Market - On November 27, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are provided. For example, the LME spread of copper was 16.56, and the Shanghai - London ratio was 7.95 [32] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 21 to November 27, 2025, are given. For example, on November 27, the basis of soybeans No.1 was - 86 yuan/ton [36] - **Inter - period spreads**: The inter - period spreads (May - January, September - January, September - May) of various agricultural products are presented. For example, the May - January inter - period spread of soybeans No.1 was 51 yuan/ton [36] - **Inter - variety spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on November 27, 2025, are provided. For example, the ratio of soybeans No.1 to corn was 1.83 [36] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 21 to November 27, 2025, are presented. For example, on November 27, the basis of CSI 300 was 22.80 [47] - **Inter - period spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next month - current month spread of CSI 300 was - 152 [47]

Group 1: Report's Core Views - Singapore high - sulfur cracking weakened rapidly this week, the monthly spread ran at a historical low, the basis weakened and then oscillated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW strengthened this week [4]. - Singapore 0.5% cracking weakened oscillatively this week, the monthly spread weakened oscillatively, and the basis strengthened slightly [4]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased [5]. - The expectation of Russia - Ukraine peace talks strengthened, the prices of external gasoline and diesel dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week [5]. - After the Al Zour refinery caught fire and shut down on October 21, the Singapore basis started to rebound recently [5]. - Global residue has entered an inventory accumulation cycle, external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillatory pattern. Maintain a high - short idea for the internal and external prices of FU01, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [5]. Group 2: Data Changes Rotterdam Fuel Oil | Type | Change | | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 8.19 | | Rotterdam 0.5% VLS FO swap M1 | 0.57 | | Rotterdam HSFO - Brent M1 | 0.30 | | Rotterdam 10ppm Gasoil swap M1 | 14.12 | | Rotterdam VLSFO - Gasoil M1 | - 13.55 | | LGO - Brent M1 | 1.50 | | Rotterdam VLSFO - HSFO M1 | - 7.62 | [2] Singapore Fuel Oil | Type | Change | | --- | --- | | Singapore 380cst M1 | 5.26 | | Singapore 180cst M1 | 1.93 | | Singapore VLSFO M1 | 4.81 | | Singapore Gasoil M1 | 1.12 | | Singapore 380cst - Brent M1 | - 0.40 | | Singapore VLSFO - Gasoil M1 | - 3.48 | [2] Singapore Fuel Oil Spot | Type | Change | | --- | --- | | FOB 380cst | 1.25 | | FOB VLSFO | 5.98 | | 380 basis | - 1.23 | | High - sulfur internal - external price difference | 2.1 | | Low - sulfur internal - external price difference | - 3.8 | [3] Domestic FU | Type | Change | | --- | --- | | FU 01 | 4 | | FU 05 | 0 | | FU 09 | - 6 | | FU 01 - 05 | 4 | | FU 05 - 09 | 6 | | FU 09 - 01 | - 10 | [3] Domestic LU | Type | Change | | --- | --- | | LU 01 | 0 | | LU 05 | 19 | | LU 09 | 9 | | LU 01 - 05 | - 19 | | LU 05 - 09 | 10 | | LU 09 - 01 | 9 | [4]

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

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Relevant Catalogs Market Price - The mainstream market prices of urea in Hebei, Henan, Shandong, Shanxi, and Jiangsu increased by 10 - 20 yuan/ton compared to the previous value, while those in Anhui, Heilongjiang, and Inner Mongolia remained unchanged [2]. - The factory prices of Hebei Dongguang, Shandong Hualu, Jiangsu Linggu, and Anhui Haoyuan remained unchanged [2]. Basis - The Shandong 05 basis remained unchanged at -71 yuan/ton, the Shandong 01 basis decreased by 4 yuan/ton to -86 yuan/ton, the Hebei 05 basis increased by 10 yuan/ton to -51 yuan/ton, and the Hebei 01 basis increased by 6 yuan/ton to -66 yuan/ton [2]. Month Spread - The 1 - 5 spread decreased by 2 yuan/ton to 71 yuan/ton, and the 5 - 9 spread decreased by 4 yuan/ton to -15 yuan/ton [2]. Warehouse Receipts - The total number of warehouse receipts decreased by 209 to 7181 [2]. International Quotations - The international quotations of urea in the Middle East FOB, US Gulf FOB, Egypt FOB, Baltic FOB, and Brazil CFR remained unchanged [2].

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - Crude oil prices are expected to oscillate. On Wednesday, prices moved higher, but last week, US crude, gasoline, and distillate inventories all increased. The number of active oil and gas rigs in the US decreased for the first time in four weeks [1]. - Fuel oil prices are expected to oscillate. On Wednesday, the main contract of fuel oil on the Shanghai Futures Exchange showed mixed trends. The supply of low - sulfur fuel oil from the West in November is expected to be higher, but high freight may reduce December arrivals. The high - sulfur market is strongly supported by demand [2]. - Asphalt prices are expected to oscillate at a low level. On Wednesday, the main asphalt contract on the Shanghai Futures Exchange declined. In December, the domestic refinery asphalt production plan is slightly reduced, with inventory levels decreasing and the operating rate increasing. The spot market still exerts pressure on the futures [2]. - Polyester prices are expected to oscillate. PX has a strong expected but weak actual situation, with the near - month price under pressure. PTA supply reduction exceeds expectations, and its price is expected to follow raw material prices. Ethylene glycol prices are expected to oscillate at a low level, with potential for polyester factory replenishment [4]. - Rubber prices are expected to oscillate. On Wednesday, rubber futures prices rose. The产区 is affected by weather, with potential early suspension of tapping. The downstream tire operating rate has declined, and the futures price is expected to be supported [4]. - Methanol prices are expected to oscillate with a slight upward trend. The supply from Iran is expected to decrease in December and January, and the port inventory is likely to enter a destocking phase, driving price rebounds, but there is an upper limit [6]. - Polyolefin prices are expected to oscillate at the bottom. Production will remain high, while downstream demand will weaken. However, the current low valuation may prompt downstream purchasing [6]. - PVC prices are expected to oscillate at the bottom. Market prices have adjusted weakly. Supply remains high, and domestic demand is slowing, but the removal of export restrictions may support prices [8]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, WTI January contract rose $0.7 to $58.65 per barrel (1.21% increase), Brent January contract rose $0.65 to $63.13 per barrel (1.04% increase), and SC2601 closed at 446.3 yuan/barrel, up 3.5 yuan/barrel (0.79% increase). Last week, US crude inventory increased by 2.774 million barrels to 426.929 million barrels, contrary to the expected 55,000 - barrel increase. The number of active oil and gas rigs decreased by 10 to 544, the lowest since September [1]. - **Fuel Oil**: On Wednesday, the main contract of fuel oil on the Shanghai Futures Exchange, FU2601, fell 0.16% to 2447 yuan/ton, and LU2601 rose 0.33% to 3013 yuan/ton. In October, China's bonded marine fuel oil imports and exports decreased. The expected arrival of low - sulfur fuel oil from the West in Singapore in November is 2.9 - 3 million tons, higher than in October [2]. - **Asphalt**: On Wednesday, the main asphalt contract on the Shanghai Futures Exchange, BU2601, fell 1.02% to 3019 yuan/ton. In December, the domestic refinery asphalt production plan is about 2.23 million tons, slightly decreased from the previous month. The inventory level decreased, and the operating rate increased [2]. - **Polyester**: TA601 rose 0.6% to 4684 yuan/ton, and EG2601 rose 0.59% to 3896 yuan/ton. PX has a strong expected but weak actual situation, with the near - month price under pressure. PTA supply reduction exceeds expectations, and ethylene glycol prices may oscillate at a low level [4]. - **Rubber**: On Wednesday, the main rubber contract on the Shanghai Futures Exchange, RU2601, rose 70 yuan/ton to 15195 yuan/ton, and NR rose 15 yuan/ton to 12165 yuan/ton. The产区 is affected by weather, with potential early suspension of tapping, and the downstream tire operating rate has declined [4]. - **Methanol**: The supply from Iran is expected to decrease in December and January, and the port inventory is likely to enter a destocking phase, driving price rebounds, but there is an upper limit due to downstream polyolefin price constraints [6]. - **Polyolefin**: Production will remain high, while downstream demand will weaken. However, the current low valuation may prompt downstream purchasing, and prices are expected to oscillate at the bottom [6]. - **PVC**: Market prices have adjusted weakly. Supply remains high, and domestic demand is slowing, but the removal of export restrictions may support prices, and it is expected to oscillate at the bottom [8]. 3.2 Daily Data Monitoring - The report provides the basis price data of various energy - chemical products on November 26 and 25, including spot prices, futures prices, basis, basis rate, and their changes and historical quantiles [9]. 3.3 Market News - The number of active oil and gas rigs in US energy companies decreased for the first time in four weeks, with the total number of rigs decreasing by 10 to 544 as of November 26 [12]. - The US Energy Information Administration (EIA) reported that last week, US crude, gasoline, and distillate inventories all increased. US crude inventory increased by 2.774 million barrels to 426.929 million barrels [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [14][15][16] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various energy - chemical products from 2021 to 2025, such as crude oil, fuel oil, asphalt, ethylene glycol, etc. [31][35][37] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts of various energy - chemical products, including fuel oil, asphalt, PTA, ethylene glycol, etc. [44][50][53] - **4.4 Inter - product Spreads**: It presents the spread and ratio charts between different energy - chemical products, such as crude oil internal and external markets, fuel oil high - low sulfur, etc. [61][64][73] - **4.5 Production Profits**: The report shows the production profit charts of LLDPE and PP [70]. 3.5 Team Member Introduction - The report introduces the members of the Guangda Futures Energy - Chemical Research Team, including their positions, educational backgrounds, honors, and professional experiences [75][76][77][78].