1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel - Steel shows a strong and oscillating trend. With steel production cuts and inventory reduction, the contradictions in the steel market are not significant. Recently, steel demand has seasonally improved, and the stabilization and rise of coking coal and coke have pushed up the steel price center. It is expected to maintain an oscillating trend within a range. The reference range for rebar is 3000 - 3200 yuan, and for hot-rolled coils, it is 3250 - 3400 yuan. Considering the decline in hot metal, which suppresses iron ore prices, attention can be paid to the arbitrage operation of going long on rebar and short on iron ore in the January contract, as well as the convergence arbitrage of the spread between hot-rolled coils and rebar in the January contract [2]. Iron Ore - The iron ore futures oscillated strongly yesterday. On the supply side, the global iron ore shipments increased last week, while the arrivals at 45 ports decreased. On the demand side, the profit margins of steel mills continued to decline, the hot metal output decreased, and steel mill maintenance increased. The steel price oscillated and rebounded, providing room for raw material price increases. Looking ahead, with the decline in hot metal this week and signs of a bottoming-out rebound in steel prices, market expectations have started to improve. With the recovery of downstream demand, there is no basis for a significant drop in hot metal output, which supports iron ore demand. Iron ore is supported by downstream restocking on one hand and has a need for basis repair on the other hand. Therefore, iron ore futures will continue to oscillate strongly, with an operating range of 750 - 820 [5][7]. Coke - The coke futures oscillated and bottomed out yesterday. After the fourth round of price increases, the first round of price cuts by steel mills has been implemented, and there is still an expectation of further price cuts in the short term. On the supply side, the scope of price cuts for coking coal in the Shanxi market has expanded, and the coking profit has been somewhat repaired. The adjustment of coke prices lags behind that of coking coal. After coke enterprises raise prices and coking coal prices fall, the coking profit is repaired, and the start - up rate increases. On the demand side, steel mills' losses have increased, maintenance has intensified, hot metal output has declined, steel prices have oscillated weakly, and steel mill profits have decreased, with a willingness to suppress coke prices. In terms of inventory, coking plants and steel mills have increased inventory, while ports have reduced inventory. The overall inventory is slightly increased at a medium level, and the supply - demand situation has weakened. Coke futures have fallen in advance, basically over - anticipating the spot price cuts. Along with the oscillating rise of building materials, it may follow coking coal to rebound in advance. For strategies, it is regarded as a unilateral oscillating rebound, with a reference range of 1550 - 1700, and the coke 1 - 5 reverse arbitrage is recommended [8]. Coking Coal - The coking coal futures rebounded after hitting the bottom yesterday. The spot market continued to decline, and the futures showed signs of an early rebound. On the supply side, the coal prices in the Shanxi market have a wider range of price cuts, and the auction prices of various coal types have started to fall. Some coal mines have stopped production for rectification, with a total approved production capacity of 540,000 tons, and are expected to resume production after short - term rectification. The inventory at ports has continued to rise, and the Mongolian coal price has followed the futures down. On the demand side, steel mills' losses have increased, maintenance has intensified, hot metal output has declined, and after the coking profit has recovered, the start - up rate has slightly increased, and the restocking demand has weakened. In terms of inventory, coal washing plants, ports, and coking enterprises have reduced inventory, while coal mines, ports of entry, and steel mills have increased inventory. The overall inventory is slightly increased at a medium level. For strategies, it is regarded as a unilateral oscillating rebound, with a reference range of 1050 - 1150, and the coking coal 1 - 5 reverse arbitrage is recommended [8]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar: Spot prices in East China, North China, and South China are 3,290 yuan/ton, 3,220 yuan/ton, and 3,350 yuan/ton respectively, with increases of 40 yuan/ton, 10 yuan/ton, and 30 yuan/ton. Futures prices for the 05, 10, and 01 contracts are 3,167 yuan/ton, 3,206 yuan/ton, and 3,134 yuan/ton respectively, with increases of 50 yuan/ton, 52 yuan/ton, and 24 yuan/ton [2]. - Hot - rolled coils: Spot prices in East China, North China, and South China are 3,310 yuan/ton, 3,240 yuan/ton, and 3,350 yuan/ton respectively, with increases of 20 yuan/ton, 20 yuan/ton, and 30 yuan/ton. Futures prices for the 05, 10, and 01 contracts are 3,320 yuan/ton, 3,333 yuan/ton, and 3,327 yuan/ton respectively, with increases of 32 yuan/ton, 43 yuan/ton, and 25 yuan/ton [2]. Cost and Profit - Steel billet price is 2,990 yuan/ton, up 10 yuan/ton; slab price is 3,730 yuan/ton, unchanged. The cost of electric - arc furnace rebar in Jiangsu is 3,243 yuan/ton, up 12 yuan/ton; the cost of converter rebar in Jiangsu is 3,170 yuan/ton, down 1 yuan/ton. The profit of hot - rolled coils in East China is - 45 yuan/ton, up 19 yuan/ton; the profit of hot - rolled coils in North China is - 115 yuan/ton, unchanged; the profit of hot - rolled coils in South China is - 15 yuan/ton, up 29 yuan/ton. The profit of rebar in East China is - 82 yuan/ton, up 29 yuan/ton; the profit of rebar in North China is - 125 yuan/ton, up 29 yuan/ton [2]. Production - The daily average hot metal output is 234.7 tons, down 1.6 tons (- 0.7%); the output of five major steel products is 855.7 tons, up 5.8 tons (0.7%). Rebar production is 206.1 tons, down 1.9 tons (- 0.9%), including an increase of 2.6 tons (9.5%) in electric - arc furnace production and a decrease of 4.4 tons (- 2.4%) in converter production. Hot - rolled coil production is 319.0 tons, up 3.0 tons (0.9%) [2]. Inventory - The inventory of five major steel products is 1,400.8 tons, down 32.3 tons (- 2.3%); rebar inventory is 531.5 tons, down 21.9 tons (- 4.0%); hot - rolled coil inventory is 400.9 tons, down 1.2 tons (- 0.3%) [2]. Transaction and Demand - The building materials trading volume is 12.5 tons, up 2.0 tons (19.6%); the apparent demand for five major steel products is 888.0 tons, down 6.2 tons (- 0.7%); the apparent demand for rebar is 227.9 tons, down 2.8 tons (- 1.2%); the apparent demand for hot - rolled coils is 320.2 tons, down 4.2 tons (- 1.3%) [2]. Iron Ore Prices and Spreads - Warehouse receipt costs: The warehouse receipt cost of Carajás fines is 811.0 yuan/ton, up 9.9 yuan/ton (1.2%); PB fines is 845.8 yuan/ton, up 4.4 yuan/ton (0.5%); Brazilian blended fines is 857.3 yuan/ton, unchanged; Jinbuba fines is 844.6 yuan/ton, up 4.3 yuan/ton (0.5%). The 01 - contract basis for Carajás fines is 10.0 yuan/ton, up 2.9 yuan/ton (40.5%); for PB fines is 44.8 yuan/ton, down 2.6 yuan/ton (- 5.5%); for Brazilian blended fines is 50.3 yuan/ton, down 7.0 yuan/ton (- 12.2%); for Jinbuba fines is 43.6 yuan/ton, down 2.7 yuan/ton (- 5.8%) [5]. Supply - The arrivals at 45 ports (weekly) are 2,699.3 tons, down 117.8 tons (- 4.2%); the global shipments (weekly) are 3,323.2 tons, up 44.8 tons (1.4%); the national monthly import volume is 11,130.9 tons, down 500.6 tons (- 4.3%) [5]. Demand - The daily average hot metal output of 247 steel mills (weekly) is 234.7 tons, down 1.6 tons (- 0.7%); the daily average port clearance volume at 45 ports (weekly) is 330.6 tons, up 3.6 tons (1.1%); the national monthly pig iron output is 6,554.9 tons, down 49.7 tons (- 0.8%); the national monthly crude steel output is 7,199.7 tons, down 149.3 tons (- 2.0%) [5]. Inventory - The inventory at 45 ports (weekly, compared with Monday) is 15,210.12 tons, up 108.6 tons (0.7%); the imported iron ore inventory of 247 steel mills (weekly) is 8,942.5 tons, down 58.8 tons (- 0.7%); the inventory available days of 64 steel mills (weekly) is 20.0 days, unchanged [5]. Coke Prices and Spreads - For coke, the price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) is 1,662 yuan/ton, down 51 yuan/ton (- 3.04%); the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) is 1,603 yuan/ton, unchanged. The 01 - contract price is 1,620 yuan/ton, up 45 yuan/ton (2.9%); the 05 - contract price is 1,770 yuan/ton, up 39 yuan/ton (2.3%) [8]. Supply - The daily average output of all - sample coking plants is 63.8 tons, up 1.1 tons (1.7%); the daily average output of 247 steel mills is 46.3 tons, up 0.1 tons (0.2%) [8]. Demand - The hot metal output of 247 steel mills is 234.7 tons, down 1.6 tons (- 0.7%) [8]. Inventory - The total coke inventory is 884.7 tons, up 4.0 tons (0.5%); the coke inventory of all - sample coking plants is 71.8 tons, up 6.5 tons; the coke inventory of 247 steel mills is 625.5 tons, up 3.2 tons (0.5%); the port inventory is 187.4 tons, down 5.6 tons (- 2.94%) [8]. Supply - Demand Gap - The calculated supply - demand gap of coke is - 3.6 tons, up 2.0 tons (55.34%) [8]. Coking Coal Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) is 1,380 yuan/ton, unchanged; the price of Mongolian No. 5 raw coal (warehouse receipt) is 1,196 yuan/ton, up 6 yuan/ton (0.5%). The 01 - contract price is 1,093 yuan/ton, up 26 yuan/ton (2.4%); the 05 - contract price is 1,183 yuan/ton, up 31 yuan/ton (2.7%) [8]. Supply - The raw coal output of Fenwei sample coal mines is 856.1 tons, down 4.6 tons (- 0.5%); the clean coal output is 438.8 tons, up 4.9 tons (1.1%) [8]. Demand - The demand for coking coal is mainly influenced by the production of coke. The daily average output of all - sample coking plants is 63.8 tons, up 1.1 tons (1.7%); the daily average output of 247 steel mills is 46.3 tons, up 0.1 tons (0.2%) [8]. Inventory - The clean coal inventory of Fenwei coal mines is 107.6 tons, up 9.6 tons (9.8%); the coking coal inventory of all - sample coking plants is 1,010.3 tons, down 27.9 tons (- 2.7%); the coking coal inventory of 247 steel mills is 801.3 tons, up 4.2 tons (0.5%); the port inventory is 294.5 tons, up 3.0 tons (1.0%) [8].

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]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 26, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, mainly showing the basis, inter - period, and inter - variety data of each variety. 3. Summary by Directory Power Coal - The basis data of power coal from November 19 to November 25, 2025, is presented, with the basis on November 25 being 21.6 yuan/ton, and it was 32.6 yuan/ton from November 19 to 24 [1][2]. Energy Chemicals - **Energy Commodities**: The basis, ratio, and other data of fuel oil, crude oil, and asphalt from November 19 to November 25, 2025, are shown. For example, the basis of INE crude oil on November 25 was 1.72 yuan/ton [7]. - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 19 to November 25, 2025, are provided. For instance, the basis of rubber on November 25 was - 275 yuan/ton [9]. - Inter - period data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month inter - period of rubber was 80 yuan/ton [10]. - Inter - variety data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 19 to November 25, 2025, are presented. For example, the LLDPE - PVC value on November 25 was 2288 yuan/ton [10]. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 19 to November 25, 2025, are shown. For example, the basis of rebar on November 25 was 164 yuan/ton [21]. - **Inter - period**: The inter - period data of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month inter - period of rebar was 23 yuan/ton [20]. - **Inter - variety**: The inter - variety data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 19 to November 25, 2025, are presented. For example, the rebar/iron ore value on November 25 was 3.90 [20]. Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 19 to November 25, 2025, are shown. For example, the basis of copper on November 25 was 70 yuan/ton [29]. - **London Market**: The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on November 25, 2025, are presented. For example, the LME premium/discount of copper was 9.52 [32]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 19 to November 25, 2025, are shown. For example, the basis of soybeans No.1 on November 25 was - 88 yuan/ton [38]. - **Inter - period**: The inter - period data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided. For example, the 5 - month minus 1 - month inter - period of soybeans No.1 was 52 yuan/ton [38]. - **Inter - variety**: The inter - variety data of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 19 to November 25, 2025, are presented. For example, the soybeans No.1/corn value on November 25 was 1.85 [37]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 19 to November 25, 2025, are shown. For example, the basis of CSI 300 on November 25 was 17.40 [49]. - **Inter - period**: The inter - period data of the next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month minus current - month inter - period of CSI 300 was - 152 [49].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - As of November 14, 2025, the registered warehouse receipt volume was 27,170 tons. The total number of warehouse receipts participating in the delivery of the LC2511 contract was 13,775 tons, a 27% increase compared to the LC2510 delivery volume. Among them, the rolling delivery warehouse receipt volume was 11,018 tons, accounting for 80% [2][6]. - [Basis] Benefiting from the amplified price fluctuations of lithium carbonate, there were successive opportunities for cash - buying and November - selling transactions since July 2025. After the strong rally of lithium carbonate futures prices, the weakening of the spot - futures basis provided trading space for spot - futures positive arbitrage, but risk management was necessary. [Spread] The spread between the 11 - 12 contracts showed a reverse arbitrage trend approaching November, which still followed the logic of the widening spread between contracts in the cancellation month. Considering the off - season demand in the first quarter of next year, one could moderately participate in the reverse arbitrage opportunities of the 03 - 05 contracts. The spread fluctuations between non - cancellation month contracts were relatively small, with limited arbitrage trading space [2]. 3. Summary by Directory 3.1 Futures Contract Delivery Information - As of November 14, 2025, the registered warehouse receipt volume was 27,170 tons. The LC2511 contract had a total delivery warehouse receipt volume of 13,775 tons, a 27% increase from LC2510. Delivery matching was mainly concentrated on the first day of the delivery month. The rolling delivery warehouse receipt volume was 11,018 tons (80%), one - time centralized delivery was 473 tons (3%), and the volume of delivery against cash was 2,284 tons [6]. - The report also lists the delivery volumes of different buyer and seller members, such as Guotai Junan Futures with a delivery volume of 1,680 tons on the buyer side and 650 tons on the seller side [7]. 3.2 Futures Warehouse Receipt Distribution - The report shows the warehouse receipt distribution in different regions and warehouses, such as the distribution in Jiangsu, Shanghai, Jiangxi, and Sichuan. As of November 18, the warehouse receipt volume decreased by 15,800 tons compared to the first trading day after the National Day holiday [10][15]. - A table lists the minimum guaranteed storage capacity, warehouse receipts, and other information of various warehouses and factories. For example, the minimum guaranteed storage capacity of Cosco Shipping Zhenjiang is 5,000 tons, with 1,696 warehouse receipts [13]. 3.3 Basis and Inter - period Opportunity Review - When there was one month left until the delivery of the 11 - contract, the holding cost of lithium carbonate was about 1,323 yuan/ton (the futures capital cost could be saved after the warehouse receipt offset the margin). Since July 2025, there were opportunities for cash - buying and futures - selling transactions. The spread between the 11 - 12 contracts showed a reverse arbitrage trend approaching November, following the logic of the widening spread between contracts in the cancellation month [19][21][22]. 3.4 Later Evaluation - With the storage days calculated from the first trading day of the delivery month, the holding cost of cash - buying and selling the 2601 contract was about 2,320 yuan/ton. The current spot - futures basis was around - 6,120 yuan/ton, and one could moderately participate in spot - futures positive arbitrage (with risk management). - The 11 - 12 contracts showed a reverse arbitrage trend approaching the November delivery month. Considering the off - season demand in the first quarter of next year, one could moderately participate in the reverse arbitrage opportunities of the 03 - 05 contracts. The futures market was strong under the expectation of high - demand prosperity, but the spread fluctuations between contracts were relatively small, with limited arbitrage trading space [24][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the rubber market in the week of November 2025, covering aspects such as price trends, supply and demand, inventory, and downstream consumption. It also provides trading strategies and discusses the impact of events like African rubber becoming a substitute for NR futures and Thailand's abnormal weather. Overall, the market shows complex trends with both positive and negative factors affecting different segments of the rubber industry [2][3][4]. 3. Summary by Relevant Catalogs 3.1 Price and Supply - Demand Analysis - **Price**: Natural rubber in Qingdao (Thai mixed) was reported at 14,620 yuan/ton (-36 yuan/ton), and Shanghai full - latex at 14,850 yuan/ton (+200 yuan/ton). For cis - butadiene rubber, Shandong Daqing BR9000 was at 10,530 yuan/ton (+160 yuan/ton) [2]. - **Supply**: Yunnan's natural rubber production stopped early, and continuous rainfall in southern Thailand led to higher overseas raw material prices. For cis - butadiene rubber, Zhenhua restarted, Zhejiang Petrochemical's maintenance continued, and Maoming Petrochemical will start a 50 - day maintenance soon [2]. - **Demand**: Tire production decreased overall, with semi - steel tire production at 69.36% (-3.63%) and full - steel tire production at 62.04% (-2.25%). The end - market resisted price increases, and trading weakened [2]. - **Inventory**: China's natural rubber social inventory was 106.2 tons (+0.5 tons), and cis - butadiene rubber sample enterprise inventory was 3.15 tons (+0.07 tons, +2.24%) [2]. 3.2 Key Events - **Thailand's Rainfall**: On the 19th, the weighted rainfall of natural rubber production reached 55.52mm/day, a new high in nearly a year. The market may not have priced in the extreme weather [9]. - **Warehouse Receipts**: The inventory of SHFE RU contracts decreased by 50.2% to 7.87 tons after centralized cancellation, reaching a new low since November 2012, which is favorable for natural rubber [22]. - **African Rubber as Substitute**: African rubber will be a substitute for the NR contract. The key lies in its premium or discount. A larger discount has less impact on existing contracts, while a smaller discount or par value may attract more deliveries and impact the NR contract's pricing [27]. 3.3 Strategy Recommendations - **Single - side Trading**: Consider short - selling the RU main 01 contract and set a stop - loss at 15,280 points. For the NR main 01 contract, also consider short - selling and set a stop - loss at 12,285 points. Hold a wait - and - see attitude for the BR main 01 contract [4]. - **Arbitrage**: Consider intervening in the BR2601 - RU2601 (2 - to - 1) spread at - 4,850 points and set a stop - loss at - 4,910 points [4]. - **Options**: Adopt a wait - and - see approach [4]. 3.4 Downstream Consumption - **Stock Market and Index**: As of November 2025, the China Securities 1000 Index rose for 7 consecutive months, reaching 7,506 points, a year - on - year increase of 45.1%. In November 2025, the European automotive industry index rose slightly to - 29.7 points, a year - on - year increase of 39.9 points, and also increased year - on - year for 5 consecutive months [65]. - **Electricity Consumption**: In September 2025, domestic rubber and plastic industry electricity consumption increased for 4 consecutive months, reaching 17.71 billion kWh, a year - on - year increase of 10.9%, with the growth rate hitting a new high since January 2024 [65]. - **Tire Production**: In September 2025, the cumulative production of domestic and foreign tires increased by 1.5% year - on - year, with a smaller increase than in August [65]. 3.5 Inventory Situation - **Qingdao Port**: As of November 16, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade was 45.26 tons, a month - on - month increase of 0.31 tons (0.70%). The bonded area inventory decreased by 1.76% to 6.66 tons, and the general trade inventory increased by 1.13% to 38.6 tons [71]. - **Mixed Base Spread**: In October, domestic mixed rubber imports decreased by 10.2% year - on - year, which is favorable for the mixed base spread. In September, global automobile sales increased by 9.1% year - on - year, also favorable for the mixed base spread [78].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided report. 2. Core Viewpoints of the Report - The report presents a daily update on futures arbitrage data for various commodities on November 24, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][52]. 3. Summary by Relevant Catalogs Power Coal - The report shows the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from November 17 to 21, 2025. The basis remained at 32.6 yuan/ton during this period, and all spreads were 0 [2]. Energy Chemicals Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 17 to 21, 2025 are provided, along with price changes such as - 8.81, - 14.21, etc [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 17 to 21, 2025 are presented. For example, the basis of rubber on November 21 was - 490 yuan/ton [9]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 month spread of rubber was 65 yuan/ton [10]. - **Inter - commodity Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 17 to 21, 2025 are shown. On November 21, the LLDPE - PVC spread was 2330 yuan/ton [10]. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 17 to 21, 2025 are provided. For example, the basis of rebar on November 21 was 173.0 yuan/ton [21]. - **Inter - period Spreads**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are presented. The 5 - 1 month spread of rebar was 42.0 yuan/ton [20]. - **Inter - commodity Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from November 17 to 21, 2025 are given. On November 21, the rebar/iron ore ratio was 3.89 [20]. Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 17 to 21, 2025 are provided. For example, the basis of copper on November 21 was 20 yuan/ton [31]. London Market - On November 21, 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 presented. For example, the LME spread of copper was 1.06 [34]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 17 to 21, 2025 are provided. For example, the basis of soybeans No.1 on November 21 was - 89 yuan/ton [39]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of various agricultural products are given, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 month spread of soybeans No.1 was 42 yuan/ton [39]. - **Inter - commodity Spreads**: The ratios and spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on November 21, 2025 are presented. For example, the soybeans No.1/corn ratio was 1.88 [39]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 17 to 21, 2025 are provided. For example, the basis of CSI 300 on November 21 was 71.22 [52]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the 5 - 1 month spread of CSI 300 was - 408 [50].

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属组 王蓉（首席分析师/所长助理） 投资咨询从业资格号：Z0002529 王宗源（联系人） 期货从业资格号： F03142619 日期：2025年11月23日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：风偏走弱，短期价格承压 强弱分析：中性 精废价差短期震荡 0 1000 2000 3000 4000 5000 6000 01-02 01-14 01-26 02-07 02-19 03-03 03-15 03-27 04-09 04-21 05-06 05-18 05-30 06-11 06-23 07-05 07-17 07-29 08-10 08-22 09-03 09-15 09-27 10-16 10-28 11-09 11-21 12-03 12-15 12-27 元/吨 佛山破碎生铝精废价差 2021 2022 2023 2024 2025 ADC12-A00价差短期走强 ...

Report Summary 1) Report Industry Investment Rating Not provided in the content. 2) Core View of the Report The methanol market continues to show a weak trend. The international device operating rate has increased, the supply is abundant, and the downstream demand is stable. Although the port inventory accumulation cycle has ended, the arrival volume is expected to rise further, and the MTO start - up has slightly declined. The domestic supply is loose, but the inland price is relatively firm due to factors such as stable MTO start - up and large - scale device shutdown. With the upcoming gas - limiting season in Iran and the weakening impact of external factors, methanol will mainly maintain a weak trend [4]. 3) Summary by Relevant Catalogs Market Review - Futures market: The futures price fluctuated weakly, closing at 2004, down 7 or 0.35% [2]. - Spot market: Different regions have different price quotations. For example, in production areas, the price in Inner Mongolia's southern line is 1920 yuan/ton, and in consumption areas, the price in southern Shandong is 2070 yuan/ton [2]. Important Information In the current cycle (20251115 - 20251121), the international (ex - China) methanol production is 1068585 tons, and the device capacity utilization rate is 73.25%, remaining flat compared to last week [3]. Logical Analysis - Supply side: The profit of coal - to - methanol is around 320 yuan/ton, and the domestic supply is continuously abundant with a high and stable operating rate [4]. - Import side: The US dollar price has been falling, imports are in a positive spread situation, the external market operating rate is rising, and there is a large amount of non - Iranian supply [4]. - Demand side: The MTO device operating rate has rebounded, and some MTO devices are operating stably or with insufficient loads [4]. - Inventory: The port inventory accumulation cycle has ended, the basis is strong, and the inland enterprise inventory fluctuates slightly [4]. Trading Strategies - Unilateral: Stop profit on short positions [5]. - Arbitrage: Wait and see [6]. - Options: Sell call options [6].

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 21, 2025, including the basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. [1][5][22][28][39][49] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis of power coal from November 14 to November 20, 2025, was 32.6 yuan/ton, and the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from November 14 to November 20, 2025, are presented, along with their price ratios on some dates [7] 3.2.2 Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 14 to November 20, 2025, shows different values and trends [9] - **Inter - period Spreads**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 14 to November 20, 2025, are presented [10] 3.3 Black Metals - **Inter - period Spreads**: The inter - period spreads of 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month for rebar, iron ore, coke, and coking coal are given, with a note on the rebar's main contract months [21] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 14 to November 20, 2025, are presented [21] - **Basis**: The basis of rebar, iron ore, coke, and coking coal from November 14 to November 20, 2025, shows different values [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 14 to November 20, 2025, is provided [30] 3.4.2 London Market - On November 20, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin in the London market are presented [33] 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 14 to November 20, 2025, is provided [39] - **Inter - period Spreads**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [39] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 14 to November 20, 2025, are presented [38] 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 14 to November 20, 2025, is provided [50] - **Inter - period Spreads**: The inter - period spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [50]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - This report is the Baocheng Futures variety arbitrage data daily report for November 18, 2025, presenting the basis, inter - period, and inter - variety data of various commodities including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary by Related Catalogs 3.1 Thermal Coal - The basis of thermal coal on November 17, 2025, was 32.6 yuan/ton, consistent with November 14 - 13, 2025, and up from 29.6 yuan/ton on November 11, 2025. The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from November 11 - 17, 2025, were presented, such as the basis of fuel oil being - 21.45 on November 17, 2025 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 11 - 17, 2025, was provided. For example, the basis of rubber was - 515 yuan/ton on November 17, 2025 [9]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol were given. For instance, the 5 - 1 month spread of rubber was 75 yuan/ton [10]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 11 - 17, 2025, were presented. For example, the LLDPE - PVC spread was 2263 yuan/ton on November 17, 2025 [10]. 3.3 Black Metals - **Basis**: The basis of rebar, iron ore, coke, and coking coal from November 11 - 17, 2025, was shown. For example, the basis of rebar was 143.0 yuan/ton on November 17, 2025 [20]. - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal were provided. For example, the 5 - 1 month spread of rebar was 52 yuan/ton [19]. - **Inter - variety**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 11 - 17, 2025, were presented. For example, the rebar/iron ore ratio was 3.94 on November 17, 2025 [19]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 11 - 17, 2025, was given. For example, the basis of copper was 50 yuan/ton on November 17, 2025 [29]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on November 17, 2025, were presented. For example, the LME spread of copper was (32.62) [34]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 11 - 17, 2025, was provided. For example, the basis of soybeans No.1 was - 158 yuan/ton on November 17, 2025 [41]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton were given. For example, the 5 - 1 month spread of soybeans No.1 was 30 yuan/ton [41]. - **Inter - variety**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 11 - 17, 2025, were presented. For example, the soybeans No.1/corn ratio was 1.92 on November 17, 2025 [40]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on November 11 - 17, 2025, was shown. For example, the basis of CSI 300 was 16.65 on November 17, 2025 [52]. - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 were provided. For example, the next - month - current - month spread of CSI 300 was - 158 [52].