Report Information - Report Name: PTA Daily Report [1] - Date: November 7, 2025 [2] Investment Rating - Not provided Core View - PX maintenance rumors support the PX market, cost drives up PTA, and the downstream polyester operating load is relatively high with good rigid demand. It is expected that the PTA market will rise [6] Summary by Section 1. Market Review and Operation Suggestions - On the 6th, the closing price of the PTA main futures TA2601 was 4,688 yuan/ton, up 104 yuan/ton or 2.27%. The settlement price was 4,620 yuan/ton, and the daily open interest increased by 61,763 lots. The closing price of TA2605 was 4,750 yuan/ton, up 100 yuan/ton, with a trading volume of 66,851 lots, an increase of 3,185 lots [6] 2. Industry News - US crude oil inventories unexpectedly increased significantly, and the international oil price continued to fall. However, gasoline inventories dropped to the lowest level in three years, limiting the decline. On Wednesday (November 5), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.6 per barrel, down $0.96 or 1.59%. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.52 per barrel, down $0.92 or 1.43% [7] - The estimated price of PX in the Chinese market was $825 - 827 per ton, up $10 per ton; the estimated price in the South Korean market was $805 - 807 per ton, up $10 per ton. The cost - side oil market continued to fluctuate. Domestic PX plants operated relatively stably, and the demand side showed well due to the release of new PTA production capacity. Participants still had confidence in the future market under the tight - balance pattern [7] - The PTA price in the East China market was 4,541 yuan/ton, up 34 yuan/ton. The average daily negotiation basis was at a discount of 79 yuan/ton to the futures 2601, down 2 yuan/ton [7] 3. Data Overview - The report provides multiple data charts including PTA futures price summary, spot - futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

行业 PTA 日报 日期 2025 年 11 月 6 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、 行情回顾与操作建 ...

Group 1 - The domestic futures market for synthetic rubber showed positive performance on November 6, with the main contract opening at 10,185.0 CNY/ton and reaching a high of 10,320.0 CNY, marking a 2.18% increase [1] - As of November 5, 2025, the inventory of domestic butadiene rubber stood at 29,300 tons, a decrease of 1,600 tons from the previous period [1] - The Shanghai market saw high-grade butadiene rubber prices increase by 50-100 CNY/ton compared to the previous trading day, as market participants tested higher quotes while negotiating discounts [1] Group 2 - Future trends for synthetic rubber futures are expected to be weak due to increased domestic supply pressure and ongoing challenges in demand from tire manufacturers, with some companies planning to reduce output or conduct maintenance in November [2] - The U.S. manufacturing PMI fell to 48.7% in October, but showed a year-on-year increase of 3.8%, indicating a marginal improvement that could support rubber prices [2] - The CSI 1000 index has risen for seven consecutive months, reaching 7,538 points, a year-on-year increase of 45.5%, which is favorable for the rubber and plastics sector [2]

Group 1 - The domestic synthetic rubber futures market is experiencing a downward trend, with the main contract opening at 10,755.0 CNY/ton and a decline of approximately 1.58% [1] - As of October 29, 2023, the social inventory of synthetic rubber recorded 30,900 tons, a decrease of 230 tons from the previous week, representing a reduction of 6.93% [1] - The net position of the top 20 futures companies for synthetic rubber shows a net short position of 17,800 contracts, an increase of 3,704 contracts compared to the previous day [1] Group 2 - Southwest Futures indicates that the market is expected to rebound due to increased short-term maintenance, with price increases exceeding expectations; however, the supply side remains weak due to bearish raw material prices and increased private supply [2] - The overall market for polybutadiene rubber is expected to maintain a weak trend with wide fluctuations, and future attention should be paid to changes in raw material prices and supply conditions [2]

Core Insights - The domestic futures market for natural rubber is experiencing a significant decline, with the main contract opening at 15,400.00 CNY/ton and a drop of 2.68% observed during the trading session [1] Summary by Sections Market Performance - As of the midday close, the highest price for natural rubber futures reached 15,465.00 CNY, while the lowest was 15,050.00 CNY [1] - The total warehouse receipts for natural rubber on the Shanghai Futures Exchange decreased by 1,220 tons compared to the previous trading day, totaling 121,670 tons [1] Export Data - Thailand's natural rubber exports (excluding compound rubber) for the first three quarters of 2025 totaled 1.993 million tons, reflecting an 8% year-on-year decline [1] - Specific export figures include: - Standard rubber: 1.116 million tons, down 20% year-on-year - Sheet rubber: 308,000 tons, up 22% year-on-year - Latex: 556,000 tons, up 10% year-on-year [1] - Exports to China amounted to 759,000 tons, marking a 6% increase year-on-year [1] Inventory Levels - As of October 20, 2025, the rubber inventory at the Osaka Exchange was 3,466 tons, an increase of 251 tons from 3,215 tons on October 10 [1] Future Market Outlook - New Century Futures indicates that both bonded and general trade warehouses are continuing to deplete inventory, with a reduction in total port inflow [2] - Hualian Futures notes that rubber prices are adjusting in line with overall market trends, with recent rainfall and typhoons affecting rubber tapping in major production areas [2] - The demand side remains pressured by the domestic real estate market, with no improvement expected, although heavy truck sales have seen a significant increase of over 80% year-on-year in September [2]

Group 1: Report General Information - Report Title: "Soda Ash and Glass Weekly Report - Donghai Futures Black Building Materials Weekly Strategy" [1] - Report Date: October 27, 2025 [1] - Analysts: Liu Huifeng, Wu Bingxin [2] Group 2: Soda Ash and Glass Futures Market Review - **Weekly Price Changes**: The closing price of the soda ash main contract was 1229 yuan, with a daily increase of 20 yuan and a daily increase rate of 1.65%. The closing price of the glass main contract was 1092 yuan, with a daily decrease of 3 yuan and a daily decrease rate of -0.27%. The trading volume of the soda ash main contract was 1,407,877 lots, an increase of 2231 lots from the previous week, and the trading volume of the glass main contract was 1,721,622 lots, an increase of 163,001 lots from the previous week [6]. - **Price Trends**: The report presents the historical closing price trends of the soda ash and glass main contracts, as well as the weekly price fluctuations and trading volume changes [3][4][6]. Group 3: Soda Ash Fundamental Analysis - **Production**: China's soda ash production has increased week - on - week, with some plants resuming operation and the operating rate rising. Soda ash is still in the capacity - launch period, and the supply pressure persists [68]. - **Capacity Utilization**: The overall capacity utilization rate of soda ash has increased. The capacity utilization rates of the ammonia - soda process and the combined - soda process are 91.09% and 76.23% respectively, with week - on - week increases of 1.67 and 0.49 percentage points, and week - on - week increase rates of 1.87% and 0.65% respectively [30]. - **Inventory**: The total factory inventory of soda ash is 170.21 tons, a week - on - week increase of 0.16 tons, an increase rate of 0.09%. Among them, the heavy - soda ash inventory is 93.45 tons, a week - on - week decrease of 0.62 tons, a decrease rate of - 0.66%, and the light - soda ash inventory is 76.76 tons, a week - on - week increase of 0.78 tons, an increase rate of 1.03% [36]. - **Profit**: The weekly profit of soda ash has decreased, and the current loss is expanding [68]. Group 4: Glass Fundamental Analysis - **Supply**: The number of operating glass production lines and the capacity utilization rate remained stable last week, with overall supply remaining stable and little week - on - week change [69]. - **Demand**: The order days of downstream deep - processing plants are 11 days, a week - on - week increase of 0.5 days. The peak - season demand has slightly improved, but it is still not good compared to the same period last year, showing a situation of "peak season not prosperous" [69]. - **Inventory**: The report shows the inventory trends of glass in different regions and overall in China, including factory inventories and trader inventories [49][56][60]. - **Profit**: The profits of float glass using natural gas, coal, and petroleum coke as fuels have decreased week - on - week [69]. Group 5: Market Outlook and Recommendations - **Soda Ash**: Although the anti - involution policy is clear, there is no clear industry document issued in the soda ash industry yet. The driving force of soda ash following the policy is insufficient. Currently, the supply pressure of soda ash still exists. In the medium - to - long - term, the contradiction on the supply side is the core factor dragging down and suppressing prices. It is recommended to take a long - term bearish view [68]. - **Glass**: Glass is supported by the anti - involution policy, but the overall demand is still weak. Attention should be paid to the demand for glass during the year - end peak construction period. Short - term range trading is recommended [69].

Core Viewpoint - The domestic futures market for energy and chemicals shows mixed performance, with PTA futures experiencing a slight upward trend, closing at 4518.00 yuan/ton, up 0.27% [1] Supply Side - Yisheng Ningbo has reduced its production by 2.2 million tons, while some facilities are resuming operations, resulting in PTA operating rates at 78.8% [1] - A planned maintenance of 1 million tons by Nengtou has been postponed from October to early November [1] Demand Side - According to Hualian Futures, polyester operating rates remain stable, and the weaving industry's operating rate is unchanged [1] - Traditional peak season demand is supporting the market, with primary replenishment needs, while the sales performance of polyester filament factories is average [1] Inventory - This week, PTA factory inventory has slightly decreased, with factory inventory at 4.07 days, down 0.01 days from last week and down 0.63 days from the same period last year [1] Market Outlook - Jianxin Futures indicates that the crude oil market maintains an upward trend, providing cost support for PTA, while downstream polyester operations remain stable, leading to expectations of a narrow increase in PTA prices in the short term [1]

行业 PTA 日报 日期 2025 年 10 月 24 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 一、 行情回顾与操作建议 | 表1：期货行情 | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current supply - demand outlook for ethylene glycol remains weak, but due to the boost from macro - sentiment, ethylene glycol is expected to show a slight upward trend [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 23rd, the opening price of the main ethylene glycol futures contract was 4060 yuan/ton, the highest was 4119 yuan/ton, the lowest was 4052 yuan/ton, the settlement price was 4086 yuan/ton, and the closing price was 4095 yuan/ton, up 62 yuan from the previous trading day's settlement price. The total trading volume was 188,925 lots, and the open interest was 334,305 lots. The EG2601 contract closed at 4095 yuan/ton, up 62 yuan, with an open interest of 334,305 lots, a decrease of 11,222 lots. The EG2605 contract closed at 4163 yuan/ton, up 52 yuan, with an open interest of 18,730 lots, an increase of 1,853 lots [7]. 3.2 Industry News - Last week, the operating rate of US refineries increased, boosting crude oil demand. After three consecutive weeks of inventory growth, crude oil inventories declined, and international oil prices continued to rise. On Wednesday (October 22), the settlement price of the December 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $58.50 per barrel, up $1.26 or 2.20% from the previous trading day, with a trading range of $57.34 - $59.83. The settlement price of the December 2025 Brent crude oil futures on the London Intercontinental Exchange was $62.59 per barrel, up $1.27 or 2.07% from the previous trading day, with a trading range of $61.38 - $64.17 [8]. - In the Zhangjiagang ethylene glycol market, the spot (October bottom) negotiation price this week was 4189 - 4190 yuan/ton, up 79.5 yuan/ton from the previous working day. The negotiation price before November 7 was 4168 - 4170 yuan/ton, and the negotiation price for late November was 4168 - 4173 yuan/ton. The basis of the current spot (October bottom) was at a premium of 94 - 95 yuan/ton compared to EG2601, the basis before November 7 was at a premium of 73 - 75 yuan/ton compared to EG2601, and the basis for late November was at a premium of 73 - 78 yuan/ton compared to EG2601 [8]. - The inventory of liquid ports in East China showed a downward trend, decreasing by 0.27 million tons or 0.14% compared to the previous period. The breakdown of inventory changes was as follows: ethylene glycol decreased by 2.30 million tons, methanol increased by 1.20 million tons, styrene decreased by 0.05 million tons, pure benzene increased by 1.20 million tons, diethylene glycol decreased by 0.43 million tons, toluene increased by 0.76 million tons, and xylene decreased by 0.65 million tons [8]. 3.3 Data Overview The report provides multiple data charts, including the PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18].

Group 1 - The PTA futures market is experiencing a strong upward trend, with the main contract opening at 4434.00 CNY/ton and reaching a high of 4488.00 CNY, reflecting an increase of approximately 1.59% [1] - Major producers are reducing output due to various reasons, leading to a slight decrease in supply, while demand remains lukewarm despite the traditional peak season [1] - The processing fee for PTA is at a low level, indicating an overall undervaluation, but the long-term supply-demand outlook is pessimistic, suggesting a continuation of the current oscillating market pattern [1] Group 2 - Despite expectations of increased PTA maintenance, the polyester production load is anticipated to decline during the traditional off-peak season, resulting in a weak supply-demand outlook for PTA [2] - The cost side shows that PX loads remain high in Asia and domestically, putting pressure on PXN, while crude oil prices are fluctuating [2] - The overall supply-demand dynamics for PTA are weak, with recent news indicating a potential easing of US-China trade tensions, warranting attention to the progress of US-China economic negotiations [2]