1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views 2.1 Fats and Oils - Palm oil is expected to maintain a low - level volatile or weakly rebound trend, with Dalian palm oil futures fluctuating between 8600 - 8700 yuan. There is pressure to weaken again. Port inventory may rise due to reduced demand in cold weather [1]. - For soybean oil, the 2025/26 US soybean oil supply is up, but the ending stocks are down. CBOT soybean oil is supported. In China, the spot price is slightly up, and the inventory is stable [1]. 2.2 Live Pigs - The spot price is weak, and the market is in a weak - range oscillation. The mid - term outlook is not optimistic. The 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Products - The USDA report lacks positive factors for US soybeans. China's soybean meal supply is loose, and the price will maintain a wide - range oscillation [8]. 2.4 Corn and Corn Starch - Corn has a short - term supply - demand imbalance, and the price rebounds, but the upside is limited due to supply pressure. Attention should be paid to selling and purchasing rhythms and storage [10]. 2.5 Sugar - India's sugar export may face difficulties in the short term. Brazil's supply is loose. The raw sugar price will oscillate around 14 cents/pound. The sugar market will maintain an oscillation this week [14]. 2.6 Cotton - The 11 - month USDA report is bearish for cotton. In China, new cotton supply is high, and demand is weak, but some downstream support exists. The short - term cotton price will be under pressure [15]. 2.7 Eggs - The egg market supply is loose, and demand is weak in the short term. The price decline has not widened, and the market will be weakly oscillating. Near - month short positions can be closed gradually [17][18]. 3. Summary by Relevant Catalogs 3.1 Fats and Oils - **Soybean Oil**: The spot price in Jiangsu is 8590 yuan, unchanged from November 14. The basis is 308 yuan, down 7.78%. The 2025/26 US soybean oil supply is up to 322.76 billion pounds [1]. - **Palm Oil**: The spot price in Guangdong is 8590 yuan, up 20 yuan. The basis is - 54 yuan, down 103.70%. The inventory may rise [1]. 3.2 Live Pigs - **Futures**: The main contract basis is - 45 yuan, down 120%. The price of live pigs 2605 is 12140 yuan, down 0.45% [3]. - **Spot**: The price in Henan is 11650 yuan/ton, down 350 yuan. The slaughter volume is up 0.05% [3]. 3.3 Meal Products - **Soybean Meal**: The spot price in Jiangsu is 3060 yuan, down 0.65%. The basis is - 3 yuan, up 90.63% [8]. - **Rapeseed Meal**: The spot price in Jiangsu is 2420 yuan, down 3.2%. The basis is - 29 yuan, down 390% [8]. 3.4 Corn and Corn Starch - **Corn**: The price of corn 2601 in Jinzhou Port is 2182 yuan, down 0.14%. The basis is 48 yuan, up 92% [10]. - **Corn Starch**: The price of corn starch 2601 is 2489 yuan, down 0.64%. The basis is 21 yuan, up 320% [10]. 3.5 Sugar - **Futures**: The price of sugar 2601 is 5458 yuan, down 0.22%. The 1 - 5 spread is 60 yuan, down 9.09% [14]. - **Spot**: The price in Nanning is 5600 yuan, down 1.06%. The national sugar production is up 12.03% [14]. 3.6 Cotton - **Futures**: The price of cotton 2605 is 13455 yuan, down 0.11%. The 5 - 1 spread is 10 yuan, down 50% [15]. - **Spot**: The price of Xinjiang 3128B is 14579 yuan, down 0.1%. The commercial inventory is up 70.4% [15]. 3.7 Eggs - **Futures**: The price of egg 12 contract is 2987 yuan/500KG, down 1.52%. The 12 - 01 spread is - 242 yuan, down 19.8% [17]. - **Spot**: The egg price in the producing area is 2.96 yuan/jin, down 0.82%. The laying hen inventory is high [17].

Report Information - Report Title: All-variety Spread Daily Report [3] - Date: November 18, 2025 [3] - Data Sources: Wind, Mysteel, GF Futures Research Institute [4] Core Data Summary Ferrous Metals - **Silicon Iron (SF601)**: Futures price is 5566, down 8; spot price is 5870, with a basis rate of 1.35% [1] - **Silicon Manganese (SM601)**: Futures price not fully shown; spot price related to the reference has a basis rate information, and the historical quantile is 40.20% [1] - **Rebar (RB2601)**: Futures price is 3097; spot price of HRB400 20mm in Shanghai is 3220, with a basis rate of 3.97% [1] - **Hot Rolled Coil (HC2601)**: Futures price is 3310; spot price is 3302, up 0.24% [1] - **Iron Ore (I2601)**: Futures price is 789; spot price of 62.5% Brazilian mixed powder at Rizhao Port is 850, up 7.83% [1] - **Coke (J2601)**: Futures price is 1710; spot price of quasi - first - class metallurgical coke at Rizhao Port is 1689, up 51.73% [1] - **Coking Coal (JM2601)**: Futures price is 1301; spot price of S1.3 G75 main coking coal at Shaheyi is 1210, up 7.52% [1] Non - ferrous Metals - **Copper (CU2512)**: Futures price is 86510; spot price of SMM 1 electrolytic copper is 86450, with a basis rate of 0.07% [1] - **Aluminum (AL2601)**: Futures price is 21725; spot price of SMM A00 aluminum is 21630, with a basis rate of 24.37% [1] - **Alumina (AO2601)**: Futures price is 2817; spot price of SMM alumina index is 2846, with a basis rate of 1.03% [1] - **Zinc (ZN2512)**: Futures price is 22330; spot price of SMM 1 zinc ingot is 22465, down 0.60% [1] - **Tin (SN2512)**: Futures price is 289900; spot price of SMM 1 tin is 290360, down 0.10% [1] - **Nickel (NI2512)**: Futures price is 117225; spot price of SMM 1 imported nickel is 116750, up 0.41% [1] - **Stainless Steel (SS2601)**: Futures price is 12870; spot price is 12415, up 3.66% [1] - **Lithium Carbonate (LC2601)**: Futures price is 95200; spot price of SMM battery - grade lithium carbonate is 86150, down 9.51% [1] - **Industrial Silicon (SI2601)**: Futures price is 9500; spot price of SMM silicon is 9080, up 4.63% [1] Precious Metals - **Gold (AU2512)**: Futures price is 929.5; spot price of Shanghai Gold Exchange's gold (T + D) is 930.2, with a basis rate of 0.08% [1] - **Silver (AG2602)**: Futures price is 11933.0; spot price of Shanghai Gold Exchange's silver (T + D) is 11970.0, with a basis rate of 0.31% [1] Agricultural Products - **Soybean Meal (M2601)**: Futures price is 3043.0; spot price of ordinary protein soybean meal in Zhangjiagang, Jiangsu is 2990, down 1.74% [1] - **Soybean Oil (Y2601)**: Futures price is 8490; spot price of fourth - grade soybean oil in Zhangjiagang, Jiangsu is 8282.0, up 2.51% [1] - **Palm Oil (P2601)**: Futures price is 8680.0; spot price in Huangpu Port is 8640, down 0.46% [1] - **Rapeseed Meal (RM601)**: Futures price is 2520; spot price of ordinary rapeseed meal in Zhanjiang, Guangdong is 2449.0, up 60.10% [1] - **Rapeseed Oil (OI601)**: Futures price is 10230; spot price of fourth - grade rapeseed oil in Nantong, Jiangsu is 9880.0, up 3.54% [1] - **Corn (C2601)**: Futures price is 2230; spot price at Jinzhou Port is 2182.0, up 2.45% [1] - **Corn Starch (CS2601)**: Futures price is 2550; spot price in Changchun, Jilin is 2489.0, down 0.38% [1] - **Pig (LH2601)**: Futures price is 11695.0; spot price in Henan is 11650, down 45.0 [1] - **Egg (JD2601)**: Futures price is 3229.0; spot price in Shijiazhuang, Hebei is 2840, down 12.05% [1] - **Cotton (CF601)**: Futures price is 14579; spot price of 3128B cotton in Xinjiang is 13445.0, up 5.53% [1] - **Sugar (SR601)**: Futures price is 5760; spot price at Liuzhou Station is 5458.0, up 49.00% [1] - **Apple (AP601)**: Futures price is 8840; spot price of apple's delivery theoretical price is 9438.0, down 6.34% [1] - **Red Dates (CJ601)**: Futures price is 8900; spot price of first - grade grey dates in Hebei is 9270.0, down 3.99% [1] Energy and Chemicals - **Paraxylene (PX601)**: Futures price is 6796.0; spot price at China's main ports is 6805.0, with a basis rate of 0.13% [1] - **PTA (TA601)**: Futures price is 4620.0; spot price in the East China region is 4692.0, down 1.53% [1] - **Ethylene Glycol (EG2601)**: Futures price is 3938.0; spot price in the East China region is 3975.0, with a basis rate of 0.94% [1] - **Polyester Staple Fiber (PF602)**: Futures price is 6230.0; spot price in the East China market is 6295.0, up 1.04% [1] - **Styrene (EB2512)**: Futures price is 6496.0; spot price in East China is 6535.0, with a basis rate of 0.60% [1] - **Methanol (MA601)**: Futures price is 2012.0; spot price in Taicang, Jiangsu is 2029.0, down 0.84% [1] - **Urea (UR601)**: Futures price is 1590.0; spot price in Shandong is 1662.0, up 2.30% [1] - **LLDPE (L2601)**: Futures price is 6843.0; spot price in Shandong is 6925.0, up 1.20% [1] - **PP (PP2601)**: Futures price is 6467.0; spot price in Zhejiang is 6500.0, with a basis rate of 0.51% [1] - **PVC (V2601)**: Futures price is 4601.0; spot price in Changzhou is 4510.0, down 1.98% [1] - **Caustic Soda (SH601)**: Futures price is 2291.0; spot price in Shandong is 2437.5, with a basis rate of 6.39% [1] - **LPG (PG2512)**: Futures price is 4398.0; spot price in Guangzhou is 4410.0, down 0.27% [1] - **Asphalt (BU2601)**: Futures price is 3032.0; spot price in Shandong is 3020.0, down 0.40% [1] - **Butadiene Rubber (BR2601)**: Futures price is 10455.0; spot price in East China is 10500.0, up 0.43% [1] - **Float Glass (FG601)**: Futures price is 1029.0; spot price in Shahe is 1008.0, up 70.16% [1] - **Soda Ash (SA601)**: Futures price is 1231.0; spot price in Shahe is 1181.0, down 4.23% [1] - **Natural Rubber (RU2601)**: Futures price is 15315.0; spot price in Shanghai is 14800.0, down 3.48% [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Futures price is 4598.1; basis is - 16.7, down 0.36% [1] - **IH2512.CFE**: Futures price is 3009.2; basis is - 2.9, down 0.10% [1] - **IC2512.CFE**: Futures price is 7235.4; basis is - 92.0, down 1.2% [1] - **IM2512.CFE**: Futures price is 7523.1; basis is - 128.7, down 1.74% [1] - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2512)**: Futures price is 102.48; conversion factor is 0.9765 [1] - **5 - year Treasury Bond (TF2512)**: Futures price is 105.89; conversion factor is 0.9405 [1] - **10 - year Treasury Bond (T2512)**: Futures price is 106.53; conversion factor is 0.9814 [1] - **30 - year Treasury Bond (TL2512)**: Futures price is 116.46; conversion factor is 1.1271 [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports mainly present the daily price differences, price changes, and relevant data of various financial products including stock index futures, treasury bond futures, precious metals, and container shipping indices. These data can help investors understand the market trends and relative valuations of different products. 3. Summary by Related Catalogs Stock Index Futures - **IF, IH, IC, IM期现价差**: The latest values of IF, IH, IC, and IM期现价差 are -16.65, -2.87, -91.05, and -128.68 respectively, with changes of 11.09, 5.15, 6.11, and 2.08 compared to the previous day. Their historical 1 - year percentiles are 47.90%, 39.30%, 27.40%, and 65.00% respectively, and the full - historical percentiles are 27.20%, 41.40%, 4.50%, and 14.30% respectively [1]. - **IF, IH, IC, IM跨期价差**: Different combinations of IF, IH, IC, and IM跨期价差 show various values, changes, and percentiles. For example, the IF跨期价差 of “次月 - 当月” is -14.40, with a change of -0.80, a historical 1 - year percentile of 29.00%, and a full - historical percentile of 29.60% [1]. - **跨品种比值**: Ratios such as “中证500/沪深300”, “IC/IF” etc. are presented, with corresponding changes and percentiles. For instance, “中证500/沪深300” is 1.5736, with a change of 0.0102, a historical 1 - year percentile of 90.10%, and a full - historical percentile of 67.90% [1]. Treasury Bond Futures - **基差**: The latest values of TS, TF, T, and TL基差 are 1.6915, 1.5952, 0.0842, and 1.9316 respectively, with changes of -0.0256, -0.0166, -0.0315, and -0.0414 compared to the previous day. Their percentiles since listing are 32.00%, 42.70%, 52.60%, and 71.30% respectively [3]. - **跨期价差**: Different combinations of TS, TF, T, and TL跨期价差 have different values, changes, and percentiles. For example, the TS跨期价差 of “当季 - 下季” is 0.0640, with a change of 0.0080 and a percentile of 37.50% [3]. - **跨品种价差**: Values and changes of “TS - TF”, “TS - T” etc. are provided. For example, “TS - TF” is -3.4250, with a change of -0.0040 and a percentile of 10.60% [3]. Precious Metals - **期货收盘价**: The 11 - 17 closing prices of AU2512 and AG2512 contracts are 929.46 and 11933 respectively, with changes of -23.74 (-2.49%) and -418 (-3.38%) compared to 11 - 14. The 11 - 17 closing prices of COMEX黄金 and silver主力 contracts are 4045.10 and 50.05 respectively, with changes of -39.30 (-0.96%) and -0.35 (-0.69%) compared to 11 - 14 [5]. - **现货价格**: The 11 - 17 prices of London gold and silver are 4044.51 and 50.18 respectively, with changes of -37.65 (-0.92%) and -0.34 (-0.67%) compared to 11 - 14. The 11 - 17 prices of gold and silver TD are 930.22 and 11970 respectively, with changes of -17.76 (-1.87%) and -356 (-2.89%) compared to 11 - 14 [5]. - **基差**: The values, changes, and historical 1 - year percentiles of “黄金TD - 沪金主力”, “白银TD - 沪银主力” etc. are given. For example, “黄金TD - 沪金主力” is 0.76, with a change from -5.22 and a historical 1 - year percentile of 96.70% [5]. - **比值、利率与汇率、库存与持仓**: Ratios like “COMEX金/银”, “上期所金/银”, interest rates of 10 - year and 2 - year US Treasury bonds, dollar index, and inventory and持仓 data of precious metals are presented with corresponding changes [5]. Container Shipping - **集运指数**: The 11 - 17 values of SCFIS (European route) and SCFIS (US West route) are 1357.67 and 1238.42 respectively, with changes of -147.1 (-9.78%) and -91.3 (-6.87%) compared to 11 - 10. The 11 - 14 values of SCFI综合指数, SCFI (European), and SCFI (US West) etc. are also provided with corresponding changes [7]. - **期货价格及基差**: The 11 - 13 prices of EC2602, EC2604 etc. contracts are presented with changes compared to 11 - 12. The 11 - 13基差(主力) is -125.4, with a change of -11.0 compared to the previous value [7]. - **基本面数据**: Data on global container运力供给, Shanghai port准班率, 港口挂靠情况, monthly出口舍额, overseas economic indicators such as eurozone综合PMI, EU consumer confidence index, US制造业PM指数, and OECD综合领先指标 are provided with their respective changes [7].

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views Polyolefins - PP shows a pattern of both supply and demand increasing, with reduced maintenance driving supply recovery and inventory slightly accumulating under new - capacity pressure. PE shows increased supply and decreased demand, with abundant imported goods and weakening demand except for agricultural film. It is recommended to gradually stop losses and reduce positions on previous short positions near the previous low, and the market is expected to have limited rebound space [2]. Methanol - In the inland market, Baofeng continues to purchase externally, and Jiutai has unexpected maintenance. Iranian gas restrictions are postponed, and shipments are accelerating, putting pressure on the port methanol market. The market is trading under the "weak reality" logic, and the 01 - contract inventory contradiction cannot be resolved. It is recommended to pay attention to the marginal device operation [4]. Crude Oil - The short - term crude oil market has no clear direction. The continuous sanctions on Russia by Europe and the United States and the attacks on Russian refineries by Ukrainian drones support the oil price, but the continuous production increase of OPEC+ and the record - high US crude oil production limit the rebound space. Brent oil is expected to fluctuate between 60 - 66 dollars per barrel [7]. Natural Rubber - Supply - side factors such as cold weather in Yunnan and continuous rainy season in southern Thailand may keep raw material prices high. Demand is weak, and the market is expected to enter a range - bound consolidation. If raw material supply is smooth, there may be further downward space; otherwise, the rubber price is expected to run between 15000 - 15500 [10]. Pure Benzene and Styrene - Pure benzene supply is expected to be relatively loose, with limited demand support and high port inventory. The short - term rebound space of BZ2603 is limited, and it is recommended to wait and see. Styrene's supply - demand situation has improved in November, but the rebound space is also limited, and attention should be paid to the pressure around 6600 - 6700 for EB12 [11]. Glass and Soda Ash - Soda ash has an overall surplus pattern, with high production and inventory transfer to the middle and lower reaches. It is recommended to wait and see in the short - term and look for opportunities to short on rebounds. Glass has short - term rigid demand support but faces long - term demand contraction pressure, and it is expected to be weak in the medium - term [12]. Polyester Industry Chain - PX supply remains at a relatively high level, and the short - term demand has support, but the rebound sustainability is insufficient. PTA is expected to be in a tight balance in November and loose in the future. MEG is expected to have inventory accumulation, and short - fiber and bottle - chip also face supply - demand challenges [13]. PVC and Caustic Soda - Caustic soda has supply - demand pressure, with weak demand from the alumina industry, and the price is expected to fluctuate weakly. PVC is in an oversupply situation, with weak demand and limited upward driving force [14]. 3. Summary by Related Catalogs Polyolefins - **Prices and Spreads**: L2601, L2605, PP2601, and PP2605 prices decreased slightly. L15 and PP15 spreads increased. Spot prices of some products decreased, and some basis values changed [2]. - **Inventory and开工率**: PE and PP enterprise inventories increased, and social inventories of PE decreased. The PE and PP device and downstream weighted开工率 showed different trends [2]. Methanol - **Prices and Spreads**: MA2601 and MA2605 prices decreased. Some basis values and regional spreads changed. Methanol enterprise inventory decreased, while port and social inventories increased [4]. - **开工率**: Domestic and overseas upstream enterprise开工率 increased, while some downstream开工率 decreased [4]. Crude Oil - **Prices and Spreads**: Brent, WTI, and SC prices had different changes. Some spreads such as Brent M1 - M3 and WTI M1 - M3 decreased [7]. - **Product Prices**: Some refined product prices such as NYM RBOB decreased, while NYM ULSD increased [7]. Natural Rubber - **Prices and Spreads**: Some spot prices such as Yunnan state - owned whole - latex remained unchanged, and some spreads changed [10]. - **Fundamentals**: Production in some countries decreased, while China's production increased. Tire production and export showed different trends, and import volume increased [10]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Crude oil, naphtha, and other prices changed, and some spreads such as pure benzene - naphtha increased [11]. - **Benzene - Styrene Prices and Spreads**: Benzene - styrene prices increased, and some spreads and cash - flows changed [11]. - **Downstream Cash - flows and开工率**: Cash - flows of some downstream products changed, and the开工率 of some products also changed [11]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash futures and spot prices had different changes, and some basis values changed [12]. - **Supply and Inventory**: Soda ash production and开工率 decreased, and glass melting volume remained unchanged. Inventories of glass and soda ash increased [12]. Polyester Industry Chain - **Upstream Prices**: Crude oil, naphtha, and other prices changed [13]. - **Downstream Product Prices and Cash - flows**: Prices and cash - flows of polyester products such as POY, FDY, and DTY changed [13]. - **PX, PTA, and MEG**: PX, PTA, and MEG prices, spreads, and开工率 had different changes, and MEG port inventory and arrival expectations were also provided [13]. PVC and Caustic Soda - **Prices and Spreads**: PVC and caustic soda futures and spot prices changed, and some spreads and basis values changed [14]. - **Supply and Demand**: Supply - side开工率 of PVC and caustic soda changed, and demand - side downstream开工率 also changed. Inventories of PVC and caustic soda decreased [14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, near - term TA has partial device maintenance, with开工 decreasing, polyester load dropping, inventory accumulating, and basis remaining weak. Spot processing fees improve slightly. PX has a good pattern, and opportunities for positive spreads and expanding processing fees should be noted [3]. - For MEG, near - term domestic oil - based production increases, coal - based production has partial maintenance and load reduction, overall operation decreases, and inventory accumulates. In the short - term, EG inventory accumulation is expected to continue, but the supply may decrease, and the long - term pattern is expected to weaken [3]. - For polyester staple fiber, near - term device operation is stable, production and sales are weak, and inventory accumulates. Although the downstream has no obvious improvement, short - fiber exports are growing, and opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. - For natural rubber, the national explicit inventory is stable, and the Thai cup - rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [6]. Summary by Product PTA - **Price and Margin Changes**: From November 11 - 17, crude oil decreased by $0.2, PTA internal - market spot decreased by $20, and polyester margin increased by 37. The average daily transaction basis of PTA spot is 2601(-71) [3]. - **Device Changes**: Sichuan Energy Investment's 1 million - ton device is under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state, downstream pressure is not obvious, and the inventory accumulation slope is not high. Opportunities for positive spreads and expanding processing fees should be noted [3]. MEG - **Price and Margin Changes**: From November 11 - 17, MEG outer - market price decreased by $3, and MEG coal - based profit remained unchanged. The basis of MEG spot is around 01(+40) [3]. - **Device Changes**: Hongsifang's 300,000 - ton device, Huayi's 200,000 - ton device are under maintenance, and Zhenhai's 800,000 - ton device restarts [3]. - **Outlook**: In the short - term, EG inventory accumulation is expected to continue, but the supply may decrease. The long - term pattern is expected to weaken [3]. Polyester Staple Fiber - **Price and Margin Changes**: From November 11 - 17, the price of 1.4D cotton - type staple fiber decreased by $15, and short - fiber profit remained unchanged. The spot price is around 6297, and the market basis is around 12 - 20 [3]. - **Device Changes**: No device maintenance information [3]. - **Outlook**: Although the downstream has no obvious improvement, short - fiber exports are growing, and opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. Natural Rubber - **Price Changes**: From November 11 - 17, the price of Shanghai full - latex increased by 105, and the price of Thai cup - rubber remained unchanged. The weekly change of RU main contract is 205, and that of NR main contract is 190 [6]. - **Key Relationships**: The basis of mixed - RU main contract decreased by 125, and the processing profit of Thai standard remained at 15 [6]. - **Outlook**: The national explicit inventory is stable, and the Thai cup - rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [6]. Styrene - **Price Changes**: From November 11 - 17, ethylene (CFR Northeast Asia) remained unchanged, and styrene (CFR China) increased by 2. The daily change of PS (East China transparent benzene) is 20, and that of styrene domestic profit is - 55 [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The PG main contract is running strongly. The basis is 1 (-101), and the 12 - 01 month spread is 93 (+21). The cheapest deliverable is East China civil LPG at 4364 (-10), Shandong at 4440 (+60), and South China at 4460 (+10); ether - after carbon four is 4630 (+130). The international propane market is in a loose pattern, and the domestic chemical market is strong with the expectation of the civil market strengthening in the peak season, but the futures price is over - valued. Attention should be paid to the weather and the situation of cold snaps in the US [4]. 3. Summary by Related Catalogs Daily Changes - On Monday, for civil LPG, the price in East China was 4364 (+0), in Shandong was 4400 (+0), and in South China was 4390 (-70). The price of ether - after carbon four was 4670 (+40). The lowest delivery location was East China, with a basis of -28 (-42) and a 12 - 01 month spread of 82 (-12). FEI was 503 (+1) and CP was 483 (+2) dollars per ton [4]. Weekly Views - The PG main contract showed a strong trend. The basis decreased by 101, and the 12 - 01 month spread increased by 21. The prices of the cheapest deliverable in different regions and ether - after carbon four changed. The outer - market paper goods rose, the oil - gas ratio weakened slightly, the month spread strengthened, and the internal - external price difference weakened. The premium strengthened, and the freight weakened slightly. The FEI - MOPJ spread decreased, the naphtha crack spread changed little, and remained at a relatively high level this year. The profit of Shandong PDH to produce propylene recovered slightly, the profit of alkylation units worsened, the MTBE production profit fluctuated, and the export profit was still good. Domestic production decreased slightly, arrivals were limited, factory inventories decreased slightly, and ports destocked. The PDH operating rate was 71.74% (-3.71). Overall, the domestic chemical market is strong, the civil market has the expectation of strengthening in the peak season, but the futures price is over - valued, and the international propane market pattern is loose [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF601)**: The conversion price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5490, with a change of 64 and a change rate of 1.24%, and a historical quantile of 64.00% [1]. - **Silicon Manganese (SM601)**: The price is 5870, with a change of 122 and a change rate of 2.12%, and a historical quantile of 48.40%. The conversion price of silicon manganese from Inner Mongolia to Hubei warehouse receipts is 6517 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3053 [1]. - **Hot - Rolled Coil (HC2601)**: The price is 3260, with a change of 4 and a change rate of 0.12%, and a historical quantile of 19.40%. The reference is Q235B 4.75mm in Shanghai [1]. - **Iron Ore (I2601)**: The price is 843, with a change of 70 and a change rate of 9.09%, and a historical quantile of 55.20%. The conversion price is for 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port [1]. - **Coke (J2601)**: The price is 1689, with a change of 20, and a historical quantile of 72.08%. The conversion price is for quasi - first - class metallurgical coke at Rizhao Port [1]. - **Coking Coal (JM2601)**: The price is 1301, with a change of 109 and a change rate of 9.14%, and a historical quantile of 54.40%. The conversion price is for S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 87095, the futures price is 86900, the basis is 195, the basis rate is 0.22%, and the historical quantile is 69.58% [1]. - **Aluminum (AL2601)**: The spot price is 21910, the futures price is 21840, the basis is 70, the basis rate is 0.32%, and the historical quantile is 76.45% [1]. - **Alumina (AO2601)**: The spot price is 2847, the futures price is 2822, the basis is 25, the basis rate is 0.90%, and the historical quantile is 30.61% [1]. - **Zinc (ZN2512)**: The spot price is 22420, the futures price is 22425, the basis is - 5, the basis rate is - 0.02%, and the historical quantile is 59.16% [1]. - **Tin (SN2512)**: The spot price is 1 1 1 0 00, 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Palm oil in Malaysia is expected to have a record - high production in 2025, pressuring the benchmark price. However, Indonesia's B85 policy provides support. Dalian palm oil futures may continue to rise in the short - term but could face resistance below 9000 yuan. For soybeans, the US soybean production cut in the USDA report was less than expected, causing CBOT soybeans to decline. In China, soybean oil inventory is at a high level, and downstream demand is weak, with a possible short - term correction for Dalian soybean oil [1]. 2.2 Corn and Corn Starch - Corn has a short - term supply - demand imbalance due to factors like farmers' reluctance to sell and transportation issues, leading to a price rebound. But considering the large supply during the new - season harvest, the upward movement is limited, and attention should be paid to the 2200 - 2220 pressure level [3]. 2.3 Sugar - India's sugar export in the 25/26 season may face short - term difficulties, and Brazil's supply is in a relaxed state. The raw sugar price is expected to fluctuate around 14 cents/pound. The domestic sugar market is likely to remain volatile next week [7][8]. 2.4 Cotton - The 11 - month USDA report is bearish for cotton. Globally, production has increased, and demand has only slightly risen, leading to an increase in ending inventory. In China, new cotton supply is high in the short - term, and downstream demand is weak, but some local products offer support. Short - term cotton prices may be under pressure [9]. 2.5 Meal - The USDA's November supply - demand balance sheet for soybeans met market expectations. There is a lack of substantial positive factors for US soybeans, and China's high soybean inventory and reserve rotation expectations suppress the market. Bean meal is expected to trade in a wide range [11]. 2.6 Eggs - The supply of eggs remains high due to stable laying - hen inventory, and demand is in a seasonal slump. Although the decline in egg prices has slowed, the market is expected to be weak and volatile this week [15]. 2.7 Pigs - The spot price of pigs is weak, but the market may strengthen tomorrow. The overall November pig - selling progress is slow, which may support prices. The market is in a range - bound pattern, with limited upside and downside in the short - term. A 3 - 7 reverse spread strategy can be continued [17]. 3. Summary by Industry 3.1 Oils and Fats - **Soybean Oil**: On November 14, the spot price in Jiangsu was 8590 yuan, up 0.35% from the previous day. The futures price of Y2601 was 8256 yuan, down 0.72%. The basis of Y2601 increased by 36.89% [1]. - **Palm Oil**: The spot price in Guangdong was 8590 yuan, up 0.23%. The futures price of P2601 was 8644 yuan, down 1.23%. The basis of P2601 increased by 70.33%. The import cost and profit decreased [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 10290 yuan, up 0.29%. The futures price of OI601 was 9923 yuan, down 0.52%. The basis of OI601 increased by 28.77% [1]. 3.2 Corn and Corn Starch - **Corn**: The price of corn 2601 at Jinzhou Port fluctuated. The basis increased by 78.57%. The 1 - 5 spread increased by 5.63%. The import profit increased by 5.00% [3]. - **Corn Starch**: The price of corn starch 2601 decreased slightly. The basis increased by 66.67%. The 1 - 5 spread remained unchanged, and the starch - corn 01 spread decreased by 0.31% [3]. 3.3 Sugar - **Futures Market**: The price of sugar 2601 decreased by 0.76%, and sugar 2605 decreased by 0.53%. ICE raw sugar increased by 2.91%. The 1 - 5 spread decreased by 16.46% [7]. - **Spot Market**: The prices in Nanning and Kunming remained unchanged. The basis in Nanning and Kunming increased. The import prices of Brazilian sugar decreased [7]. - **Industry Situation**: National sugar production and sales increased year - on - year, while the national sales rate decreased. The industrial inventory in some regions increased [7]. 3.4 Cotton - **Futures Market**: The price of cotton 2605 decreased by 0.19%, and cotton 2601 decreased by 0.30%. ICE US cotton decreased by 0.68%. The 5 - 1 spread increased by 300.00% [9]. - **Spot Market**: The prices in Xinjiang and the CC Index decreased slightly. The basis increased [9]. - **Industry Situation**: Commercial inventory, import volume, and some other indicators increased, while textile exports decreased [9]. 3.5 Meal - **Bean Meal**: The spot price in Jiangsu increased by 0.33%, and the futures price of M2601 increased by 0.68%. The basis decreased by 52.38%. The import crushing margin decreased significantly [11]. - **Rapeseed Meal**: The spot price in Jiangsu remained unchanged, and the futures price of RM2601 decreased slightly. The basis increased by 25.00% [11]. - **Soybeans**: The price of the soybean No.1 futures contract increased by 2.08%, and the soybean No.2 futures contract increased by 0.37%. The basis of both decreased [11]. 3.6 Eggs - **Futures Market**: The price of the egg 12 - contract decreased by 0.23%, and the 01 - contract decreased by 0.92%. The 12 - 01 spread increased by 10.22% [15]. - **Spot Market**: The egg - producing area price decreased by 0.34%. The basis decreased by 6.54% [15]. - **Related Indicators**: Egg - chick prices remained unchanged, and the egg - feed ratio decreased. The breeding profit decreased [15]. 3.7 Pigs - **Futures Market**: The price of the pig 2605 decreased by 0.33%, and the 2601 decreased by 0.72%. The 1 - 5 spread decreased by 12.00%. The basis increased by 103.57% [17]. - **Spot Market**: The prices in different regions fluctuated. The daily slaughter volume decreased by 0.74% [17]. - **Related Indicators**: The weekly white - strip price remained unchanged, and the piglet price increased slightly. The self - breeding and purchased - piglet breeding profits decreased [17].

Report Industry Investment Rating No relevant content provided. Core View of the Report No explicit core view is presented in the provided reports. The reports mainly offer data on various financial products such as stock index futures, bond futures, precious metals, and container shipping, including prices, price changes, and historical quantiles. Summary by Relevant Catalogs Stock Index Futures Spread Daily Report - **Price and Spread Data**: The report provides current values, changes from the previous day, 1 - year historical quantiles, and all - time historical quantiles for various stock index futures price spreads, including IF, IH, IC, and IM. For example, the IF spot - futures spread is - 27.74, with a 15.60% change from the previous day [1]. - **Cross - variety Ratios**: It also presents cross - variety ratios such as CSI 200/CSI 300, CSI 500/CSI 300, etc., along with their current values, changes, and historical quantiles [1]. Bond Futures Spread Daily Report - **Basis and Spread Data**: The report shows basis data for TS, TF, T, and TL bond futures, including current values, changes from the previous day, and historical quantiles since listing. For instance, the TS basis is 1.3494, with a 0.0020 change from the previous day [2]. - **Cross - period and Cross - variety Spreads**: It provides cross - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) for different bond futures, along with their values, changes, and historical quantiles [2]. Precious Metals Spot - Futures Daily Report - **Price Data**: The report includes domestic and foreign futures closing prices, spot prices, basis, gold - to - silver ratios, interest rates, exchange rates, inventory, and positions for precious metals (gold and silver). For example, the AU2512 contract closed at 953.20 on November 14, down 0.83% from the previous day [3]. - **Basis and Ratio Changes**: It shows changes in basis and gold - to - silver ratios, such as the gold TD - Shanghai gold main contract basis being - 5.22, with a - 2.67 change [3]. Container Shipping Industry Spot - Futures Daily Report - **Index and Price Data**: The report provides settlement price indices for container shipping (SCFIS for European and US - West routes), Shanghai export container freight rates, futures prices, and basis for container shipping contracts. For example, the SCFIS (European route) settlement price index was 1504.80 on November 10, up 24.50% from November 3 [5]. - **Fundamental Data**: It includes fundamental data such as global container shipping capacity supply, port - related indicators (quasi - on - time rate, port calls), monthly export amounts, and overseas economic indicators (PMI, consumer confidence index) [5].

Group 1: Report Core Information - The report is an LPG morning report by the energy and chemical team of the research center on November 17, 2025, presenting data from November 10 - 14, 2025 [4] Group 2: Daily Changes - On Friday, for civil LPG, prices were 4364 (-4) in East China, 4400 (+0) in Shandong, and 4460 (-30) in South China; ether - post - carbon four was 4630 (+0). The lowest delivery location was East China with a basis of 1 (-43), and the 12 - 01 month spread was 93 (-8). FEI was 502 (-1) and CP was 481 (-1) dollars/ton [4] Group 3: Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery product was civil LPG in East China at 4364 (-10), 4440 (+60) in Shandong, 4460 (+10) in South China; ether - post - carbon four was 4630 (+130) [4] - The overseas paper cargo prices rose, the oil - gas ratio weakened slightly; the month spread strengthened; the domestic - foreign price difference weakened, with PG - CP at 128 (-9) and PG - FEI at 111 (-2) [4] - The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of AFEI, Middle East, and US propane were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively [4] - Freight rates weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year [4] - The profit of propylene production from PDH in Shandong recovered slightly; the profit of alkylation units deteriorated; the MTBE production profit fluctuated, and the export profit remained good [4] - Domestic production decreased slightly, arrivals were limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), with Donghua Zhangjiagang restarted and Juzhengyuan and Haiwei under maintenance and shut - down [4] - Overall, the domestic chemical market is strong, there is an expectation of a strong peak season for civil use, but the futures price is over - valued; the international propane market pattern is loose, and attention should be paid to the weather and cold snaps in the US [4]