1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Overseas gasoline supply is gradually recovering, leading to significant short - term arrival pressure on pure benzene, with an accelerated accumulation rate of port inventory. Downstream operations remain at a low level during the off - season. Styrene is under maintenance with low load, and CPL operation is further declining at a low level. Although the operations of phenol, aniline, and adipic acid have slightly increased, terminal demand is still weak [3]. - The port basis of styrene continues to strengthen slightly, but the port inventory does not continue to decline, and there is still arrival pressure. The procurement by downstream enterprises drives the basis to strengthen. Attention should be paid to their enthusiasm for holding goods during the off - season. Styrene is still in the low - operation stage of maintenance, and the resumption plan is postponed. However, the downstream operation during the off - season is still low. The operation of EPS with obvious seasonality continues to decline, the operation of PS rebounds but there is still inventory pressure, and the finished - product inventory of ABS still has pressure while the operation remains at a low level [3]. 3. Summary of Each Directory I. Basis Structure and Inter - period Spread of Pure Benzene and EB - Pure benzene: The main basis of pure benzene is - 116 yuan/ton (+3), and the spread between East China pure benzene spot and M2 is - 155 yuan/ton (- 15 yuan/ton) [1]. - Styrene: The main basis of styrene is 115 yuan/ton (+64 yuan/ton) [1]. II. Production Profit and Domestic - Foreign Spread of Pure Benzene and Styrene - Pure benzene: The processing fee of pure benzene CFR China is 102 dollars/ton (+0 dollars/ton), the processing fee of pure benzene FOB South Korea is 92 dollars/ton (+0 dollars/ton), and the price difference between the US and South Korea is 184.9 dollars/ton (+15.1 dollars/ton). The production profit of downstream products varies, such as - 550 yuan/ton (+85) for caprolactam, - 827 yuan/ton (- 225) for phenol - acetone, 753 yuan/ton (+254) for aniline, and - 1218 yuan/ton (+34) for adipic acid [1]. - Styrene: The non - integrated production profit of styrene is - 67 yuan/ton (+94 yuan/ton), and it is expected to gradually compress. The import profit and other relevant spreads are presented in the report [1][34]. III. Inventory and Operating Rate of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 22.40 tons (+6.00 tons), and the operating rate of downstream products shows different changes, with the caprolactam operating rate at 86.68% (- 1.54%), the phenol operating rate at 81.00% (+2.00%), the aniline operating rate at 77.19% (+1.51%), and the adipic acid operating rate at 59.40% (+3.90%) [1]. - Styrene: The East China port inventory of styrene is 160,600 tons (- 3,600 tons), the East China commercial inventory is 96,400 tons (+2,200 tons), and the operating rate is 67.3% (- 1.7%) [1]. IV. Operating Rate and Production Profit of Styrene Downstream Products - EPS: The production profit is 17 yuan/ton (+16 yuan/ton), and the operating rate is 54.75% (- 1.52%) [2]. - PS: The production profit is - 83 yuan/ton (+16 yuan/ton), and the operating rate is 57.60% (+1.70%) [2]. - ABS: The production profit is - 644 yuan/ton (- 44 yuan/ton), and the operating rate is 71.20% (- 1.20%) [2]. V. Operating Rate and Production Profit of Pure Benzene Downstream Products The production profit and operating rate data of caprolactam, phenol - acetone, aniline, and adipic acid are as mentioned above in the production profit and inventory and operating rate parts [1]. Strategy - Unilateral: None. - Basis and Inter - period: Conduct long inter - period spread trading for EB2601 - EB2602 at low prices. - Cross - variety: Expand the spread of EB2601 - BZ2603 at low prices [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For industrial silicon, the supply side's production schedule has decreased and is near the historical average. The demand recovery is at a low level, and cost support has increased. It is expected to fluctuate in the range of 9025 - 9235 [3][5]. - For polysilicon, the supply - side production schedule continues to decrease, and the overall demand shows a continuous decline. Cost support remains stable. It is expected to fluctuate in the range of 55555 - 57295 [7][8]. - The main logic of the market is capacity clearance, cost support, and demand increment. The main bullish factors are cost increase support and manufacturers' shutdown and production - cut plans, while the main bearish factors are slow post - holiday demand recovery and strong supply but weak demand in downstream polysilicon [11][12]. 3. Summary by Relevant Catalogs 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week, the supply was 91,000 tons, unchanged from the previous week [5]. - Demand: Last week, the demand was 82,000 tons, a 2.50% increase from the previous week, showing an upward trend [5]. - Inventory: Polysilicon inventory is 281,000 tons (low), silicone inventory is 56,300 tons (low), and aluminum alloy ingot inventory is 74,600 tons (high). Social inventory increased by 0.36% to 550,000 tons, sample enterprise inventory increased by 1.01% to 179,600 tons, and main port inventory remained unchanged at 129,000 tons [5]. - Cost: In Xinjiang, the production loss of sample oxygen - passing 553 is 2,874 yuan/ton, and cost support has increased during the dry season [5]. - Basis: On November 28, the spot price of non - oxygen - passing silicon in East China was 9,350 yuan/ton, and the basis of the 01 contract was 220 yuan/ton, with the spot at a premium to the futures [5]. - Disk: MA20 is upward, and the futures price of the 01 contract closed above MA20 [5]. - Main position: The main position is net short, and short positions are decreasing [5]. 3.1.2 Polysilicon - Supply: Last week, the output was 24,000 tons, a 11.43% decrease from the previous week. The production schedule in December is predicted to be 113,500 tons, a 0.95% decrease from the previous month [8]. - Demand: Last week, the silicon wafer output was 12.02GW, a 5.94% decrease from the previous week, and the inventory increased by 4.16%. The production of silicon wafers, battery cells, and components is generally in a state of continuous decline [8]. - Cost: The average cost of N - type polysilicon in the industry is 38,810 yuan/ton, and the production profit is 12,190 yuan/ton [8]. - Basis: On November 28, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 4,125 yuan/ton, with the spot at a discount to the futures [8]. - Inventory: The weekly inventory is 281,000 tons, a 3.69% increase from the previous week, at a historical low [8]. - Disk: MA20 is upward, and the futures price of the 01 contract closed above MA20 [8]. - Main position: The main position is net short, and short positions are increasing [8]. 3.2 Market Overview 3.2.1 Industrial Silicon - Futures prices of most contracts showed an upward trend, with increases ranging from 0.16% to 0.71%. Spot prices of various types of silicon remained mostly unchanged [15]. - Inventory: Social inventory increased by 0.36%, sample enterprise inventory increased by 1.01%, and main port inventory remained unchanged [15]. 3.2.2 Polysilicon - Futures prices of most contracts showed an upward trend, with increases ranging from 2.15% to 3.05%. Spot prices of silicon wafers, battery cells, and components remained mostly unchanged [17]. - Inventory: The weekly total inventory increased by 3.69% to 281,000 tons [17]. 3.3 Downstream Market Analysis 3.3.1 Organic Silicon - DMC: The daily capacity utilization rate remained unchanged at 74.84%, higher than the historical average. The weekly output increased by 3.58% to 49,200 tons, and the monthly inventory increased by 2.18% to 56,300 tons [15][45]. - Downstream products: Prices of 107 glue, silicone oil, raw rubber, and D4 remained stable [47]. 3.3.2 Aluminum Alloy - Production: The monthly output of primary aluminum - based alloy ingots increased by 9.93% to 132,800 tons, and the monthly output of recycled aluminum alloy ingots decreased by 2.42% to 645,000 tons [15]. - Inventory: The weekly social inventory of aluminum alloy ingots decreased by 0.80% to 74,600 tons [15][16]. 3.3.3 Polysilicon - Industry cost: The cost showed a certain trend of change, with the average cost of the industry remaining stable at 38,810 yuan/ton [63]. - Silicon wafers: The weekly output decreased, and the inventory increased. The prices of various types of silicon wafers remained stable [17][69]. - Battery cells: The production and inventory of battery cells showed certain changes, and the prices of various types of battery cells remained mostly stable [17][72]. - Components: The monthly output decreased, and the domestic and European inventories decreased. The prices of various types of components remained stable [17][75].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - With the peak of autumn maintenance in European and American refineries passing, their operations are gradually resuming, and the most critical period for gasoline supply may have passed. The rhythmic arrival of pure benzene at ports has increased pressure, leading to a further rise in port inventories and suppressing the performance of pure benzene processing fees. Downstream operations remain at a low level during the off - season, with styrene maintaining low - load maintenance, CPL operations dropping further from a low level, and the operations of phenol, aniline, and adipic acid slightly increasing, but terminal demand remains weak [3]. - Overseas, South Korea's Daehan, Lotte, and Hyundai have officially announced a merger and will shut down Lotte's 1.1 million - ton cracking unit. Attention should be paid to whether Lotte's styrene units in South Korea will stop production. In China, port inventories have risen again. Although styrene is still in a low - operation maintenance stage and the resumption plan has been postponed, downstream operations during the off - season are still low. The operation of EPS, which has obvious seasonality, continues to decline, the operation of PS rebounds but inventory pressure remains, and the finished - product inventory pressure of ABS remains high while its operation stays at a low level [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Relevant figures include the basis of the pure benzene main contract, the price of the pure benzene main futures contract, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [7][10][15] II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Relevant figures cover naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene units, the difference between FOB US Gulf pure benzene and FOB South Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profit, styrene import profit, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [18][21][36] III. Pure Benzene and Styrene Inventories, Operating Rates - Relevant figures involve the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [38][40][43] IV. Styrene Downstream Operating Rates and Production Profits - Relevant figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [51][56][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Relevant figures cover the operating rates of caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular - spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][71][75]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - PB Fines most active contract basis values mostly fall within the range of [0, 200] yuan/ton. The basis is highest when a new contract is first listed and gradually narrows to around zero as the delivery month approaches. There is an expectation for the basis to strengthen in September, a peak season, while it tends to decline during the off - season and invariably as the delivery month approaches. In the delivery month, the basis for the September and January contracts is slightly higher than that of the May contract. When price spreads between different ore grades widen, the basis may deviate quickly from normal ranges [4]. - After standardizing the monthly average basis data of the three major contracts by delivery month, the basis is highest when the contract is newly listed and gradually narrows to around zero as it approaches delivery. This is because iron ore futures typically exhibit a long - term backwardation structure. The 09 and 01 contracts have stronger spot demand and their basis remains above zero at delivery, while the May contract's basis at delivery is lower due to weaker demand [71][77]. 3. Summary According to the Table of Contents 3.1 Concept - Basis = Adjusted Spot Futures Equivalent Price – Futures Price; Spread = Spot Price – Futures Price. The divergence in spot - futures price movements arises from different pricing benchmarks and the fact that futures prices reflect both spot fundamentals and market expectations. Spot price is defined as the lowest tax - included PB FINES price across all ports; futures price is the DCE iron ore main contract closing price for January, May, and September. Well - designed delivery systems should lead to basis near zero at delivery, but multiple deliverable brands cause basis to reflect additional price differences. Data from 2021 is excluded to show the normal seasonal pattern of basis [15][16][17]. 3.2 Contract Basis 3.2.1 PB Fines January Contract Basis - The maximum value of the PB Fines January contract basis is 518.9 yuan/ton, the minimum is - 28.9 yuan/ton, the average is 89.7 yuan/ton, and the 80% range is [2.9, 188.1] yuan/ton. The basis slightly widened in September (peak season) and tended to contract more rapidly in November and December (off - season) [35][38]. 3.2.2 PB Fines May Contract Basis - The maximum value of the PB Fines May contract basis is 619.1 yuan/ton, the minimum is - 57.5 yuan/ton, the average is 85.5 yuan/ton, and the 80% range is [- 1.8, 204.7] yuan/ton. The basis narrowed rapidly in April (ahead of delivery and seasonal transition) and strengthened in September (traditional peak season). The decline in October was limited [45]. 3.2.3 PB Fines September Contract Basis - The maximum value of the PB Fines September contract basis is 398.1 yuan/ton, the minimum is - 28.1 yuan/ton, the average is 80.1 yuan/ton, and the 80% range is [2.1, 201.7] yuan/ton. The basis declined rapidly in July (off - season and close to delivery). The basis in January was relatively strong, possibly due to longer time to delivery and market expectations of increased supply [58]. 3.3 Conclusion 3.3.1 Normalization - The monthly average basis of the three major contracts is highest when the contract is newly listed and gradually narrows to around zero as it approaches delivery. The 09 and 01 contracts have stronger spot demand and positive basis at delivery, while the May contract's basis at delivery is lower due to weaker demand [71][77].

Report Overview - Report Title: "Guangda Futures' Daily Monitoring Report on Iron Ore Basis and Spread" - Date: November 27, 2025 [1] 1. Futures Contract Price and Spread 1.1 Futures Contract Prices - I05 closed at 773.5 yuan/ton, up 4.0 yuan from the previous day [3]. - I09 closed at 748.5 yuan/ton, up 5.5 yuan from the previous day [3]. - I01 closed at 797.0 yuan/ton, up 3.0 yuan from the previous day [3]. 1.2 Futures Contract Spreads - The spread between I05 and I09 was 25.0 yuan/ton, down 1.5 yuan from the previous day [3]. - The spread between I09 and I01 was -48.5 yuan/ton, up 2.5 yuan from the previous day [3]. - The spread between I01 and I05 was 23.5 yuan/ton, down 1.0 yuan from the previous day [3]. 2. Basis Analysis 2.1 Basis Data - For various iron ore varieties, such as Carajás Fines (Kaofen), the basis changed. For example, Carajás Fines' basis was 52 yuan/ton today, down 2 yuan from the previous day [5]. 2.2 Basis Chart - Charts show the basis trends of different iron ore varieties, including Brazilian fines, Australian medium - grade fines, etc. [7][8][9] 3. Exchange Rule Adjustments 3.1 Newly Added Deliverable Varieties - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, and Ukrainian Concentrate) are added, with a brand premium of 0, starting from Contract I2202 [11]. - Four more varieties (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, and SP10 Fines) are added as deliverable brands with a brand premium of 0 yuan/ton [11]. 3.2 Brand Premium Adjustments - Only PB Fines, BRBF, and Carajás Fines have a brand premium of 15 yuan/ton, while other deliverable brands have a premium of 0 yuan/ton in the new rules [11]. 3.3 Quality Difference and Premium Adjustments - The allowable range of iron grade is adjusted to ≥56%. Other element limits and corresponding premium - discount rules are also detailed [11]. - The premium value of the iron element is dynamically adjusted by X, with different calculation methods based on the average settlement price of the nearest delivery - month contract [11]. 4. Variety Spread Analysis 4.1 Variety Spread Data - The spread between PB Lump and PB Fines was 77.0 yuan/ton, down 1.0 yuan from the previous day [13]. - The spread between PB Fines and FMG Mixed Fines was 66.0 yuan/ton, up 1.0 yuan from the previous day [13]. 4.2 Variety Spread Charts - Charts display the spread trends of different iron ore varieties, such as lump - fines spreads, high - medium grade fines spreads, etc. [15][16][20] 5. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and relevant qualifications in the industry [24]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View No clear core view is presented in the given content. It mainly shows the price data of various futures and spot products. 3. Summary by Related Catalogs Ferrous Metals - Silicon iron (SF603): The spot price is 5478, the futures price is 5416, the basis is 62, the basis rate is 1.14%, and the historical quantile is 62.90% [1]. - Silicon manganese (SM601): The spot price is 5630 [1]. - Rebar (RB2601): The spot price in Shanghai is 3099, the futures price is 3250, the basis is -151, the basis rate is -4.87%, and the historical quantile is 63.30% [1]. - Hot - rolled coil (HC2601): The spot price is 3290, the futures price is 3304, the basis is -14, the basis rate is -0.42%, and the historical quantile is 12.30% [1]. - Iron ore (I2601): The spot price is 850, the futures price is 797, the basis is 53, the basis rate is 6.65% (calculated), and the historical quantile is 49.00% [1]. - Coke (J2601): The spot price is 1624, the futures price is 1624 (assumed from incomplete data), the basis is 0, the basis rate is 0% (calculated), and the historical quantile is 66.71% [1]. - Coking coal (JM2601): The spot price is 1200, the futures price is 1085, the basis is 115, the basis rate is 10.60% (calculated), and the historical quantile is 56.50% [1]. Non - ferrous Metals - Copper (CU2601): The spot price is 86655, the futures price is 86590, the basis is 65, the basis rate is 0.075% (calculated), and the historical quantile is 53.33% [1]. - Aluminum (AL2601): The spot price is 21400, the futures price is 21455, the basis is -55, the basis rate is -0.26%, and the historical quantile is 38.33% [1]. - Alumina (AO2601): The spot price is 2833, the futures price is 2720, the basis is 113, the basis rate is 4.14%, and the historical quantile is 58.59% [1]. - Zinc (ZN2601): The spot price is 22330, the futures price is 22355, the basis is -25, the basis rate is -0.11%, and the historical quantile is 57.08% [1]. - Tin (SN2601): The spot price is 295200, the futures price is 295880, the basis is -680, the basis rate is -0.23%, and the historical quantile is 29.37% [1]. - Nickel (NI2601): The spot price is 117260, the futures price is 117800, the basis is -540, the basis rate is -0.46% (calculated), and the historical quantile is 82.91% [1]. - Stainless steel (SS2601): The spot price is 12455, the futures price is 12870, the basis is -415, the basis rate is -3.22% (calculated), and the historical quantile is 77.46% [1]. - Lithium carbonate (LC2605): The spot price is 92800, the futures price is 96340, the basis is -3540, the basis rate is -3.67% (calculated), and the historical quantile is 13.65% [1]. - Industrial silicon (215601): The spot price is 9500, the futures price is 9020, the basis is 480, the basis rate is 5.32%, and the historical quantile is 32.79% [1]. Precious Metals - Gold (AU2602): The spot price is 941.2, the futures price is 946.7, the basis is -5.5, the basis rate is -0.59%, and the historical quantile is 55.00% [1]. - Silver (AG2602): The spot price is 12209.0, the futures price is 12227.0, the basis is -18.0, the basis rate is -0.15%, and the historical quantile is 55.00% [1]. Agricultural Products - Soybean meal (M2601): The spot price is 2980, the futures price is 3015.0, the basis is -35.0, the basis rate is -1.16% (calculated), and the historical quantile is 32.60% [1]. - Soybean oil (Y2601): The spot price is 8330, the futures price is 8150.0, the basis is 180.0, the basis rate is 2.21%, and the historical quantile is 36.80% [1]. - Palm oil (P2601): The spot price is 8390, the futures price is 8440.0, the basis is -50.0, the basis rate is -0.59%, and the historical quantile is 13.30% [1]. - Rapeseed meal (RM601): The spot price is 2540, the futures price is 2439.0, the basis is 101.0, the basis rate is 4.14%, and the historical quantile is 64.80% [1]. - Rapeseed oil (Oleo1): The spot price is 10100, the futures price is 9819.0, the basis is 281.0, the basis rate is 2.86%, and the historical quantile is 79.30% [1]. - Corn (C2601): The spot price is 2290, the futures price is 2235.0, the basis is 55.0, the basis rate is 2.46%, and the historical quantile is 69.50% [1]. - Corn starch (CS2601): The spot price is 2600, the futures price is 2551.0, the basis is 49.0, the basis rate is 1.92%, and the historical quantile is 22.80% [1]. - Live pigs (LH2601): The spot price is 11400, the futures price is 11540.0, the basis is -140.0, the basis rate is -1.21%, and the historical quantile is 40.10% [1]. - Eggs (JD2601): The spot price is 3225.0, the futures price is 2890, the basis is 335.0, the basis rate is 11.86% (calculated), and the historical quantile is 13.80% [1]. - Cotton (CF601): The spot price is 14700, the futures price is 13625.0, the basis is 1075.0, the basis rate is 7.90% (calculated), and the historical quantile is 69.30% [1]. - Sugar (SR601): The spot price is 5379.0, the futures price is 5615, the basis is -236.0, the basis rate is -4.20% (calculated), and the historical quantile is 39.40% [1]. - Apples (AP601): The spot price is 9531.0, the futures price is 9000, the basis is 531.0, the basis rate is 5.70%, and the historical quantile is 5.70% [1]. - Red dates (CJ601): The spot price is 9160.0, the futures price is 8900, the basis is 260.0, the basis rate is 2.89% (calculated), and the historical quantile is 76.70% [1]. Energy and Chemicals - Paraxylene (PX601): The spot price is 6774.0, the futures price is 6765.0, the basis is 9.0, the basis rate is 0.13% (calculated), and the historical quantile is 25.00% [1]. - PTA (TA601): The spot price is 4640.0, the futures price is 4684.0, the basis is -44.0, the basis rate is -0.94% (calculated), and the historical quantile is 39.40% [1]. - Ethylene glycol (EG2601): The spot price is 3900.0, the futures price is 3896.0, the basis is 4.0, the basis rate is 0.10%, and the historical quantile is 61.10% [1]. - Polyester staple fiber (PF602): The spot price is 6300.0, the futures price is 6264.0, the basis is 36.0, the basis rate is 0.57%, and the historical quantile is 52.30% [1]. - Styrene (EB2601): The spot price is 6533.0, the futures price is 6585.0, the basis is -52.0, the basis rate is -0.80%, and the historical quantile is 40.90% [1]. - Methanol (MA601): The spot price is 2094.0, the futures price is 2088.0, the basis is 6.0, the basis rate is 0.29% (calculated), and the historical quantile is 34.50% [1]. - Urea (UR601): The spot price is 1630.0, the futures price is 1654.0, the basis is -24.0, the basis rate is -1.45%, and the historical quantile is 9.80% [1]. - LLDPE (L2601): The spot price is 6810.0, the futures price is 6707.0, the basis is 103.0, the basis rate is 1.54%, and the historical quantile is 54.70% [1]. - PP (PP2601): The spot price is 6460.0, the futures price is 6265.0, the basis is 195.0, the basis rate is 3.11%, and the historical quantile is 74.30% [1]. - PVC (V2601): The spot price is 4440.0, the futures price is 4489.0, the basis is -49.0, the basis rate is -1.09%, and the historical quantile is 70.30% [1]. - Caustic soda (SH601): The spot price is 2375.0, the futures price is 2229.0, the basis is 146.0, the basis rate is 6.55%, and the historical quantile is 71.30% [1]. - LPG (PG2601): The spot price is 4348.0, the futures price is 4288.0, the basis is 60.0, the basis rate is 1.38% (calculated), and the historical quantile is 34.50% [1]. - Asphalt (BU2601): The spot price is 3043.0, the futures price is 3020.0, the basis is 23.0, the basis rate is 0.76% (calculated), and the historical quantile is 47.60% [1]. - Butadiene rubber (BR2601): The spot price is 10400.0, the futures price is 10360.0, the basis is 40.0, the basis rate is 0.39%, and the historical quantile is 56.72% [1]. - Soda ash (SA601): The spot price is 1173.0, the futures price is 1143.0, the basis is 30.0, the basis rate is 2.62% (calculated), and the historical quantile is 28.99% [1]. - Natural rubber (RU2601): The spot price is 15195.0, the futures price is 14650.0, the basis is 545.0, the basis rate is 3.60% (calculated), and the historical quantile is 66.12% [1]. Financial Futures - IF2512: The spot price is 4517.6, the futures price is 4493.0, the basis is -24.6, the basis rate is -0.55%, and the historical quantile is 18.50% [1]. - IH2512: The spot price is 2971.8, the futures price is 2964.6, the basis is -7.2, the basis rate is -0.24%, and the historical quantile is 28.20% [1]. - IC2512: The spot price is 6965.0, the futures price is 6909.4, the basis is -55.6, the basis rate is -0.81%, and the historical quantile is 16.00% [1]. - IM2512: The spot price is 7248.4, the futures price is 7176.2, the basis is 72.2, the basis rate is 1.01%, and the historical quantile is 72.60% [1]. - 2 - year bond (TS2603): The spot price is 102.38, the futures price is 99.57, the basis is 2.81 (calculated), the basis rate is 2.82% (calculated), and the historical quantile is 12.80% [1]. - 5 - year bond (TF2603): The spot price is 105.79, the futures price is 100.36, the basis is 5.43 (calculated), the basis rate is 5.41% (calculated), and the historical quantile is 29.60% [1]. - 10 - year bond (T2603): The spot price is 107.96, the futures price is 100.36, the basis is 7.60 (calculated), the basis rate is 7.57% (calculated), and the historical quantile is 27.90% [1]. - 30 - year bond (TL2603): The spot price is 129.55, the futures price is 114.43, the basis is 15.12 (calculated), the basis rate is 13.21% (calculated), and the historical quantile is 89.80% [1].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the pure benzene market, with the peak of autumn maintenance in European and American refineries passing and the resumption of refinery operations, the most critical period for gasoline supply may have passed. The rhythmical arrival of pure benzene at ports increases the pressure, leading to a further rise in port inventories at the beginning of the week, which suppresses the performance of pure benzene processing fees. Downstream operations are still at a low level, with the operation rate of phenol rising, while those of aniline and adipic acid declining. Styrene is still in the maintenance period and is expected to resume operations at the end of the month [2]. - In the styrene market, port inventories did not continue to decline, and the arrival of goods increased rhythmically. Styrene is still in the low - operation maintenance stage, and the resumption plan has been postponed. Attention now shifts to the downstream. Currently, downstream operations are still at a low level. The operation rate of EPS, which has obvious seasonality, is expected to further decline at the end of the year, while those of ABS and PS are slightly rising from a low level, and there is still inventory pressure on PS and ABS [2]. 3. Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Not elaborated in detail in the summary part, only mentioned figures related to pure benzene's basis and futures contracts, and EB's basis and spreads [1][7][12] II. Pure Benzene and Styrene Production Profits, Internal - External Spreads - Pure benzene: The CFR China processing fee is 101 dollars/ton (-10 dollars/ton), and the FOB South Korea processing fee is 89 dollars/ton (-9 dollars/ton). The profit of downstream products varies, with caprolactam at -850 yuan/ton (+275), phenol - acetone at -415 yuan/ton (+0), aniline at 499 yuan/ton (+3), and adipic acid at -1245 yuan/ton (+23) [1]. - Styrene: The non - integrated production profit is -223 yuan/ton (+30 yuan/ton), with an expected gradual compression [1]. III. Pure Benzene and Styrene Inventories, Operation Rates - Pure benzene: The port inventory is 16.40 tons (+1.70 tons), and the downstream operation rate is generally low, with the phenol operation rate rising, and those of aniline and adipic acid falling [1][2]. - Styrene: The East China port inventory is 164,200 tons (+15,900 tons), the East China commercial inventory is 94,200 tons (+6,900 tons), and the operation rate is 69.0% (-0.3%). It is still in the maintenance period, and the resumption plan is postponed [1][2]. IV. Styrene Downstream Operation and Production Profits - EPS production profit is 105 yuan/ton (-10 yuan/ton), operation rate is 56.27% (+4.64%); PS production profit is 5 yuan/ton (+40 yuan/ton), operation rate is 55.90% (+0.50%); ABS production profit is -493 yuan/ton (+2 yuan/ton), operation rate is 72.40% (+0.60%). EPS is expected to have a further decline in operation rate at the end of the year, while ABS and PS have a slight increase from a low level, and there is still inventory pressure on PS and ABS [1][2]. V. Pure Benzene Downstream Operation and Production Profits - Caprolactam operation rate is 88.23% (+2.18%), phenol operation rate is 79.00% (+12.00%), aniline operation rate is 75.68% (-4.49%), adipic acid operation rate is 55.50% (-6.50%). The production profits of downstream products vary as mentioned above [1]. 4. Strategies - Unilateral: No strategy provided. - Basis and Inter - Period: Consider a positive inter - period spread arbitrage for EB2512 - EB2601 at low prices. - Cross - Variety: Consider widening the spread for EB2512 - BZ2603 at low prices [3].

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]

Report Overview - Report Title: "光期黑色：铁矿石基差及价差监测日报" - Date: November 20, 2025 [1] 1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - The report provides daily monitoring data on iron ore basis and spreads, including futures contract prices, spreads between different contracts, basis data of various iron ore varieties, and spreads between different iron ore varieties [3][5][12] 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices and Spreads - **Futures Contract Prices**: The closing prices of I05, I09, and I01 contracts are 755.0 yuan/ton, 730.0 yuan/ton, and 791.5 yuan/ton respectively, with changes of -2.5 yuan/ton, -4.0 yuan/ton, and -0.5 yuan/ton compared to the previous day [3] - **Contract Spreads**: The spreads of I05 - I09, I09 - I01, and I01 - I05 are 25.0 yuan/ton, -61.5 yuan/ton, and 36.5 yuan/ton respectively, with changes of 1.5 yuan/ton, -3.5 yuan/ton, and 2.0 yuan/ton compared to the previous day [3] 3.2 Basis - **Basis Data**: The basis of various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc. is provided, along with their prices, changes, delivery costs, and basis changes compared to the previous day [5] - **Basis Charts**: Charts showing the basis of different types of iron ore (Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores) are presented [7][8][9] 3.3 Adjustment of Deliverable Brands - **New Deliverable Brands**: Four new deliverable brands (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added to the I2202 contract, and four more (Taigang concentrate, Magang concentrate, Wugang standard fines, SP10 fines) are added later. The brand premiums for all these new brands are 0 [10] - **Adjustment of Brand Premiums**: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while the premiums of other deliverable brands are adjusted to 0 [10] - **Adjustment of Substitute Quality Differences and Premiums**: The allowable range of iron grade is adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur are set. A dynamic adjustment mechanism (X) for the premium of iron element is introduced [10] 3.4 Variety Spreads - **Variety Spread Data**: Spreads between different iron ore varieties such as PB lump - PB fines, Carajás fines - Newman fines, etc. are provided, along with their changes compared to the previous day [12] - **Variety Spread Charts**: Charts showing different types of variety spreads (lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc.) are presented [15][16][20][21] 3.5 Black Research Team Introduction - The report introduces several members of the black research team, including their positions, work experience, and professional qualifications [24]

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - The recent increase in pure benzene inventory and decrease in styrene inventory are favorable for the short - term expansion of the EB - BZ spread [2] - For pure benzene, the lowest point of US refinery operations has passed, and the low gasoline inventory in the US and strong gasoline crack spreads support Asian aromatics. The arbitrage spread from South Korea to the US has recovered, but the window remains closed. In the short term, there is a concentrated arrival of pure benzene in China, leading to a faster increase in port inventory. Domestic production operations continue to rise, while downstream operations are weak [2] - For styrene, port inventory continues to decline due to export boosts and low domestic operations, but there are expectations of resumption in late November. Downstream demand is still present, but downstream operations are still low [2] Summaries by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures related to pure benzene include the main basis of pure benzene and its main futures contract price, the main contract basis of pure benzene, the spot - M2 paper cargo spread of pure benzene, and the spread between the first - and third - consecutive contracts of pure benzene [7][10] - Figures related to EB include the trend and basis of the EB main contract, the EB main contract basis, and the spread between the first - and third - consecutive contracts of styrene [13][16] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures related to production costs and spreads include naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene plants, the spread between FOB US Gulf pure benzene and FOB South Korea pure benzene, and the spreads between FOB US Gulf, FOB Rotterdam pure benzene and CFR China pure benzene [18][21][24] - Figures related to import profits include the import profit of pure benzene and styrene, and the spreads between FOB US Gulf, FOB Rotterdam styrene and CFR China styrene [30][36] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Figures related to pure benzene include the East China port inventory of pure benzene and its operating rate [38] - Figures related to styrene include the East China port inventory, commercial inventory, factory inventory of styrene, and its operating rate [40][43] 4. Operating Rates and Production Profits of Styrene Downstream - Figures include the operating rates and production profits of EPS, PS, and ABS [49][51][54] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Figures include the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 conventional spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [59][62][71] Strategies - Unilateral: None [3] - Basis and Inter - Period: Conduct long - short inter - period positive spreads for EB2512 - EB2601 at low prices [3] - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [3]