1. Report Industry Investment Ratings No information about industry investment ratings is provided in the content. 2. Core Views of the Reports Tin - Market sentiment has improved, and the fundamentals are strong. Hold long positions and monitor macro - end changes and the supply recovery in Myanmar in the fourth quarter. If Myanmar's supply recovers smoothly, tin prices may weaken; otherwise, they are expected to remain strong [2]. Industrial Silicon - The spot price of industrial silicon is stable, while the futures price fluctuates downward. In November, there is still a risk of inventory accumulation, but the pressure is reduced compared to October. The price is expected to fluctuate at a low level, with the main price range between 8,500 - 9,500 yuan/ton [4]. Polysilicon - The market remains in a state of high - level price fluctuations. There is an expectation of inventory accumulation in all links. Pay attention to the support level of the spot price, the establishment of the platform company, production control, and demand - side orders. For trading, focus on the 50,000 support level for futures, and hold and observe ETFs/related stocks [5]. Copper - The copper market is in a wait - and - see mode. Macro factors such as interest rate cuts, tariffs, and overseas liquidity will affect copper prices. Fundamentally, the supply of copper ore is tight, and downstream demand is resilient. The bottom of copper prices is expected to gradually rise, with the main contract focusing on the 86,500 support level [8]. Zinc - The fundamentals and macro factors of zinc have limited changes. The supply is expected to face less pressure, and the demand is average. The LME zinc price has an upper - bound pressure, while the export of zinc ingots may boost domestic zinc prices. The main contract of Shanghai zinc is expected to range between 22,300 - 23,000 [10]. Nickel - The nickel market is in a state of long - short entanglement. Macro factors exert pressure, and the supply of refined nickel is high. The supply of nickel ore is stable, and the price of nickel - iron is under pressure. The market is expected to fluctuate weakly, with the main contract ranging between 118,000 - 124,000 [11]. Stainless Steel - The stainless - steel market is weak. Macro driving forces are weakening, the supply of nickel ore is stable, and the price of nickel - iron is under pressure. The supply is still under pressure, and demand is insufficient. The market is expected to fluctuate weakly, with the main contract ranging between 12,400 - 12,800 [12]. Aluminum Alloy - The casting aluminum - alloy market has reached a new high. The cost is strongly supported, but demand is weak due to high prices. Inventory is accumulating. The price of ADC12 is expected to fluctuate strongly, with the main contract ranging between 20,800 - 21,400 yuan/ton [15][17]. Lithium Carbonate - The lithium - carbonate market fluctuates widely. The supply is gradually increasing, and demand is optimistic. The price is expected to fluctuate in the short term. Pay attention to the resumption of production of large factories and downstream demand changes [20]. Aluminum - The alumina market is in a weak - supply and weak - demand situation, with prices expected to fluctuate weakly. The electrolytic aluminum market is driven by macro factors, with strong capital sentiment but weak fundamentals. The price may test the 22,000 pressure level [21]. 3. Summaries According to Relevant Catalogs Tin - **Price and Basis**: SMM 1 tin price increased by 1.15% to 291,000 yuan/ton, and the LME 0 - 3 premium increased by 155.03% to 85.00 dollars/ton [2]. - **Fundamentals**: In September, domestic tin ore imports decreased by 15.13% month - on - month. In October, SMM refined tin production increased by 53.09% [2]. - **Inventory**: SHEF inventory increased by 1.23% to 5,992.0 tons, and social inventory increased by 5.22% to 7,033.0 tons [2]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - permeable SI5530 industrial silicon remained unchanged at 9,500 yuan/ton, and the basis increased by 52.38% [4]. - **Fundamentals**: In October, the national industrial silicon production increased by 7.46% to 45.22 million tons, and the national operating rate increased by 9.98% to 68.12% [4]. - **Inventory**: The weekly social inventory decreased by 1.08% to 55.20 million tons [4]. Polysilicon - **Price and Basis**: The average price of N - type granular silicon remained unchanged at 50,500 yuan/ton, and the N - type material basis increased by 117.76% [5]. - **Fundamentals**: In October, polysilicon production increased by 3.08% to 13.40 million tons, and the import volume increased by 28.46% to 0.13 million tons [5]. - **Inventory**: The polysilicon inventory decreased by 0.77% to 25.90 million tons [5]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper increased by 0.03% to 86,795 yuan/ton, and the import profit and loss increased by 84.77 yuan/ton [8][9]. - **Fundamentals**: In October, electrolytic copper production decreased by 2.62% to 109.16 million tons, and the electrolytic copper rod operating rate increased by 1.54 percentage points [8]. - **Inventory**: The domestic social inventory decreased by 2.10% to 19.59 million tons, and the SHFE inventory decreased by 0.95% to 11.50 million tons [8]. Zinc - **Price and Basis**: The price of SMM 0 zinc ingot decreased by 0.22% to 22,610 yuan/ton, and the import profit and loss increased by 542.25 yuan/ton [10]. - **Fundamentals**: In October, refined zinc production increased by 2.85% to 61.72 million tons, and the galvanizing operating rate decreased by 2.41 percentage points [10]. - **Inventory**: The seven - region social inventory of Chinese zinc ingots decreased by 1.30% to 15.96 million tons, and the LME inventory increased by 1.63% to 3.6 million tons [10]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel decreased by 0.70% to 120,450 yuan/ton, and the LME 0 - 3 decreased by 2.10% to - 201 dollars/ton [11]. - **Fundamentals**: The production of Chinese refined nickel increased by 0.84% to 35,900 tons, and the import volume increased by 124.36% [11]. - **Inventory**: The SHFE inventory increased by 1.19% to 37,187 tons, and the social inventory increased by 2.14% to 49,133 tons [11]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.39% to 12,700 yuan/ton, and the basis decreased by 2.20% [12]. - **Fundamentals**: The production of Chinese 300 - series stainless - steel crude steel increased by 0.38% to 182.17 million tons, and the import volume increased by 2.70% [12]. - **Inventory**: The social inventory of 300 - series stainless steel decreased by 0.65% to 48.89 million tons, and the SHFE warehouse receipt decreased by 0.42% to 7.14 million tons [12]. Aluminum Alloy - **Price and Basis**: The price of SMM aluminum alloy ADC12 remained unchanged at 21,500 yuan/ton, and the refined - scrap spread of Foshan crushed aluminum increased by 2.42% [15][17]. - **Fundamentals**: In October, the production of recycled aluminum alloy ingots decreased by 2.42% to 64.50 million tons, and the operating rate of recycled aluminum alloy decreased by 2.95% [15][17]. - **Inventory**: The weekly social inventory of recycled aluminum alloy ingots increased by 1.82% to 5.58 million tons [15][17]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate increased by 1.22% to 83,300 yuan/ton, and the basis (based on SMM battery - grade lithium carbonate) increased by 30.17% [20]. - **Fundamentals**: In October, the production of lithium carbonate increased by 5.73% to 92,260 tons, and the demand increased by 8.70% [20]. - **Inventory**: The total inventory of lithium carbonate in October decreased by 10.90% to 84,234 tons [20]. Aluminum - **Price and Basis**: The price of SMM A00 aluminum increased by 0.23% to 21,670 yuan/ton, and the import profit and loss increased by 170.1 yuan/ton [21]. - **Fundamentals**: In October, the production of alumina increased by 2.39% to 778.53 million tons, and the production of electrolytic aluminum increased by 3.52% to 374.21 million tons [21]. - **Inventory**: The social inventory of Chinese electrolytic aluminum remained unchanged at 62.70 million tons, and the LME inventory decreased by 0.21% to 54.4 million tons [21].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Polyester Industry - PX: In the short - term, it may fluctuate between 6200 - 6800. Suggest to reduce long positions on rallies and short above 6800 [1]. - PTA: It is expected to have a limited rebound, with short - term trading range between 4300 - 4800. Adopt a rolling reverse spread strategy for TA1 - 5 [1]. - Ethylene Glycol: Hold out - of - the - money call options with a strike price of no less than 4100 for EG2601 and conduct a high - level reverse spread for EG1 - 5 [1]. - Short Fiber: The rebound space is limited, and the processing fee may be compressed. The strategy is the same as PTA, and the processing fee on the disk may fluctuate between 800 - 1100 [1]. - Bottle Chip: PR follows the cost - end fluctuations, and the processing fee on the main contract disk is expected to fluctuate between 300 - 450 yuan/ton [1]. Methanol Industry The market is trading the "weak reality" logic, with the core contradiction being high port inventory. Before the gas restriction in Iran, the 01 contract's inventory problem cannot be solved [2]. Polyolefin Industry PP and PE have differentiated fundamentals. PP shows both supply and demand growth but accumulates inventory slightly this week. PE has weak supply and demand, with high port inventory. The market outlook remains weak [5]. Glass and Soda Ash Industry - Soda Ash: The overall supply - demand pattern is bearish. In the short - term, it is advisable to wait and see, and look for opportunities to short on rebounds later [7]. - Glass: It is expected to be weak in the short - term. In the long - term, the industry needs capacity clearance to solve the over - supply problem [7]. PVC and Caustic Soda Industry - Caustic Soda: The price is expected to trend downwards in the long - term but may have short - term support from downstream demand. Monitor the downstream restocking rhythm [8]. - PVC: The supply - demand remains in an over - supply pattern, and the price is expected to continue the weak trend at the bottom [8]. Natural Rubber Industry In the short - term, the rubber price is expected to fluctuate. If the raw material output in the main production areas is smooth, there is further downside potential [9]. Crude Oil Industry The short - term oil price is expected to fluctuate within a range, with Brent crude oil likely to trade between 60 - 66 dollars per barrel [10]. Pure Benzene and Styrene Industry - Pure Benzene: The supply - demand is expected to be loose, and the price driver is weak. Short - term BZ2603 should be treated as short on rallies following the oil price [14]. - Styrene: The supply - demand may turn loose, and the price driver is insufficient. EB12 should be shorted on price rebounds [14]. 3. Summaries by Relevant Catalogs Polyester Industry - **Upstream Prices**: Brent crude oil (January) rose 1.7% to 65.16 dollars per barrel, and WTI crude oil (December) rose 1.5% to 61.04 dollars per barrel. CFR Japan naphtha decreased by 0.3% to 703 dollars per ton [1]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price rose 0.7% to 6600 yuan/ton, and its cash flow increased by 146.1% [1]. - **PX - related Prices and Spreads**: CFR China PX decreased by 0.8% to 821 dollars per ton, and PX spot price (in RMB) decreased by 2.0% to 6706 yuan/ton [1]. - **PTA - related Prices and Spreads**: PTA East China spot price decreased by 0.1% to 4600 yuan/ton, and TA futures 2601 decreased by 1.2% to 4648 yuan/ton [1]. - **MEG - related Prices and Spreads**: MEG East China spot price decreased by 0.1% to 3981 yuan/ton, and EG futures 2601 decreased by 2.0% to 3875 yuan/ton [1]. - **Polyester Industry Chain Operating Rates**: Asian PX operating rate rose 2.1% to 80.2%, and PTA operating rate decreased by 1.6% to 76.4% [1]. Methanol Industry - **Methanol Prices and Spreads**: MA2601 closed at 2082 yuan/ton, down 0.90% from the previous day. The basis of Taicang decreased by 22.86% [2]. - **Methanol Inventory**: Methanol enterprise inventory increased by 2.75% to 38.641%, and methanol port inventory increased by 0.71% to 151.7 million tons [2]. - **Methanol Upstream and Downstream Operating Rates**: The operating rate of domestic upstream enterprises rose 0.41% to 76.09%, and the operating rate of downstream MTO plants rose 1.09% to 84.98% [2]. Polyolefin Industry - **Polyolefin Prices and Spreads**: L2601 closed at 6760 yuan/ton, down 0.62% from the previous day. PP2601 closed at 6429 yuan/ton, down 0.79% [5]. - **PE and PP Inventory**: PE enterprise inventory increased by 17.84% to 49.0 million tons, and PP enterprise inventory increased by 0.81% to 60.0 million tons [5]. - **PE and PP Upstream and Downstream Operating Rates**: PE device operating rate rose 2.13% to 82.6%, and PP device operating rate rose 0.93% to 77.8% [5]. Glass and Soda Ash Industry - **Glass and Soda Ash Prices and Spreads**: Glass 2601 decreased by 2.02% to 1069 yuan/ton, and soda ash 2601 increased by 1.32% to 1226 yuan/ton [7]. - **Supply and Inventory**: Soda ash operating rate decreased by 1.72% to 86.89%, and glass factory inventory increased by 4.72% to 6579 million weight boxes [7]. - **Real Estate Data**: New construction area increased by 0.09% month - on - month, and sales area decreased by 6.50% [7]. PVC and Caustic Soda Industry - **PVC and Caustic Soda Prices and Spreads**: Shandong 32% liquid caustic soda (converted to 100%) remained unchanged at 2500 yuan/ton, and East China ethylene - based PVC market price decreased by 2.1% to 4600 yuan/ton [8]. - **Supply and Demand**: Caustic soda industry operating rate rose 1.7% to 89.9%, and PVC total operating rate rose 2.8% to 79.3% [8]. - **Inventory**: Liquid caustic soda East China factory inventory decreased by 3.5% to 21.5 million tons, and PVC total social inventory increased by 0.2% to 54.6 million tons [8]. Natural Rubber Industry - **Spot Prices and Basis**: Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai rose 1.03% to 14700 yuan/ton, and the basis of whole - latex increased by 29.46% [9]. - **Production and Operating Rates**: Thailand's September production decreased by 5.45% to 451.50 million tons, and the operating rate of semi - steel tires for automobiles rose 0.26% to 73.67% [9]. - **Inventory Changes**: Bonded area inventory increased by 0.40% to 449455 tons, and natural rubber factory - warehouse futures inventory on the SHFE increased by 8.80% to 48586 tons [9]. Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent crude oil rose 1.72% to 65.16 dollars per barrel, and WTI crude oil rose 1.51% to 61.04 dollars per barrel [10]. - **Refined Oil Prices and Spreads**: NYM RBOB rose 2.07% to 201.20 cents per gallon, and ICE Gasoil rose 3.77% to 749.25 dollars per ton [10]. - **Refined Oil Crack Spreads**: US gasoline crack spread rose 3.57% to 23.46 dollars per barrel, and Singapore diesel crack spread rose 10.62% to 30.73 dollars per barrel [10]. Pure Benzene and Styrene Industry - **Upstream Prices and Spreads**: Brent crude oil (December) rose 1.7% to 65.16 dollars per barrel, and CFR China pure benzene decreased by 0.5% to 663 dollars per ton [14]. - **Styrene - related Prices and Spreads**: Styrene East China spot price decreased by 1.4% to 6250 yuan/ton, and EB cash flow (non - integrated) decreased by 35.0% to - 257 yuan/ton [14]. - **Inventory and Operating Rates**: Pure benzene Jiangsu port inventory increased by 42.4% to 12.10 million tons, and styrene Jiangsu port inventory decreased by 7.1% to 19.30 million tons [14].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views - **Copper**: The price of copper rebounded slightly yesterday. In the medium and long term, the supply - demand contradiction supports the upward shift of the bottom center of copper prices. The main contract is expected to be in the range of 85,500 - 87,500 yuan/ton. Pay attention to the marginal changes in demand and overseas liquidity [1]. - **Zinc**: The Shanghai zinc market oscillated at a high level yesterday. The supply - side pressure may be limited, and the demand is not outstanding. The LME zinc price has an upper limit, while the Shanghai zinc may be stronger than LME zinc, with the main contract reference range of 22,300 - 23,000 yuan/ton [3]. - **Industrial Silicon**: The spot price of industrial silicon is stable, and the futures price oscillates downward. The market still faces inventory accumulation pressure in November, but the pressure is reduced compared with October. It is expected to oscillate at a low level, with the main price range of 8,500 - 9,500 yuan/ton [4]. - **Polysilicon**: The spot price of polysilicon is stable, and the futures price oscillates downward. It is expected to oscillate in a high - level range. Pay attention to the support of the spot price, the establishment of platform companies, production control, and the increase in demand orders. The futures should focus on the support at 50,000 yuan/ton [5]. - **Tin**: The supply of tin ore is tight, and the demand is weak. The market sentiment has improved, and long positions can be held. If the supply from Myanmar recovers well, the tin price may weaken; otherwise, it is expected to continue to be strong [7]. - **Aluminum (Alumina)**: The alumina market oscillated at a low level yesterday. The supply pressure is high, and the cost support is weakening. It is expected to maintain a weak oscillation, with the main contract reference range of 2,750 - 2,900 yuan/ton [9]. - **Aluminum (Electrolytic Aluminum)**: The electrolytic aluminum market oscillated at a high level yesterday. The macro - drive is strong, but the fundamental support is weak. It is expected to fluctuate between event - driven and weak fundamentals, with the main contract range of 21,000 - 21,800 yuan/ton [9]. - **Nickel**: The Shanghai nickel market oscillated narrowly yesterday. The market is mixed with long and short factors. It is expected to oscillate in a range, with the main contract reference range of 118,000 - 124,000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [10]. - **Stainless Steel**: The stainless - steel market continued to weaken yesterday. The supply pressure remains, the demand is not boosted, and the social inventory is slowly decreasing. It is expected to continue to oscillate weakly, with the main contract range of 12,400 - 12,800 yuan/ton. Pay attention to macro - expectations and steel mill supply [12]. - **Lithium Carbonate**: The lithium carbonate market was strong yesterday. The short - term fundamentals provide support, but the upward movement is mainly driven by funds. The main contract LC2601 is expected to oscillate and adjust. Pay attention to the marginal changes in demand after the peak season and the progress of large - factory复产 [14]. - **Aluminum Alloy**: The casting aluminum alloy market oscillated strongly yesterday. With cost support and a tight supply - demand balance, the ADC12 price is expected to oscillate strongly, with the main contract range of 20,400 - 21,200 yuan/ton. Pay attention to the improvement of scrap aluminum supply, downstream procurement rhythm, and inventory reduction [16]. 3. Summaries by Relevant Catalogs Copper - **Price and Basis**: The prices of various copper products increased slightly, with the SMM 1 electrolytic copper rising 0.27% to 86,765 yuan/ton. The refined - scrap price difference decreased by 0.97% to 3,367 yuan/ton [1]. - **Fundamentals**: In October, the electrolytic copper production decreased by 2.62% to 109.16 million tons, and in September, the import volume increased by 26.50% to 33.43 million tons. The domestic mainstream port copper concentrate inventory increased by 0.57% to 62.97 million tons [1]. Zinc - **Price and Spread**: The SMM 0 zinc ingot price rose 0.40% to 22,660 yuan/ton. The import loss increased to 4,958 yuan/ton [3]. - **Fundamentals**: In October, the refined zinc production increased by 2.85% to 61.72 million tons. The zinc ingot social inventory in seven regions decreased by 1.30% to 15.96 million tons [3]. Industrial Silicon - **Price and Basis**: The prices of different grades of industrial silicon were stable. The basis of some products increased, such as the basis of SI4210 increasing by 32.35% [4]. - **Fundamentals**: In November, the national industrial silicon production increased by 7.46% to 45.22 million tons, and the export volume decreased by 8.36% to 7.02 million tons [4]. Polysilicon - **Price and Spread**: The spot price of polysilicon was stable, and the futures price decreased by 3.33% to 51,930 yuan/ton. The silicon wafer price decreased significantly [5]. - **Fundamentals**: In the week, the silicon wafer production decreased by 5.55% to 13.45 GW, and the polysilicon production decreased by 4.26% to 2.70 million tons [5]. Tin - **Price and Basis**: The SMM 1 tin price rose 0.66% to 287,700 yuan/ton. The import loss decreased by 1.13% to 14,819.94 yuan/ton [7]. - **Fundamentals**: In September, the domestic tin ore import decreased by 15.13% to 8,714 tons, and in October, the SMM refined tin production increased by 53.09% to 16,090 tons [7]. Aluminum (Alumina) - **Price and Spread**: The average price of alumina in Shandong increased by 0.36% to 2,795 yuan/ton. The import loss increased to 2,320 yuan/ton [9]. - **Fundamentals**: In October, the alumina production increased by 2.39% to 778.53 million tons [9]. Aluminum (Electrolytic Aluminum) - **Price and Spread**: The SMM A00 aluminum price rose 0.60% to 21,620 yuan/ton. The import loss increased slightly [9]. - **Fundamentals**: In October, the electrolytic aluminum production increased by 3.52% to 374.21 million tons, and the import volume increased by 13.57% to 24.68 million tons [9]. Nickel - **Price and Basis**: The SMM 1 electrolytic nickel price rose 0.08% to 121,300 yuan/ton. The futures import loss increased by 1.86% to 1,859 yuan/ton [10]. - **Fundamentals**: The Chinese refined nickel production increased by 0.84% to 35,900 tons, and the import volume increased by 124.36% to 38,164 tons [10]. Stainless Steel - **Price and Basis**: The price of 304/2B stainless - steel coils decreased. The price of 8 - 12% high - nickel pig iron decreased by 0.27% to 912 yuan/nickel point [12]. - **Fundamentals**: The production of 300 - series stainless - steel crude steel in China increased by 0.38% to 182.17 million tons. The social inventory of 300 - series decreased slightly [12]. Lithium Carbonate - **Price and Basis**: The SMM battery - grade lithium carbonate price rose 1.92% to 82,300 yuan/ton. The basis decreased by 858.62% [14]. - **Fundamentals**: In October, the lithium carbonate production increased by 5.73% to 92,260 tons, and the total inventory decreased by 10.90% to 84,234 tons [14]. Aluminum Alloy - **Price and Spread**: The SMM aluminum alloy ADC12 price rose 0.23% to 21,500 yuan/ton. The scrap - refined price difference of some products changed [16]. - **Fundamentals**: In October, the regenerated aluminum alloy ingot production decreased by 2.42% to 64.50 million tons, and the social inventory increased by 1.82% to 5.58 million tons [16].

Core Viewpoint - The residual oil market is experiencing downward pressure due to ample supply and insufficient downstream demand, leading to a bearish market sentiment [1] Group 1: Price Trends - As of November 11, low-sulfur residual oil prices in Shandong are at 3950 yuan/ton, down 70 yuan/ton from the previous Tuesday, a decline of 1.74% [1] - Medium-sulfur residual oil prices are at 3785 yuan/ton, down 65 yuan/ton from the previous Tuesday, a decline of 1.68% [1] Group 2: Market Dynamics - The current supply of residual oil is relatively abundant, and the profitability of coking units has improved only marginally [1] - Downstream demand growth is insufficient, leading to a slowdown in procurement speed and contributing to the downward pressure on residual oil prices [1] Group 3: Future Outlook - According to Zhaochuang Information, the sustainability of oil price increases may be limited, with expectations of a price correction and no positive factors supporting the cost side in the short term [1] - The diesel market, a major downstream product, is relatively stable in the short term, but long-term pressures remain [1] - The improvement in downstream demand for residual oil is expected to be limited, with prices likely to continue weak adjustments, although the extent of these adjustments may narrow [1]

Core Insights - Precious metals continue to strengthen, with silver leading the gains at over 3% and gold rising by 2.67% due to favorable market sentiment following the U.S. Senate's approval of a temporary funding bill [2] - The three major oils (rapeseed oil, palm oil, and soybean oil) are experiencing a rebound, supported by declining commercial inventories and tight supply expectations [3] - Double焦 (coke and coking coal) prices have dropped over 3%, influenced by government energy supply meetings and declining steel mill profitability [4] - Multi-crystalline silicon has seen a decline of over 2%, with production expectations decreasing in both silicon and downstream silicon wafer sectors [6] Precious Metals - Silver futures on the domestic market rose by 3.20%, while gold futures increased by 2.67% [2] - The market sentiment is buoyed by liquidity expectations following the U.S. government's funding approval, despite potential bearish fundamentals from economic conditions [2] Oilseeds - The main contracts for rapeseed oil increased by over 2%, while palm oil rose by over 1% [3] - Domestic commercial inventories of the three major oils have decreased by 100,000 tons week-on-week and 150,000 tons month-on-month, indicating tightening supply [3] Double焦 and Multi-crystalline Silicon - Double焦 prices fell over 3%, with the market affected by government directives on energy supply and declining steel production profitability [4] - Multi-crystalline silicon prices dropped over 2%, with production cuts expected in both upstream and downstream sectors, leading to a low-level consolidation phase [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel demand has officially entered the off - season, with risks still existing in hot - rolled coil inventory, and attention should be paid to the production reduction rhythm. Future steel consumption may gradually recover, and although short - term demand is weak, there may be an inflection point with policy implementation and macro - environment changes [2] - For iron ore, affected by environmental protection restrictions and declining steel mill profits, iron ore demand continues to weaken, and inventory pressure remains. In the short term, ore prices will run weakly, and attention should be paid to the support level of 750 - 760 yuan/ton [5] - Regarding the black sector, it is considered that short - term "negative feedback" trading is a temporary shock, and it may be more cost - effective to look for rebound opportunities after corrections. The subsequent price increase depends on whether stimulus policies are introduced and their intensity [9][10] - For manganese silicon, pay attention to the situation of manganese ore. If the black sector strengthens, it may be driven by manganese ore. For silicon iron, its operability is relatively low [10] - For industrial silicon, supply and demand are weak, and prices are expected to consolidate, waiting for new drivers [13][14] - For polysilicon, the supply - demand pattern may improve marginally, but short - term de - stocking may be limited. Pay attention to the progress of the platform company [16] - For glass, the market lacks fundamental support, and prices are expected to remain weak in the short term [19] - For soda ash, the market has both long and short factors, and prices may continue to fluctuate in the short term [21] 3. Summary by Related Catalogs Steel Market Information - The closing price of the rebar main contract was 3044 yuan/ton, up 10 yuan/ton (0.329%) from the previous trading day. The registered warehouse receipts decreased by 9143 tons, and the main contract positions decreased by 37153 lots. In the spot market, the Tianjin and Shanghai aggregated prices remained unchanged [1] - The closing price of the hot - rolled coil main contract was 3252 yuan/ton, up 7 yuan/ton (0.215%) from the previous trading day. The registered warehouse receipts decreased by 894 tons, and the main contract positions decreased by 19517 lots. The Shanghai aggregated price increased by 10 yuan/ton, while the Lecong aggregated price remained unchanged [1] Strategy Views - Rebar supply and demand both declined, inventory continued to decline, showing a neutral performance overall. Hot - rolled coil demand declined significantly, with inventory accumulating against the season. Steel demand has entered the off - season, and attention should be paid to the production reduction rhythm. Future demand may recover gradually [2] Iron Ore Market Information - The main contract (I2601) of iron ore closed at 765.00 yuan/ton, up 0.59% (+4.50). The positions decreased by 17806 lots to 54.16 million lots. The weighted positions were 96.85 million lots. The spot price of PB fines at Qingdao Port was 775 yuan/wet ton, with a basis of 58.52 yuan/ton and a basis rate of 7.11% [4] Strategy Views - Supply: Overseas iron ore shipments continued to decline, with Vale and Rio Tinto contributing to the reduction. Non - mainstream country shipments increased, and the near - end arrival volume decreased. Demand: The average daily hot metal output decreased by 2.14 tons to 234.22 tons. Environmental protection restrictions in Hebei had a significant impact, and many steel mills increased maintenance. Inventory: Port inventory increased, and steel mill inventory also rose. In general, the fundamentals are weak, and short - term prices will run weakly [5] Manganese Silicon and Silicon Iron Market Information - On November 10, the main contract of manganese silicon (SM601) closed up 1.04% at 5820 yuan/ton. The spot price in Tianjin was 5700 yuan/ton, with a premium of 70 yuan/ton over the futures. The main contract of silicon iron (SF601) closed up 1.12% at 5588 yuan/ton. The spot price in Tianjin was 5600 yuan/ton, with a premium of 12 yuan/ton over the futures. Manganese silicon is in the 5600 - 6000 yuan/ton range, and silicon iron is in the 5400 - 5800 yuan/ton range [7][8] Strategy Views - The market is currently in a "negative feedback" trading situation, but it is considered a temporary shock. It may be more cost - effective to look for rebound opportunities after corrections. Manganese silicon lacks a clear main contradiction, and attention should be paid to the manganese ore situation. Silicon iron has no obvious supply - demand contradiction and follows the cost of electricity, with low operability [9][10] Industrial Silicon and Polysilicon Market Information - The main contract of industrial silicon (SI2601) closed at 9290 yuan/ton, up 0.76% (+70). The weighted positions increased by 4310 lots to 440038 lots. The spot prices of 553 and 421 in East China increased by 50 yuan/ton [12] - The main contract of polysilicon (PS2601) closed at 53720 yuan/ton, up 0.95% (+505). The weighted positions decreased by 6367 lots to 222392 lots. The spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material remained unchanged [15] Strategy Views - For industrial silicon, production increased in October, and supply pressure may ease in November. Demand is weak, and prices are expected to consolidate [13][14] - For polysilicon, production will decline in November and December, and the supply - demand pattern may improve marginally. Pay attention to the progress of the platform company [16] Glass and Soda Ash Market Information - The glass main contract closed at 1069 yuan/ton, down 2.02% (-22). The Huabei large - plate price decreased by 20 yuan, and the Huazhong price remained unchanged. The weekly inventory of float glass sample enterprises decreased by 265.40 million cases (-4.03%). The top 20 long - position holders increased positions by 107545 lots, and the top 20 short - position holders increased positions by 125534 lots [18] - The soda ash main contract closed at 1226 yuan/ton, up 1.32% (+16). The Shahe heavy - alkali price increased by 16 yuan. The weekly inventory of soda ash sample enterprises increased by 1.22 million tons. The top 20 long - position holders increased positions by 13469 lots, and the top 20 short - position holders decreased positions by 26458 lots [20] Strategy Views - The glass market lacks fundamental support, and prices are expected to remain weak in the short term [19] - The soda ash market has both long and short factors, and prices may continue to fluctuate in the short term [21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soybeans and soybean meal, the short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and the strategy is to sell on rallies [4]. - For palm oil, it may reverse the situation of inventory accumulation in the fourth quarter and the first quarter of next year. If Indonesia's high - yield does not continue, the inventory - reduction time may come earlier. The strategy is to view it as oscillating weakly before the export of Malaysian palm oil improves, and turn to a long - position thinking if there are signals of production decline [10]. - For sugar, due to the strengthening of import control of syrup and premixed powder, the Zhengzhou sugar price has rebounded, but the external market is still weak. It is recommended to look for short - selling opportunities after the rebound weakens [12]. - For cotton, the downstream demand is weak, and the domestic production is high this year, with great selling - hedging pressure. The short - term cotton price is expected to continue to oscillate [15]. - For eggs, short - term prices are expected to be relatively strong, and it is recommended to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait for short - selling opportunities [20]. - For pigs, in the long - term, the strategy is to sell on rallies. Currently, the first - choice strategy is reverse arbitrage, followed by short - selling after the rebound [23]. 3. Summary by Related Catalogs Soybeans and Soybean Meal - **Market Information**: Overnight CBOT soybeans rose slightly. The domestic soybean meal spot price was stable on Monday, and the transaction and pick - up were good. The domestic port soybean inventory exceeded 10 million tons last week. The expected soybean crushing volume of oil mills this week is 2.1579 million tons [2]. - **Strategy**: The import cost fluctuates mainly. The domestic soybean and soybean meal inventories are large, but there is some support as it enters the de - stocking season. Short - term, the price of soybean meal is expected to rise with the import cost, and in the medium term, sell on rallies [4]. Oils - **Market Information**: From November 1 - 10, the export volume of Malaysian palm oil decreased by 9.5% - 12.28% compared with the same period last month. The production in the first 5 days of November increased by 6.8% month - on - month. As of November 7, the total commercial inventory of the three major oils decreased by 5.16% week - on - week and increased by 8.52% year - on - year [6]. - **Strategy**: The high production in Malaysia and Indonesia suppresses the palm oil market. Before the export of Malaysian palm oil improves, view it as oscillating weakly. Turn to a long - position thinking if there are signals of production decline [10]. Sugar - **Market Information**: On Monday, the Zhengzhou sugar futures price continued to oscillate. India will allow the export of 1.5 million tons of sugar in the 2025/26 season. The expected opening time of Guangxi sugar mills is November 15, 7 days later than last year. As of November 9, 3 sugar mills in Yunnan have opened, 1 more than last year [11]. - **Strategy**: Due to the strengthening of import control, the Zhengzhou sugar price has rebounded, but the external market is weak. Look for short - selling opportunities after the rebound weakens [12]. Cotton - **Market Information**: On Monday, the Zhengzhou cotton futures price continued to oscillate. As of November 7, the spinning mill's operating rate was 65.4%, down 0.2 percentage points week - on - week [14]. - **Strategy**: The downstream demand is weak, and the domestic production is high. The short - term cotton price is expected to continue to oscillate [15]. Eggs - **Market Information**: The national egg price was stable or decreased yesterday. The supply is stable, and the market demand is average [17]. - **Strategy**: Short - term prices are expected to be relatively strong. In the medium term, pay attention to the upper pressure and wait for short - selling opportunities [20]. Pigs - **Market Information**: The domestic pig price showed a mixed trend yesterday. The demand side has limited acceptance of the current pig price, and the support for the pig price has weakened [22]. - **Strategy**: In the long - term, sell on rallies. Currently, the first - choice strategy is reverse arbitrage, followed by short - selling after the rebound [23].

Report Industry Investment Rating - Not provided Core View of the Report - Macro-level factors like the potential end of the US government shutdown, the continuation of the Fed's interest rate cut cycle, and a more relaxed global monetary policy are favorable for copper prices, while on the supply-demand side, the recovery of Indonesian mines and weak short-term spot demand with high inventories may put pressure on the spot market in the future. In the short term, due to news stimulation, the market sentiment is strong and copper prices may fluctuate at a high level, but in the medium term, there is a contradiction between macro expectations and spot demand, with high uncertainty [3][4]. Summary According to Related Content Market Performance - Today, the LME copper rose slightly, trading around $10,785, and the Shanghai copper also rose slightly, closing at 86,480. The trading volume and open interest of Shanghai copper were basically stable, and the market sentiment was neutral [4]. - The Shanghai copper closed at 86,480, and the spot price was 88,610, with the spot at a premium of 130 points over the futures. The spot basis premium was 55 points, and the spot trading improved slightly. The LME spot discount narrowed to -$18 this week, and the external spot demand was average [3]. - This week, the RMB exchange rate rose significantly, and the Yangshan copper premium dropped to a recent low of $33.5, indicating poor domestic spot demand. The ratio of LME copper to Shanghai copper dropped to 8, and the premium of international copper over Shanghai copper dropped to 496 points, with the external price ratio higher than the internal one [3]. Market Analysis - Macroscopically, the global trade pattern is gradually stabilizing, the Fed's interest rate cut cycle continues, and the global monetary policy tends to be loose, which is beneficial to copper prices; on the supply-demand side, Indonesian mines are gradually resuming production, but the spot demand remains weak in the short term, with high inventories, and there may be pressure on the spot side in the future [4]. - Technically, the technical form of Shanghai copper is neutral. In the short term, market sentiment is strong due to news such as the end of the US government shutdown, and copper prices may fluctuate at a high level. In the medium term, there is a contradiction between macro expectations and spot demand, with high uncertainty [4]. Future Concerns - Future attention should be paid to when the US government shutdown will end, whether the Fed's interest rate cut cycle can continue, and when the current weak spot demand at home and abroad will improve [4].

Report Summary 1. Investment Rating - Not provided in the content 2. Core Views - The current supply and demand of industrial silicon are both decreasing, with slow inventory depletion. The short - term industrial silicon futures market is expected to maintain wide - range fluctuations, and attention should be paid to the start - up changes of large factories in the northwest [6]. - The current supply and demand of polysilicon are both weak, and there is still pressure on inventory accumulation. However, it is supported by industrial policies and market expectations. It is expected to maintain high - level fluctuations in the short term, and attention should be paid to the implementation of policies [7]. 3. Summary by Related Catalogs Industrial Silicon - **Price**: As of November 7, 2025, the spot price of Xinjiang industrial silicon 553 oxygen - passed was 8900 yuan/ton, unchanged from last week; the futures main contract bottomed out and rebounded, closing at 9220 yuan/ton on November 7 [6]. - **Supply**: The operating rate in Xinjiang remained stable, with a slight increase in output; the operating rate in the northwest (Qinghai, Ningxia, Gansu) changed little; most silicon enterprises in Yunnan stopped production in late October, and some stopped in early November; some silicon enterprises in Sichuan may stop production partially. Overall, the output of industrial silicon decreased month - on - month [6]. - **Demand**: The weekly operating rate of polysilicon enterprises decreased month - on - month; the operating rate of silicone was basically stable; the operating rate of aluminum alloy enterprises changed little, with on - demand procurement. In September, the export of industrial silicon was 70200 tons, a month - on - month decrease of 8% and a year - on - year increase of 8% [6]. - **Cost**: The cost of industrial silicon remained stable this week [6]. - **Inventory**: As of November 6, the total social inventory of industrial silicon in the country was 552000 tons, a decrease of 6000 tons from last week [6]. Polysilicon - **Price**: As of November 7, 2025, the spot price of N - type dense material was 50000 yuan/ton, unchanged from last week; the futures main contract fluctuated and declined, closing at 53215 yuan/ton on November 7 [7]. - **Supply**: The output of polysilicon in October was 137400 tons, a slight increase from September. In November, with the successive shutdowns in the southwest production areas, the production schedule of polysilicon declined significantly [7]. - **Demand**: Terminal demand remained weak, and price transmission in the industrial chain was poor. Silicon wafer and battery prices were loose, and downstream crystal - pulling enterprises only maintained rigid - demand procurement. In September, the import volume of polysilicon was 1291.8 tons, a month - on - month increase of 28%; the export volume was 2149.5 tons, a month - on - month decrease of 28% [7]. - **Cost**: The cost of polysilicon remained stable this week [7]. - **Inventory**: There was little change in inventory recently, and there was still a possibility of inventory accumulation as subsequent orders decreased [7]. Price and Spread - **Industrial Silicon Price and Spread**: As of November 7, 2025, the prices of Xinjiang industrial silicon 553 and 421 oxygen - passed were unchanged from last week; the spread between Yunnan's 553 and 421 oxygen - passed industrial silicon and Xinjiang's 553 and 421 oxygen - passed industrial silicon remained stable compared with last week [10][14]. - **Polysilicon Price and Spread**: As of November 7, 2025, the spot prices of N - type dense material, P - type dense material, and P - type cauliflower material were unchanged from last week; the spread between N - type dense material and P - type dense material, and N - type dense material and P - type cauliflower material remained stable compared with last week [17][21]. Cost - **Silicon Coal and Silica Stone**: As of November 7, 2025, the delivered prices of silicon coal in Ningxia and Xinjiang remained stable; the delivered prices of silica stone in Hubei, Xinjiang, and Yunnan remained stable [25]. - **Petroleum Coke and Electricity Price**: As of November 7, 2025, the price of Saudi petroleum coke at Shandong ports remained stable; the electricity prices in Xinjiang, Sichuan, and Yunnan remained stable [28]. - **Wood Chips and Graphite Electrodes**: As of November 7, 2025, the prices of wood chips and charcoal in Yunnan, and high - power graphite electrodes in Jiangsu remained stable [32]. Downstream Products - **Silicon Wafers**: As of November 7, 2025, the average prices of N - type silicon wafers decreased slightly compared with last week. Affected by weak terminal demand and cautious downstream procurement, silicon wafer prices decreased slightly, but the decline space may be limited due to cost support [34]. - **Batteries**: As of November 7, 2025, the prices of various types of single - crystal TOPCon batteries decreased compared with last week. The battery market continued to be weak, with component manufacturers pressing prices and battery manufacturers lowering quotes [38]. - **Components**: As of November 7, 2025, the prices of various types of TOPCon components remained stable. The market demand was differentiated, with large - size components having firm quotes due to domestic centralized project demand, while conventional - size components had high inventory and weak demand, with prices hovering at low levels [41]. - **Organic Silicon**: As of November 7, 2025, the price of organic silicon DMC in East China increased by 500 yuan/ton compared with last week, and the operating rate was basically stable [45]. - **Aluminum Alloy**: As of November 7, 2025, the price of Shanghai aluminum alloy ingot ADC12 increased by 100 yuan/ton compared with last week, the operating rate of aluminum alloy enterprises remained stable, and they procured industrial silicon on - demand [49].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current iron ore supply and demand are weak. With the terminal demand in the off - season, steel mills' procurement is cautious. In the short term, it will maintain a volatile operation. The strategy is range - bound trading [5][6] Summary by Relevant Catalogs Trading Logic - **Supply**: From November 3rd to November 9th, the global iron ore shipping volume was 3069 tons, a decrease of 144.5 tons compared to the previous period. Australian shipments were 1810.8 tons, down 84.3 tons, and Brazilian shipments were 737.8 tons, down 126.3 tons. The arrival volume at 45 Chinese ports was 2741.2 tons, a decrease of 477.2 tons. As of November 7th, the daily output of iron concentrate from 186 domestic mines was 46.87 tons, a decrease of 0.77 tons, and the capacity utilization rate was 59.98%, down 0.98%. The mine concentrate inventory was 79.6 tons, a decrease of 9.95 tons [5] - **Demand**: In the week of November 7th, the daily average pig iron output was 234.22 tons, a decrease of 2.14 tons. After the emergency response to heavy pollution weather was lifted in many places in Hebei, the steel mills' willingness to actively overhaul was weak, and the short - term decline in pig iron output was limited [5] - **Inventory**: The inventory of imported ore continued to increase, the number of ships at the port decreased by 9 to 109. The pressure at the port was transferred to the port, and the steel mills' inventory rebounded from a low level, with the overall inventory increasing slightly [5] - **Basis**: The basis of the 01 and 05 contracts fluctuated slightly [5] - **Profit**: The profitability rate of steel mills declined, and the price of imported ore oscillated in the range of 100 - 105 US dollars per ton [5] Price - The spot price oscillated and declined [7] Mineral Powder Spread - The spread between PB powder and Super Special powder rebounded slightly, and the spread between PB powder and Macfarlane powder oscillated at a low level [13][17] Relative Valuation - The ratio of steel to ore oscillated at a low level, and the ratio of ore to coke declined slightly [28] Supply - Global shipments decreased slightly, and the shipments of non - mainstream mines fluctuated slightly. Australian ore shipped to China and Brazilian ore shipments both decreased slightly. Shipments from FMG decreased, while those from BHP increased slightly. Shipmentsments from The Shipments from RT and VALE increased slightly. The shipping freight index increased slightly, the arrival volume decreased slightly, and the output of domestic iron concentrate decreased slightly [34][38][43][47][52][56][59] Demand - The profit of steel mill blast furnaces increased slightly, the profitability rate of steel mills continued to decline, and the pig iron output continued to decrease [65][71] Inventory - The port throughput changed little, and the port inventory continued to rise. The inventory of Australian ore increased slightly, and the inventory of Brazilian ore was at a high level. The inventory of coarse powder oscillated at a high level, and the inventory of lump ore increased slightly. The steel mills' consumption continued to decline, and the inventory of imported ore oscillated at a low level [78][82][90][98]