Group 1: Report Overview - Report Title: Methanol Daily Report, November 12, 2025 [1] - Researcher: Zhang Mengchao [5] - Contact: zhangmengchao_qh@chinastock.com.cn [5] Group 2: Market Review - Futures Market: The futures market rebounded with fluctuations, closing at 2108 (+14/+0.67%) [2] - Spot Market: Various regions had different spot prices, with production areas like Inner Mongolia南线 at 1960 yuan/ton, and consumption areas like Lunan at 2120 yuan/ton [2] Group 3: Important Information - Port Inventory: As of November 12, 2025, the total methanol port inventory in China was 154.36 million tons, an increase of 5.65 million tons from the previous period. East China saw an inventory increase of 6.49 million tons, while South China had a decrease of 0.84 million tons [3] Group 4: Logic Analysis - Supply: Coal - to - methanol profit was around 320 yuan/ton, with high and stable domestic production capacity utilization and continuous ample domestic supply [4] - Import: The US dollar price dropped rapidly, the import forwardation widened. Iranian production was fully normal, non - Iranian production capacity utilization increased slightly, and the foreign market's production capacity utilization returned to a high level [4] - Demand: The MTO device production capacity utilization increased, with some MTO devices operating stably and some at partial loads [4] - Inventory: Import arrivals decreased slightly, the port inventory accumulation cycle ended, and the basis was strong; inland enterprise inventory fluctuated slightly [4] - Overall Situation: With increased international production capacity utilization, resumed imports, and ample port spot liquidity, methanol continued its downward trend, especially considering the high - inventory background [4] Group 5: Trading Strategies - Unilateral: Hold short positions [5] - Arbitrage: Stay on the sidelines [6] - Options: Sell call options [6]

Core Insights - ASUS has established inventory to address the current price increases in DRAM and NAND flash memory, indicating proactive measures to mitigate supply chain challenges [1] - The company plans to adjust its product mix and dynamically modify sales prices in response to market conditions [1] - The ongoing price surge in storage is attributed to supply-demand imbalances, particularly due to increased demand from AI server applications and stagnant production capacity from major DRAM manufacturers [1] Company Performance - In Q3 2023, ASUS reported revenue of NT$189.907 billion (approximately RMB 43.641 billion), reflecting a year-on-year growth of 21% [1] - The revenue breakdown shows that consumer, gaming, and enterprise segments contributed 29%, 41%, and 30% respectively, with enterprise revenue doubling year-on-year [1] Inventory Management - ASUS has built approximately two months of inventory for both components and finished products, which has limited the impact of supply chain disruptions on Q4 operations [1] - The company intends to strengthen collaboration with upstream suppliers to further enhance inventory reserves [1]

胡书宾表示，华硕上半年就留意到DRAM供应紧张，价格可能上涨的趋势，很早就开始拉长备货周期， 到今年第3季底，华硕在零组件端库存水位约二个月，通路端成品库存也有约二个月，总计有四个月安 全库存应对，存储器缺货影响对华硕第4季营运影响有限。 针对存储器缺货大涨价议题，华硕（2357）共同执行长胡书宾昨（11）日表示，华硕很早就开始拉长存 储器相关元件备货周期，目前总计有四个月安全库存，对本季影响有限，后续将依据成本变化、通路伙 伴，以及消费者需求状况考量，"会在适度状况下，调整产品价格。" ...

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6]. Core Insights - In FY2025Q3 (July 1, 2025 - September 30, 2025), the company achieved revenue of €6.63 billion, representing an 8% year-over-year increase at constant exchange rates. The revenue performance was in line with expectations, with the Adidas brand revenue increasing by 12% [2][4]. - The gross profit margin improved by 0.5 percentage points to 51.8%, driven by lower product and transportation costs, improved business mix, and strong sales [2][4]. - Operating profit margin increased by 1.8 percentage points to 11.1%, while the net profit margin rose by 0.1 percentage points to 7.0% [2][4]. Revenue Breakdown - By region, the Adidas brand saw revenue growth across all markets: Europe (+9%), North America (+1%), Emerging Markets (+11%), Japan/Korea (+6%), and Greater China (+6%). The Adidas brand revenue in these regions grew by 12%, 8%, 13%, 11%, and 10% respectively [5]. - By channel, all channels for the Adidas brand experienced double-digit growth: wholesale (+10%), DTC (+14%), self-operated stores (+13%), and e-commerce (+15%) [5]. - By product category, both footwear and apparel for the Adidas brand achieved double-digit growth, with footwear up by 11% and apparel by 16%. Accessories saw a modest increase of 1% [5]. Inventory and Guidance - As of FY2025Q3, the company's inventory increased by 21% year-over-year to $5.47 billion, attributed to a low base last year and pre-purchases for the World Cup, which is expected to support revenue growth [11]. - The company raised its full-year guidance, projecting a 9% year-over-year revenue increase for FY2025 at constant exchange rates, with the Adidas brand expected to achieve double-digit growth. Operating profit is forecasted to be €2 billion, up from a previous estimate of €1.7 to €1.8 billion [11].

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]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Short - term: In November, downstream production scheduling increases slightly month - on - month, lithium carbonate production decreases slightly, and imports rebound slightly. Supply growth is lower than demand, and inventory depletion is expected to accelerate. The inventory - to - sales ratio in November is expected to further decline. The price will remain high next week. Some funds flow in to layout long - term long positions, and the 2605 contract is more popular [6]. - Medium - term: In December, demand enters the off - season and is difficult to grow significantly. Overseas mine shipments increase, which may ease the tight supply - demand situation. After the production scheduling in mid - to - late November is more certain, the market may start to trade the marginal loosening of supply - demand. The resumption of production at Jianxiaowo does not support the price to reach new highs [6]. - Futures strategy: If funds speculate on the improvement of supply - demand driven by energy storage next year and push the price close to the previous high, short - hedging can be considered. Pay attention to the spot trading situation next week. For unilateral trading, there is still short - term rebound momentum, and consider laying out short positions when entering the previous high pressure range; for arbitrage, wait and see; for options, sell out - of - the - money call options to cooperate with the profit - taking of futures long positions [6]. Summary According to Relevant Catalogs Demand Analysis New Energy Vehicles - China: In September, new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%, and the penetration rate reached 49.7%. From January to September, sales were 11.228 million, a year - on - year increase of 34.9%. In October, the retail sales of new energy vehicles in the passenger car market were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. The cumulative retail sales this year were 10.27 million, a year - on - year increase of 23%. The power battery cell production from January to October increased by 44.5% year - on - year to 985.5 GWh, and increased by 0.2% month - on - month in November [12]. - Global: From January to September 2025, global new energy vehicle sales increased by 23.5% year - on - year to 14.479 million. European sales increased by 28.5% year - on - year to 2.746 million, while US sales increased by 11.4% year - on - year to 1.232 million. China's new energy vehicle exports from January to September 2025 were 1.727 million, an 86% year - on - year increase [17]. Energy Storage Market - Domestic energy storage orders are strong due to "export rush" demand and中标 projects in the Middle East, South America, and Australia. From January to October, China's energy storage battery cell production was 409.4 GWh, a 55% year - on - year increase. The inventory of energy storage battery cells is at a three - year low, and the delivery cycle is extended. Production in November and December is expected to maintain positive month - on - month growth, supporting lithium carbonate consumption [21]. November Battery and Cathode Production Scheduling - In October, battery production increased by 8% month - on - month, with ternary batteries increasing by 2.3% and lithium iron phosphate batteries increasing by 10%. In November, battery production is expected to increase by 1.1% month - on - month, with ternary batteries increasing by 0.6% and lithium iron phosphate batteries increasing by 1.1%. The production scheduling in December is expected to be flat, showing the characteristic of an off - season not being off - peak [26]. Supply Analysis Weekly Lithium Carbonate Production Resumes Growth - From January to October, domestic lithium carbonate production was 776,000 tons, a 43% year - on - year increase. The production scheduling in November is 92,000 tons. Compared with May, the operating rate of integrated production capacity increased by 10%, and the operating rate of contract - manufacturing capacity increased by 30% (mainly lithium pyroxene production). The resumption of production at Jianxiaowo is in progress [31]. Monthly Lithium Carbonate Production by Raw Material in China - Data shows the production trends of lithium carbonate from different raw materials such as salt lakes, lithium pyroxene, lithium mica, and recycling [33]. Limited Supply Increment of Lithium Carbonate in November - From January to September 2025, China's lithium carbonate imports were 173,000 tons, a 5% year - on - year increase. In October, Chile's lithium carbonate exports to China were 16,200 tons. Lithium salt imports in November are expected to have limited month - on - month growth. Australian shipments from September to October are higher than the average from January to October, and African Mali will have arrivals in November and December [41]. Supply - Demand Balance and Inventory Lithium Carbonate Supply - Demand Balance Estimation - Not elaborated in detail in the provided content, only a graph of China's lithium carbonate supply - demand balance is shown [43]. Continuous Inventory Depletion of Lithium Carbonate, Reaching the Peak in November - This week, the social inventory decreased by 3,405 tons, with smelter inventory decreasing by 1,336 tons, downstream inventory decreasing by 1,280 tons, and other inventory decreasing by 790 tons. The Guangzhou Futures Exchange warehouse receipts decreased by 289 tons this week, and the decline significantly narrowed. The spot basis returned to par, but the spread between 2601 - 2605 widened, reflecting the market's optimistic expectation for the far - month [49].

Report Information - Report Title: "Hualian Futures Rubber Weekly - Weak Demand Drags Down Rubber Prices" [2] - Date: 20251109 [2] - Analyst: Li Zhaofeng [2] Report Industry Investment Rating - Not provided in the document Core Viewpoints - The real estate market continues to decline and needs to stabilize. The Fed's potential interest - rate cuts are favorable for the capital market, but the spill - over effects of a potential US recession should be watched out for [4]. - The long - term supply cycle is shifting, which boosts valuation, but supply is elastic. The current year's natural rubber production areas have better weather conditions than last year, and the supply is expected to be stable, with a projected 0.5% increase in global production and a 10% increase in China's imports [4]. - The exchange's ru warehouse receipts are at a ten - year low, and nr warehouse receipts were once at an extremely low level. Qingdao's dry rubber inventory has recently increased due to concentrated shipping schedules, and there is an expectation of further inventory build - up in the future. The inventory of butadiene rubber is relatively high [4]. - Demand has been over - drawn by export rush and replacement demand. The real estate market shows no signs of improvement, and new vehicle and export demand are also weakening. Without strong policy support or inflation, demand will likely drag down the market [4]. - The recommended strategy is to go long on ru and short on nr, and to pay attention to the supply volume during the peak production season [4]. Summary by Related Catalogs Market Price - Natural rubber spot prices have weakened, with only a limited rebound from the previous low and still at a low level. Synthetic rubber prices have hit a new low for the year, deviating from the trends of natural rubber and crude oil [6]. - The ru basis is at a multi - year high, and the monthly spread has strengthened but remains in a contango structure, which is unfavorable for long positions [12]. - The ru 1 - 9 monthly spread has weakened to - 125 but is still stronger than last year. The nr consecutive 1 - consecutive 3 monthly spread is around - 35 and has weakened. The br consecutive 1 - consecutive 3 monthly spread is around 75 and has limited rebound momentum [17]. - The spread between spot whole latex and 20 - grade rubber has rebounded slightly from a low level, and synthetic rubber Br has weakened significantly compared to natural rubber [22]. Raw Material Prices - Thai raw material prices have stabilized marginally, and the weak spread between glue and cup lump suggests stable supply. Currently, the global market is in the peak production season with slightly more rainfall [27]. - Domestic raw material prices show that the absolute price of old whole latex has returned to the key range before last year's rally but is still at a medium level in recent years, and production incentives are still acceptable [10]. Processing Profits - Recent processing profits have declined again [32]. Inventory - Qingdao's dry rubber inventory increased in the latest week mainly due to concentrated shipping schedules. The overall current inventory is not high, but there is an expectation of further inventory build - up in the future. The inventory of butadiene rubber is relatively high [37]. - The exchange's ru warehouse receipts are at a ten - year low, and nr warehouse receipts were once at an extremely low level. The nr warehouse receipts dropped rapidly from a multi - year high in the third quarter of last year and are still at a multi - year low [47][53]. - The synthetic rubber inventory is neutral. The in - factory inventory of butadiene rubber rebounded after reaching a two - year low, and the trader inventory dropped to a low level [56]. - The inventory of all - steel tires and semi - steel tires has decreased marginally [59]. Supply Side - According to ANRPC, the global natural rubber production in the first three quarters of this year is expected to increase by 2.3%, and consumption is expected to decrease by 1.5%. The global production is expected to increase by 0.5% to 14.95 million tons in 2025 [63][65]. - China's natural rubber production from January to December 2024 was 911,400 tons, a 10% increase from the previous 854,000 tons [68]. - In 2024, rubber imports were lower than in previous years due to factors such as EU eudr diversion, overseas inventory replenishment, and reduced arbitrage demand. From January to August 2025, China's cumulative imports of natural and synthetic rubber (including latex) reached 5.373 million tons, a 19% increase compared to the same period in 2024. In August 2025, imports were 664,000 tons, a 7.8% increase compared to the same period in 2024, but the growth rate has slowed down marginally [71]. - The large - cycle inflection point of supply - demand surplus has arrived, and the suppression of yield by production capacity has disappeared. The production capacity of natural rubber has reached an inflection point, providing a more solid bottom support, but production is affected by various factors such as weather, pests, and profit margins [81]. Demand Side - The operating rate of all - steel tires has remained stable and is at a medium level in recent years, while the operating rate of semi - steel tires is neutral [89]. - As of September 2025, the cumulative year - on - year increase in tire outer - tube production was about 1.5%, with a marginal slight decline and a significantly slower growth rate compared to last year. As of September, the cumulative year - on - year increase in tire export volume was about 5.4%, which is relatively good but also lower than last year [93]. - In September 2025, China's heavy - truck market sold about 105,000 vehicles (wholesale basis, including exports and new energy), a 15% increase from August and an 82% increase compared to the same period last year. The large - scale infrastructure projects are beneficial for the long - term demand for heavy - trucks [97]. - Domestic passenger - car sales have performed well due to policy incentives, domestic substitution, and overseas market expansion, but the marginal growth rate has shown signs of fatigue. Overseas automobile sales are generally weak, and trade protectionism may further affect the market [102]. - Overall overseas automobile sales are mediocre, and trade wars have disrupted the consumption rhythm [105]. - The real estate market data from January to September 2025 continued to deteriorate, dragging down the market. Given the long real - estate cycle and the unfavorable population situation, it will take time for the market to reverse [120]. - Road freight volume has been stable but is still lower than in 2019, reflecting a decline in demand and the substitution effect of railway and waterway transportation [124].

Core Insights - Canada Goose reported a 1.8% year-over-year increase in global revenue for Q2 of fiscal year 2026, driven primarily by a 21.8% increase in Direct-to-Consumer (DTC) channel revenue, supported by comparable sales growth, new store openings, and improved conversion rates [1] - The North American and mainland China markets emerged as key growth drivers, with the Asia-Pacific market seeing a 20% revenue increase, aided by both DTC and group purchasing channels, particularly through e-commerce platforms like Douyin [1] Group 1: Financial Performance - Global revenue increased by 1.8% year-over-year [1] - DTC channel revenue grew by 21.8%, with comparable sales up 10.2%, marking three consecutive quarters of positive growth [1] - Asia-Pacific market revenue rose by 20%, with strong contributions from DTC and group purchasing channels [1] Group 2: Strategic Initiatives - The company is focusing on four core strategic directions, including product category expansion with the launch of the 2025 Fall/Winter collection [2] - Retail operations are being optimized through strategic expansion, increasing the number of global stores to 77, with a flagship store relocation to the Champs-Élysées in Paris [2] - Inventory levels decreased by 3% year-over-year, reflecting improved demand and inventory management [2] Group 3: Organizational Changes and Capital Management - Stephen Gunn retired from the board and audit committee, with Belinda Wong appointed as the new audit committee financial expert [2] - The company plans to terminate its current Normal Course Issuer Bid (NCIB) early on November 9, 2025, and initiate a new NCIB effective November 10, 2025, lasting until November 9, 2026 [2]

Financial Data and Key Metrics Changes - The company expects to grow EPS by $1 to $2 in 2026, driven by cost actions and progress from the EM pipeline, even in a flat demand environment [7][8] - Working capital has been a source of cash of $250 million in 2025, but a similar level is not expected in 2026 due to anticipated demand levels [37][38] - Free cash flow is projected to be at least $700-$800 million in 2026, supported by EBITDA improvements and reduced restructuring cash outlay [38] Business Line Data and Key Metrics Changes - Engineered materials volumes were down 8% year-over-year, with standard-grade materials experiencing more significant declines compared to thermoplastic elastomers, which showed growth [19][30] - The company is focusing on cost savings in engineered materials, targeting $30 million-$50 million in additional savings, net of inflation [48][49] Market Data and Key Metrics Changes - Pricing pressure in the acetyl chain has been observed, particularly in Europe, while stabilization and slight price increases were noted in China [17][18] - The company is not seeing extensive inventory destocking across the board, with some pockets of inventory reduction being managed thoughtfully [34][35] Company Strategy and Development Direction - The company is prioritizing cash flow increase, cost improvements, and top-line growth as it moves into 2026 [7] - A focus on divestitures continues, with a commitment to $1 billion in divestitures by the end of 2027, with the recent Micromax transaction contributing significantly towards this goal [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving EPS growth despite a challenging demand environment, emphasizing the resilience of the team and the actions taken to position the company for future success [78] - The dialogue around anti-involution in China is increasing, with expectations that profitability of assets in China needs to improve [80][81] Other Important Information - The company recorded a goodwill impairment due to a reduction in market cap, not due to a decline in projected cash flows [72] - The Narco enclosure is expected to yield $20 million-$30 million in productivity savings by 2027 [42] Q&A Session Summary Question: Early look at 2026 earnings control - Management highlighted priorities for 2026, focusing on cash flow, cost improvements, and top-line growth, with expected EPS growth of $1 to $2 [7] Question: EM pricing outlook - Management indicated that there are still opportunities for pricing improvements in EM, particularly in standard-grade materials [10] Question: Operating rates in the acetyl chain - Management noted that the lowest-cost assets are running at full capacity, while other assets are flexibly operated based on demand [13][14] Question: Sequential pricing pressure in the acetyl chain - Pricing pressure has been observed in Europe, particularly in downstream products, while stabilization has occurred in China [17][18] Question: Volume decline in engineered materials - The decline is primarily in standard-grade materials, while thermoplastic elastomers have shown resilience [19][30] Question: Free cash flow expectations - Working capital has been a source of cash in 2025, but similar contributions are not expected in 2026 [37][38] Question: Divestiture strategy - The company is committed to $1 billion in divestitures by 2027, with the Micromax transaction significantly contributing to this target [54][56] Question: Impact of anti-involution on acetyls chain - Management acknowledged the increasing dialogue around anti-involution in China and its potential future impact on profitability [80][81]

Core Viewpoint - The company is actively addressing the challenges posed by price fluctuations in the storage industry through strategic inventory and order management [1] Group 1: Company Overview - The company’s wholly-owned subsidiary, Shenzhen Dawi Chuangxin Microelectronics Technology Co., Ltd., primarily produces NAND and DRAM storage products [1] - The company has developed targeted strategies to manage inventory and order risks in response to price volatility in the storage sector [1] Group 2: Strategic Initiatives - The company plans to optimize its product structure by creating a diversified product portfolio [1] - A refined inventory management mechanism will be implemented to dynamically adjust inventory levels in line with market demand changes [1] - These measures aim to mitigate operational risks associated with price fluctuations [1]