1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Due to the continuous fermentation of the Middle - East geopolitical conflict and the US releasing a cease - fire signal, the market's concern about the conflict escalation has cooled, leading to a significant drop in the prices of energy and chemical products. The decline in coal - related prices has also reduced the cost of coal - based olefins, dragging down the price of propylene. From the fundamental perspective of propylene, the supply of raw material propane has tightened again, increasing the expectation of PDH device maintenance. The supply of propylene has tightened again, while the demand side is mainly for low - price rigid replenishment, and the overall market is in a wait - and - see state. In the short term, the supply - demand situation of propylene remains tight, and there is still support for the propylene price before the Middle - East situation shows an obvious easing signal [2] 3. Summary According to the Directory 3.1 Market News and Important Data - **Propylene data**: The closing price of the propylene main contract is 8795 yuan/ton (- 149), the spot price in East China is 9275 yuan/ton (+ 0), the spot price in North China is 8750 yuan/ton (- 20), the basis in East China is 480 yuan/ton (+ 149), the basis in Shandong is - 45 yuan/ton (+ 129), the operating rate is 71% (- 1%), the difference between propylene CFR in China and naphtha CFR in Japan is 129 US dollars/ton (- 19), the difference between propylene CFR and 1.2 propane CFR is - 105 US dollars/ton (+ 1), the import profit is - 1723 yuan/ton (- 68), and the in - plant inventory is 44560 tons (- 1800) [1] - **Propylene downstream data**: The operating rate of PP powder is 22% (- 5.28%), the production profit is - 150 yuan/ton (- 180); the operating rate of propylene oxide is 74% (- 1%), the production profit is 2288 yuan/ton (+ 454); the operating rate of n - butanol is 81% (- 1%), the production profit is 1513 yuan/ton (+ 202); the operating rate of octanol is 89% (+ 1%), the production profit is 892 yuan/ton (+ 214); the operating rate of acrylic acid is 77% (+ 4%), the production profit is 4265 yuan/ton (+ 0); the operating rate of acrylonitrile is 76% (+ 0%), the production profit is 583 yuan/ton (+ 251); the operating rate of phenol - acetone is 87% (- 1%), the production profit is 86 yuan/ton (+ 0) [1] 3.2 Market Analysis - **Price decline reason**: The continuous fermentation of the Middle - East geopolitical conflict, the US releasing a cease - fire signal, the cooling of the market's concern about the conflict escalation, and the decline in coal - related prices reducing the cost of coal - based olefins have led to a significant drop in the prices of energy and chemical products [2] - **Supply situation**: The supply of raw material propane has tightened again, the raw material inventory of upstream enterprises has been continuously consumed, increasing the expectation of PDH device maintenance. New PDH device maintenance plans have emerged, and some existing PDH devices continue to be shut down. The operating rate of PDH is expected to further decline, and the refinery cracking device has reduced its load, resulting in a tightening of propylene supply [2] - **Demand situation**: The demand side is mainly for low - price rigid replenishment, and the overall market is in a wait - and - see state. Some downstream enterprises have reduced their loads or shut down due to high costs, and it is necessary to pay attention to the transmission of negative feedback on the demand side [2] - **Price outlook**: In the short term, the supply - demand situation of propylene remains tight, and there is still support for the propylene price before the Middle - East situation shows an obvious easing signal [2] 3.3 Strategy - **Single - side strategy**: Cautiously go long on hedging at low prices - **Inter - period strategy**: None - **Inter - variety strategy**: None [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The recent rebound in the lithium carbonate futures market is affected by the continuous export ban in Zimbabwe. The resumption time of production in Jianxiaowo and Zimbabwe is still unclear, and the supply - demand imbalance with tight supply remains unchanged. Although the new - energy vehicle demand decreased year - on - year in March, it has improved week - on - week, showing resilience and providing support for the lithium carbonate price. The inventory of lithium carbonate has reached an inflection point this week, and the futures price is expected to correct, but the inventory is still at a low level, and the supply - demand tight situation is expected to continue in the first half of the year [1][2][3]. 3. Summary by Related Catalogs Market Analysis - On March 26, 2026, the opening price of the lithium carbonate main contract 2605 was 159,120 yuan/ton, and the closing price was 157,200 yuan/ton, a change of - 0.64% compared with the previous day's settlement price. The trading volume was 260,930 lots, and the open interest was 246,385 lots, with a decrease of 5,572 lots compared with the previous trading day. The current basis was - 5,800 yuan/ton (average price of electric carbon - futures). The number of lithium carbonate warehouse receipts was 30,751 lots, a decrease of 709 lots compared with the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 151,000 - 162,000 yuan/ton, an increase of 4,000 yuan/ton compared with the previous trading day; the price of industrial - grade lithium carbonate was 148,000 - 159,000 yuan/ton, also an increase of 4,000 yuan/ton. The price of 6% lithium concentrate was 2,210 US dollars/ton, an increase of 55 US dollars/ton compared with the previous day [1]. - According to SMM statistics, most lithium salt plants have resumed production, and the domestic supply is generally stable, with an increase in supply this week. The weekly total output of lithium carbonate was 24,814 tons, including 15,314 tons from spodumene, 3,227 tons from mica, 3,715 tons from salt lakes, and 2,558 tons from recycling [1]. Inventory - According to the latest SMM statistics, the spot inventory was 99,489 tons, a week - on - week increase of 616 tons. Among them, the smelter inventory was 17,332 tons, a week - on - week increase of 724 tons; the downstream inventory was 46,657 tons, a week - on - week increase of 552 tons; other inventories were 35,500 tons, a week - on - week decrease of 660 tons. The inventory of lithium carbonate has reached an inflection point this week [2]. Strategy - The futures market has been fluctuating sharply recently. The war in the Middle East has increased the volatility of commodities. The prices of energy - chemical and non - ferrous metals have been rising and falling alternately. Today, the oil price rebounded, and the lithium carbonate price rose first and then fell. Since the inventory of lithium carbonate has reached an inflection point this week, the futures price is expected to correct. However, the inventory is still at a low level, and the supply - demand tight situation is expected to continue in the first half of the year. In the future, continue to pay attention to the resumption of production in Zimbabwe and Jianxiaowo, the marginal changes in inventory, and the atmosphere of the commodity market. In the short term, it is recommended to mainly conduct range operations [3]. Trading Strategies - Unilateral: Short - term operations are recommended. - Inter - period: No relevant strategies provided. - Inter - commodity: No relevant strategies provided. - Spot - futures: No relevant strategies provided. - Options: No relevant strategies provided [5].

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core View - On March 23, platinum and palladium prices dropped significantly. PT2606 closed down 11.38% to 457.75 yuan/gram, and PD2606 closed down 12.42% to 327.85 yuan/gram. Geopolitical risks repeatedly disturbed market sentiment. Trump's statement about the progress of US - Iran dialogue led to a decline in oil prices and a rebound in overseas platinum and palladium prices. The Guangzhou Futures Exchange will lower the daily price limit and margin standards for platinum and palladium from March 24, which is expected to improve contract liquidity. In the long - term, the supply - demand of platinum is tight under investment and industrial demand, while palladium is severely restricted by vehicle electrification. The "tight platinum and loose palladium" pattern may continue. In the short - term, platinum and palladium are expected to maintain a range - bound trend. After the Middle East geopolitical situation becomes clear, one can choose to go long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [6] Group 3: Price and Spread Summary Domestic Prices - Platinum futures主力收盘价 dropped from 509.75 to 457.75 yuan/gram, a decrease of 10.20%. The spot price of platinum (99.95%) dropped from 512 to 471 yuan/gram, a decrease of 8.01%. The platinum basis (spot - futures) increased from 2.25 to 13.25 yuan/gram, a rise of 488.89%. Lithium futures主力收盘价 dropped from 368.85 to 327.85 yuan/gram, a decrease of 11.12%. The spot price of lithium (99.95%) dropped from 374 to 347 yuan/gram, a decrease of 7.22%. The lithium basis (spot - futures) increased from 5.15 to 19.15 yuan/gram, a rise of 271.84% [4] International Prices - London spot platinum dropped from 1984.2 to 1783.657 dollars/ounce, a decrease of 10.11%. London spot lithium gold dropped from 1460.216 to 1358.745 dollars/ounce, a decrease of 6.95%. NYMEX platinum dropped from 1974.1 to 1767.7 dollars/ounce, a decrease of 10.46%. NYMEX lithium dropped from 1466.5 to 1349 dollars/ounce, a decrease of 8.01% [4] Internal - External Spread - The dollar/yuan mid - price increased from 6.8898 to 6.9041, an increase of 0.21%. The spread between Guangzhou platinum and London platinum decreased from 13.09 to 10.36 yuan/gram, a decrease of 20.85%. The spread between Guangzhou platinum and NYMEX platinum decreased from 15.62 to 14.36 yuan/gram, a decrease of 8.03%. The spread between Guangzhou lithium and London lithium decreased from - 12.96 to 3.35 yuan/gram, a decrease of 487.45%. The spread between Guangzhou lithium and NYMEX lithium decreased from - 10.52 to 1.77 yuan/gram, a decrease of 693.38% [4][5] Group 4: Ratio and Inventory Summary Ratios - The ratio of Guangzhou Futures Exchange platinum to lithium increased from 1.3820 to 1.3962, an increase of 0.0142. The ratio of London spot platinum to lithium decreased from 1.3588 to 1.3127, a decrease of 0.0461 [5] Inventories - NYMEX platinum inventory remained unchanged at 579274 troy ounces. NYMEX palladium inventory increased from 245177 to 248374 troy ounces, an increase of 1.30% [5] Group 5: Position Summary - NYMEX total platinum position decreased from 68758 to 67292, a decrease of 2.13%. NYMEX non - commercial net long position of platinum increased from 14690 to 16898, an increase of 15.03%. NYMEX total palladium position decreased from 15556 to 15679, a decrease of 0.78%. NYMEX non - commercial net long position of palladium increased from - 185 to - 156, an increase of 18.59% [5]

1. Report Industry Investment Rating - Not provided 2. Core Views of the Report - The geopolitical situation between the US and Iran remains tense, with the navigation obstruction in the Strait of Hormuz unresolved, leading to a risk of raw material supply interruption. Asian refineries, including those in China, have undergone varying degrees of maintenance and production cuts, resulting in a supply contraction expectation and cost - side support [2]. - The supply of raw material propane is tight, and the losses of PDH plant profits are deepening, increasing the expectation of PDH plant shutdowns. The demand side shows that downstream rigid demand is following up, and the return of some PP powder enterprises in Shandong has driven up demand. In the short - term, with the Strait of Hormuz not significantly unblocked, cost increases, and a tight supply - demand pattern, there is a risk of market fluctuations [2]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Propylene**: The closing price of the propylene main contract is 7,812 yuan/ton (+339), the spot price in East China is 8,700 yuan/ton (-175), and in North China is 8,325 yuan/ton (-475). The basis in East China is 888 yuan/ton (-514), and in Shandong is 513 yuan/ton (-814). The propylene operating rate is 73% (+1%), the difference between propylene CFR in China and Japanese naphtha CFR is 294 US dollars/ton (+65), the difference between propylene CFR and 1.2 propane CFR is 19 US dollars/ton (-79), the import profit is -477 yuan/ton (-114), and the in - plant inventory is 44,640 tons (-330) [1]. - **Propylene downstream**: The operating rate of PP powder is 27% (+3.67%), with a production profit of -675 yuan/ton (-125); the operating rate of propylene oxide is 80% (+0%), with a production profit of -580 yuan/ton (-25); the operating rate of n - butanol is 86% (+1%), with a production profit of 1,627 yuan/ton (-105); the operating rate of octanol is 95% (-2%), with a production profit of 998 yuan/ton (+342); the operating rate of acrylic acid is 79% (-1%), with a production profit of 4,323 yuan/ton (+124); the operating rate of acrylonitrile is 75% (-1%), with a production profit of 294 yuan/ton (+380); the operating rate of phenol - acetone is 88% (+0%), with a production profit of 2,500 yuan/ton (+0) [1]. 3.2 Market Analysis - The geopolitical situation between the US and Iran has not improved, and the risk of raw material supply interruption persists. Refineries in Asia, including those in China, have reduced production. Some refineries have already implemented production cuts, and more olefin enterprises may reduce production if the Middle East situation does not cool down [2]. - The supply of propane is tight, and PDH plant profits are in deeper losses, increasing the expectation of PDH plant shutdowns. The demand side shows that downstream rigid demand is following up, and the return of some PP powder enterprises in Shandong has driven up demand. In the short - term, there is a risk of market fluctuations [2]. 3.3 Strategy - **Unilateral**: Cautiously go long on hedging at low prices [3]. - **Inter - period**: None [3]. - **Inter - variety**: None [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For sugar, the Zhengzhou sugar main contract continues to fluctuate. The Iran situation may push up the ethanol - to - sugar price, and sugar mills may adjust the sugar - making ratio, with a possible decline in the 26/27 sugar - making ratio, and short - term raw sugar will maintain a fluctuating trend. In the medium term, the expected production cut risk in Brazil may offset part of the oversupply. In the domestic market, Zhengzhou sugar is boosted by the external market, but with high domestic inventories and ample supply, the upward space is limited and it will mainly fluctuate [5]. - For cotton, the Zhengzhou cotton main contract shows signs of recovery. The escalation of the Middle East situation brings adjustment and risk - aversion pressure after the market digests previous bullish factors, but the回调 amplitude is expected to be limited. In the long - term, with the expectation of tight supply and demand, cotton prices may still have room to rise. In the domestic market, consumption increases and last year's carry - over inventory is low, so this year's supply is expected to be tight. Policy regulation on the planting area may support cotton prices in the long - term. It is advisable to consider buying on dips recently [6]. Summary by Related Catalogs Sugar Futures Market - **Prices and Changes**: The previous day's closing prices of sugar 2609, 2605, and 2603 were 5321, 5308, and 5275 respectively, with price drops of - 11, - 13, and - 15 and percentage drops of - 0.21%, - 0.24%, and - 0.28% respectively. For 11 - number sugar 2610, 2607, and 2605, the previous day's closing prices were 14.11, 13.76, and 14.11 respectively, with price drops of - 0.14, - 0.17, and - 0.14 and percentage drops of - 0.98%, - 1.22%, and - 0.98% respectively [2]. - **Positions and Trading Volumes**: The positions of sugar 2609, 2605, and 2603 were 152115, 446413, and 1749 respectively, and the trading volumes were 55537, 305235, and 123 respectively. For 11 - number sugar 2610, 2607, and 2605, the positions were 145715, 201926, and 145715 respectively, and the trading volumes were 28919, 58171, and 28919 respectively [2]. - **Price Ratios and Spreads**: The current values of SR2605 - SR2603, SR2609 - SR2603, and SR2605 - SR2609 were 33, - 46, and - 13 respectively, compared with previous values of 31, - 42, and - 11. For 11 - number sugar, the current values of 2610 - 2607, 2607 - 2605, and 2610 - 2605 were 0.35, - 0.35, and 0.00 respectively, compared with previous values of 0.32, - 0.32, and 0.00 [2]. Sugar Spot Market - **Spot Prices**: The current spot prices of white sugar in Liuzhou and Kunming were 5390 and 5215 respectively, with no change from the previous value in Liuzhou and an increase of 15 in Kunming [2]. - **Basis**: The current basis values in Liuzhou and Kunming for SR2509 were 115 and - 60 respectively, compared with previous values of 100 and - 90. For the new basis values, they were 82 and - 93 respectively, compared with previous values of 69 and - 121 [2]. - **Import Prices**: The current import prices of Brazilian sugar within the quota and outside the quota were 3331 and 4239 respectively, and for Thai sugar, they were 3847 and 4912 respectively. The differences between the futures price and Thai sugar were 1461 and 396 respectively, compared with previous values of 1443 and 369 [2]. Sugar Inventory and Positions - **Inventory**: The current warehouse receipt quantity of white sugar was 14585, the effective forecast was 2585, and the total of warehouse receipts and forecasts was 17170, compared with previous values of 14461, 1689, and 16150 respectively [2]. - **Non - commercial Positions**: The current non - commercial long and short positions of ICE 11 - number sugar were 183446 and 429569 respectively, with a long - to - short ratio of 0.43, compared with previous values of 171981, 425573, and 0.40 respectively [2]. Industry Information - **Guangxi Sugar Production**: Affected by factors such as increased sugarcane planting area, favorable weather with abundant rainfall, and improved field management, the sugarcane yield per unit and the amount of sugarcane crushed in Guangxi have recovered. The estimated range of sugarcane crushed in the 2025/26 season in Guangxi is adjusted to 5750 - 5850 million tons (an upward revision of 215 - 250 million tons), the sugar - making rate is slightly adjusted to 12.3% - 12.4% (a downward revision of 0.1%), and the total sugar production is adjusted to 710 - 722 million tons (an upward revision of 22 - 30 million tons) [3]. - **Yunnan Sugar Production**: The 2025/2026 sugar - making season in Yunnan started on October 30, 2025, one day later than the previous season. As of February 28, 2026, 52 sugar mills were in operation (the same as the previous year). The amount of sugarcane crushed was 1201.82 million tons (compared with 1098.47 million tons in the same period of the previous season), sugar production was 149.34 million tons (compared with 140.03 million tons in the same period of the previous season), the sugar - making rate was 12.43% (compared with 12.75% in the same period of the previous season), and alcohol production was 1.95 million tons (compared with 1.46 million tons in the same period of the previous season). The cumulative sales of new sugar were 69.75 million tons (compared with 72.25 million tons in the same period of the previous year), the sales rate was 46.71% (compared with 51.60% in the same period of the previous year). The monthly sugar production was 50.93 million tons (a decrease of 5.39 million tons compared with the same period of the previous year), monthly sugar sales were 16.54 million tons (a decrease of 10.48 million tons compared with the same period of the previous year), and the industrial inventory was 79.58 million tons (an increase of 11.80 million tons compared with the same period of the previous year). Alcohol sales were 1.64 million tons (compared with 1.45 million tons in the same period of the previous year) [4]. - **US Sugar Subsidies**: The US Department of Agriculture will provide $150 million in one - time financial assistance to sugar beet and sugarcane growers to help them cope with market fluctuations and rising production and processing costs. This assistance is a supplement to the previously announced Farmer Bridge Assistance Program and the Specialty Crop Grower Assistance Program [5].

Investment Rating - The industry is rated as "Outperform" relative to the market [6] Core Insights - Geopolitical risks are driving strong fluctuations in gold prices, with a focus on long-term investment value in gold due to ongoing uncertainties in global tariff policies and geopolitical situations [2][11] - Industrial metals, particularly aluminum and copper, are experiencing upward price movements driven by macroeconomic factors and post-holiday demand recovery in China [3][14] - Lithium carbonate prices are rising due to supply concerns following export suspensions from Zimbabwe, although downstream demand remains cautious [18][19] - The tungsten market is showing a strong recovery post-holiday, with tight supply conditions supporting prices [20][25] Summary by Sections 1. Investment Strategy - Precious Metals: Geopolitical risks are causing strong fluctuations in gold prices, with long-term investment value remaining intact [10] - Industrial Metals: Post-holiday recovery is pushing aluminum prices upward, while copper prices are also on the rise due to optimistic demand forecasts [13][17] - New Energy Metals: Lithium carbonate prices have increased significantly, but downstream purchasing remains cautious [18] - Other Minor Metals: The tungsten market is recovering strongly, with tight supply conditions supporting prices [20] 2. Weekly Review - The non-ferrous index increased by 9.8%, outperforming the Shanghai and Shenzhen 300 indices [26][28] - Notable stock performances include Filihua with a 40.02% increase and Yunnan Geology with a 37.77% increase [4][36] - The valuation of copper and aluminum sectors remains low, indicating potential for future growth [39] 3. Major Events - Macroeconomic indicators show stable performance in the U.S. economy, with a notable increase in non-farm employment [11] - The copper market is experiencing volatility due to macroeconomic factors and inventory assessments, with long-term supply-demand balance remaining intact [48] 4. Non-Ferrous Metal Prices and Inventory - Copper and aluminum prices have shown upward trends, with copper inventories increasing and aluminum inventories decreasing [56] - Global copper inventory stands at 1.2268 million tons, reflecting a month-on-month increase [56]

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Aluminum is a good long - position allocation variety under the support of macro and fundamental prospects, and institutions are highly consistent in bullish on Shanghai Aluminum in 2026, with the target price pointed to the 25,000 yuan mark, and the peak may be higher this year [1][2][3] - Short - term capital boosts Shanghai Aluminum to hit historical highs, which deviates from the fundamentals. Speculative participation should be cautious, and aluminum smelters' selling hedging is cost - effective [3] 3. Summary by Related Contents 3.1 Market Performance in 2025 - 2026 - In 2025, precious metals led by gold had the largest annual market since 1979. At the end of the year, silver, platinum, etc. soared, and copper in non - ferrous metals rose over 35%, tin over 40%, while aluminum only rose 15% [1] - At the beginning of 2026, due to the US military action against Venezuela, precious metals strengthened again, and funds were allocated to aluminum, pushing Shanghai Aluminum to 24,000 yuan [1] 3.2 Macro and Policy Environment - In 2026, the commodity rise is driven by macro - easing and tight supply - demand expectations. The Fed may cut interest rates, and a dovish Fed chairman is likely to be appointed, maintaining the global easing trend [2] - In China, as the first year of the "15th Five - Year Plan", there are strong policy expectations. The government has issued policies on equipment renewal, consumer goods replacement, and grid construction, providing support for aluminum's traditional application scenarios [2] 3.3 Aluminum Market Supply and Demand - The demand for aluminum is expected to increase due to policy support, and the consumption scenarios are expanding. However, the supply is restricted, with domestic production capacity approaching the ceiling and overseas production capacity limited by electricity. There is a risk of over 500,000 tons of production suspension at a Mozambique aluminum plant in Q1, and the aluminum market is expected to be in short supply in 2026 with low inventory becoming the norm [2] 3.4 Investment Suggestions and Risks - Shanghai Aluminum's valuation is rising, but the fundamental reality shows weakness, and there is a risk of industrial negative feedback. Short - term speculation should be cautious, and aluminum smelters' selling hedging is cost - effective as the profit per ton of aluminum has soared to around 8,000 yuan [3]

Group 1 - The main contract for paraxylene (PX) futures experienced a rapid increase, reaching a peak of 7248.0 yuan, with a current price of 7180.0 yuan, reflecting a rise of 2.87% [1] Group 2 - Wenkang Futures suggests focusing on buying opportunities on dips, noting that PX load remains high while downstream PTA maintenance is frequent, leading to a lower overall load center and expectations of slight inventory accumulation in December [2] - Xinhuh Futures indicates that the PX market will continue to run strong in the short term, with a tight supply-demand balance expected to persist until new capacity comes online in Q3 next year [3] - Donghai Futures anticipates that PX will maintain a strong oscillating pattern in the short term, with only one new production line expected next year, contributing to a tight market outlook and supporting price increases [3]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The fundamentals of the lithium carbonate market continue to show a tight supply-demand balance, with total inventory declining for 13 consecutive weeks and the decline rate further expanding. The domestic production has continuously reached new highs, and the new production lines are ramping up to contribute to the increase. Currently, the price increase stimulates the production enthusiasm of manufacturers. However, the rapid consumption of spodumene raw material inventory limits the upside potential of production. The terminal market shows strong performance, and the optimistic demand expectation is difficult to be falsified. The orders in the power and energy storage markets are booming, and the production of lithium iron phosphate has repeatedly reached new highs, strongly supporting lithium carbonate. Currently, the market has strong expectations for energy storage, and related stocks have risen significantly. The market trading focuses on the demand side, and the impact of supply resumption is gradually weakening. In the short term, lithium carbonate is expected to remain strong, and it is advisable to go long on dips [5] Summary by Relevant Catalogs Macro Overview - In October 2025 in China, the new social financing was 810 billion yuan, and the new RMB loans were 220 billion yuan. The M2 - M1 gap at the end of October was 2.0 percentage points, wider than 1.2 percentage points in the previous month. The national industrial added value above designated size increased by 4.9% year - on - year (previous value: 6.5%), social retail consumption increased by 2.9% year - on - year (previous value: 3%), the national real estate development investment from January to October was - 14.7% (previous value: - 13.9%), and the urban fixed - asset investment increased by - 1.7% year - on - year (previous value: - 0.5%). The US House of Representatives passed a temporary appropriation bill, ending the government shutdown and starting a "long restart." Fed officials signaled a hawkish stance before the release of important economic data, reducing the probability of a rate cut in December, and risk assets adjusted collectively [3] Supply Side - This week, the lithium carbonate production continued to increase, with the weekly production remaining above 23,000 tons and reaching a new high for the year. The newly put - into - production capacity continued to ramp up, and the average industry operating rate rebounded to over 52%. In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% increase from the previous month, and 16,200 tons were exported to China [3] Demand Side - According to the data released by the Passenger Car Association, from November 1st to 9th, the retail sales of new - energy passenger vehicles in the national market were 265,000 units, a 5% decrease compared to the same period in November last year and a 16% increase compared to the same period in the previous month. The new - energy penetration rate was 64%. The cumulative retail sales this year reached 10.415 million units, a 21% increase year - on - year. The wholesale volume of new - energy passenger vehicles by national manufacturers was 306,000 units, a 3% decrease compared to the same period in November last year and a 59% increase compared to the same period in the previous month. The cumulative wholesale volume this year reached 12.362 million units, a 29% increase year - on - year [4] Cost and Profit - This week, the prices of lithium ore increased. The price of African SC 5% lithium ore was quoted at $730 per ton, a $100 increase from last week. The CIF price of Australian 6% spodumene was $1,060 per ton, a $120 increase from last week. The market price of lithium mica was 3,075 yuan per ton, a 300 - yuan increase from last week. The cost of the lithium carbonate industry was 73,646 yuan per ton, a 2,476 - yuan increase from last week, and the profit was 10,704 yuan per ton, a 1,800 - yuan increase [4] Total Inventory - As of November 14th, the total inventory of lithium carbonate was 120,472 tons, a decrease of 3,481 tons from last week. Among them, the inventory of upstream smelters was 28,270 tons, a decrease of 2,446 tons [5] Market Performance - As of November 14th, LC2601 closed at 87,360 yuan per ton, a 6.1% increase from last week. The spot price of battery - grade lithium carbonate was quoted at 87,000 yuan per ton, an 8.4% increase from last week. The basis discount widened, and the position of the main contract was 517,000 lots. This week, the main contract reached a new high for the year, approaching the 90,000 - yuan mark. On Monday, the position increased by 40,000 lots, and the weighted position approached 1 million lots, with continuous increase in market attention [7] Production Status - As of November 14th, the lithium carbonate production was 23,850 tons, a 385 - ton increase from last week. The enterprise operating rate was 52.37%, a 0.84% increase from last week. This week, the production continued to increase slightly. The price increase stimulated the production enthusiasm of manufacturers, and the operating rates of some enterprises increased. The newly put - into - production capacity was ramping up steadily, the production of lithium carbonate from mica was gradually increasing, and the production of lithium carbonate from spodumene was restricted by raw material supply [9] - As of November 14th, the lithium hydroxide production was 6,520 tons, a 65 - ton increase from last week. The enterprise operating rate was 37.09%, a 0.37% increase from last week. This week, the lithium hydroxide production remained stable, and the operating rate was at a low level. Some production lines switched to lithium carbonate production, leading to a structural adjustment. Downstream procurement was mainly for rigid demand, dominated by small - batch orders [11] - As of November 14th, the lithium iron phosphate production was 99,906 tons, a 3,050 - ton increase from last week. The enterprise operating rate was 87.92%, a 2.68% increase from last week. This week, the lithium iron phosphate production continued to reach new highs, and the industry operating rate was close to 90%. The situation of strong supply and demand continued, especially the high - density lithium iron phosphate was in short supply. Downstream battery cell manufacturers maintained full production and sales, and material manufacturers had sufficient orders [13] Inventory Status - As of November 13th, the total inventory of the lithium carbonate industry was 120,472 tons, a decrease of 3,841 tons from last week. The warehouse receipt inventory was 27,170 tons, a decrease of 162 tons from last week. The inventory decline rate of lithium carbonate continued to increase, and the inventory level of smelters was less than 30,000 tons, lower than the same period last year. However, the inventory in the trader segment increased slightly. The warehouse receipts remained at a low level, and the warehouse receipts in November faced centralized cancellation [32] - As of November 14th, the total inventory of the lithium iron phosphate industry was 39,732 tons, a 400 - ton decrease from last week. This week, the finished - product inventory of lithium iron phosphate continued to decline. The continuous release of market demand drove the digestion of inventory. Downstream battery cell manufacturers had high capacity utilization rates. Lithium iron phosphate enterprises mainly fulfilled orders, with concentrated production scheduling, and the inventory maintained a downward trend [35] Cost and Profit Status - As of November 14th, the production cost of lithium carbonate was 73,646 yuan per ton, a 2,476 - yuan increase from last week, and the industry profit was 10,704 yuan per ton, a 1,800 - yuan increase. The price of lithium ore followed the fluctuations of lithium carbonate, and recently, the consumption rate of lithium ore was too fast. Mines gradually sold at high points, and the transaction price was at a premium to the futures price, further squeezing the processing fee. The profit of integrated smelters improved significantly [51] - As of November 14th, the production cost of lithium hydroxide was 66,639 yuan per ton, a 1,826 - yuan decrease from last week, and the industry profit was 9,986 yuan per ton, a 2,343 - yuan increase from last week. This week, the prices of lithium carbonate and spodumene were strong, driving a narrow increase in the price of lithium hydroxide. Downstream ternary material manufacturers maintained normal production rhythms, providing some support for the price. The inventory level continued to decline, and the industry maintained a slight profit [54] - As of November 14th, the production cost of lithium iron phosphate was 38,284 yuan per ton, a 1,607 - yuan increase from last week. The loss was 2,284 yuan per ton, a 178 - yuan decrease from last week. The increase in the price of lithium carbonate at the raw material end supported the cost of lithium iron phosphate. Due to the tight supply of high - density lithium iron phosphate products, the processing fees of newly signed orders increased, and the industry's loss was slightly reduced [58]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - LPG prices dropped in night trading due to expectations of oversupply, while propylene supply and demand were tight, leading to higher spot transactions [1][2] Group 3: Summary by Related Catalogs 1. LPG and Propylene Fundamental Data - **Futures Prices**: PG2510 closed at 4,470 with a daily increase of 0.18% and 4,446 at night with a -0.54% decrease; PG2511 closed at 4,424 daily (+0.23%) and 4,405 at night (-0.43%); PL2601 closed at 6,409 daily (+0.02%) and 6,392 at night (-0.27%); PL2602 closed at 6,442 daily (-0.17%) and 6,425 at night (-0.26%) [2] - **Position and Trading Volume**: PG2510 trading volume was 58,811, down 33,266 from the previous day, and the position was 67,360, down 1,755; PG2511 trading volume was 23,568, down 9,364, and the position was 48,770, up 3,459; PL2601 trading volume was 3,245, up 444, and the position was 10,779, up 450; PL2602 trading volume was 53, up 35, and the position was 886, down 1 [2] - **Price Spreads**: The spread between Guangzhou domestic gas and PG10 contract was 30 (previous day: 38); between Guangzhou imported gas and PG10 contract was 60 (previous day: 88); between Shandong propylene and PL01 contract was 291 (previous day: 267); between East China propylene and PL01 contract was 191 (previous day: 192); between South China propylene and PL01 contract was 66 (previous day: 67) [2] - **Important Industrial Chain Data**: PDH operating rate was 70.5% (previous week: 73.1%); MTBE operating rate was 61.7% (previous week: 62.2%); alkylation operating rate was 45.7% (previous week: 46.8%) [2] 2. Trend Intensity - LPG trend intensity was 0; propylene trend intensity was 0, with the range of [-2, 2] and classifications of weak, slightly weak, neutral, slightly strong, and strong [-2 being the most bearish and 2 being the most bullish] [6] 3. Market News - On September 11, 2025, the October CP paper cargo for propane was $549/ton, down $1/ton from the previous trading day; butane was $524/ton, up $1/ton. The November CP paper cargo for propane was $559/ton, unchanged from the previous day [7] - There were domestic PDH device maintenance plans (from Longzhong Information on September 4) and domestic liquefied gas plant device maintenance plans (from Longzhong Information on September 11), listing multiple companies' maintenance time, capacity, etc. [7][8][9]