Report Summary Investment Rating The document does not mention the investment rating for the industry. Core Views - **Steel**: Steel prices are facing resistance from previous highs, and chasing the upward trend should wait for a breakthrough. The macro - environment is generally favorable, but the fundamentals show a pattern of strong raw materials and weak finished products, with steel mill profits continuing to compress. The upward drive depends on cost - push factors, while the downward drive comes from the accumulation of contradictions in the steel industry chain after复产 [6][8]. - **Iron Ore**: Ore prices are returning downward, but there is still macro - support. Overseas supply is at a high level year - on - year, but Brazilian shipments are weak. Demand is supported by pre - Spring Festival restocking, and there is a risk of upward drive deviating from the fundamentals [77][79]. - **Coking Coal and Coke**: Driven by events and valuation repair, the rhythm is more important than the trend. The supply - demand structure is subtly changing, and coking coal and coke will maintain a high - level volatile pattern. The contradiction between supply and demand is still accumulating [127]. - **Ferroalloys**: The fundamentals will remain stable in the short term, and attention should be paid to the supply rhythm. The alloy prices are oscillating, and the cost and demand sides have different impacts on silicon iron and manganese silicon [214][216]. - **Steam Coal**: The short - term market is in a weak adjustment, and attention should be paid to the impact of abnormal weather. The supply is stable currently but may shrink before the Spring Festival, demand may be boosted by cold air, and inventory at northern ports is high [291][292]. Summary by Directory 1. Steel Weekly View - **Logic**: Steel prices are facing resistance from previous highs, and chasing the upward trend should wait for a breakthrough [6]. - **Macro - aspect**: The domestic macro - environment is generally favorable, with the central economic work conference re - emphasizing "anti - involution" and the improvement and stabilization of the real estate market expectation [8][11]. - **Fundamentals**: The supply - demand pattern of steel is loose, but the cost supports the rebound of the disk price. Steel mill profits continue to compress. Technically, black chain indexes and related contracts face previous high pressure [8]. - **Upward Drive**: The upward breakthrough of black commodities depends on cost - push factors, such as policy - restricted coal supply contraction and sudden disturbances in the iron ore supply end [8]. - **Downward Drive**: The accumulation of contradictions in the steel industry chain after复产 and the release of high - inventory liquidity in iron ore may lead to a decline [8]. 2. Iron Ore Weekly View - **Supply**: Overseas overall shipments are at a high level year - on - year, but Brazilian shipments are weak both year - on - year and month - on - month. The freight rates from Australia and Brazil to China are falling [78][79]. - **Demand**: The blast furnace start - up rate has decreased month - on - month but is still relatively high year - on - year. Pre - Spring Festival restocking demand may support iron ore demand [79]. - **Macro - level**: The central bank's decision to cut re - loan and re - discount rates has rekindled market expectations for interest rate cuts, providing some support for short - term domestic risk asset valuations [79]. - **Contract Performance**: The main 05 contract price has weakened oscillatingly, with an increase in positions and a decrease in trading volume [83]. - **Spot Price**: The prices of medium - grade goods are relatively firm, with small declines [85]. 3. Coking Coal and Coke View - **Supply**: Domestic coal mine production has returned to normal, with smooth shipments. Import volume has increased, and the inventory in the regulatory area is being depleted [125]. - **Demand**: Coke has started the first round of price increases. The iron ore demand is supported by the raw material rigid demand, and iron ore is expected to rise again after the end of maintenance [128]. - **Inventory**: The total coking coal inventory has increased month - on - month, and the inventory has begun to transfer downstream [128]. - **View Summary**: Driven by events and valuation repair, the supply - demand structure is subtly changing, and coking coal and coke will maintain a high - level volatile pattern [127]. 4. Ferroalloys Weekly View - **Price Movement**: The alloy prices are oscillating, and the disk center of gravity has moved down further. The cost side may support the disk to maintain an oscillating pattern [216]. - **Macro**: The central bank has clarified its key work in 2026, and there is no significant overseas news [216]. - **Micro**: The iron ore output has decreased slightly month - on - month, and the demand for raw materials is weakly supported [216]. - **Fundamentals**: For silicon iron, the cost has decreased, and the explicit inventory has decreased. For manganese silicon, the cost is supported, but the supply expansion plan in the north and the accumulation of inventory suppress the price [216]. 5. Steam Coal - **Supply**: Currently, coal mines are producing normally, and supply is stable. However, supply may shrink before the Spring Festival. In 2025, the national coal production and import had certain changes, and the coal production increment may narrow in 2026 [291]. - **Demand**: The cold air will strengthen in the next 10 days, which may boost daily consumption. Currently, the power plant's daily consumption has declined, and the market is only making sporadic purchases [291]. - **Inventory**: The sentiment at northern ports is weak, and the port inventory has increased due to wind - induced navigation closures. It may decline slightly later [292]. - **Main Logic**: The short - term coal price may be oscillatingly weak, and attention should be paid to the impact of abnormal weather [292]. - **Outlook**: The impact of nuclear - reducing production capacity is unclear, and attention should be paid to supply - side policies and terminal restocking [292].

Group 1: Report Overview - Report date: November 7, 2025 [2] - Report type: MEG Daily Report [1] Group 2: Investment Rating - Not provided Group 3: Core View - Currently, the supply - demand outlook for ethylene glycol remains weak, but with macro - level stimulus, the ethylene glycol market price is expected to be mainly on the strong side [7] Group 4: Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 3924 yuan/ton, up 22 yuan; the closing price of EG2605 was 4004 yuan/ton, up 12 yuan. The trading volume was 189,773 lots, and the open interest was 355,469 lots. The opening price of the main ethylene glycol futures contract on the 6th was 3910 yuan/ton, the highest was 3929 yuan/ton, the lowest was 3865 yuan/ton, and the settlement price was 3902 yuan/ton [7] Group 5: Industry News - Oil price: US crude oil inventories unexpectedly increased significantly, and international oil prices continued to fall. However, gasoline inventories dropped to the lowest level in three years, limiting the decline. On November 5th, the settlement price of WTI crude oil futures for December 2025 was $59.6 per barrel, down $0.96 or 1.59%; the settlement price of Brent crude oil futures for January 2026 was $63.52 per barrel, down $0.92 or 1.43% [8] - Ethylene glycol market: The spot negotiation price in the Zhangjiagang ethylene glycol market this week was 3998 - 3999 yuan/ton, up 23.5 yuan/ton from the previous working day. As of November 6th, the inventory of the main ports in East China was 529,200 tons, an increase of 84,700 tons from the previous period [8] Group 6: Data Overview - Multiple data charts are presented, including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory [10][15][16][18]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Short - term nickel prices will mainly show a volatile trend, with an unchanged oversupply pattern and approaching lower costs, being more affected by macro - sentiment. Stainless steel prices may stop falling and rebound in the short term, although the demand in the traditional peak season has not shown explosive growth, and the social inventory of stainless steel has decreased for 7 consecutive times, also influenced by factors such as the expectation of the Fed's interest rate cut and rising raw material prices [1][3][4]. 3. Summary by Relevant Catalogs Nickel Variety Market Analysis - **Futures**: On August 27, 2025, the main contract 2510 of Shanghai nickel opened at 120,620 yuan/ton and closed at 121,760 yuan/ton, a change of 1.17% from the previous trading day's close. The trading volume was 196,852 lots, and the open interest was 98,903 lots, a daily change of - 10,364. Overnight, LME nickel prices rose 2.04% to $15,280/ton. Affected by the external market, the main contract of Shanghai nickel fluctuated narrowly between 120,620 - 121,690 yuan/ton and closed at 121,690 yuan/ton, up 1,340 yuan/ton or 1.11%. During the day session, it continued to rise, reaching a high of 122,690 yuan/ton, a two - week high. However, the open interest decreased by about 9.5% [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market was fair, and prices remained stable. 1.3% nickel ore resources in China and Indonesia CIF42 had transactions. The price of 0.9% low - aluminum nickel ore in China increased slightly due to resource shortages. In the Philippines, mine quotations were firm, and the impact of rainfall on shipping efficiency was small. Downstream nickel - iron had new transactions, but iron plants were still cautious and price - pressing in nickel ore procurement. In Indonesia, the September (Phase 1) domestic trade benchmark price of nickel ore was expected to fall by $0.2 - 0.3, and the current mainstream premium remained at + 24, with the September (Phase 1) premium likely to remain unchanged [2]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 124,500 yuan/ton, up 1,700 yuan/ton from the previous day. Spot trading of refined nickel was a bit light. The premium of Jinchuan nickel changed by - 100 yuan/ton to 2,500 yuan/ton, the premium of imported nickel remained unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warrant volume was 22,025 (- 61.0) tons, and the LME nickel inventory was 209,220 (72) tons [2]. Strategy - Short - term nickel price strategy: mainly range - bound operation for single - side trading; no operations for cross - period, cross - variety, spot - futures, and options trading [3]. Stainless Steel Variety Market Analysis - **Futures**: On August 27, 2025, the main contract 2510 of stainless steel opened and closed at 12,850 yuan/ton. The trading volume was 128,526 lots, and the open interest was 128,，304 lots, a daily change of - 5,355. Overnight, boosted by the expectation of the Fed's interest rate cut and a weakening dollar, the main contract quickly rose to 12,915 yuan/ton after opening at 12,850 yuan/ton, then fluctuated narrowly around 12,870. During the day session, it was driven up slightly by Shanghai nickel prices but then fell back due to the weak spot market, closing at 12,850 yuan/ton, down 15 yuan/ton or 0.12% [3]. - **Spot**: The trading heat in the spot market rebounded slightly as the futures market stabilized. Traders' quotations were still cautious as downstream acceptance of high prices was low despite approaching the "Golden September and Silver October" peak season. The stainless steel price in Wuxi and Foshan markets was 13,125 yuan/ton, and the 304/2B premium was 330 - 480 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 6.00 yuan/nickel point to 940.5 yuan/nickel point [4]. Strategy - Short - term stainless steel price strategy: mainly range - bound operation for single - side trading; no operations for cross - period, cross - variety, spot - futures, and options trading [3][4].

Group 1: Copper and Non-Ferrous Metals - The non-ferrous metals ETF (512400) surged nearly 2%, aiming for a third consecutive increase, with a trading volume of 119 million yuan as of 10:16 AM on March 26, 2025 [1] - The index tracking the non-ferrous metals sector, the Zhongzheng Shenwan Non-Ferrous Metals Index, rose by 0.61%, with notable increases in individual stocks such as Northern Copper (up 7.02%), Silver Non-Ferrous (up 4.32%), Jiangxi Copper (up 3.62%), and Jinli Permanent Magnet (up 2.76%) [1] - On March 25, 2025, copper futures prices on the New York Commodity Exchange (Comex) reached a historical high of $5.2145 per pound, surpassing the previous record of $5.199 set on May 20, 2024 [1] Group 2: Market Sentiment and Future Outlook - Guosheng Securities indicated that expectations of tariffs and current shortages are driving up copper prices, with anticipation of macroeconomic stimulus leading to increased downstream demand [1] - Xinda Futures noted that the demand season supports copper demand, alongside a positive domestic macro sentiment and easing concerns over mining tightness, suggesting that copper prices may maintain a strong trend moving forward [1] Group 3: Gold Market Insights - Dongfang Securities reported that the Federal Reserve's decision to keep interest rates unchanged during the meeting from March 17 to 23, 2025, aligns with expectations, with guidance indicating two rate cuts within the year [2] - The Fed's decision to reduce the pace of balance sheet reduction starting April 1, 2025, from a monthly cap of $25 billion to $5 billion, signals a loosening of monetary policy, which is expected to positively impact gold prices [2] - The improvement in dollar liquidity and the opening of future rate cut space are seen as favorable for investment opportunities in the gold sector [2]