Report Information - Report Title: Polyolefin Daily Report [1] - Report Date: November 28, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Quotes Futures Market Quotes - Plastic 2601: Opened at 6707 yuan/ton, closed at 6699 yuan/ton, down 41 yuan/ton (-0.61%), with a trading volume of 270,000 lots and an open interest of 495,726 lots, a decrease of 1,873 lots [5] - Plastic 2605: Opened at 6768 yuan/ton, closed at 6763 yuan/ton, down 31 yuan/ton (-0.46%), with an open interest of 232,562 lots, an increase of 10,864 lots [5] - Plastic 2609: Opened at 6809 yuan/ton, closed at 6804 yuan/ton, down 28 yuan/ton (-0.41%), with an open interest of 4,234 lots, an increase of 376 lots [5] - PP2601: Opened at 6261 yuan/ton, closed at 6295 yuan/ton, down 2 yuan/ton (-0.03%), with an open interest of 557,253 lots, a decrease of 29,319 lots [5] - PP2605: Opened at 6360 yuan/ton, closed at 6393 yuan/ton, down 7 yuan/ton (-0.11%), with an open interest of 263,547 lots, an increase of 19,590 lots [5] - PP2609: Opened at 6431 yuan/ton, closed at 6435 yuan/ton, down 19 yuan/ton (-0.29%), with an open interest of 12,254 lots, an increase of 661 lots [5] Spot Market Quotes - PE Market: Prices continued to be weak. LLDPE prices in North China were 6720 - 7000 yuan/ton, in East China were 6850 - 7300 yuan/ton, and in South China were 6980 - 7350 yuan/ton [7] - Propylene Market: The mainstream price in Shandong was 6050 - 6050 yuan/ton, down 25 yuan/ton from the previous working day. The cost of polypropylene was under pressure, and the demand support for propylene weakened [7] - PP Market: Prices were stable to weak, with a decline of 10 - 40 yuan/ton. The mainstream price of North China drawstrings was 6130 - 6300 yuan/ton, in East China was 6220 - 6400 yuan/ton, and in South China was 6300 - 6450 yuan/ton [7] Market Analysis Market Review and Outlook - Linear futures opened lower and fluctuated. The market trading atmosphere changed little. Traders sold at discounted prices, and most spot prices declined slightly. Downstream buyers were mostly on the sidelines [6] - The load of previously restarted plants increased slowly, and the weekly supply decreased. There were no new maintenance plans this week, so the weekly supply might increase month-on-month [6] - The peak demand season was ending, follow-up orders were slow, and most factories had already stocked up. Downstream sentiment was bearish, and purchasing enthusiasm weakened [6] - Crude oil prices fell again due to the easing of geopolitical risks. There was pressure to accumulate inventory in the fourth quarter and the first quarter of next year, which put pressure on prices. The cost support for plastics and chemicals was hard to find, and combined with the weak fundamentals, the price center declined weakly [6] Industry News - On November 27, 2025, the inventory level of major producers was 650,000 tons, a decrease of 5,000 tons (-0.76%) from the previous working day. The inventory in the same period last year was 605,000 tons [7] Data Overview - The report includes charts such as L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate [9][12][16]

（文章来源：证券日报） 证券日报网讯仙鹤股份11月27日在互动平台回答投资者提问时表示，公司产品价格会结合市场供需、成 本变化等因素动态调整，部分产品已根据实际情况适时提价。未来公司将持续关注市场供需变化及原材 料价格走势，通过优化产品结构、提升自制浆产能等方式灵活应对，保持市场竞争力。投资者可通过公 司定期报告了解相关经营情况。管理层始终专注主业，致力于以技术创新和精细化管理提升公司价值， 争取为投资者带来长期稳定回报。 ...

Copper - Copper prices showed weak fluctuations overnight, influenced by the dovish stance of the Federal Reserve regarding potential interest rate cuts in December due to concerns over a deteriorating job market [1] - LME copper inventory increased by 725 tons to 155,750 tons, while Comex inventory rose by 5,905 tons to 371,391 tons; SHFE copper warehouse receipts decreased by 5,974 tons to 43,816 tons [1] - Overall demand for copper is slowly recovering, with downstream acceptance improving, but high global visible inventory levels are constraining future price movements [1] Nickel & Stainless Steel - LME nickel rose by 0.75% to $14,730 per ton, while SHFE nickel increased by 0.69% to 116,100 CNY per ton [2] - LME nickel inventory decreased by 468 tons to 253,482 tons, while SHFE warehouse receipts increased by 708 tons to 34,493 tons [2] - The nickel market is under pressure due to weak demand in the stainless steel sector, despite tight raw material supply in the new energy industry [2] Alumina, Electrolytic Aluminum & Aluminum Alloy - Alumina prices showed slight strength, with AO2601 closing at 2,733 CNY per ton, a 0.07% increase [3] - SHFE aluminum prices experienced a slight decline, with AL2512 closing at 21,405 CNY per ton, up 0.12% [3] - The aluminum market is facing pressure from inventory buildup and cautious macroeconomic sentiment, despite some recovery in aluminum ingot outflows [3] Industrial Silicon & Polysilicon - Industrial silicon prices showed weakness, with the main contract closing at 8,940 CNY per ton, down 1% [4] - Polysilicon prices increased, with the main contract closing at 53,315 CNY per ton, a 1.15% rise [4] - The market for polysilicon is under pressure due to reduced orders for silicon wafers, although there is a strong intent to maintain prices for silicon materials [5] Lithium Carbonate - Lithium carbonate futures fell by 2.88% to 90,480 CNY per ton, with average prices for battery-grade lithium carbonate dropping by 150 CNY per ton to 92,150 CNY per ton [6] - Weekly production of lithium increased by 585 tons to 22,130 tons, with significant contributions from spodumene and brine sources [6] - Social inventory of lithium carbonate has decreased for 14 consecutive weeks, but the pace of inventory reduction is slowing, indicating potential price risks in the short term [6]

Report Investment Ratings - Cotton: ★★★, indicating a clear upward trend and suitable investment opportunities [1] - Pulp: ★☆☆, suggesting a bullish bias with a driving force for price increase but limited operability in the market [1] - Sugar: ★★★, showing a clear upward trend and appropriate investment opportunities [1] - Apple: ★★★, representing a clear upward trend and good investment prospects [1] - Timber: ★★★, indicating a clear upward trend and suitable investment opportunities [1] - Natural Rubber: ★☆☆, with a bullish bias but limited market operability [1] - 20 - day Rubber: ☆☆☆, suggesting a short - term balanced state with poor market operability [1] - Butadiene Rubber: ☆☆☆, indicating a short - term balanced state and poor market operability [1] Core Views - The prices of different soft commodities show various trends. Some are in a state of shock, some are expected to be weak, and some are supported by certain factors. The investment strategies vary from commodity to commodity, including temporary observation, being bullish on certain commodities, and looking for cross - variety arbitrage opportunities [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton rebounded sharply. New cotton cost provides support but also limits price increase. It may continue range - bound. Despite large new cotton production increase, low commercial inventory and fast sales support the market. As of November 20, national cumulative processed lint was 4631000 tons, up 812000 tons year - on - year. As of November 15, commercial cotton inventory was 3639700 tons, down 204300 tons year - on - year. Cotton yarn market trading was weak. Suggestion: temporarily observe [2] Sugar - Last week, US sugar fluctuated. In Brazil, the production data in the second half of October was bearish. In the Northern Hemisphere, India and Thailand started the new season with good production expectations. In China, Zhengzhou sugar was weak. In October, syrup imports decreased year - on - year, but sugar imports were high, with supply pressure. The market focus shifts to the next season's output estimate. Sugar prices are expected to remain weak [3] Apple - Futures prices fluctuated. In Shandong, apple acquisition is almost over. As of November 20, the national cold - storage apple inventory was 7.33 million tons, down 12.73% year - on - year. The market trading logic shifts to sales expectations. Due to high acquisition prices and poor apple quality, there is a high sentiment of reluctance to sell, which may affect the de - stocking speed. Pay attention to de - stocking [4] 20 - day Rubber, Natural Rubber & Synthetic Rubber - Natural rubber RU futures prices rose slightly, 20 - day rubber IR and butadiene rubber BR futures prices fluctuated. Global natural rubber supply is in the high - yield period, but Yunnan in China is gradually entering the non - production period. Last week, the domestic butadiene rubber plant operating rate increased. Domestic tire operating rate decreased, and tire enterprise inventories increased. Qingdao's natural rubber inventory increased to 468900 tons. Suggestion: RU is bullish, NR and BR should be observed, and pay attention to cross - variety arbitrage opportunities [5] Pulp - Pulp futures prices declined slightly. As of November 20, 2025, the inventory of mainstream pulp ports in China was 2.173 million tons, up 3.0% from the previous period. Supply is loose, demand is weak, and the basis has narrowed. Suggestion: temporarily observe [6] Logs - Futures prices fluctuated. In November, the price of New Zealand radiata pine continued to rise, while domestic spot prices were weak. Traders' import willingness declined. Port outbound volume is over 60000 cubic meters, and inventory is low. Suggestion: temporarily observe [7]

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Expand Energy FY Conference Summary Industry Overview - **Industry Focus**: Natural Gas - **Company**: Expand Energy (NasdaqGS:EXE) Key Points and Arguments Natural Gas Market Outlook - The company maintains a constructive outlook on the natural gas macro environment, heavily influenced by weather patterns and forecasts, which have caused volatility in gas markets [4][5] - A significant surplus of 170 BCF in storage is noted, with production in the U.S. at approximately 108 BCF per day [5] - The company anticipates an increase in demand of 4 BCF per day year-over-year due to LNG growth, particularly with the upcoming Golden Pass facility expected to start operations in February [6][7] Financial Performance and Capital Allocation - Expand Energy projects over $1 billion in free cash flow for the upcoming year and has reduced net debt by over $1 billion this year [8][9] - The company aims to maintain a strong balance sheet, targeting a net debt reduction of at least $1 billion for 2026, with a potential to achieve negative net debt [9][10] - The focus on capital allocation is to enhance shareholder value, particularly during down cycles, by potentially buying back shares [11] Production and Operational Efficiency - The company plans to produce 7.5 BCF per day in 2026 at a mid-cycle price of $3.50-$4, optimizing for maximum free cash flow [19] - Significant capital efficiencies have been achieved in the Haynesville region, with break-even costs below $2.75 per unit [21][22] - The company has increased proppant intensity by 10% while reducing overall well costs by approximately 15% compared to previous years [24][25][26] New Asset Development - Expand Energy has acquired over 75,000 acres in the Western Haynesville area for less than $180 million, viewing it as a low-cost entry point for future growth [31][32] - The new East Texas position is strategically located near growing consumer markets, including the Dallas Metroplex, which is expected to drive demand [32] Marketing and Demand Generation - The company is actively enhancing its marketing capabilities to achieve better pricing for its products and reduce cash flow volatility [40][41] - The Lake Charles Methanol (LCM) deal exemplifies the company's strategy to facilitate new demand and secure premium pricing [42][43] - Expand Energy anticipates 11 BCF per day of incremental demand growth in the U.S. by 2030, with a focus on industrial users [43] International Market Exposure - The company is exploring opportunities for international market exposure, including potential deals similar to the Gunvor agreement, which connects them to Asian prices [48][49] - Expand Energy aims to build customer relationships across the entire value chain to reduce volatility and enhance profitability [50][52] Appalachian Assets - The company sees potential in its Appalachian assets, particularly with a recent acquisition in Southwest Appalachia, which is expected to yield significant upside [61][62] - The focus remains on developing the upper Marcellus region, where longer laterals can be drilled at lower costs, enhancing capital efficiency [62][65] Additional Important Insights - The company has made strategic investments in a sand mine to improve completion efficiency and reduce costs [23][24] - Expand Energy is leveraging its experience in high-pressure, high-temperature resources to optimize operations in new areas [36][37] - The company is cautious but optimistic about entering long-term supply agreements for power generation, ensuring that economics work for both parties involved [54][55]

Market Overview - As of November 19, 2025, domestic futures contracts showed mixed performance, with lithium carbonate, industrial silicon, and polysilicon rising over 4%, while soda ash fell over 3% [3][4] - The A-share market experienced a volatile trading session, with the Shanghai Composite Index up 0.18% and the ChiNext Index up 0.25% [6] - The bond market saw a decline across all maturities, with the 30-year contract down 0.41%, reflecting increased market divergence on long-term interest rates [7] Commodity Insights - Palm oil prices increased significantly, reaching a three-week high, while soybean oil also saw a rise, indicating strong demand despite a weak supply outlook for Malaysian palm oil [8][9] - The coal market is under pressure due to concerns over potential supply increases, with the focus on energy production stability during the heating season [11] - Gold and silver futures rose by 2.01% and 3.84% respectively, influenced by recent employment data indicating a decrease in private sector jobs [12][13] Specific Commodity Analysis - Lithium carbonate prices surged by 6.18% due to high demand from the power and storage sectors, although there are concerns about potential supply disruptions from upcoming mine restarts [14] - Industrial silicon and polysilicon contracts rose by 4.57% and 4.63% respectively, driven by reduced production rates in key regions [15] - Soda ash prices fell sharply, with the main contract dropping to a new low, reflecting weak demand and a slowdown in new orders [16] Shipping and Logistics - The European shipping index declined by 2.66%, with a notable drop in freight rates for container shipments, indicating a potential oversupply in the market [19]

Report Industry Investment Rating - The mid - term outlook for the industry is "oscillation" [9] Report's Core View - The performance of furnace materials is differentiated, and the upward momentum of finished products is weak. Iron ore prices are strong due to the expected release of restocking demand, while coking coal and coke prices are weak. The fundamentals of finished products in the off - season have limited highlights, and the futures prices have limited upward momentum. If there are still positive releases from the macro and policy fronts later, the phased upward opportunities can still be concerned [3][4][8] Summary by Related Catalogs 1. Overall Industry Situation - The supply and demand of the industry are marginally weakening, in line with off - season characteristics. The price is expected to oscillate in the short term. If there are positive macro and policy factors, there may be phased upward opportunities [5][8] 2. Different Product Analysis 2.1 Iron Element Products - **Iron Ore**: Overseas mine shipments have increased, and the arrival volume has declined. The port inventory has slightly decreased. The daily average hot metal has recovered, but there is a seasonal weakening expectation. The short - term price is expected to oscillate strongly. For example, the port transaction volume is 60.6(-15.2) million tons, the swap main contract is 104.4(+0.01) US dollars/ton, and the PB powder is 795(+3) yuan/ton [13][14] - **Scrap Steel**: The supply and demand are both weak. The arrival volume is low, and the total daily consumption has slightly decreased. The inventory of steel enterprises has slightly increased. It is expected that the price will oscillate with the finished products. The average price of East China crushed scrap is 2147(+1) yuan/ton, and the screw - scrap price difference in East China is 996(+8) yuan/ton [15] 2.2 Carbon Element Products - **Coke**: The supply is stable, the demand is supported, and the inventory is low. The cost support has weakened, and the price is temporarily in a dilemma. The futures price is expected to oscillate with coking coal. The quasi - first - grade coke at Rizhao Port is quoted at 1490 yuan/ton (-30) [16] - **Coking Coal**: The supply is slowly recovering, the import is at a high level, and the demand has slowed down. The market sentiment has cooled down, and the price is expected to oscillate. The medium - sulfur main coking coal in Jiexiu is 1430 yuan/ton (0), and the Mongolian No. 5 clean coal in Wubulangkou Jinquan Industrial Park is 1378 yuan/ton (0) [17] 2.3 Alloy Products - **Manganese Silicon**: The cost support is strengthened, but the supply - demand is loose, and the upward pressure is large. It is expected to operate at a low level around the cost. The ex - factory price of Inner Mongolia 6517 is 5600 yuan/ton (0) [21] - **Silicon Iron**: The cost valuation is firm, but the supply - demand is loose, and the upward driving force is insufficient. It is expected to operate at a low level around the cost. The ex - factory price of Ningxia 72 silicon iron is 5150 yuan/ton (0) [22] 2.4 Glass and Soda Ash - **Glass**: The supply is disturbed, and the inventory is high. If there is no more cold - repair before the end of the year, the price is expected to oscillate weakly; otherwise, it will rise. The mainstream large - plate price in North China is 1090 yuan/ton (-10), and the national average price is 1114 yuan/ton (-7) [18] - **Soda Ash**: The cost has increased, but the supply - demand is in excess. The short - term price is expected to oscillate, and the long - term price center will decline. The delivered price of heavy - quality soda ash in Shahe is 1170 yuan/ton (-) [20] 3. Steel Products - The third - round and fifth - batch of central ecological and environmental protection inspections may affect steel production in North China. The spot market transactions are weak, the steel mill profits are poor, the production has decreased, the demand has declined, and the inventory is still high year - on - year. It is expected that the futures price will oscillate widely. For example, the price of Hangzhou rebar is 3180 (0) yuan/ton, and the price of Shanghai hot - rolled coil is 3260 (-30) yuan/ton [12] 4. Commodity Index - On November 18, 2025, the comprehensive index of CITIC Futures commodities decreased by 0.86% to 2234.87, the commodities 20 index decreased by 0.83% to 2534.70, and the industrial products index decreased by 0.88% to 2208.90. The steel industry chain index decreased by 0.98% on that day, increased by 0.40% in the past 5 days, increased by 1.22% in the past month, and decreased by 5.49% since the beginning of the year [103][105]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 18, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The soda ash market is expected to maintain a short - term oscillatory and slightly stronger trend, while the glass market is likely to continue its downward trend in the medium term if there is no new market expectation stimulus [8][9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 17, the main soda ash futures SA601 contract oscillated with a slight upward trend. The closing price was 1,231 yuan/ton, up 2 yuan/ton or 0.16%, with a daily reduction of 19,289 lots [7] - Fundamentally, enterprise production and sales are approaching balance, and inventory reduction is not obvious. Weekly soda ash production decreased 1.01% to 73.93 tons, still at a high level. The soda ash device is running stably, and individual overhauls have little overall impact. In the demand side, the shipment of Chinese soda ash enterprises from mid - to early November increased 1.57% to 74.62 tons. The production of float glass decreased 1.08% to 111.39 tons. The alkali plant inventory slightly decreased to 170.73 tons, in the middle range of the past six months [8] - In the short - term, the disk price is affected by the increase in light soda ash price and the expected equipment overhaul in late November, and is expected to maintain an oscillatory and slightly stronger trend. In the long - term, the supply - demand pattern of oversupply may continue [8] Glass - Fundamentally, the daily melting volume of float glass remains high, and the supply is supported. The photovoltaic glass is in a weak balance, and the overall glass supply is at a high level for the year. After the holiday, the factory inventory remains high. The real estate market has not shown a stabilizing trend, and the demand for float glass may not continue to rise [9] - Recently, the disk price has been oscillating weakly. In the medium - term, if there is no new market expectation, the downward trend of the disk is difficult to change [9] 2. Data Overview - The report provides data on the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production, with data sources from Wind and iFind [12][14][17]

Report Industry Investment Ratings - **螺纹**: Not clearly indicated in the given rating description [1] - **热卷**: Not clearly indicated in the given rating description [1] - **铁矿**: ☆☆☆, representing a relatively clear long - term trend and a current appropriate investment opportunity [1] - **焦炭**: ☆☆☆, representing a relatively clear long - term trend and a current appropriate investment opportunity [1] - **焦煤**: ☆☆☆, representing a relatively clear long - term trend and a current appropriate investment opportunity [1] - **锰硅**: ★☆☆, indicating a bullish/bearish bias with a driving force for price movement but poor operability on the trading floor [1] - **硅铁**: ★☆★, not clearly defined in the given rating rules, but presumably implies a certain bullish tendency [1] Report's Core View - The overall situation of the steel and related raw material market is complex, with prices mostly in a volatile state. Demand expectations are generally pessimistic, but policy easing provides some support. Each variety has its own supply - demand characteristics and price trends, and market participants need to pay attention to factors such as environmental restrictions, production changes, and macro - level events [2][3][4] Summary by Related Catalogs Steel - Today's steel futures market showed a slight rebound in volatility. This week, the apparent demand for rebar decreased slightly, production declined simultaneously, and inventory continued to fall. The demand for hot - rolled coils stabilized, production continued to decline, and the inventory accumulation pace slowed down. Iron - making water production increased, but downstream acceptance capacity was insufficient. With the decline in steel mill profits, there is still downward pressure in the later stage. The negative feedback pressure in the industrial chain remains to be alleviated. Attention should be paid to the sustainability of environmental protection restrictions in Tangshan and other places. From the October data, the decline in real estate investment continued to expand, the growth rates of infrastructure and manufacturing investment continued to decline, and overall domestic demand remained weak. Steel exports declined from their high levels. Demand expectations are still pessimistic, but policy easing still provides some support to the futures market. In the short term, it may continue the volatile pattern, and attention should be paid to market trends and marginal changes in demand [2] Iron Ore - Today's iron ore futures market was volatile, and the basis was relatively high recently. On the supply side, global shipments were slightly stronger than the same period last year. The Simandou iron ore mine was officially put into production, but the short - term production capacity that could be released was limited. The domestic arrival volume was at a high level for the same period, and port inventory continued to increase. There was some structural movement in Australian ore inventory. On the demand side, steel demand declined in the off - season, the loss situation of steel mills intensified, and although iron - making water production rebounded this week, there was still room for production cuts in the future. At the macro level, several important events had been implemented, and the short - term impact on the futures market weakened. The market began to trade the reality of a marginally looser iron ore market, and it is expected that the iron ore price will mainly fluctuate [3] Coke - The intraday coke price was volatile. The fourth round of coking price adjustments was fully implemented this week. Coking profits were still average, and daily production decreased slightly. Coke inventory decreased slightly. Currently, downstream buyers made small - scale purchases as needed, and inventory decreased slightly. Traders' purchasing willingness was average. Overall, the supply of carbon elements was abundant. Downstream iron - making water production returned to a high - level range, and the demand for raw materials remained resilient. However, the profit level of steel was average, and there was strong pressure to lower raw material prices. The coke futures price was at a premium, and the price may mainly fluctuate [4] Coking Coal - The intraday coking coal price was volatile. The production of coking coal mines increased slightly. The spot auction transactions were normal, and the transaction prices fluctuated. Terminal inventory increased slightly. The total coking coal inventory increased slightly compared with the previous period, and the production - end inventory increased slightly. Safety inspections were carried out in major coal - producing areas, and attention should be paid to the relevant impacts. Overall, the supply of carbon elements was abundant. Downstream iron - making water production returned to a high - level range, and the demand for raw materials remained resilient. However, the profit level of steel was average, and there was strong pressure to lower raw material prices. The coke futures price was at a premium, and the coking coal futures price was at a discount to Mongolian coal. The market had certain expectations for the safety production assessment in major coking coal - producing areas, and the price may mainly fluctuate [6] Silicon Manganese - The intraday silicon manganese price was volatile. A large steel mill in the north set the tender price at 5,820 yuan/ton, with no change from the previous period. On the demand side, iron - making water production rebounded to a high - level range. The weekly production of silicon manganese decreased slightly, but the production was still at a high level, and silicon manganese inventory increased slowly. The forward quotation of Comilog manganese ore increased slightly compared with the previous period. The price of spot manganese ore changed quickly with the fluctuations of the futures market and increased this week [7] Silicon Iron - The intraday silicon iron price was volatile. A large steel mill in the north set the tender price at 5,680 yuan/ton, an increase of 20 yuan/ton from the previous period. On the demand side, iron - making water production rebounded to a high - level range. Export demand increased to about 40,000 tons, with a marginal impact. The production of magnesium metal increased compared with the previous period, and the secondary demand increased marginally. Overall, demand remained resilient. Silicon iron supply remained at a high level, and the on - balance - sheet inventory continued to decline. The increase in electricity costs and the price of blue charcoal led to a certain sentiment of a bottom - bouncing rebound in silicon iron, and it is judged that the price is more likely to rise than to fall [8]