Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides daily research and analysis on various energy and chemical futures, including trends, fundamentals, and market news for each product [2]. - Overall, the market shows a mixed trend, with some products in a high - level or low - level shock state, while others face supply - demand pressures or have short - term rebound opportunities. Summary by Product PX, PTA, MEG - **PX**: In a high - level shock market. Demand is seasonally weakening, but supply remains tight. The upside space is limited due to weakening demand and the end of the blending logic. The recommended operation range is 6550 - 7000, and some hedging positions should be closed [2][10]. - **PTA**: In a high - level shock market. The cost - side PX supply is tight, but polyester is accumulating inventory and incurring losses, so the upside space is limited. The recommended operation range is 4500 - 4800, and some hedging positions should be closed [2][11]. - **MEG**: The unexpected load reduction improves the inventory accumulation pressure, and there is short - term support below. The price has reached the cost line of most production devices, and some factories have stopped operating [2][11]. Rubber - In a shock operation state. The price has a small increase, and the inventory has increased. The trend strength is neutral [12]. Synthetic Rubber - The shock center moves up. The inventory of domestic butadiene rubber has decreased slightly, and the supply of butadiene has decreased marginally. The industry is under pressure but supported by valuation [15][18]. Asphalt - Affected by the rising situation in Venezuela. The price shows a shock trend, with changes in production capacity utilization and inventory in different regions [19][30]. LLDPE - Unilateral decline, with limited basis strengthening. The futures price is under pressure, and the demand is weakening. The supply pressure from high - capacity and weak demand needs to be concerned in the medium term [33][34]. PP - Under upstream selling pressure, with the price difference between powder and granular materials inverted. The cost support is limited, the demand is weak, and it is expected to continue the weak trend. Attention should be paid to the marginal changes of PDH devices [37][38]. Caustic Soda - Short - term rebound, but still under pressure later. Although the futures price rebounded due to macro and alumina factors, it is still in a high - production and high - inventory pattern, and the demand is difficult to support [40][41]. Pulp - In a wide - range shock state. The upward momentum comes from external cost and supply tightening expectations, while the downward pressure comes from high domestic inventory and weak terminal demand [44][47]. Glass - The price of the original sheet is stable. The futures price has a slight decline, and the spot price shows mixed trends in different regions. The northern region is affected by snowfall [52]. Methanol - Shock rebound. The port inventory is decreasing, and the fundamentals have improved. However, the MTO fundamentals are weak, and there is a price limit above, while the cost provides support below [54][58]. Urea - Short - term shock operation. The enterprise inventory is decreasing, and the fundamentals have improved marginally. The policy and cost form a support below, and there is a pressure level above [60][62]. Styrene - Short - term shock. The pure benzene market is in a shock state, with weak current situation and strong future expectations. The styrene downstream is in a high - start, high - inventory, and medium - profit pattern [63][64]. Soda Ash - The spot market changes little. The enterprise production is stable, and the downstream demand is flat, with poor procurement enthusiasm [67][68]. LPG - Short - term shock, with a downward trend in the long term. The price shows a shock trend, and there are changes in PDH and other operating rates [71][72]. Propylene - Short - term narrow - range adjustment. The price and relevant operating rates show certain changes [72]. PVC - Low - level shock. The market is in a high - production and high - inventory pattern, and there is a short - term rebound expectation, but the large - scale production reduction expectation may occur after the 03 contract [80][81]. Fuel Oil - The night - session rebounds, temporarily getting rid of the weak state. The low - sulfur fuel oil is weaker than the high - sulfur fuel oil, and the price difference between high - and low - sulfur in the external market rebounds slightly [83]. Container Shipping Index (European Line) - Short - term sentiment is optimistic, and it is in a medium - term shock market. The freight rate index shows an upward trend, and there are changes in shipping capacity and schedules [85]. Short - fiber and Bottle - chip - Medium - term pressure. It is recommended to hold long PTA and short short - fiber/bottle - chip positions. The futures prices are in a low - level shock state, and the spot prices show certain changes [94][95]. Offset Printing Paper - It is recommended to wait and see. The spot price is stable, and the market demand is weak, with strong wait - and - see sentiment [97][98]. Pure Benzene - Short - term shock. The port inventory has increased, and the market is affected by factors such as supply and demand and overseas market conditions [102][103].

Group 1: Report Industry Investment Rating - No information provided about the industry investment rating Group 2: Report's Core View - The report analyzes the asphalt market, with the开工 rate rising and inventory decreasing in the north. The asphalt trend strength is -1, indicating a bearish outlook [1][9] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: For BU2601, the yesterday's closing price was 3,007 yuan/ton with a -1.18% daily change, and the overnight closing price was 2,975 yuan/ton with a -1.06% change. Trading volume was 222,866 lots with an increase of 34,956 lots, and the position was 154,449 lots with an increase of 2,170 lots. For BU2602, the yesterday's closing price was 3,012 yuan/ton with a -0.82% daily change, and the overnight closing price was 2,981 yuan/ton with a -1.03% change. Trading volume was 80,530 lots with a decrease of 4,953 lots, and the position was 148,731 lots with an increase of 7,666 lots. The total market asphalt warehouse receipts were 6,890 lots with no change [1] - **Spread Data**: The basis (Shandong - 01) was 3 yuan/ton, up 26 yuan from the previous day; the 01 - 02 inter - period spread was -5 yuan/ton, down 11 yuan; the Shandong - South China spread was -90 yuan/ton with no change; the East China - South China spread was 140 yuan/ton, up 10 yuan [1] - **Spot Market Data**: The Shandong wholesale price was 3,010 yuan/ton, down 10 yuan; the Yangtze River Delta wholesale price was 3,240 yuan/ton with no change. As of November 27, the refinery operating rate was 34.11%, up 4.26% from November 24, and the refinery inventory rate was 25.89%, down 0.04% [1] 2. Market Information - As of November 27, 2025, the total inventory of 54 domestic asphalt sample factories was 61.5 tons, a 1.0% decrease from November 24. Shandong and South China regions had obvious factory inventory reduction [10] - As of November 27, 2025, the total inventory of 104 domestic asphalt social warehouses was 108.1 tons, a 2.1% decrease from November 24. Shandong region had obvious social inventory reduction [10] - According to Longzhong's tracking of 92 enterprises, the total planned asphalt production in December 2025 was 215.8 tons, a 3.1% month - on - month decrease and a 13.8% year - on - year decrease [10]

Report Industry Investment Ratings - The report does not provide an overall investment rating for the industry. Instead, it gives individual ratings for different commodities, such as "follow oil price rebound, short PXN on rallies" for paraxylene, "long PX short PTA, unilateral trend rebound" for PTA, etc. [2] Core Views - The report analyzes the fundamentals, market trends, and investment suggestions for various energy and chemical commodities. It takes into account factors like supply and demand, production capacity, inventory, and macro - economic events to evaluate the price trends of each commodity. For example, for some commodities, it expects short - term rebounds due to factors like improved demand expectations or cost support, while for others, it anticipates long - term downward pressure due to high supply and weak demand [2][7][39] Summary by Commodity Paraxylene (PX) - **Price Trend**: Unilateral price short - term rebound, PXN short on rallies [2][7] - **Fundamentals**: This week, there were few changes in PX devices. Domestic device operating rate was 85.9% (+1%), and Asian overall load operating rate was 78.5% (+0.5%). Next week, some devices will restart or postpone maintenance. PX supply is slightly tight, and PTA load has increased [7] Purified Terephthalic Acid (PTA) - **Price Trend**: Unilateral trend is strong in the short - term [2][8] - **Fundamentals**: New devices have started operation, and some devices have adjusted their loads. Polyester load remains stable, downstream orders have improved, and inventory has decreased. Market demand expectations are positive [8] Monoethylene Glycol (MEG) - **Price Trend**: Short - term rebound, positive basis and calendar spread arbitrage [2][9] - **Fundamentals**: Oil - based plant operating rate has decreased, and import arrivals are lower than expected. Some devices are under maintenance, and coal - based device profits are negative [9] Rubber - **Price Trend**: Sideways movement [2][10] - **Fundamentals**: Futures trading volume has increased, and positions have decreased. Spot prices have risen slightly. China's natural rubber imports in October are expected to decrease, and tire production capacity utilization has increased [11][13] Synthetic Rubber - **Price Trend**: Central price moves up supported by macro - sentiment [2][14] - **Fundamentals**: Futures trading volume has increased, and positions have decreased. Spot prices of some products have risen. But the industry faces high supply pressure, and inventory has increased. However, due to many maintenance plans in November, the fundamentals are expected to improve marginally [14][17] Asphalt - **Price Trend**: Follow oil price fluctuations [2][19] - **Fundamentals**: Futures prices have risen slightly, trading volume and positions have decreased. Spot prices in some regions have increased, refinery operating rate has increased slightly, and inventory has changed little [19][32] Linear Low - Density Polyethylene (LLDPE) - **Price Trend**: Mainly sideways [2][34] - **Fundamentals**: Futures prices have decreased slightly, trading volume has decreased, and positions have decreased. Spot prices have fluctuated slightly. Raw material oil prices have rebounded, but supply pressure will increase in the future [34][35] Polypropylene (PP) - **Price Trend**: Weak trend [2][38] - **Fundamentals**: Futures prices are flat, trading volume has decreased, and positions have decreased. Spot prices have risen slightly. Trade war, oil price, high supply, and low downstream profits jointly form downward pressure, but there is a short - term rebound due to factors like oil price rebound and supply reduction [38][39] Caustic Soda - **Price Trend**: Far - month valuation is suppressed [2][42] - **Fundamentals**: Alumina enterprises' high inventory puts pressure on caustic soda spot prices. Although there is new demand in some regions, the impact of alumina production reduction cannot be ignored, and cost has decreased [42][44] Pulp - **Price Trend**: Sideways movement [2][48] - **Fundamentals**: Futures prices have decreased slightly, trading volume has decreased, and positions have decreased. Spot prices are stable. Supply pressure persists, and demand is weak [49][50] Glass - **Price Trend**: Raw sheet prices are stable [2][52] - **Fundamentals**: Futures prices have decreased slightly, trading volume has increased, and positions have increased. Spot prices are stable, and downstream orders are average [53] Methanol - **Price Trend**: Sideways movement [2][55] - **Fundamentals**: Futures prices have decreased, trading volume has decreased, and positions have increased. Spot prices are stable. Port inventory has increased slightly, and the market is under supply pressure, but there is support from port logistics [56][58] Urea - **Price Trend**: Sideways movement [2][60] - **Fundamentals**: Futures prices have risen slightly, trading volume has increased, and positions have decreased. Spot prices have risen slightly. Short - term rebound is due to macro - events and increased demand from compound fertilizer factories, but long - term pressure remains due to high supply and weak demand [61][63] Soda Ash - **Price Trend**: Spot market changes little [2][65] - **Fundamentals**: Futures prices have risen slightly, trading volume has increased, and positions have increased. Spot prices are stable. Device supply has increased slightly, and downstream demand is average [66] Liquefied Petroleum Gas (LPG) - **Price Trend**: Limited upward drive, focus on cost changes [2][68] - **Fundamentals**: Futures prices have risen, trading volume and positions have changed. Some industrial device operating rates have increased. CP paper prices have decreased [68][72] Propylene - **Price Trend**: Short - term weak sideways due to loose supply and demand [2][68] - **Fundamentals**: Futures prices have decreased slightly, trading volume and positions have changed. Spot prices have decreased slightly, and supply and demand are relatively loose [68] Polyvinyl Chloride (PVC) - **Price Trend**: Low - level sideways [2][75] - **Fundamentals**: Futures prices are weak, and spot prices are stable. Supply is expected to increase, demand is weak, inventory is high, and export growth may slow down [75] Fuel Oil - **Price Trend**: Uptrend continues, strong in the short - term [2][78] - **Fundamentals**: Futures prices have risen, trading volume and positions have changed. Spot prices in various regions have increased, and the price difference between high - sulfur and low - sulfur fuel oil has decreased [78] Low - Sulfur Fuel Oil - **Price Trend**: Weaker than high - sulfur fuel oil, the price difference between high - and low - sulfur in the overseas spot market continues to shrink [2][78] - **Fundamentals**: Similar to fuel oil, but the price increase is relatively smaller [78] Container Freight Index (European Line) - **Price Trend**: Sideways consolidation [2][80] - **Fundamentals**: Futures prices have changed, trading volume and positions have changed. Freight rates of some routes have increased, and shipping capacity has changed [80]