Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - Supply exceeds demand, and cost support weakens, so PP is expected to fluctuate weakly [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - PP downstream operating rate rose 0.29 percentage points to 53.57% week-on-week, at a relatively low level in the same period over the years; the operating rate of plastic weaving, the main downstream of drawstrings, remained flat at 44.24%, and plastic weaving orders decreased slightly week-on-week, slightly lower than the same period last year [1][4] - On November 27, there was little change in maintenance devices, PP enterprise operating rate remained at around 83%, at a neutral to low level, and the production ratio of standard drawstrings remained at around 31% [1][4] - Petrochemical destocking slowed down in November, and current petrochemical inventory is at a neutral to high level in the same period in recent years [1][4] - Crude oil prices declined due to the lack of impact on Russia's oil production from new sanctions and the push for a ceasefire in the Russia-Ukraine conflict [1] - A new 400,000-ton/year production capacity of PetroChina Guangxi Petrochemical was put into operation in mid-October, and there was a slight decrease in maintenance devices recently [1] 3.2 Futures and Spot Market Conditions - Futures: The PP2601 contract fluctuated with a reduction in positions, closing at 6,295 yuan/ton, down 0.03%, and the position volume decreased by 29,319 lots to 557,253 lots [2] - Spot: Most PP spot prices in various regions were stable, with drawstrings quoted at 6,150 - 6,480 yuan/ton [3] 3.3 Fundamental Tracking - Supply: On November 27, there was little change in maintenance devices, and PP enterprise operating rate remained at around 83%, at a neutral to low level [1][4] - Demand: As of the week of November 21, PP downstream operating rate rose 0.29 percentage points to 53.57% week-on-week, at a relatively low level in the same period over the years; the operating rate of plastic weaving, the main downstream of drawstrings, remained flat at 44.24%, and plastic weaving orders decreased slightly week-on-week, slightly lower than the same period last year [1][4] - Petrochemical inventory: Petrochemical early inventory on Thursday decreased by 0.5 million tons to 65 million tons week-on-week, 4.5 million tons higher than the same period last year [4] 3.4 Raw Material End - Brent crude oil's 02 contract fell below $63 per barrel, and the CFR propylene price in China remained flat at $735 per ton week-on-week [5]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Due to supply surplus and weakened cost support, PP is expected to experience a weak and volatile trend [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - PP downstream operating rate increased by 0.29 percentage points to 53.57% week - on - week, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of drawstring, remained flat at 44.24%, with slightly fewer orders week - on - week and slightly lower than the same period last year [1] - On November 26, the restart of overhauled units such as a single line of Dagang Petrochemical drove the PP enterprise operating rate up to around 83%, at a moderately low level. The production ratio of standard drawstring remained at around 31% [1][4] - In November, the destocking of petrochemicals slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [1][4] - On the cost side, Russian Deputy Prime Minister Novak stated that the latest sanctions imposed by the US and the West did not affect Russia's oil production. Trump's administration is actively promoting a cease - fire between Russia and Ukraine, and Zelensky is open to peace talks, leading to a decline in crude oil prices [1] - In terms of supply, PetroChina Guangxi Petrochemical with a new production capacity of 400,000 tons/year was put into operation in mid - October, and the number of overhauled units has decreased recently. As the downstream enters the end of the peak season, the follow - up of orders for plastic weaving is limited, and the market lacks large - scale centralized procurement, which has limited support for the market. Traders generally offer discounts to stimulate transactions [1] 3.2 Futures and Spot Market Conditions Futures - The PP2601 contract decreased in positions and fluctuated downward, with a minimum price of 6,258 yuan/ton, a maximum price of 6,332 yuan/ton, and finally closed at 6,265 yuan/ton, below the 20 - day moving average, with a decline of 1.42%. The open interest decreased by 19,187 lots to 586,572 lots [2] Spot - The spot prices of PP in various regions partially declined. The drawstring was quoted at 6,150 - 6,480 yuan/ton [3] 3.3 Fundamental Tracking - Supply side: On November 26, the restart of overhauled units such as a single line of Dagang Petrochemical drove the PP enterprise operating rate up to around 83%, at a moderately low level [4] - Demand side: As of the week of November 21, the PP downstream operating rate increased by 0.29 percentage points to 53.57% week - on - week, at a relatively low level in the same period over the years. The operating rate of plastic weaving, the main downstream of drawstring, remained flat at 44.24%, with slightly fewer orders week - on - week and slightly lower than the same period last year [1][4] - Petrochemical early inventory on Wednesday decreased by 30,000 tons to 655,000 tons week - on - week, 50,000 tons higher than the same period last year. In November, the destocking of petrochemicals slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [4] - Raw material end - crude oil: The Brent crude oil 01 contract fell below $63 per barrel, and the CFR propylene price in China increased by $5 per ton to $735 per ton week - on - week [4]

Core Viewpoint - The aluminum market is expected to experience upward price trends in the medium to long term due to strong demand and rigid supply, despite potential short-term price declines due to seasonal pressures in the consumption off-season [1][5]. Group 1: Macro Environment - The macroeconomic outlook has improved, with the Federal Reserve lowering interest rates in September and October, boosting sentiment in the non-ferrous metals market [1]. - The easing of trade tensions between China and the U.S. has alleviated concerns regarding aluminum product trade barriers, contributing to a more optimistic macro environment [1]. - Political uncertainties in the U.S. have decreased, and economic data has not been as pessimistic as expected, further strengthening the positive macro outlook [1]. Group 2: Supply Dynamics - Recent weather conditions in Guinea and reduced shipments from Australia have led to a significant decline in bauxite inventory at ports, but shipments are expected to return to previous levels after the rainy season [2]. - Domestic aluminum oxide production remains stable due to sufficient raw material inventory, with a capacity utilization rate of 84.05% as of October, despite a slight decline [2]. - Domestic electrolytic aluminum production capacity is nearly fully utilized at 97.46%, with limited room for future capacity growth [3]. - Global electrolytic aluminum production is estimated at 72 million tons for 2024, with China contributing about 60%, while overseas production faces constraints from energy costs and infrastructure issues [3]. Group 3: Demand Trends - Overall consumption of aluminum shows resilience, although the average operating rate for aluminum profiles is significantly lower than in previous years [4]. - Demand in traditional construction sectors is weak, but strong demand in sectors such as new energy vehicles, photovoltaics, and ultra-high voltage infrastructure supports consumption resilience [5]. Group 4: Price Outlook - The global aluminum market is characterized by a tight supply-demand balance, heavily reliant on China's nearly full production capacity [5]. - Short-term price pressures may arise as the market enters the traditional consumption off-season, following a recent surge in prices above 22,000 yuan/ton [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - For nickel, due to high inventory and oversupply, the nickel price is expected to remain in low - level fluctuations, but recent mining disruptions in Indonesia and the Philippines should be monitored for potential price rebounds [4] - For stainless steel, with the end of the consumption peak season, lower - than - expected demand growth, and weakening cost support, the stainless - steel price is expected to stay in low - level oscillations [5] Group 3: Nickel Market Analysis Futures - On November 10, 2025, the main contract 2512 of Shanghai nickel opened at 119,670 yuan/ton and closed at 119,680 yuan/ton, a 0.01% change from the previous trading day. The trading volume was 82,864 (-9,186) lots, and the open interest was 117,784 (-4,095) lots [1] - The main contract of Shanghai nickel showed a low - opening and high - walking oscillatory repair pattern. Affected by macro - sentiment and the metal sector, it rebounded during the day session and slightly closed up. The high - level oscillation of the US dollar index still suppresses nickel prices. The domestic commodity sector rose collectively, and Shanghai nickel rebounded accordingly [2] Nickel Ore - The nickel - ore market trading atmosphere was calm, and prices remained stable. There was strong market wait - and - see sentiment, and there was a supply - demand price gap. Factory procurement enthusiasm was low [2] - In the Philippines, the Surigao mining area's shipping efficiency was delayed due to continuous rainfall, while the northern mining area had stable local supply. Indonesian November (Phase II) domestic trade benchmark prices are expected to be lowered by 0.12 - 0.2 dollars/wet ton, with a current mainstream premium of +26 [2] - Due to the rainy season and typhoons, shipping in the southern Surigao area of the Philippines has stopped, and nickel - ore exports are expected to sharply decline from November to December [2] Spot - Jinchuan Group's Shanghai market sales price was 123,300 yuan/ton, unchanged from the previous trading day. Spot trading was average, and the spot premium of each brand did not change [3] - The premium of Jinchuan nickel changed by 600 yuan/ton to 3,600 yuan/ton, the premium of imported nickel remained at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton [3] - The previous trading day's Shanghai nickel warehouse receipt volume was 32,533 (-101) tons, and the LME nickel inventory was 253,404 (+300) tons [3] Group 4: Nickel Strategy - Unilateral: Mainly conduct range operations - No strategies for inter - period, cross - variety, spot - futures, and options trading are provided [4] Group 5: Stainless Steel Market Analysis Futures - On November 10, 2025, the main contract 2512 of stainless steel opened at 12,545 yuan/ton and closed at 12,605 yuan/ton. The trading volume was 100,514 (+26,181) lots, and the open interest was 46,429 (-4,171) lots [4] - The main contract of stainless steel showed an oscillatory and slightly stronger trend. It rebounded in the afternoon driven by the rise of the black - metal sector [4] Spot - Affected by the futures' stop - falling and rebound, spot inquiries increased, but actual trading activity was still low, and quotes were basically flat [5] - The stainless - steel price in the Wuxi market was 12,850 (+0) yuan/ton, and in the Foshan market was also 12,850 (+0) yuan/ton. The 304/2B premium was 305 - 605 yuan/ton [5] - The ex - factory tax - included average price of high - nickel pig iron changed by - 1.50 yuan/nickel point to 914.5 yuan/nickel point [5] Group 6: Stainless Steel Strategy - Unilateral: Neutral - No strategies for inter - period, cross - variety, spot - futures, and options trading are provided [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For silicon manganese, the cost support is expected to weaken, and the industrial fundamentals have improved, but due to the overall decline in the prices of the black series, the market bearish sentiment remains. The medium - and short - term market may still be in the process of finding or establishing a bottom, with prices remaining weak. The main contract reference range is [5250, 5800] [3]. - For silicon iron, under the background of industrial production cuts, the supply - demand contradiction has eased. The current supply has dropped to the lowest level in the same period, while the demand faces the risk of seasonal decline, and the cost support is still insufficient. The market may continue to find a bottom, and prices are expected to remain weak. The main contract reference range is [5150, 5500] [45]. 3. Summary by Relevant Catalogs Silicon Manganese Supply and Demand Analysis - Supply: In May, production and operating rates declined significantly, with factories in both northern and southern regions undergoing maintenance. Some factories have resumed production slightly after maintenance. The daily output in Inner Mongolia is 13,400 tons, still at a relatively high level in the same period. Yunnan factories also have plans to resume production in June. The estimated total national silicon manganese production in May is about 740,000 tons [3]. - Demand: In May, hot metal production declined month - on - month and may have peaked, but it is still at a relatively high level in the same period, providing short - term rigid support for silicon manganese demand. In terms of steel procurement, the mainstream steel mills' procurement price of silicon manganese alloy in May was 5,850 yuan/ton, a decrease of 100 yuan/ton compared to April, and the procurement quantity was 11,600 tons, an increase of 200 tons compared to April. Most steel mills' tender prices decreased, with strong price - pressing sentiment. Recent news of crude steel production restrictions has disturbed the market [3]. Manganese Ore Overview - The news of South Africa's export restrictions briefly disturbed the market, but its impact has gradually dissipated. The manganese ore market remains weak, with low trading volume, and factories mainly replenish stocks on demand. In May, shipping and arrival volumes increased significantly, while the port clearance volume declined from a high level. South32 has resumed shipping, but the overall shipping volume is low. It is expected that port inventories will slowly recover at a low level [3]. Cost and Profit - The entire industry's loss has intensified, and the expectation of production cuts remains. However, the room for further production cuts in the southern region is limited, and attention should be paid to the operating conditions in low - cost regions. The second - round price cut of coke has been implemented, and there is still an expectation of further price cuts. Electricity prices in both northern and southern regions have decreased to varying degrees, and there is still an expectation of an electricity price cut in Ningxia in June [3]. Market Outlook - Overall, the cost support for silicon manganese is expected to weaken. Although the industrial fundamentals have improved, the market bearish sentiment remains due to the overall decline in the prices of the black series. The medium - and short - term market may still be in the process of finding or establishing a bottom, with prices remaining weak. The upward drive depends on "deep production cuts" in the industry or external environmental disturbances [3]. Silicon Iron Supply and Demand Analysis - Supply: In May, production and operating rates declined significantly. Since mid - April, more factories in production areas have undergone maintenance, and the operating rates in multiple production areas have dropped to the lowest level in the same period. The estimated total national production in May is 410,000 - 420,000 tons [44]. - Demand: In the short term, steel mills' profits still support the high - level hot metal production, and the demand for silicon iron remains resilient. The progress of steel procurement in May was slow, with most steel mills' tender prices decreasing to varying degrees, and strong price - pressing sentiment. A leading steel mill's procurement price of silicon iron alloy in May was 5,800 yuan/ton, a decrease of 150 yuan/ton compared to April, and the procurement quantity was 2,130 tons, an increase of 430 tons compared to April. Non - steel demand: The downstream magnesium metal market remains weak, with low trading volume, and cannot strongly support silicon iron. In terms of exports, the export volume of silicon iron increased month - on - month in April, but the cumulative export volume from January to April decreased significantly compared to the same period last year. Affected by the increase in Southeast Asian orders, the export volume in May is expected to increase slightly month - on - month but still be lower than the level of the same period last year [44]. Cost and Profit - The semi - coke market remains weakly stable. The price of lump coal at the raw material end continues to be weak, and cannot strongly support the semi - coke price. The maintenance season in May is coming to an end, and factories may gradually resume production. The price of small materials in Shaanxi decreased by 40 yuan/ton this month. There is still an expectation of an electricity price cut in Ningxia, and attention should be paid to the electricity price changes in each production area [44]. Market Outlook - Under the background of industrial production cuts, the supply - demand contradiction has eased. The current supply has dropped to the lowest level in the same period, while the demand faces the risk of seasonal decline, and the cost support is still insufficient. The market may continue to find a bottom, and prices are expected to remain weak [45].

（一）主要产品的价格变动情况 证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-034 中盐内蒙古化工股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中盐内蒙古化工股份有限公司（以下简称"公司"）根据上海证 券交易所《上市公司行业信息披露指引第七号-医药》《上市公司行 业信息披露指引第十八号-化工》及《关于做好上市公司 2025 年第一 季度报告披露工作的通知》要求，现将公司 2025 年第一季度主要经 营数据披露如下： | 主要行业 | 主要产品 | 2025 年第 | 2025 年第 | 营业收入（万 元） | | --- | --- | --- | --- | --- | | | | 一季度产量 | 一季度销量 | | | 精细化工行业 | 金属钠、氯酸钠 （万吨） | 3.40 | 3.29 | 21,343.68 | | 基础化工行业 | 纯碱（万吨） | 104.39 | 95.02 | 121,025.87 | | | 聚氯乙烯树脂 ...