Group 1: Energy and Metals - International oil prices rebounded overnight, with the Brent 01 contract up 1.41%. The Russia-Ukraine geopolitical risk is entangled between sanctions and peace talks. There is a greater expectation of inventory accumulation in Q4 and Q1 next year, and the downward drive for oil prices remains [1]. - Precious metals rose overnight. With multiple Fed officials advocating a December rate cut, the implied probability of a rate cut in the interest rate market rose to 80%. The market is uncertain, and precious metals are oscillating at high levels [2]. - Copper prices oscillated overnight. The domestic spot market shows a certain bullish sentiment, and the SMM social inventory decreased by 1.39 million tons to 18.06 million tons [3]. - Shanghai aluminum fluctuated narrowly overnight. The inventory decreased, and the demand has resilience but lacks highlights. The price adjustment may continue, with support at around 21,100 yuan [4]. - Alumina supply is in an oversupply pattern, and it will mainly operate weakly before large-scale production cuts [5]. - Cast aluminum alloy continues to follow the aluminum price, and the spread with AL may narrow [6]. - Zinc prices found support at the 60 - day moving average. The LME zinc 0 - 3 month spot premium remains high. The rebound height of Shanghai zinc is limited, and it is expected to oscillate in the range of 22,200 - 23,000 yuan/ton [7]. - Lead prices are looking for support at the annual line. The export of lead - acid batteries is expected to remain under pressure. Shanghai lead is expected to oscillate in the range of 17,000 - 17,500 yuan/ton [8]. - Shanghai nickel rebounded, and the stainless - steel cost support continues to move down [9]. - Tin prices are mainly considered for short - selling, and call options can be used to hedge risks [10]. - Lithium carbonate futures prices oscillated sharply at high levels, and risk control should be prioritized [11]. - Polysilicon futures prices maintain an oscillating pattern due to weak supply and demand [12]. - Industrial silicon futures maintain an oscillating operation, and attention should be paid to the dynamics of silicone prices [13]. - Steel prices oscillated narrowly at night. Supply pressure is gradually easing, and demand is still weak. Steel prices are expected to oscillate in a range [14]. - Iron ore fundamentals are becoming more relaxed, and the price is expected to oscillate [15]. - Coke prices may oscillate weakly [16]. - Coking coal prices may oscillate weakly [17]. - Silicomanganese prices oscillated. The bottom support expectation has moved down [18]. - Ferrosilicon prices oscillated. The bottom support will be tested [19]. - The SCFIS European route index rose significantly. The 02 contract may maintain a discount, and the price of the 12 contract has limited up - and - down space [20]. - Both high - and low - sulfur fuel oils face pressure from abundant supply and weak demand [21]. - Asphalt prices are expected to oscillate weakly under pressure [22]. Group 2: Chemicals - Urea supply is sufficient, and the market may return to a stalemate [23]. - Methanol futures rose sharply. You can try to go long on the 5 - 9 spread at low prices, but beware of weak reality [24]. - Pure benzene continues the idea of short - selling on rebounds, and options can be considered for allocation [25]. - Styrene supply and demand are in a tight balance, but the sustainability of support is questionable, and the rebound height is limited [26]. - Polypropylene, polyethylene, and propylene prices have certain low - level support, but the supply pressure of polyethylene increases, and the demand of polypropylene and polyethylene is weak [27]. - PVC may follow the cost, and caustic soda runs weakly [28]. - PX is still strong before new capacity is put into production, and PTA is mainly driven by cost [29]. - Ethylene glycol prices have a short - term rebound expectation, but the rebound space is limited [30]. - Short - fiber prices fluctuate with raw materials, and bottle - chip prices are mainly driven by cost [31]. Group 3: Agricultural Products - Soybean meal futures rebounded. Pay attention to the impact of La Nina on South American soybean production and wait for the Sino - US trade agreement [35]. - Soybean oil and palm oil prices are expected to oscillate in a range. Palm oil supply is increasing while demand is weak [36]. - Rapeseed meal and rapeseed oil prices are supported by supply shortages. It is recommended to wait and see in the short term [37]. - Domestic soybeans rebounded strongly. Pay attention to the spot market and policy guidance [38]. - Corn futures oscillated at a high level. There are still differences in the new - season corn output. Pay attention to the sales progress of new corn in the Northeast [39]. - Live hog futures had a large increase in the far - month contract. The price may have a second bottoming next year [40]. - Egg prices: Pay attention to the spot price performance and the convergence of the basis [41]. - Cotton prices are expected to oscillate in a range. It is recommended to wait and see [42]. - Sugar prices: International supply is sufficient, and domestic production expectations are good. Pay attention to production progress [43]. - Apple prices oscillated at a high level. Pay attention to the inventory reduction situation [44]. - Wood prices oscillated. Low inventory supports prices, and it is recommended to wait and see [45]. - Pulp prices fell slightly. Supply is loose, demand is weak, and it is recommended to wait and see [46]. Group 4: Financial Instruments - A - shares rose in a narrow range with shrinking volume. The short - term macro - liquidity uncertainty restricts the market. It is recommended to wait and see [47]. - Treasury bond futures oscillated upward. The yield curve may flatten slightly, but there may be phased adjustments [48].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas: On the evening of November 21st, the New York Fed President's speech hinted at a possible near - term interest rate cut, boosting the December rate - cut expectation. The Fed's expectation management is shifting, and it's possible that key figures will turn dovish in the next two weeks. The US GDP in the third and fourth quarters is expected to face pressure due to various factors such as the decline in core shipments in August, rising unemployment rate in September, and weakening manufacturing PMI in November [5]. - Domestic: The domestic endogenous momentum remains weak and stable. The issuance of 500 billion policy - based financial instruments in October, the accelerated issuance of special bonds in November, and the release of the debt - resolution surplus quota may bring marginal benefits to infrastructure investment in the fourth quarter. The central bank may not be in a hurry to further relax policies in the short term [5]. - Asset Views: Due to the Fed's divergence on the December rate cut, the hawkish tone of the October meeting minutes, and the better - than - expected September non - farm data, the December rate - cut expectation was once suppressed, and the US dollar index rose. After the New York Fed President's dovish speech, the market sentiment was boosted. It is recommended to allocate assets evenly in the fourth quarter and pay attention to the opportunities of stock indices, non - ferrous metals (copper, aluminum, tin), and precious metals [5]. 3. Summary by Related Catalogs 3.1 Market Performance - **Stock Index Futures**: The CSI 300 futures rose 0.15% daily and weekly, fell 4.24% monthly and 3.96% quarterly, and rose 13.11% this year. The SSE 50 futures fell 0.07% daily and weekly, 2.35% monthly and 1.49% quarterly. The CSI 500 futures rose 0.85% daily and weekly, fell 5.735% monthly and 6.25% quarterly, and rose 19.93% this year. The CSI 1000 futures rose 1.10% daily and weekly, fell 3.71% monthly and 4.20% quarterly, and rose 21.31% this year [2]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures rose 0.014 daily and weekly, fell 0.08% monthly, rose 0.134 quarterly, and fell 0.54% this year. The 5 - year Treasury bond futures rose 0.03% daily and weekly, fell 0.16% monthly, rose 0.25% quarterly, and fell 0.61% this year [2]. - **Foreign Exchange**: The US dollar index was flat daily, rose 0.100% weekly, 0.42% monthly, and 2.383% quarterly. The euro - US dollar exchange rate had no change daily and weekly, fell 23 pips monthly and 221 pips quarterly, and rose 1160 pips this year [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was flat daily, weekly, and quarterly, fell 1 bp monthly, and fell 30 bp this year. The 10 - year Chinese government bond yield rose 0.3 bp daily, was flat weekly, rose 2.1 bp monthly, fell 44 bp quarterly, and rose 0.1 bp this year [2]. - **Hot Industries**: The national defense and military industry rose 4.45% daily and weekly, fell 0.31% monthly and 2.95% quarterly, and rose 17.50% this year. The media industry rose 3.53% daily and 3.50% weekly, rose 0.68% monthly, fell 5.07% quarterly, and rose 30.89% this year [2]. - **Overseas Markets**: NYMEX WTI crude oil fell 1.834 daily, fell 2.93% weekly, 4.76% monthly, 7.13% quarterly, and 19.33% this year. ICE Brent crude oil fell 1.05% daily, 2.77% weekly, 3.21% monthly, 5.50% quarterly, and 16.469% this year [2]. - **Domestic Commodities**: The container shipping to Europe route rose 0.80% daily and weekly, rose 0.97% monthly, fell 4.52% quarterly, and fell 30.50% this year. Gold rose 0.36% daily and weekly, rose 0.58% monthly, 6.10% quarterly, and 50.634% this year [3]. 3.2 Short - term Market Judgments - **Financial**: Stock index futures are expected to rise in a volatile manner, stock index options to fluctuate, and Treasury bond futures to move in a narrow range [6]. - **Precious Metals**: Gold and silver are expected to move sideways [6]. - **Shipping**: The container shipping to Europe route and steel are expected to move sideways, and iron ore is also expected to trade within a range [6]. - **Black Building Materials**: Most black building materials such as coke, coking coal, and silicon iron are expected to move sideways, with some low - valued varieties having potential for a phased rebound [6]. - **Non - ferrous Metals and New Materials**: Most non - ferrous metals are expected to move sideways, with aluminum and lithium carbonate expected to rise in a volatile manner, and nickel expected to decline in a volatile way [6]. - **Energy and Chemicals**: Crude oil, LPG, asphalt, high - sulfur fuel oil, and low - sulfur fuel oil are expected to decline in a volatile manner. Most other energy and chemical products are expected to move sideways [8]. - **Agriculture**: Most agricultural products are expected to move sideways, with some such as soybean oil and sugar expected to decline in a volatile way [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term excessive bearishness on oil prices is not advisable. A low - buying and high - selling range strategy is maintained, but current prices need to test OPEC's export price - support willingness. Short - term waiting for OPEC's export decline during price drops is recommended [3]. - For methanol, the positive impact of Iranian device shutdowns is being realized, and the market has risen significantly. However, the 01 contract has limited time and high near - end inventories. The supply remains high, and demand changes little. The market is expected to bottom out gradually, but due to the rapid short - term rise, it is advisable to wait and see [6]. - For urea, prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side enterprise profits are low, and production has slightly decreased but is still high year - on - year. Demand has improved, and with export policies and cost support, the downside is limited. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. - For rubber, a bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. - For PVC, the industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. - For pure benzene and styrene, the supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. - For polyethylene, the price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. - For polypropylene, in a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. - For PX, it is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. - For PTA, the supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. - For ethylene glycol, the supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36]. 3. Summaries by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 5.10 yuan/barrel, a 1.13% decline, at 447.90 yuan/barrel. Related refined oil futures also declined. European ARA weekly data showed mixed inventory changes in refined products, with a net decline of 0.38 million barrels in total refined oil inventory [2]. - **Strategy**: Maintain a low - buying and high - selling range strategy, but wait and see in the short term to verify OPEC's export price - support willingness [3]. Methanol - **Market Information**: Prices in Taicang increased by 53, in Lunan by 50, and remained stable in Inner Mongolia. The 01 contract on the futures market rose 73 yuan to 2077 yuan/ton, with a basis of - 24. The 1 - 5 spread was +13, at - 121 [5]. - **Strategy**: The market has risen due to Iranian device shutdowns, but the 01 contract has high near - end inventories. The supply remains high, and demand changes little. It is advisable to wait and see [6]. Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei remained stable. The 01 contract on the futures market fell 16 yuan to 1638 yuan, with a basis of - 8. The 1 - 5 spread was +1, at - 73 [8]. - **Strategy**: Prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side profits are low, and demand has improved. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. Rubber - **Market Information**: Rubber prices oscillated and rebounded. There was heavy rainfall in the Thai production area, and the November warehouse receipts of natural rubber on the Shanghai Exchange were about to be delivered. Tire factory operating rates were weak, and natural rubber inventories increased slightly. Spot prices of some rubber products rose [12]. - **Strategy**: A bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. PVC - **Market Information**: The PVC01 contract rose 40 yuan to 4496 yuan. The spot price of Changzhou SG - 5 was 4440 (+20) yuan/ton, with a basis of - 56 (-20) yuan/ton. The 1 - 5 spread was - 294 (+6) yuan/ton. Cost - side carbide prices rebounded, and caustic soda prices fell. Overall operating rates increased slightly, while downstream demand decreased slightly. Factory inventories decreased, and social inventories increased [16]. - **Strategy**: The industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was also unchanged, with an enlarged basis. The spot and futures prices of styrene fell, with a strengthened basis. The upstream operating rate of styrene decreased, and port inventories decreased significantly. The demand - side operating rate of three S products increased slightly [20]. - **Strategy**: The supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. Polyethylene - **Market Information**: The main contract of polyethylene closed at 6793 yuan/ton, up 23 yuan. The spot price was unchanged. The upstream operating rate increased, and production enterprise inventories decreased, while trader inventories increased slightly. The downstream average operating rate increased slightly [23]. - **Strategy**: The price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. Polypropylene - **Market Information**: The main contract of polypropylene closed at 6372 yuan/ton, up 15 yuan. The spot price fell 25 yuan. The upstream operating rate increased, and inventories at production enterprises, traders, and ports all decreased. The downstream average operating rate increased slightly [26]. - **Strategy**: In a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. PX - **Market Information**: The PX01 contract rose 22 yuan to 6772 yuan. The PX CFR price rose 2 dollars to 826 dollars. The Chinese and Asian operating rates increased. Some devices restarted, and PTA operating rates decreased. November imports from South Korea increased year - on - year, and inventories increased in September [29]. - **Strategy**: It is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. PTA - **Market Information**: The PTA01 contract rose 14 yuan to 4680 yuan. The spot price in East China rose 15 yuan/ton. The PTA operating rate decreased, and downstream operating rates increased. Inventories increased slightly, and processing fees rose slightly [31]. - **Strategy**: The supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. Ethylene Glycol - **Market Information**: The EG01 contract rose 76 yuan to 3884 yuan. The spot price in East China rose 38 yuan. The supply - side operating rate decreased, and downstream operating rates increased. Port inventories remained unchanged, and production profits were negative [35]. - **Strategy**: The supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36].

Market Performance - The three major U.S. stock indices rose on November 24, with the Dow Jones increasing by 0.44%, the S&P 500 by 1.55%, and the Nasdaq by 1.55% [2] - The U.S. technology sector's "Big Seven" all saw gains, with the technology index rising by 2.89% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index up by 4.69%, Broadcom rising over 11%, Micron Technology nearly 8%, AMD over 5%, and NVIDIA over 2% [4] Chinese Assets - Most Chinese assets also increased, with the Nasdaq Golden Dragon China Index rising by 2.82% [4] - Notable gains included Zhongjin Technology up by 40.68%, Hesai Technology up by 18.08%, and Daqo New Energy up by over 9% [4] Commodity Prices - Gold prices increased, with spot gold rising by 1.73% and COMEX gold futures up by 1.38% [5] - Oil prices also saw an uptick, with light crude oil futures for January delivery rising by $0.78 to $58.84 per barrel (1.34% increase) and Brent crude oil futures up by $0.81 to $63.37 per barrel (1.29% increase) [7] AI Initiative - The U.S. government announced the launch of the "Genesis Plan," an initiative aimed at transforming scientific research through artificial intelligence [8] - The plan involves the Department of Energy creating an AI experimental platform that integrates U.S. supercomputers and unique data assets to generate scientific foundational models and support robotic laboratories [9] - The initiative will be coordinated by the Assistant to the President for Science and Technology, integrating data and infrastructure across federal departments, and will involve collaboration with academia and private sector innovators [9]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the week of November 23, both global on - land crude oil inventories and floating storage inventories increased slightly, while the full - scope (including in - transit) inventories continued to decline from a high level. Year - on - year, the inventory pressure remained high. Regionally, inventories in China decreased slightly, while those in Russia, India, the Middle East, and Europe increased, with a significant jump in Russian inventories. Attention should be paid to the sustainability of subsequent inventory accumulation in Russia under the background of reduced exports [2] 3. Grouped Summaries - **Global Inventory Situation** - Global on - land crude oil inventories and floating storage inventories rose slightly in the week of November 23, and the full - scope (including in - transit) inventories continued to fall from a high level, but the year - on - year inventory pressure was still large [2] - **Regional Inventory Changes** - China: Crude oil inventories decreased slightly [2] - Russia: Crude oil inventories jumped significantly, and the sustainability of subsequent inventory accumulation under the background of reduced exports needs attention [2] - India: Crude oil inventories increased [2] - Middle East: Crude oil inventories increased [2] - Europe: Crude oil inventories increased [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Rubber**: On Monday, the domestic Shanghai rubber futures contract 2601 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and slightly closing lower. The intraday price center slightly dropped to around 15,320 yuan/ton, closing down 0.33% at 15,320 yuan/ton. The 1 - 5 month spread discount narrowed to 75 yuan/ton. After the weakening of macro - driving factors, the domestic rubber market has returned to a market dominated by supply - demand fundamentals [6]. - **Methanol**: On Monday, the domestic methanol futures contract 2601 showed a trend of increasing volume, reducing positions, fluctuating stably, and rebounding significantly. The futures price reached a maximum of 2,077 yuan/ton and a minimum of 2,007 yuan/ton, closing up 3.08% at 2,077 yuan/ton. The 1 - 5 month spread discount narrowed to 121 yuan/ton. With the improvement trend in methanol supply - demand expectations, the methanol futures price is expected to have a valuation repair market [6]. - **Crude Oil**: On Monday, the domestic crude oil futures contract 2601 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and slightly closing lower. The futures price reached a maximum of 449.5 yuan/barrel and a minimum of 442.5 yuan/barrel, closing down 1.13% at 447.9 yuan/barrel. The bearish atmosphere has strengthened. The game between supply surplus and seasonal demand recovery, combined with the weakening of macro - sentiment, has put pressure on short - term oil prices [7]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of November 16, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 452,600 tons, a week - on - week increase of 3,100 tons or 0.70%. The bonded area inventory decreased by 1.76% to 66,600 tons, while the general trade inventory increased by 1.13% to 386,000 tons. The inbound and outbound rates of bonded and general trade warehouses decreased. As of the week of November 21, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 69.36%, a week - on - week decrease of 3.63 percentage points and a year - on - year decrease of 10.40 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 62.04%, a week - on - week decrease of 2.25 percentage points and a year - on - year increase of 1.56 percentage points. In October 2025, China's automobile production and sales were 3.359 million and 3.322 million respectively, with month - on - month increases of 2.5% and 3% and year - on - year increases of 12.1% and 8.8%. From January to October 2025, the cumulative automobile production and sales were 27.692 million and 27.687 million respectively, with year - on - year increases of 13.2% and 12.4%. In October 2025, the sales of heavy - duty trucks were about 93,000, a year - on - year increase of about 40%. From January to October 2025, the cumulative sales were 916,000, and the annual sales are expected to exceed one million and may even reach 1.1 million [11][12]. - **Methanol**: As of the week of November 21, 2025, the average domestic methanol operating rate was 83.77%, a week - on - week decrease of 0.17%, a month - on - month increase of 1.06%, and a year - on - year increase of 4.08%. The average weekly methanol output was 2.0142 million tons, a week - on - week increase of 38,100 tons, a month - on - month increase of 70,700 tons, and a significant year - on - year increase of 134,000 tons. The operating rates of formaldehyde, acetic acid, and MTBE increased slightly, while the operating rate of dimethyl ether decreased slightly. The average operating load of domestic coal (methanol) to olefin plants was 82.67%, a week - on - week increase of 0.85 percentage points and a month - on - month decrease of 3.78%. The futures disk profit of domestic methanol to olefin was 316 yuan/ton, a week - on - week increase of 7 yuan/ton and a month - on - month rebound of 537 yuan/ton. The port methanol inventory in East and South China was 1.2439 million tons, a week - on - week decrease of 35,100 tons, a month - on - month decrease of 25,900 tons, and a significant year - on - year increase of 184,600 tons. The inland methanol inventory was 358,700 tons, a week - on - week decrease of 10,600 tons, a month - on - month decrease of 1,700 tons, and a year - on - year decrease of 29,300 tons [13][14]. - **Crude Oil**: As of the week of November 14, 2025, the number of active oil drilling platforms in the United States was 417, a week - on - week increase of 3 and a year - on - year decrease of 61. The average daily US crude oil production was 13.834 million barrels, a week - on - week decrease of 28,000 barrels per day and a significant year - on - year increase of 633,000 barrels per day. The US commercial crude oil inventory (excluding strategic petroleum reserves) was 424.2 million barrels, a week - on - week decrease of 3.426 million barrels and a significant year - on - year decrease of 6.137 million barrels. The crude oil inventory in Cushing, Oklahoma was 21.821 million barrels, a week - on - week decrease of 698,000 barrels. The US Strategic Petroleum Reserve (SPR) inventory was 410.9 million barrels, a week - on - week increase of 533,000 barrels. The US refinery operating rate was 90%, a week - on - week increase of 0.6 percentage points, a month - on - month increase of 1.4 percentage points, and a year - on - year decrease of 0.2 percentage points. The average non - commercial net long positions in WTI crude oil decreased significantly, while the average net long positions in Brent crude oil futures funds increased significantly [14][15]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,750 yuan/ton | - 100 yuan/ton | 15,320 yuan/ton | + 80 yuan/ton | - 570 yuan/ton | - 80 yuan/ton | | Methanol | 2,082 yuan/ton | + 70 yuan/ton | 2,077 yuan/ton | + 73 yuan/ton | + 5 yuan/ton | - 3 yuan/ton | | Crude Oil | 416.2 yuan/barrel | - 0.1 yuan/barrel | 447.9 yuan/barrel | + 0.5 yuan/barrel | - 31.7 yuan/barrel | - 0.6 yuan/barrel | [16] 3.3 Related Charts - **Rubber**: The report mentions relevant charts such as rubber basis,上期所 rubber futures inventory, etc [17][19].

投资咨询业务资格：证监许可【2012】31号 【聚酯周报】 PX供给持续紧张，聚酯震荡偏强 国贸期货 能源化工研究中心 2025-11-24 国贸期货研究院 能源化工研究中心：陈胜 从业资格证号：F3066728 投资咨询证号：Z0017251 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 聚酯：PX供应紧张，盘面领先于实货 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 偏多 | 汽油裂解利润创下两年多新高的背景下，炼油厂持续优先将重整油用于汽油调和，而非芳烃生产，进一步加剧了PX原料供应的紧张局面。市场普遍预期， | | | | PX供需偏紧的格局将延续至2026年，PX价格走势偏强，显著利好PTA市场。 | | 需求 | 偏多 | 当前PTA供应端略有收紧，而聚酯行业开工率保持稳定，整体负荷维持在90%以上。受益于部分海外国家贸易政策的积极调整，聚酯产品出口询盘明显增 | | | | 加，国内聚酯出口前景依然乐观。 | | 库存 | 中性 | PTA的港口 ...

Investment Strategy - The oil and gas capital expenditure trend is declining, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, global capital expenditure in the oil and gas upstream sector has significantly decreased, with a notable drop of nearly 22% from the 2014 peak to $351 billion in 2021. This trend is expected to continue as major energy companies face pressure to decarbonize and shift focus towards energy transition and renewable projects [9][25][27] - The current active drilling rig count in the US remains low, with new well costs closely aligned with current oil prices, limiting profit margins. The growth rate of US oil production is anticipated to slow down, with evidence emerging from the first half of 2025 [9][25][27] Oil Market - Brent crude oil spot price is currently at $63.54 per barrel, reflecting a week-on-week increase of 0.63%, while WTI crude oil is at $59.43 per barrel, down 0.43% [10][28] - The geopolitical situation, particularly the easing of tensions in the Russia-Ukraine conflict, is contributing to a volatile oil price environment. The expectation of a breakthrough in diplomatic negotiations has led to fluctuations in oil prices [10][28] Coal Market - The average market price for Qinhuangdao port thermal coal (Q5500) is reported at 820 RMB per ton, with a week-on-week increase of 0.35%. However, the market is experiencing a stalemate as downstream demand remains cautious towards high prices [11][12] - The total inventory at nine ports in the Bohai Rim is reported at 23.93 million tons, up 6.74% week-on-week, while southern ports report a decrease of 1.48% to 603.8 million tons [11][12] Coking Coal Market - Coking coal prices are experiencing a high-level consolidation, with the price of coking coal at the Jingtang port reported at 1,780 RMB per ton, down 4.30% week-on-week. The price of coking coal is less regulated compared to thermal coal, allowing producers to benefit from price increases [13][14] - The average daily iron output from 247 steel mills is reported at 2.3621 million tons, reflecting a slight decrease of 0.30% week-on-week, indicating a weak demand environment for steel products [13][14] Natural Gas Market - Russian LNG is entering the Chinese market at prices 20-30% lower than market rates, despite US pressure on Japan and Europe to halt imports of Russian LNG. This influx is contributing to a stable supply environment [14][15] - The average price of natural gas in the US is reported at $4.44 per million British thermal units, down 1.4% week-on-week, while European gas prices are on the rise [14][15] Oilfield Services - The oilfield services sector is expected to maintain its growth due to government policies aimed at ensuring energy security. The capital expenditure of major oil companies is projected to remain high, supporting the oilfield services industry's outlook [16][17] - The global active rig count is reported at 1,800, with a slight decrease in the Middle East and Asia-Pacific regions, while the US shows a week-on-week increase of 5 rigs [16][17]

投资咨询业务资格:证监许可【2012】31号 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/11/24 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/11/20 2025/11/21 | | 变动值 | 行情综述 | | | INE原油(元/桶) | 455. 5 | 447. 4 | -8. 10 | 成交情况: PTA:原油下跌,且PX行情下跌,成本支撑减弱,利空 | | SC | PTA-SC(元/陣) | 1385.8 | 1414. 7 | 28. 86 | PTA行情。PTA去库存,基差走强。 | | | PTA/SC(比价) | 1. 4187 | 1. 4351 | 0. 0165 | | | | CFR中国PX | 833 | 824 | -9 | | | PX | PX-石脑油价差 | 260 | 262 | 2 | | | | PTA主力期价(元/吨) | 4696 | ...

1. Report Industry Investment Ratings - No investment ratings were provided in the reports [1][3][5][6][7][9][11][12] 2. Core Views of the Reports Rubber Industry - Natural rubber market is expected to enter a range - bound consolidation. If raw material supply is smooth, rubber prices are expected to weaken; if supply is disrupted, prices may range from 15,000 - 15,500 [1] Ester Industry - PX is expected to be range - bound at high levels in the short term, with a tight supply - demand outlook in the medium term. PTA's TA01 may oscillate between 4,500 - 4,800 in the short term. Ethylene glycol is expected to be range - bound at low levels. Short - fiber prices have limited upward drivers, and bottle - chip prices will follow the cost trend [3] Polyolefin Industry - The 01 contracts of LLDPE and PP are under pressure due to increasing supply and decreasing demand [5] Glass and Soda Ash Industry - Soda ash has a bearish supply - demand outlook, and short - selling opportunities are recommended after price rebounds. Glass prices are expected to be weak in the short term, and a 1 - 5 reverse spread strategy is suggested [6] Crude Oil Industry - The crude oil supply - demand pattern remains weak. Short - term support for Brent crude is at $60 per barrel, and geopolitical developments in Russia and Ukraine should be monitored [7] Methanol Industry - The methanol market is under pressure due to high inventories. The current trading logic is "weak reality", and the inventory issue in the 01 contract remains unresolved [9] Pure Benzene and Styrene Industry - Pure benzene is expected to have limited rebound space in the short term, and short - selling opportunities are recommended for BZ2603. Styrene is expected to oscillate in the short term, and changes in its production facilities and export volume should be monitored [11] PVC and Caustic Soda Industry - Caustic soda prices are expected to be weak. PVC is in an oversupply situation, and prices are expected to continue to decline at the bottom [12] 3. Summary by Relevant Catalogs Rubber Industry - **Spot Prices and Basis**: Most rubber spot prices declined on November 21, with the basis of whole milk rubber dropping by 22.50% [1] - **Monthly Spreads**: The 9 - 1 spread decreased by 14.29%, while the 1 - 5 and 5 - 9 spreads increased [1] - **Fundamental Data**: Thailand's and Vietnam's rubber production decreased in September, while India's and China's increased. Tire production and export volume decreased in October [1] - **Inventory Changes**: Bonded area and futures warehouse inventories increased, while the outbound rate of dry rubber in Qingdao decreased [1] Ester Industry - **Upstream Prices**: Crude oil and naphtha prices declined, while ethylene prices remained stable [3] - **PX - Related Prices and Spreads**: CFR China PX prices decreased by 1.1% [3] - **PTA - Related Prices and Spreads**: PTA spot and futures prices declined, and the basis was repaired [3] - **MEG - Related Prices and Spreads**: MEG prices declined, and the basis decreased [3] - **Downstream Product Prices and Cash Flows**: Most polyester product prices and cash flows declined [3] Polyolefin Industry - **Futures Prices and Spreads**: L2601, L2605, PP2601, and PP2605 prices declined, and spreads changed [5] - **Spot Prices and Basis**: Most polyolefin spot prices declined, and the basis of some products increased [5] - **Inventory and Operating Rates**: PE and PP enterprise inventories decreased, and some operating rates changed [5] Glass and Soda Ash Industry - **Glass - Related Prices and Spreads**: Glass prices in some regions declined, and the 01 basis decreased [6] - **Soda Ash - Related Prices and Spreads**: Soda ash prices were stable, and the 01 basis decreased [6] - **Supply and Inventory**: Soda ash production and some inventory decreased [6] - **Real Estate Data**: Real estate new construction, construction, completion, and sales areas all declined [6] Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent, WTI, and SC crude oil prices declined, and spreads changed [7] - **Refined Oil Prices and Spreads**: Most refined oil prices and spreads declined [7] - **Refined Oil Crack Spreads**: Most refined oil crack spreads declined [7] Methanol Industry - **Methanol Prices and Spreads**: Methanol futures prices declined, and the basis increased [9] - **Inventory**: Methanol enterprise, port, and social inventories decreased [9] - **Operating Rates**: Some upstream and downstream operating rates changed slightly [9] Pure Benzene and Styrene Industry - **Pure Benzene - Related Prices and Spreads**: Pure benzene prices declined, and the basis increased [11] - **Styrene - Related Prices and Spreads**: Styrene prices declined, and the basis increased [11] - **Inventory and Operating Rates**: Pure benzene port inventory increased, and styrene port inventory decreased. Some operating rates changed [11] PVC and Caustic Soda Industry - **PVC and Caustic Soda Prices and Spreads**: PVC and caustic soda futures prices declined, and spreads changed [12] - **Supply and Demand**: Caustic soda and PVC supply and demand have certain pressures, and demand is weak [12] - **Inventory**: Some caustic soda and PVC inventories increased or decreased [12]