Report Overview - Report Date: November 07, 2025 [3] - Data Sources: Wind, Guantong Research and Consulting Department [5] Industry Investment Rating - Not provided Core Views - On November 07, domestic futures main contracts showed mixed performance. Lithium carbonate rose over 3%, while asphalt fell over 2%. In terms of funds, CSI 1000 2512 had an inflow of 1.317 billion, while CSI 500 2512 had an outflow of 2.531 billion [6][7] - Different futures varieties have different supply - demand situations and price trends, affected by factors such as production, consumption, policy, and international events [9][11][12] Market Summary - As of the close on November 07, domestic futures main contracts showed mixed performance. Lithium carbonate, industrial silicon, urea, etc. rose, while asphalt, iron ore, etc. fell. In terms of stock index futures, IM rose 0.14%, while IF, IH, and IC fell. In terms of bond futures, all contracts fell. In terms of funds, CSI 1000 2512,沪铝 2601, and lithium carbonate 2601 had inflows, while CSI 500 2512,沪深 300 2512, and上证 50 2512 had outflows [6][7] Market Analysis Copper - Today, Shanghai copper opened high and then declined during the day. In October 2025, the operating rate of anode copper enterprises increased, with a decrease in the operating rate of mineral anode copper and an increase in that of recycled copper. The smelting processing fee was negative and stable, indicating tight copper resources. The accident in the Indonesian copper mine will affect global supply. There was an increase in copper concentrate inventory this week but still lower than last year. In November, 5 smelters are expected to have maintenance plans. In October, the import of unwrought copper and copper products decreased by 9.7%. With the rise in copper prices, downstream demand was suppressed, and there was a slight inventory build - up. Overall, copper showed a pattern of weak supply and demand, and the price was consolidating [9] Lithium Carbonate - Lithium carbonate opened low and then rose during the day. In October 2025, domestic production increased month - on - month by 6% and year - on - year by 55%. The operating rate increased this week. Driven by the strong performance of energy - storage batteries, downstream demand was good. The production of power, energy - storage, and consumer batteries in October increased by 22.4% month - on - month and 45.3% year - on - year. The application process for the mining license of Jianxiawo is ongoing, and the supply is expected to be tight in the short term. The contract price recovered previous losses. In the short term, the market is expected to oscillate strongly due to the tight balance of supply and demand and inventory reduction [11] Crude Oil - On November 2, OPEC+ decided to increase production by 137,000 barrels per day in December, the same as in October and November, and suspend production increase in the first quarter of next year. Saudi Aramco lowered the official selling price of crude oil to Asia in December. The peak consumption season ended, with an unexpected decline in gasoline inventory and an unexpected increase in US crude oil inventory. The US crude oil production reached a new high. EIA and IEA predicted an increase in global oil inventory. The market was worried about demand. Although the supply was in an over - supply situation, the export of Russian crude oil was expected to be restricted, and the relationship between the US and Venezuela was tense. The US President has not decided whether to attack ground targets in Venezuela. India may reduce imports of Russian crude oil. Overall, the crude oil price is expected to oscillate in the near term [12][14] Asphalt - This week, the asphalt operating rate decreased by 1.8 percentage points to 31.5%. In November, the expected production decreased by 16.9% month - on - month and 11.0% year - on - year. The operating rate of downstream industries mostly increased, but the national shipment volume decreased by 6.79% to 308,800 tons. The inventory - to - sales ratio of asphalt refineries continued to decline slightly. Some refineries plan to resume production. The demand in the north is affected by funds, and the demand in the south will weaken due to increased rainfall. After the market digested the news of Russian oil sanctions and the Sino - US leaders' meeting, the crude oil price oscillated. The asphalt basis in Shandong decreased from a high level, and the spot price continued to fall. The asphalt futures price is expected to oscillate weakly [15] PP - The downstream operating rate of PP increased by 0.52 percentage points to 53.14%. On November 7, some maintenance devices restarted, and the enterprise operating rate rose to about 83.5%. The production ratio of standard - grade drawn products rose to about 26%. The petrochemical inventory is at a neutral level. After the market digested the news of Russian oil sanctions and the Sino - US leaders' meeting, the crude oil price oscillated narrowly. The new capacity of 400,000 tons/year of PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance devices decreased recently. Although it is the peak season for downstream industries, the follow - up of orders is limited, and the demand for Double Eleven stocking is lower than expected. There is no large - scale centralized procurement. Traders generally offer discounts to stimulate sales. PP is expected to oscillate weakly in the near term [16] Plastic - On November 7, the number of maintenance devices changed little, and the plastic operating rate remained at about 89.5%. The downstream operating rate of PE decreased by 0.52 percentage points to 44.85%. The agricultural film industry is in the peak season, with an increase in orders, but the overall downstream operating rate is still at a low level. The petrochemical inventory is at a neutral level. After the market digested the news of Russian oil sanctions and the Sino - US leaders' meeting, the crude oil price oscillated narrowly. The new capacity of 500,000 tons/year of ExxonMobil (Huizhou) LDPE was in trial operation, and 800,000 tons/year of PetroChina Guangxi Petrochemical was recently put into operation. The operating rate of plastic increased. Although the agricultural film industry is in the peak season, the peak season is not as expected, and the downstream operating rate has declined. Traders are cautious about the future market and actively sell at reduced prices. Plastic is expected to oscillate weakly in the near term [17][18] PVC - The price of calcium carbide in the northwest region decreased at the beginning of the week and then stabilized. The operating rate of PVC increased by 2.49 percentage points to 80.75%. The downstream operating rate of PVC began to decline slightly. India postponed the BIS policy until December 24, 2025. The price quoted by Formosa Plastics in Taiwan in November decreased by 30 - 40 US dollars/ton. The anti - dumping tax on PVC imports from China increased. Although the export in September was good, the export in the fourth quarter is expected to weaken. The social inventory increased slightly this week and remained high. From January to September 2025, the real estate market was still in adjustment, and the transaction area of commercial housing in 30 large and medium - sized cities was at a low level. The comprehensive profit of chlor - alkali is positive, and the operating rate of PVC is higher than in previous years. There is new production capacity. The PVC futures price fell below the previous low, and the market was sluggish. PVC is expected to oscillate weakly in the near term [19] Coking Coal - Coking coal opened high and then declined during the day. The spot price in the Shanxi market remained unchanged. The production of raw coal and coking coal decreased. The policy at the end of the year led to production cuts and environmental protection warnings, resulting in tight resources at the mine end. The inventory of mines and coking enterprises increased, while that of steel mills decreased. The operating rate of steel mills and the molten iron output decreased this week, and the profit of steel mills continued to decline, with expected future production cuts. The import tariff of US coking coal decreased to 13% but was still relatively high. Overall, the weak demand from downstream steel mills led to insufficient support for coking coal prices, and the market was weaker than before [20] Urea - Urea opened high and rose nearly 2% during the day. The fourth batch of 600,000 tons of urea export quotas was released, stimulating the price increase of upstream factories. The daily output remained at 200,000 tons, and the downstream demand increased. The operating load of compound fertilizers remained flat this week and is expected to start increasing. The inventory in urea factories increased, and it is expected to remain at a relatively high level this year. It is difficult to digest the inventory only by domestic demand. After the impact of the export quota news fades, the market will return to fundamentals [21][22]

DuPont reports third-quarter earnings per share of $1.09 from sales of $3.1 billion. Results aren't comparable to consensus estimates with the Qnity Electronics spinoff completed earlier in the week. ...

Core Insights - The global trade environment has not deterred foreign investment enthusiasm in Qingdao, as evidenced by significant investments from multinational corporations like AstraZeneca and Nestlé during the China International Import Expo [1][3][4] Group 1: Investment Activities - AstraZeneca announced an additional investment of approximately $136 million in Qingdao to expand its inhalation aerosol production capacity, aiming to better serve patients with respiratory diseases [4] - Nestlé has deepened its strategic presence in China, with the recent launch of a UHT milk and coffee production line in Qingdao, marking it as a key part of its operations in the region [8] - Weiss Chemie signed an investment intention to establish its first production base in Qingdao, focusing on high-end adhesives and sealants for the construction industry [10] Group 2: Strategic Importance of Qingdao - Qingdao is increasingly recognized as a strategic hub for multinational companies, with firms like Louis Dreyfus expanding their operations to include a new food technology center focused on oilseed processing and specialty feed protein [11] - The city has become a vital location for companies to localize their operations and better understand Chinese consumer demands, as highlighted by the 20-year anniversary of Tenaris in Qingdao [12] - Companies like Hexagon are leveraging their innovations developed in Qingdao to expand their global reach, showcasing the city's role in fostering technological advancements [14] Group 3: Business Environment and Support - The China International Import Expo serves as a significant platform for attracting foreign investment, with local government officials actively seeking to convert exhibitors into investors [19] - Qingdao's commitment to creating a favorable business environment is evident through ongoing reforms in market access and administrative efficiency, which are crucial for attracting multinational corporations [21][23]

来源：中国新闻网 编辑：万可义 美国一化工厂爆炸致有毒气体泄漏 暂无人员受伤报告 中新网11月6日电 据美联社及路透社报道，当地时间5日下午，美国密西西比州一家化工厂发生爆炸， 导致有毒氨气泄漏，目前暂无人员受伤报告。 据报道，当地电视台发布的现场照片显示，大量危险气体腾空而起。 密西西比州州长表示，"目前尚未收到人员伤亡报告"，州长呼吁周边部分地区居民紧急疏散，附近其他 区域人员就地避难。 据报道，密西西比州环境质量部门表示，有关部门将持续监测空气质量。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

Core Insights - BASF's Zhanjiang integrated base has commenced production of its first batch of products, marking a significant milestone in the company's operations in China [1][2] - The Zhanjiang base represents BASF's largest single investment project to date, with a total investment of approximately €10 billion, and will become the company's third-largest production site globally upon full completion [1] - The base is strategically positioned to provide high-quality, low-carbon chemical products to meet the rapidly growing market demands in China and the Asia-Pacific region [2] Investment and Development - Construction of the Zhanjiang integrated base began in November 2019, with the first facilities starting construction in 2020 and core facilities being fully advanced by July 2022 [1] - The base includes a steam cracking facility with an annual capacity of 1 million tons of ethylene, along with multiple downstream facilities for producing petrochemicals and intermediates [1] Strategic Importance - The progress at the Zhanjiang base is a key step in BASF's strategy of "local production to serve local markets," which aims to strengthen its core business and promote sustainable growth in key markets [1] - The successful production of the first batch of products lays a solid foundation for the base to achieve full operational capacity by the end of 2025 [2]

Core Insights - SABIC reported a significant 45% increase in adjusted net income for Q3 2025 compared to the previous quarter, indicating a strong recovery momentum [1] - The company achieved a free cash flow of 38.6 billion Saudi Riyals in the first three quarters of the year, reflecting an 81% year-on-year improvement, showcasing its operational strength and financial stability [1] Project Developments - SABIC's Petrokemya company in Saudi Arabia has successfully commenced operations of its MTBE facility ahead of schedule, with an annual capacity of 1 million tons, making it the largest single-site MTBE production plant globally, utilizing SABIC's proprietary technology [3] - The company's key project in China, the Sabic Fujian Petrochemical Complex, is progressing as planned, highlighting SABIC's ongoing commitment to deepening its presence in the Chinese market [3] Sustainability Initiatives - SABIC made significant strides in sustainability by expanding its certified low-carbon product portfolio, successfully completing its first low-carbon methanol transaction, and launching over 90 innovative products and solutions globally [3] - These achievements underscore the company's strategic commitment to driving industrial upgrades through technological innovation [3]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The energy upstream prices are fluctuating, while the chemical mid - stream starts to increase. The report also presents various events in the production and service industries, as well as price and operation data of different industrial chains from upstream to downstream [1][3]. 3. Summary by Related Catalogs 3.1 Mid - level Event Overview 3.1.1 Production Industry - On November 3, affected by rising production costs and continuous supply shortages, TSMC has started annual price negotiation with customers, with an expected 3% - 10% increase in advanced process prices in 2026. Samsung Electronics has suspended DDR5 DRAM contract quotes in October, and other storage manufacturers are expected to resume quotes around mid - November [1]. 3.1.2 Service Industry - China has decided to resume travel agencies' business of organizing Chinese citizens' group tours to Canada. The visa - free policy for France and other countries will be extended to December 31, 2026, and Sweden will be visa - free from November 10, 2025, to December 31, 2026 [1]. 3.2 Industry Overview 3.2.1 Upstream - **Black**: Iron ore prices have rebounded [3]. - **Agriculture**: Palm oil prices have declined [3]. - **Energy**: Liquefied natural gas prices have dropped [3]. 3.2.2 Mid - stream - **Chemical**: The PX start - up rate has been rising, and the urea start - up rate has remained stable [3]. - **Energy**: Coal inventories in power plants have increased [3]. - **Infrastructure**: The asphalt start - up rate has gone up [3]. 3.2.3 Downstream - **Real Estate**: The sales of commercial housing in first, second, and third - tier cities have decreased [3]. - **Service**: The number of domestic flights has increased [3]. 3.3 Key Industry Price Index Tracking - **Agriculture**: On November 3, the spot price of corn was 2150.0 yuan/ton (- 0.20% year - on - year), eggs were 6.2 yuan/kg (- 1.13% year - on - year), palm oil was 8714.0 yuan/ton (- 3.39% year - on - year), cotton was 14859.2 yuan/ton (+ 0.19% year - on - year), and pork was 18.0 yuan/kg (- 0.28% year - on - year) [32]. - **Non - ferrous Metals**: On November 3, the spot price of copper was 86941.7 yuan/ton (- 1.48% year - on - year), zinc was 22328.0 yuan/ton (+ 0.59% year - on - year), aluminum was 21450.0 yuan/ton (+ 1.53% year - on - year), and nickel was 122216.7 yuan/ton (- 0.11% year - on - year) [32]. - **Ferrous Metals**: On November 3, the spot price of iron ore was 817.4 yuan/ton (+ 2.31% year - on - year), rebar was 3178.2 yuan/ton (+ 0.55% year - on - year), and wire rod was 3335.0 yuan/ton (+ 0.53% year - on - year) [32]. - **Non - metals**: On November 3, the spot price of glass was 13.9 yuan/square meter (0.00% year - on - year), and natural rubber was 14658.3 yuan/ton (- 1.29% year - on - year) [32]. - **Energy**: On November 3, the spot price of WTI crude oil was 61.0 dollars/barrel (- 0.85% year - on - year), Brent crude oil was 65.1 dollars/barrel (- 1.32% year - on - year), liquefied natural gas was 4320.0 yuan/ton (+ 2.53% year - on - year), and coal was 817.0 yuan/ton (+ 0.99% year - on - year) [32]. - **Chemical**: On November 3, the spot price of PTA was 4558.8 yuan/ton (+ 0.51% year - on - year), polyethylene was 7088.3 yuan/ton (- 0.49% year - on - year), urea was 1590.0 yuan/ton (- 2.15% year - on - year), and soda ash was 1204.3 yuan/ton (- 0.47% year - on - year) [32]. - **Real Estate**: On November 3, the national cement price index was 136.3 (+ 1.43% year - on - year), the building materials composite index was 113.0 points (+ 0.89% year - on - year), and the national concrete price index was 91.0 points (- 0.10% year - on - year) [32].

Summary of Zhonghua International's Conference Call Company Overview - **Company**: Zhonghua International - **Industry**: Chemical Industry Key Financial Performance - **Net Profit**: Reported a net loss of 1.331 billion yuan for the first three quarters, but the adjusted net profit excluding non-recurring items decreased the loss by 79 million yuan [2][3] - **Operating Cash Flow**: Net operating cash inflow of 1.629 billion yuan, a significant increase of 157% year-on-year [2][3] - **Revenue**: Total revenue of 35.7 billion yuan, a year-on-year decrease of 10% [3] - **Sales Volume**: Major product sales volume increased by 14% year-on-year, totaling 2.41 million tons [2][3] Operational Highlights - **Capacity Utilization**: Main production facilities operated at an 84.1% capacity utilization rate, up 9.7 percentage points year-on-year [2][3] - **Cost Reduction**: Total procurement costs decreased by 3.8%, and logistics costs fell by 9% year-on-year [2][4] - **Product Performance**: - Additives segment saw a 7% year-on-year increase in anti-aging agent sales [5] - Epoxy resin segment maintained high operating rates with a total capacity of 350,000 tons [5] - Engineering plastics segment reported a 10% increase in nylon 66 sales [5] - Aramid segment experienced a 33% increase in overall sales, with a 50% rise in export volume [5] Strategic Initiatives - **Market Expansion**: Focus on expanding customer base and enhancing sales through marketing strategies [3][8] - **Acquisition Plans**: The Nantong New City asset acquisition project is progressing, expected to be completed by early 2026, which will enhance profitability in the PPE sector [3][10] - **Product Development**: Accelerated R&D for new products, including high-end anti-aging agents and specialty nylon products [5][12] Challenges and Future Outlook - **Market Conditions**: The chemical industry is facing a downturn, but the company is optimistic about future growth opportunities through strategic adjustments [8][11] - **Cost Management**: Plans to leverage AI and smart technologies for further cost reductions and efficiency improvements [19][20] - **Competitive Landscape**: The company is addressing competitive pressures in the aramid and additives markets by enhancing product quality and exploring new applications [12][17] Conclusion Zhonghua International is navigating a challenging market environment with a focus on operational efficiency, strategic acquisitions, and product innovation. Despite current losses, the company is positioning itself for future growth through targeted initiatives and cost management strategies.

Group 1: Market Overview - US stock indices opened higher, with Dow Jones up 0.06%, S&P 500 up 0.49%, and Nasdaq up 0.97% [1] - Amazon surged over 4% after signing a $38 billion agreement with OpenAI to expand computing power using Nvidia chips [1] - Nvidia rose over 2% as Microsoft received export licenses to ship Nvidia's A100, H100, and H200 GPUs to the UAE [1] - Google opened slightly higher by 0.1%, planning to issue $15 billion in dollar bonds [1] Group 2: Company News - Microsoft plans to invest nearly $8 billion in the UAE by 2029, with over $5.5 billion allocated for AI and cloud infrastructure expansion [2] - IREN announced a $9.7 billion GPU cloud service contract with Microsoft, including a 20% upfront payment, and a separate $5.8 billion agreement with Dell for GPU and related equipment [3] - BP announced the sale of non-controlling interests in US onshore assets for $1.5 billion, reducing its stake in certain areas [4] - Kimberly plans to acquire Kenvue for approximately $48.7 billion through a cash and stock transaction [5] - BASF will integrate its Asian PolyTHF business into its China facility and close its Ulsan plant in South Korea by 2026 [6]

Core Viewpoint - Jiangsu Kaishi Jinqiao New Materials Co., Ltd. has successfully obtained the first carbon footprint certificate in the domestic chemical industry based on time-sharing and zonal electric carbon factors, which is crucial for meeting international green trade barriers [5][6]. Group 1: Company Achievements - Jiangsu Kaishi Jinqiao New Materials Co., Ltd. has completed the carbon footprint verification for its product, chlorobenzene, achieving a carbon footprint of 1880.74 kgCO2e per ton [1]. - The company received the certificate with the support of the State Grid Lianyungang Power Supply Company, which provided a specialized electric carbon factor database for accurate carbon footprint calculation [5][6]. Group 2: Industry Context - The increasing international green trade barriers have made product carbon footprints a critical requirement for exports [5]. - The State Grid Jiangsu Electric Power has developed a time-sharing and zonal electric carbon factor database to support enterprises in their green transformation and precise carbon footprint calculations [5][6]. - The application of electric carbon factors has improved the accuracy of carbon footprint calculations, reducing the electric carbon factor from 0.763 to 0.487 kgCO2e/kWh for the company [6].