化工日报 | 2025-11-26 泰国主产区降雨将逐步减少 市场要闻与数据 期货方面，昨日收盘RU主力合约15125元/吨，较前一日变动-195元/吨；NR主力合约12150元/吨，较前一日变动-125 元/吨；BR主力合约10270元/吨，较前一日变动-125元/吨。 现货方面，云南产全乳胶上海市场价格14850元/吨，较前一日变动-50元/吨。青岛保税区泰混14550元/吨，较前一 日变动-50元/吨。青岛保税区泰国20号标胶1830美元/吨，较前一日变动-10美元/吨。青岛保税区印尼20号标胶1720 美元/吨，较前一日变动-10美元/吨。中石油齐鲁石化BR9000出厂价格10700元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价10350元/吨，较前一日变动+0元/吨。 市场资讯 据中国海关总署11月18日公布的数据显示，2025年前10个月中国橡胶轮胎出口量达803万吨，同比增长3.8%；出口 金额为1402亿元，同比增长2.8%。其中，新的充气橡胶轮胎出口量达774万吨，同比增长3.6%；出口金额为1348 亿元，同比增长2.6%。按条数计算，出口量达58,664万条，同比增长4%。 ...

新华社北京11月26日电 泰国连日来遭暴雨侵袭，南部宋卡府受灾最严重。泰国政府25日宣布该府进入紧急状态。泰国海军将派出航空母舰参 与救灾。 宋卡府主要城市合艾市自上周末起持续降雨，21日单日降雨量达335毫米，创该市近三个世纪以来单日降雨量最高纪录。泰国气象部门预计，本 周该地区预计仍有持续较强降雨并有洪水风险。截至目前，洪灾已致泰国南部四府至少13人死亡，全国累计41人遇难，超过268万人受影响。 当地媒体报道，泰国政府已下令彻底疏散合艾市居民和游客，目前大部分居民已撤离，约1000名游客也被疏散，这些游客多来自马来西亚。 当地电视台画面显示，洪水冲过合艾市多条商业街，多辆汽车被冲走，不少人紧抱水上漂浮的泡沫箱当作"救生圈"。救援人员用橡皮艇、水上 摩托、军用卡车等交通工具帮助疏散受灾居民。 为应对南部灾情，泰国海军25日宣布将派出唯一一艘轻型航母及14艘船只参与救援。救援团队将配备直升机、医护人员、救援物资和每日可供 应3000份餐食的移动厨房，航母可充当"移动医院"。泰国总理阿努廷·参威拉军当天告诉记者，将调集更多船只和卡车支援救灾。 合艾市是泰国第五大城市及橡胶交易中心。路透社报道，此次洪灾可能冲击 ...

浙江省人民政府办公厅近日印发《打造大宗商品期现一体化场外市场推进大宗商品资源配置枢纽建设实 施方案》，其中提出，建设现货交易平台。在完成浙江国际油气交易中心等现有交易平台整合基础上， 分阶段建设"统一领导、统一架构、统一账户、统一运营、统一标准、统一团队"的现货交易平台。推动 现货交易平台交易增量持续增长。巩固以成品油、化工类大宗商品为核心的交易板块，常态化开展线上 交易。聚焦钢材、塑料、橡胶等优势品种拓展业务范围。鼓励石化领域龙头企业在现货交易平台开设销 售专区。在获得国家相关主管部门批准的前提下，探索开展国储铁矿石轮动业务合作。探索期现一体化 发展。推动现货交易平台建立健全基差报价专区，引入期货交易所实时行情，探索开展联动点价业务。 探索与期货交易所依法共同推动扩大重点交易品种交割仓库覆盖范围和规模。 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - Overseas: On November 21st, the New York Fed President's speech hinted at a possible near - term interest rate cut, significantly boosting the December rate - cut expectation. The Fed's expectation management is turning, and it's advisable to follow key Fed voting members' speeches and potential new chair nominations around Thanksgiving [6]. - Domestic: Domestic endogenous momentum remains weak and stable. The issuance of 500 billion yuan of policy - based financial instruments in October, the accelerated issuance of special bonds in November, and the release of debt - resolution surplus quotas may bring marginal benefits to Q4 infrastructure investment. The loan prime rate has been stable since May's 10 - basis - point cut. New and second - hand housing sales and land supply have rebounded, but land transactions remain low, and real - estate physical work demand and capacity have declined [6]. - Asset Views: Due to differences among Fed policymakers on a December rate cut, the Fed's October meeting minutes being hawkish, and strong September non - farm payrolls data, the December rate - cut expectation was initially suppressed, and the US dollar index rose. After the New York Fed President's dovish speech, the market risk appetite may improve in the short term. It is recommended to consider bottom - fishing opportunities in stock indices, non - ferrous metals (copper, aluminum, tin), and precious metals [6]. 3. Summary by Related Catalogs 3.1 Macro Highlights - **Overseas Macro**: The New York Fed President's speech on November 21st hinted at a near - term rate cut, boosting the December rate - cut expectation. The Fed's expectation management is shifting, and key figures may turn dovish in the next two weeks [6]. - **Domestic Macro**: Endogenous momentum is weak. Policy - based financial instruments, special bond issuance, and debt - resolution surplus quotas may benefit Q4 infrastructure. The loan prime rate has been stable. Housing sales and land supply have rebounded, but real - estate physical work has declined [6]. - **Asset Views**: Due to Fed policy uncertainties, asset prices were initially pressured. After the dovish speech, market risk appetite may improve. It is recommended to consider bottom - fishing in stock indices, non - ferrous metals, and precious metals [6]. 3.2 View Highlights 3.2.1 Financial Sector - **Stock Index Futures**: The decline of the Shanghai Composite Index has slowed, and hedging forces are taking profits. It is expected to fluctuate upwards, with attention on incremental funds [7]. - **Stock Index Options**: Market sentiment has improved, and it is expected to fluctuate, with attention on option market liquidity [7]. - **Treasury Bond Futures**: Treasury bond futures closed higher. It is expected to fluctuate upwards, with attention on the implementation of monetary policies [7]. 3.2.2 Precious Metals - **Gold/Silver**: Geopolitical and trade tensions have eased, leading to a phased adjustment. It is expected to fluctuate, with attention on the US fundamentals, Fed policies, and global equity market trends [7]. 3.2.3 Shipping - **Container Shipping to Europe**: The peak season in Q3 has ended, and there is no upward momentum. It is expected to fluctuate, with attention on the rate of freight decline in September [7]. 3.2.4 Black Building Materials - **Steel Products**: The fundamentals are improving, and the market is expected to fluctuate, with attention on special bond issuance, steel exports, and iron - water production [7]. - **Iron Ore**: Iron - water production has slightly weakened, and the market is expected to fluctuate, with attention on overseas mine production, domestic iron - water production, weather, port inventory, and policies [7]. - **Coke**: Supply and demand have slightly declined, and the market is expected to fluctuate, with attention on steel production, coking costs, and macro sentiment [7]. - **Coking Coal**: Near - month delivery is under pressure, and the market is expected to fluctuate, with attention on steel production, coal mine safety inspections, and macro sentiment [7]. - **Silicon Iron**: The market has weakened with the sector, but cost support remains. It is expected to fluctuate, with attention on raw material costs and steel procurement [7]. - **Manganese Silicon**: The price has declined with the sector, but cost support is strong. It is expected to fluctuate, with attention on cost prices and overseas quotes [7]. - **Glass**: Spot losses are increasing, and cold - repair expectations are rising. It is expected to fluctuate, with attention on spot sales [7]. - **Soda Ash**: Coal prices have fallen, weakening cost support. It is expected to fluctuate, with attention on soda ash inventory [7]. 3.2.5 Non - Ferrous Metals and New Materials - **Copper**: Due to differences within the Fed, copper prices are consolidating at high levels. It is expected to fluctuate upwards, with attention on supply disruptions, domestic policies, Fed policies, and domestic demand [7]. - **Alumina**: The oversupply situation persists, and prices are under pressure. It is expected to fluctuate, with attention on ore production and electrolytic aluminum复产 [7]. - **Aluminum**: Inventory is decreasing, and prices are fluctuating narrowly. It is expected to fluctuate upwards, with attention on macro risks, supply disruptions, and demand [7]. - **Zinc**: The export window is open, and prices are fluctuating at high levels. It is expected to fluctuate, with attention on macro risks and zinc - ore supply [7]. - **Lead**: Social inventory has decreased, and prices are fluctuating. It is expected to fluctuate upwards, with attention on supply disruptions and battery exports [7]. - **Nickel**: Supply and demand are loose, and prices are expected to decline while fluctuating, with attention on macro, geopolitical, and Indonesian policy risks [7]. - **Stainless Steel**: Nickel - iron prices are weak, and stainless - steel prices are under pressure. It is expected to fluctuate, with attention on Indonesian policies and demand [7]. - **Tin**: Raw - material supply is tight, and prices are strongly supported. It is expected to fluctuate upwards, with attention on Wa State's复产 and demand [7]. - **Industrial Silicon**: The oversupply pressure remains, and prices are expected to fluctuate, with attention on supply - side复产 and policies [7]. - **Polysilicon**: Policy expectations are volatile, and prices are fluctuating at high levels. It is expected to fluctuate, with attention on supply - side复产 and domestic photovoltaic policies [7]. - **Lithium Carbonate**: Trading sentiment has cooled, and prices are fluctuating at high levels. It is expected to fluctuate, with attention on demand, supply disruptions, and technological breakthroughs [7]. 3.2.6 Energy and Chemicals - **Crude Oil**: Geopolitical premiums are volatile, and supply pressure continues. It is expected to decline while fluctuating, with attention on OPEC+ production policies and Middle - East geopolitics [9]. - **LPG**: Refinery output has decreased, and import costs are under pressure. It is expected to decline while fluctuating, with attention on cost - side developments [9]. - **Asphalt**: The rise of rebar prices has driven up asphalt futures. It is expected to fluctuate, with attention on sanctions and supply disruptions [9]. - **High - Sulfur Fuel Oil**: The expectation of a Russia - Ukraine agreement has weakened fuel prices. It is expected to decline while fluctuating, with attention on geopolitics and crude - oil prices [9]. - **Low - Sulfur Fuel Oil**: It has followed the weak crude - oil market. It is expected to decline while fluctuating, with attention on crude - oil prices [9]. - **Methanol**: Overseas disturbances are confirmed, and it is expected to be strong in the short term. It is expected to fluctuate, with attention on macro - energy and overseas production stoppages [9]. - **Urea**: Centralized procurement has slowed, and prices are fluctuating narrowly. It is expected to fluctuate, with attention on export quotas and Indian tenders [9]. - **Ethylene Glycol**: The supply - demand situation has improved, and some short - sellers have closed positions. It is expected to rise while fluctuating, with attention on coal and oil prices, port inventory, and Sino - US trade [9]. - **PX**: Market sentiment has cooled, and prices are adjusting. It is expected to fluctuate, with attention on crude - oil fluctuations, macro events, and aromatics blending [9]. - **PTA**: Fundamentals have improved marginally, and profits are being repaired. It is expected to fluctuate, with attention on crude - oil fluctuations and macro events [9]. - **Short - Fiber**: Downstream demand is stable, and it follows the upstream market. It is expected to fluctuate, with attention on downstream purchasing and peak - season demand [9]. - **Bottle Chips**: Cost support has increased, and prices have rebounded slightly. It is expected to fluctuate, with attention on production cuts and new - plant commissioning [9]. - **Propylene**: The spot market is strong, and prices are fluctuating. It is expected to fluctuate, with attention on oil prices and the domestic macro - economy [9]. - **PP**: Fundamental pressure is priced in, and attention should be paid to maintenance. It is expected to fluctuate, with attention on oil prices and the macro - economy [9]. - **Plastic**: Maintenance has increased slightly, and prices are fluctuating. It is expected to fluctuate, with attention on oil prices and the macro - economy [9]. - **Styrene**: The narrative of blending for gasoline has faded, and prices are mainly fluctuating. It is expected to fluctuate, with attention on oil prices, macro policies, and plant operations [9]. - **PVC**: High inventory is suppressing prices, and it may be tied to production cuts. It is expected to fluctuate, with attention on expectations, costs, and supply [9]. - **Caustic Soda**: Low - valuation and weak supply - demand conditions lead to price fluctuations. It is expected to fluctuate, with attention on market sentiment, production, and demand [9]. 3.2.7 Agriculture - **Oils and Fats**: Prices are diverging, with palm oil being weak. It is expected to decline while fluctuating, with attention on US soybean weather and Malaysian palm - oil supply - demand [9]. - **Protein Meal**: Rapeseed - meal prices have risen, and the soybean - rapeseed meal spread is expected to narrow. It is expected to fluctuate, with attention on weather, domestic demand, and trade relations [9]. - **Corn/Starch**: Bullish drivers continue, and prices have risen again. It is expected to rise while fluctuating, with attention on demand, the macro - economy, and weather [9]. - **Hogs**: Supply is abundant, and prices are weak. It is expected to decline while fluctuating, with attention on farming sentiment, epidemics, and policies [9]. - **Natural Rubber**: Floods in production areas have boosted bullish sentiment, but the upside is limited. It is expected to fluctuate, with attention on weather, raw - material prices, and the macro - economy [9]. - **Synthetic Rubber**: Raw - material transactions support prices. It is expected to fluctuate, with attention on crude - oil fluctuations [9]. - **Cotton**: Cotton prices have rebounded, and the 1 - 5 spread has widened. It is expected to fluctuate, with attention on demand and inventory [9]. - **Sugar**: Sugar prices have continued to rebound. It is expected to decline while fluctuating, with attention on imports and Brazilian production [9]. - **Pulp**: The balance of long and short factors remains, and prices are mainly fluctuating. It is expected to fluctuate, with attention on the macro - economy and US dollar - based quotes [9]. - **Offset Paper**: It is following the raw - material market and fluctuating at low levels. It is expected to fluctuate, with attention on sales, education policies, and paper - mill operations [9]. - **Logs**: Supply and demand are loose, and prices are fluctuating at low levels. It is expected to fluctuate, with attention on shipments and dispatches [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range strategy of buying low and selling high is maintained, but it's advisable to wait and see currently [3]. - For methanol, the positive impact of Iranian plant shutdowns is being realized, but the near - term high - inventory situation persists. The supply remains high while demand changes little. It's recommended to wait and see [6]. - For urea, prices are oscillating at the bottom and are relatively resilient. With support from export policies and costs, the downside is limited. It's suggested to consider buying on dips [8]. - For rubber, the current view is bullish. It's recommended to set stop - losses and conduct short - term bullish trades. Partial positions can be established for the hedging strategy of buying RU2601 and selling RU2609 [16]. - For PVC, the domestic supply is strong while demand is weak. It's advisable to consider short - selling on rallies in the medium term [18]. - For pure benzene and styrene, the port inventory of styrene is decreasing significantly, and prices may stop falling in the short term [21]. - For polyethylene, prices are expected to remain in a low - level oscillation [24]. - For polypropylene, under the background of weak supply and demand, the overall inventory pressure is high. It may be supported when the supply - surplus situation at the cost end changes in the first quarter of next year [27]. - For PX, it's expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [30]. - For PTA, the supply is expected to stabilize, and the demand may remain high in the short term. The PXN has a risk of valuation correction [32]. - For ethylene glycol, the supply - demand outlook is weak. It's recommended to consider short - selling on rallies in the medium term [35]. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 3.00 yuan/barrel, or 0.67%, to 448.60 yuan/barrel. High - sulfur fuel oil futures fell 9.00 yuan/ton, or 0.36%, to 2491.00 yuan/ton, and low - sulfur fuel oil futures fell 40.00 yuan/ton, or 1.31%, to 3015.00 yuan/ton. China's weekly crude oil data showed an inventory build - up of 1.04 million barrels to 207.48 million barrels, a gasoline inventory draw of 1.52 million barrels to 85.45 million barrels, a diesel inventory draw of 4.06 million barrels to 91.54 million barrels, and a total refined oil inventory draw of 5.58 million barrels to 176.99 million barrels [2]. - **Strategy**: Maintain a range strategy of buying low and selling high, and wait and see currently [3]. Methanol - **Market Information**: The price in Taicang increased by 7, in Lunan by 10, and remained stable in Inner Mongolia. The 01 contract on the futures market fell 10 yuan to 2067 yuan/ton, with a basis of - 7. The 1 - 5 spread was + 0, at - 121 [5]. - **Strategy**: The positive impact of Iranian plant shutdowns is being realized, but the near - term high - inventory situation persists. It's recommended to wait and see [6]. Urea - **Market Information**: The spot price in Shandong and Henan fell by 10, and remained stable in Hubei. The 01 contract on the futures market fell 8 yuan to 1630 yuan, with a basis of - 10. The 1 - 5 spread was + 2, at - 71 [8]. - **Strategy**: Prices are oscillating at the bottom and are relatively resilient. Consider buying on dips [8]. Rubber - **Market Information**: Rubber prices rebounded oscillatingly. There was heavy rainfall in the Thai production area with a high risk of floods. The November warehouse receipts of natural rubber on the Shanghai Exchange expired and were about to be delivered out of the warehouse, leading to a bullish market expectation. As of November 20, 2025, the operating rate of all - steel tires of Shandong tire enterprises was 60.57%, down 4.13 percentage points from last week and 2.01 percentage points from the same period last year. The operating rate of semi - steel tires of domestic tire enterprises was 72.77%, down 1.60 percentage points from last week and 6.01 percentage points from the same period last year. The export orders of semi - steel tires slowed down. As of November 16, 2025, China's natural rubber social inventory was 1.062 million tons, a month - on - month increase of 5,000 tons, or 0.5% [12][14][15]. - **Strategy**: The current view is bullish. Set stop - losses and conduct short - term bullish trades. Partially establish positions for the hedging strategy of buying RU2601 and selling RU2609 [16]. PVC - **Market Information**: The PVC01 contract fell 5 yuan to 4491 yuan. The spot price of Changzhou SG - 5 was 4460 (+20) yuan/ton, with a basis of - 31 (+25) yuan/ton. The 1 - 5 spread was - 296 (-2) yuan/ton. The overall operating rate of PVC was 78.8%, a month - on - month increase of 0.3%. Factory inventory was 315,000 tons (-7,000), and social inventory was 1.033 million tons (+5,000) [16]. - **Strategy**: The domestic supply is strong while demand is weak. Consider short - selling on rallies in the medium term [18]. Pure Benzene and Styrene - **Market Information**: The cost of East China pure benzene was 5320 yuan/ton, unchanged. The spot price of styrene was 6500 yuan/ton, down 50 yuan/ton. The upstream operating rate was 68.95%, down 0.30%. The inventory in Jiangsu ports decreased by 26,500 tons to 148,300 tons [20]. - **Strategy**: The port inventory of styrene is decreasing significantly, and prices may stop falling in the short term [21]. Polyethylene - **Market Information**: The closing price of the main contract was 6762 yuan/ton, down 31 yuan/ton. The spot price was 6830 yuan/ton, down 10 yuan/ton. The upstream operating rate was 84.63%, a month - on - month increase of 0.63%. The production enterprise inventory decreased by 25,900 tons to 503,300 tons, and the trader inventory increased by 500 tons to 50,500 tons [23]. - **Strategy**: Prices are expected to remain in a low - level oscillation [24]. Polypropylene - **Market Information**: The closing price of the main contract was 6317 yuan/ton, down 55 yuan/ton. The spot price was 6450 yuan/ton, down 10 yuan/ton. The upstream operating rate was 78.99%, a month - on - month increase of 0.92%. The production enterprise inventory decreased by 26,200 tons to 593,800 tons, the trader inventory decreased by 3,900 tons to 213,400 tons, and the port inventory decreased by 1,100 tons to 65,800 tons [26]. - **Strategy**: Under the background of weak supply and demand, the overall inventory pressure is high. It may be supported when the supply - surplus situation at the cost end changes in the first quarter of next year [27]. PX, PTA, and MEG PX - **Market Information**: The PX01 contract fell 54 yuan to 6718 yuan. The PX CFR remained unchanged at 826 US dollars. The load in China was 89.5%, a month - on - month increase of 2.7%. The load in Asia was 79.7%, a month - on - month increase of 1.2%. In the first and middle of November, South Korea's PX exports to China were 275,000 tons, a year - on - year increase of 19,000 tons [29]. - **Strategy**: It's expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [30]. PTA - **Market Information**: The PTA01 contract fell 24 yuan to 4656 yuan. The PTA load was 71%, a month - on - month decrease of 4.7%. The downstream load was 91.3%, a month - on - month increase of 0.8%. The social inventory (excluding credit warehouse receipts) on November 7 was 2.227 million tons, a month - on - month increase of 20,000 tons [31]. - **Strategy**: The supply is expected to stabilize, and the demand may remain high in the short term. The PXN has a risk of valuation correction [32]. MEG - **Market Information**: The EG01 contract fell 11 yuan to 3873 yuan. The supply - side load was 70.8%, a month - on - month decrease of 0.7%. The downstream load was 91.3%, a month - on - month increase of 0.8%. The port inventory remained unchanged at 732,000 tons [34]. - **Strategy**: The supply - demand outlook is weak. Consider short - selling on rallies in the medium term [35].

首席点评： 企业信心不减 国务院新闻办公室将于 11月27日上午10时举行国务院政策例行吹风会，请工信部、国家发改委、商务部、文化和旅游 部、市场监管总局有关负责人介绍增强消费品供需适配性进一步促进消费政策措施有关情况，并答记者问。据商务 部，1-10月，我国全行业对外直接投资1443.4亿美元，同比增长6.2%；对外承包工程业务新签合同额2107亿美元, 同比 增长18.6%。今年以来A股累计回购金额已超1300亿元，创出历史第二高水平。回购显著提振了上市公司的股价表现， 年内实施回购且股价翻倍的公司超过百家。医药生物行业已回购金额居首，达到143.49亿元，电力设备、电子、家 电、机械设备等行业回购金额均超百亿元。 重点品种：股指、油脂、橡胶 股指：美国三大指数上涨，上一交易日股指继续反弹，通信和传媒板块领涨，国防军工和交通运输板块领跌，市 场成交额 1.83万亿元。资金方面，11月24日融资余额减少28.80亿元至24422.98亿元。十五五规划仍然聚焦科技自 立，预计科技板块是长期方向。11月以来"权重走强、成长走弱"主要是短线交易节奏、事件扰动与资金防御需求 共同作用的结果。若后续海外科技业绩落地、 ...

人民财讯11月26日电，浙江省人民政府办公厅近日印发《打造大宗商品期现一体化场外市场推进大宗商 品资源配置枢纽建设实施方案》，其中提出，推动现货交易平台交易增量持续增长。巩固以成品油、化 工类大宗商品为核心的交易板块，常态化开展线上交易。聚焦钢材、塑料、橡胶等优势品种拓展业务范 围。鼓励石化领域龙头企业在现货交易平台开设销售专区。在获得国家相关主管部门批准的前提下，探 索开展国储铁矿石轮动业务合作。 ...

Liquidity - The BCI small and medium enterprise financing environment index for October 2025 is 52.41, with a month-on-month increase of 10.15% [4] - The M1 and M2 growth rate difference in October 2025 is -2.0 percentage points, a decrease of 0.80 percentage points from the previous month [4] - The current price of London gold is $4064 per ounce [4] Infrastructure and Real Estate Chain - The operating rates for cement and asphalt have dropped to the lowest level in five years [5] - Weekly price changes include rebar up by 1.89%, cement price index down by 0.47%, rubber up by 0.34%, coke up by 3.29%, coking coal down by 0.95%, and iron ore up by 1.40% [5] - National blast furnace capacity utilization, cement, and asphalt operating rates have decreased by 0.22 percentage points, 10.80 percentage points, and 8.8 percentage points respectively [5] Real Estate Completion Chain - The prices of titanium dioxide and flat glass remain at low profit levels, with flat glass operating rate at 74.86% [6] - The weekly price change for titanium dioxide and glass is 0.00% [6] - The profit margins for flat glass and titanium dioxide are -58 yuan/ton and -1526 yuan/ton respectively [6] Industrial Products Chain - The operating rate for semi-steel tires is at a five-year high [7] - Major commodity price changes include cold-rolled steel down by 0.25%, copper down by 1.35%, and aluminum down by 2.42% [7] - The national semi-steel tire operating rate is 71.07%, a decrease of 2.61 percentage points [7] Subcategories - The price of tungsten concentrate has reached a new high since 2012, at 329,000 yuan/ton, with a week-on-week increase of 3.46% [8] - The price of graphite electrodes is 18,500 yuan/ton, with a profit margin of 1357.4 yuan/ton, down by 19.55% [8] - The price of electrolytic aluminum is 21,360 yuan/ton, with a profit margin of 4161 yuan/ton (excluding tax), down by 9.96% [8] Price Comparison - The price ratio of rebar to iron ore is 4.03 this week [10] - The price difference between hot-rolled and rebar steel is 50 yuan/ton [10] - The price difference between cold-rolled and hot-rolled steel in Shanghai is 540 yuan/ton, an increase of 70 yuan/ton [10] Export Chain - The new export orders PMI for China in October 2025 is 45.90%, a decrease of 1.9 percentage points [11] - The China Containerized Freight Index (CCFI) composite index is 1122.79 points this week, an increase of 2.63% [11] - The capacity utilization rate for crude steel in the US is 76.20%, a decrease of 0.50 percentage points [11] Valuation Percentiles - The CSI 300 index has decreased by 3.77%, with the best-performing cyclical sector being engineering machinery at -1.65% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 40.01% and 85.11% respectively [12] - The current PB ratio for the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.54, with the highest value since 2013 being 0.82 [12]

【环球时报记者 任伊然 环球时报特约记者 辛梅文】路透社25日报道称，泰国南部地区近期出现强降 雨，加剧了该地区正在经历的多年来最严重洪灾，救援疏散行动陷入困境。泰国政府25日宣布宋卡府进 入紧急状态，并宣布准备向该地区派出一艘航空母舰，运送救援物资和医疗团队。 报道还提到，马来西亚总理安瓦尔在社交平台脸书上发文称，派往与泰国接壤、受灾最严重的吉兰丹州 的救援队必要时可在其他州展开行动。他同时命令相关部门为受灾社区提供最大支持，并要求民众遵守 撤离指令。 路透社称，救援行动主要集中在南部的合艾市，该市21日单日降雨量达335毫米，创下该市近三个世纪 以来单日降雨量最高纪录。该市是泰国橡胶贸易中心，也是泰国第五大城市。此次洪灾可能会冲击泰国 橡胶行业，据政府机构预计，洪灾或导致橡胶减产约1万吨。 综合路透社、泰国《国家报》等媒体报道，泰国部分地区洪水深达2米，波及泰国9个府以及邻国马来西 亚的8个州。路透社称，据估计，泰国目前已有约210万人受到影响，其中1.3万人被转移到避难所，还 有许多人与外界隔绝，无法获得帮助。泰国气象部门此前预计25日仍将出现持续强降雨和骤发洪水，并 警告小型船只避免出海，以免遇到超过 ...

Group 1: Company Developments - Shengshi Technology aims to transition from being a device supplier to a comprehensive solution provider for smart ports, integrating AI technologies to enhance operational efficiency [6][10][11] - Ruiming Technology has successfully transformed from a hardware provider to a software-driven solution provider, achieving a net profit growth of over 180% in a challenging market environment [23][24][26] - Hainan Rubber is evolving into the world's largest natural rubber supply chain multinational, focusing on deep processing, high-end products, and internationalization to enhance profitability [9][36][38] Group 2: Technological Innovations - Shengshi Technology is developing a modular smart port operating system that integrates AI, IoT, and robotics to streamline customs processes and improve efficiency [11][12][13] - Ruiming Technology has established a three-tier R&D system that enhances product safety through AI-driven solutions, significantly improving research efficiency and reducing costs [25][26][27] - Hainan Rubber has introduced intelligent rubber tapping machines, increasing productivity from 30% to over 80% of manual labor output, thus modernizing its production methods [34][35] Group 3: Market Strategies - Shengshi Technology is expanding into the consumer market by acquiring assets related to humanoid robots, aiming to create AI companions for educational and entertainment purposes [15][16] - Ruiming Technology is focusing on global expansion, with overseas revenue expected to rise from 30% in 2019 to 70% by 2025, and plans to enhance its supply chain resilience through local production [29][30][31] - Hainan Rubber is leveraging policy advantages from the Hainan Free Trade Port to optimize its trade network and enhance its position in the global rubber market [40]