Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soda ash futures market is expected to maintain a weak and volatile trend. Although there are anti - involution expectations in the soda ash industry, they have not materialized, and the market has returned to the logic of weak reality. The supply - demand pattern of soda ash may continue to be oversupplied [8]. - The glass futures market is currently dominated by oscillations. In the medium term, if there is no new market expectation to stimulate, the downward trend of the glass market is difficult to reverse due to weak demand and high supply [9]. 3. Summary by Sections 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market on November 12th**: The main soda ash futures contract SA601 fluctuated downward. The closing price was 1,214 yuan/ton, a decrease of 11 yuan/ton or 0.89%, with a daily increase of 7,975 lots. The enterprise production and sales tend to be balanced, and the inventory fluctuates slightly. The weekly production decreased by 1.41% to 746,900 tons, remaining at a high level. The demand may decline further due to the slight decrease in float glass production and the inventory accumulation of photovoltaic glass. The inventory of soda ash plants increased slightly to 1.7142 million tons, in the middle range of the past six months. The short - term rebound of the market is affected by the increase in light soda ash prices and equipment maintenance, but in the long - term, the supply - demand pattern is expected to remain oversupplied [7][8]. - **Glass Market on November 12th**: Four coal - fired production lines in Shahe were shut down in the short term. The photovoltaic glass market is in a weak balance, and the overall glass supply is at a high level for the year. After the holiday, the factory inventory remains high, and the demand recovery is weak. Although the production limit in Shahe has been implemented, the actual situation is not as expected, and the market lacks new driving forces. The market is currently in a state of expectation game between year - end rush work and winter storage, and the medium - term market direction is still dominated by fundamentals [9]. 3.2 Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production, with data sources from Wind, iFind, and the research and development department of Jianxin Futures [13][14][15]

Report Industry Investment Ratings - Crude oil: Cautiously bearish [2] - LPG: Cautiously bearish [2] - L: Bearish continuation [2] - PP: Bearish continuation [2] - PVC: Bearish continuation [2] - PX: Cautiously bullish [2] - PTA: Cautiously bullish [4] - Ethylene glycol: Cautiously bearish [4] - Methanol: Sideways at the bottom [4] - Urea: Short on rallies [4] - Natural gas: Cautiously bullish [7] - Asphalt: Cautiously bearish [7] - Glass: Bearish continuation [7] - Soda ash: Bearish rebound [7] Core Views - Crude oil: The oversupply in the off - season remains the core driver, and the upside of oil prices is under pressure. OPEC's latest monthly report predicts an oversupply in 2026, and OPEC+ plans to expand production in December and then pause in early next year. With the start of the consumption off - season and OPEC+ still in the expansion cycle, the pressure of oversupply is rising, and oil prices face significant downward pressure [2]. - LPG: Weak oil prices bring negative impacts to the cost side, and the trend of LPG is weak. Although the supply - demand fundamentals have improved, the cost - side pressure restricts its upward movement [2]. - L: The decline in oil prices and the restart of devices may cause the market to continue to bottom. The supply is loose, and the demand for replenishing inventory is insufficient, with weak cost support [2]. - PP: The sharp decline in coking coal and the weak cost side lead to a weak fundamental situation. There is high pressure to destock, and oil prices still face the risk of further decline in the medium term [2]. - PVC: The market follows coking coal to find the bottom. Although the inventory is high, the low - valuation support limits the further decline space. The market maintains a high premium, and industries are advised to hedge at high prices [2]. - PX: The supply - side devices have increased their loads, and the demand has improved recently but is expected to weaken. The PXN and PX - MX spreads are relatively high, and the crude oil supply - demand pattern is loose. It is recommended to be cautious when chasing up [2]. - PTA: The processing fee is generally low, and the planned device maintenance may relieve the supply - side pressure. The terminal demand has slightly improved, but the rebound height may be limited due to the pressure on crude oil [4]. - Ethylene glycol: Domestic device maintenance has increased, and new device production and the resumption of maintenance devices will increase supply pressure. The demand has improved but is expected to weaken, and there is an expectation of inventory accumulation in November. It has low valuation but lacks upward drivers [4]. - Methanol: High inventory suppresses the rebound of prices. The supply - side pressure is still large, and the demand performance is average. The cost - side support is weak and stable, and the overall fundamentals remain weak [4]. - Urea: The supply - side pressure is expected to increase, and the demand has slightly improved. The inventory in factories is accumulating, and under the background of "export quota system" and "ensuring supply and stabilizing prices", the market has a ceiling and a floor. It is necessary to be vigilant against the downward risk [4]. - Natural gas: As the temperature drops, the consumption peak season arrives, and the demand has a warming expectation, making gas prices likely to rise and difficult to fall [7]. - Asphalt: The cost - side oil price has回调ed, and the supply - demand fundamentals are loose. The demand has entered the off - season, and the valuation is high. The price center still has room to move down [7]. - Glass: The fundamentals are weak, and the market continues to look for support downward. The supply is unlikely to decline further, and the demand support is insufficient [7]. - Soda ash: The increase in photovoltaic daily melting volume and device maintenance has led to a short - term rebound. However, in the long - term, the supply will remain loose [7]. Summaries by Related Catalogs Crude Oil - **Market Review**: Overnight international oil prices dropped significantly. WTI rose 1.43%, Brent rose 1.72%, and SC fell 0.17% [9]. - **Basic Logic**: The core driver is the oversupply in the off - season, and the short - term driver is OPEC's prediction of oversupply in 2026. OPEC predicts an increase of 600,000 barrels per day in non - OPEC production in 2026, and the global demand increments in 2025 and 2026 are 1.3 million barrels per day and 1.38 million barrels per day respectively. As of the week ending October 31, US crude oil inventory increased by 5.2 million barrels, gasoline inventory decreased by 4.7 million barrels, distillate inventory decreased by 643,000 barrels, and strategic crude oil reserve increased by 5.924 million barrels per day [10][11]. - **Strategy Recommendation**: In the medium - to - long - term, OPEC+ is expanding production, and oil prices are in a low - price range. Technically, although the short - term trend is strong, the upward pressure is increasing. It is recommended to partially take profits on previous short positions. Pay attention to the range of [460 - 475] for SC [12]. LPG - **Market Review**: On November 12, the PG main contract closed at 4,349 yuan/ton, up 0.39% month - on - month. Spot prices in Shandong, East China, and South China showed different changes [14]. - **Basic Logic**: The trend is tied to the cost - side oil price, which is weak. The supply has decreased slightly, and the demand has shown some resilience. The inventory in ports and factories has declined, and the import profit has increased, with expected higher future imports [15]. - **Strategy Recommendation**: In the medium - to - long - term, the upstream crude oil supply exceeds demand, and the central price is expected to decline. The current ratio of LPG to crude oil is similar to that of the same period last year, with a low basis and high valuation. It is recommended to hold short positions and pay attention to the range of [4300 - 4400] for PG [16]. L - **Market Review**: The L2601 contract closed at 6,788 yuan/ton, up 28 yuan. The basis and other indicators also had corresponding changes [19]. - **Basic Logic**: The sharp decline in oil prices and the restart of devices may cause the market to continue to bottom. The supply is loose, and the demand for replenishing inventory is insufficient. The oil price still has a downward risk in the medium term, with weak cost support [20]. - **Strategy Recommendation**: At the absolute low price, partially reduce short positions. In the medium - to - long - term, wait for rebounds to go short. Pay attention to the range of [6700 - 6850] for L [20]. PP - **Market Review**: The PP2601 contract closed at 6,429 yuan/ton, down 51 yuan. The basis and other indicators changed accordingly [23]. - **Basic Logic**: The sharp decline in coking coal leads to a weak fundamental situation. The inventory in the upper and middle reaches is at a high level, and the demand support is insufficient. OPEC+ is still in the production - increasing cycle, and oil prices face the risk of further decline in the medium term [24]. - **Strategy Recommendation**: At the absolute low price, short - term decline stops, and short positions can be reduced. In the medium - to - long - term, wait for rebounds to go short. Pay attention to the range of [6350 - 6500] for PP [24]. PVC - **Market Review**: The V2601 contract closed at 4,572 yuan/ton, down 42 yuan. The basis and other indicators changed [27]. - **Basic Logic**: The market follows coking coal to find the bottom. The basis is strengthening, and the warehouse receipts are decreasing from a high level. In the short - term, during the macro - policy window period, the market returns to weak fundamentals. Although the inventory is high, the low - valuation support limits the further decline space [28]. - **Strategy Recommendation**: The market maintains a high premium. Industries are advised to hedge at high prices. Be cautious when chasing short due to low - valuation support. Pay attention to the range of [4500 - 4650] for V [28]. PX - **Basic Logic**: The supply - side devices at home and abroad have increased their loads. The PXN and PX - MX spreads are at relatively high levels this year. The demand has improved recently but is expected to weaken. The crude oil supply - demand pattern is loose, and PX follows the cost in the short term [29]. - **Strategy Recommendation**: Be cautious when chasing up on a single - side trade. For arbitrage, pay attention to expanding the downstream processing margin (i.e., go long on PTA and short on PX). Pay attention to the range of [6680 - 6770] for PX [30]. PTA - **Market Review**: The prices of TA contracts and spot prices, as well as basis, spreads, and other indicators, showed corresponding changes [31]. - **Basic Logic**: The processing fee is low, and the planned device maintenance may relieve the supply - side pressure. The terminal demand has slightly improved, but the stability needs to be tracked. There is an expectation of inventory accumulation in November. Although the fundamentals have improved in the short term, the upward space is limited due to the pressure on crude oil [32]. - **Strategy Recommendation**: On a single - side trade, look for opportunities to go long on dips. For arbitrage, pay attention to expanding the TA processing margin (i.e., go long on PTA and short on PX). Pay attention to the range of [4600 - 4670] for TA [33]. Ethylene Glycol - **Market Review**: The prices of EG contracts and spot prices, as well as basis, spreads, and other indicators, changed [34]. - **Basic Logic**: Domestic device maintenance has increased, and new device production and the resumption of maintenance devices will increase supply pressure. The demand has improved but is expected to weaken. There is an expectation of inventory accumulation in November. The valuation is low, but it lacks upward drivers and follows the cost in the short term [35]. - **Strategy Recommendation**: It is in a low - level oscillation. Look for opportunities to go short on rebounds. Pay attention to the range of [3835 - 3900] for EG [36]. Methanol - **Basic Logic**: High inventory suppresses the rebound of prices. The supply - side pressure is still large, and the demand performance is average. The cost - side support is weak and stable, and the overall fundamentals remain weak [39]. - **Strategy Recommendation**: It is in a weak sideways trend. Hold short positions cautiously at low valuations. For arbitrage, pay attention to the MA1 - 3 reverse spread [4]. Urea - **Market Review**: The prices of urea contracts and spot prices, as well as basis, spreads, and other indicators, changed [42]. - **Basic Logic**: The supply - side pressure is expected to increase, and the demand has slightly improved. The inventory in factories is accumulating, and under the background of "export quota system" and "ensuring supply and stabilizing prices", the market has a ceiling and a floor. There are short - term positive factors, but be vigilant against the downward risk [43]. - **Strategy Recommendation**: Although the export boosts market sentiment, the fundamentals remain weak. Be vigilant against the risk of the market falling back after rising. Pay attention to the range of [1620 - 1650] for UR [44]. Natural Gas - **Market Review**: On November 12, the NG main contract closed at $4.764 per million British thermal units, up 4.47% month - on - month. Spot prices in different regions also changed [47]. - **Basic Logic**: The decline in global temperature leads to an increase in demand for combustion and heating, and the gas price is likely to rise. The domestic LNG retail profit has increased. The supply - side has some changes, and the demand has shown certain characteristics. The US natural gas inventory has increased [48]. - **Strategy Recommendation**: As the temperature cools down, the demand for combustion and heating increases, and the price is likely to rise. However, due to sufficient supply and recent sharp increases, the upward momentum has weakened, and the upward space is limited. Pay attention to the range of [4.415 - 4.581] for NG [49]. Asphalt - **Market Review**: On November 12, the BU main contract closed at 3,063 yuan/ton, up 0.43% month - on - month. Spot prices in different regions changed [52]. - **Basic Logic**: The trend is mainly tied to the cost - side oil price, which is weak. The cost - side support is decreasing. The supply in November is expected to decline, and the demand has also decreased. The inventory of sample enterprises has decreased [53]. - **Strategy Recommendation**: Hold short positions. [51] Glass - **Basic Logic**: The fundamentals are weak, and the market continues to look for support downward. The supply is unlikely to decline further, and the demand support is insufficient [7]. - **Strategy Recommendation**: In the short - term, there is support from cold repairs. In the medium - to - long - term, the demand from the real - estate sector is weak, and the loose pattern is difficult to change. Go short on rebounds [7]. Soda Ash - **Basic Logic**: The increase in photovoltaic daily melting volume and device maintenance has led to a short - term rebound. However, in the long - term, the supply will remain loose [7]. - **Strategy Recommendation**: The market maintains a premium structure. Industries are advised to sell and hedge at high prices. Technically, it is bullish in the short term, but go short on rebounds in the medium - to - long - term [7].

Group 1: Cement Industry - The cement production in China for Q1-Q3 2025 decreased by 5% year-on-year, with a narrowing decline, and the annual production is expected to be around 1.73 billion tons, which is a 30% drop from the peak in 2014 [15][32] - The SW cement manufacturing industry revenue for Q1-Q3 2025 was 252.1 billion yuan, a year-on-year decrease of 9%, with a sales net profit margin of 3.3%, an increase of 1.0 percentage points compared to the full year of 2024 [32][33] - The future support for domestic cement prices mainly depends on the optimization process on the supply side, with a focus on completing the target of limiting overproduction by the end of the year [35][45] Group 2: Glass Industry - The flat glass production in China for Q1-Q3 2025 was 730 million weight cases, a year-on-year decrease of 5%, with prices continuing to decline [57] - The SW glass manufacturing industry achieved a total revenue of 34.4 billion yuan in Q1-Q3 2025, a year-on-year decrease of 11%, with a sales net profit margin of 0.6% [74] - The overall profitability of the glass manufacturing industry is under pressure, with major companies like Xinyi Glass and Qibin Group experiencing significant declines in net profit margins [74][78] Group 3: Fiberglass Industry - The fiberglass manufacturing industry saw a significant recovery in profitability in Q1-Q3 2025, with revenue reaching 49.2 billion yuan, a year-on-year increase of 24%, and a sales net profit margin of 10.8%, up 4.3 percentage points from 2024 [83][84] - The demand for high-performance electronic fabrics is expected to continue growing due to advancements in AI and high-frequency communication technologies [84][89] - Companies like Zhongcai Technology and Honghe Technology are recommended for their focus on high-end products and significant growth in revenue and profit margins [89][94] Group 4: Consumer Building Materials - The transaction volume of commercial housing and second-hand housing prices in China continued to decline, but the rate of decline has narrowed [2] - The sales of waterproof materials and coatings have shown significant improvement compared to 2024, with companies like Sankeshu and Hanhai Group recommended for investment [2][4]

Core Insights - Linuo Pharmaceutical Packaging Co., Ltd. experienced a slight increase in stock price by 0.64% on November 12, with a trading volume of 66.55 million yuan [1] - The company reported a financing buy-in amount of 3.93 million yuan and a financing repayment of 8.51 million yuan on the same day, resulting in a net financing buy of -4.58 million yuan [1] - As of November 12, the total financing and securities lending balance for Linuo Pharmaceutical was 130 million yuan, which accounts for 3.12% of its circulating market value [1] Financing Overview - On November 12, Linuo Pharmaceutical had a financing buy-in of 3.93 million yuan, with a current financing balance of 130 million yuan, exceeding the 60th percentile level over the past year [1] - The company had no securities lending activity on November 12, with a securities lending balance of 0.00 shares, indicating a high level of inactivity in this area [1] Company Profile - Linuo Pharmaceutical, established on March 1, 2002, and listed on November 11, 2021, is located in Shandong Province, China [1] - The company's main business involves the research, production, and sales of special glass, focusing on the development and application of borosilicate glass [1] - The revenue composition of Linuo Pharmaceutical includes 57.02% from heat-resistant glass, 40.74% from pharmaceutical glass, and 2.24% from material sales and others [1] Financial Performance - As of September 30, 2025, Linuo Pharmaceutical reported a total revenue of 721 million yuan, a year-on-year decrease of 13.22%, and a net profit attributable to shareholders of 50.88 million yuan, down 27.80% year-on-year [2] - The company has distributed a total of 139 million yuan in dividends since its A-share listing, with 92.18 million yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Linuo Pharmaceutical increased by 58.60% to 17,600 [2] - The average number of circulating shares per shareholder decreased by 36.94% to 13,571 shares [2] - New institutional shareholders include Rongtong Health Industry Flexible Allocation Mixed A/B and Green High Dividend Preferred Mixed A, among others [2]

Core Insights - The first bilingual carbon footprint verification certificate in Fujian Province was issued to Fuyao Glass Industry Group by domestic and international certification agencies, marking a significant achievement in promoting green and low-carbon transformation for enterprises in the region [1] - The certification process involved collaboration between SGS and Fujian Southeast Standard Certification Center, following an innovative model of "one verification, two certificates, multi-national recognition," which reduces costs and shortens certification cycles for companies [1] - The carbon footprint verification certificate has been recognized by five major international clients from three European countries, including Volvo and Mercedes-Benz [1] Group 1 - Fujian Province's market regulatory authority is actively facilitating connections between domestic and international certification agencies to support enterprises in accessing international markets [2] - The "one verification, two certificates, multi-national recognition" model will be continuously promoted to help more companies address international carbon trade barriers [2] - The successful issuance of the carbon footprint verification certificate to Fuyao Glass follows a similar achievement with Fuan Aluminum Co., which also received a jointly issued certificate recognized by international clients [1][2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - On November 11th, the prices of glass and soda ash weakened. For glass, the recent supply has remained stable overall, but production profits have been squeezed again, increasing the pressure on the market to force supply reduction. In the context of anti - involution, supply disturbance sentiment is likely to ferment. Despite the arrival of the off - season, the overall terminal demand has remained resilient, and inventories have not accumulated significantly. The current glass valuation is not high, and with the relatively strong coal prices, there is cost support. In the short term, large fluctuations in macro - sentiment cause price volatility. In the medium term, the pattern of oversupply persists, and there is significant resistance to price increases. Soda ash generally follows glass, but with relatively average supply - demand conditions, its price is under pressure [2]. 3. Market Data Summary Glass - **Futures Prices**: - For January, May, and September contracts, the closing prices are 1053, 1184, and 1261 respectively, with price drops of 16, 21, and 31, and percentage drops of 1.5%, 1.74%, and 2.4% respectively. - The price spreads between contracts: January - May is - 131, May - September is - 77, and September - January is 208. - **Spot Prices**: In the East China, national, and Northwest regions, the spot prices are 1110, 1240, and 1160 respectively. The basis for the main contract is 57, 187, and 107 respectively [1]. Soda Ash - **Futures Prices**: - For January, May, and September contracts, the closing prices are 1215, 1292, and 1356 respectively, with price drops of 11, 8, and 8, and percentage drops of 0.9%, 0.62%, and 0.59% respectively. - The price spreads between contracts: January - May is - 77, May - September is - 64, and September - January is 141. - **Spot Prices**: In the East China and other regions, the spot prices are 1300 and 1250 respectively. The basis for the main contract is - 265, 85, and 35 respectively [1].

Group 1 - The core point of the news is that Fuyao Glass experienced a decline of 5.11% in its stock price, reaching 18.57 CNY per share, with a trading volume of 333 million CNY and a turnover rate of 0.92%, resulting in a total market capitalization of 43.507 billion CNY [1] - Fuyao Glass Group Co., Ltd. is located in Jiaxing, Zhejiang Province, and was established on June 24, 1998, with its listing date on February 15, 2019. The company's main business includes the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass, as well as the mining and sales of quartz for glass and EPC photovoltaic power station engineering construction [1] - The revenue composition of Fuyao Glass is as follows: photovoltaic glass accounts for 89.76%, power generation income 3.16%, engineering glass 3.14%, other (supplementary) 1.98%, household glass 1.58%, float glass 0.36%, and mining products 0.01% [1] Group 2 - From the perspective of major fund holdings, Jiangxin Fund has one fund heavily invested in Fuyao Glass. Jiangxin Ruifeng A (002630) held 2,000 shares in the third quarter, accounting for 3% of the fund's net value, making it the second-largest holding. The estimated floating loss today is approximately 2,000 CNY [2] - Jiangxin Ruifeng A (002630) was established on February 17, 2017, with a latest scale of 522,400 CNY. Year-to-date returns are 9.78%, ranking 6012 out of 8147 in its category; the one-year return is 8.53%, ranking 5544 out of 8056; and since inception, the return is 45% [2]

Core Viewpoint - Qibin Group's stock has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 18.42%, indicating volatility in market performance [1][2]. Financial Performance - For the period from January to September 2025, Qibin Group reported a revenue of 11.78 billion yuan, reflecting a year-on-year growth of 1.55%, while the net profit attributable to shareholders was 915 million yuan, showing a significant increase of 30.90% [2]. - Cumulatively, since its A-share listing, Qibin Group has distributed a total of 7.92 billion yuan in dividends, with 1.67 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, Qibin Group's stock price was 6.59 yuan per share, with a market capitalization of 18.375 billion yuan. The trading volume was 119 million yuan, with a turnover rate of 0.64% [1]. - The stock has seen a net outflow of 4.32 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of October 20, the number of shareholders for Qibin Group was 94,100, a decrease of 3.16% from the previous period, while the average circulating shares per person increased by 3.26% to 28,523 shares [2]. - Notable institutional shareholders include Invesco Great Wall New Energy Industry Fund and GF Advanced Manufacturing Fund, with significant changes in their holdings [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The steel demand has officially entered the off - season, and there is still a risk of hot - rolled coil inventory. Future attention should be paid to the production reduction rhythm. With the implementation of the Fed's easing expectations and positive signals from the China - US meeting, the market sentiment and capital environment are expected to improve, and the steel consumption end may gradually recover. In the short term, due to the impact of the cost side, the price center of finished products has slightly declined, and the demand is still weak, so the price will continue the weak shock trend. However, with the implementation of policies and changes in the macro - environment, future demand is expected to turn around [2]. - From the fundamental perspective of iron ore, affected by environmental protection restrictions and the decline in steel mill profits, the trend of declining hot - metal production continues, the demand side of iron ore continues to weaken, and the inventory pressure remains. In the short term, the ore price will run weakly, and attention should be paid to the support level of 750 - 760 yuan/ton [5]. - The black - sector pricing has recently returned to the fundamentals. The market is "attempting" a "negative feedback" transaction in the black sector, but this is considered a phased shock and emotional release with limited downside space. It is more cost - effective to look for callback positions to do long rather than short. The height after the callback depends on whether stimulus policies are introduced and their intensity [9][10]. - For industrial silicon, the supply and demand sides are weak, and the cost support is temporarily stable. It is expected that the price will consolidate and wait for new drivers. For polysilicon, the supply - demand pattern may improve marginally, but the short - term de - stocking range is expected to be limited. Attention should be paid to whether the upstream spot and futures prices can remain firm [14][16]. - For glass, the market lacks strong support from the supply - demand fundamentals, and the cost support for prices continues to weaken. It is expected that the price will continue to run weakly in the short term. For soda ash, the market has both long and short factors, and the price may continue the shock trend [19][21]. Summary by Related Catalogs Steel Products Market Quotes - The closing price of the rebar main contract was 3025 yuan/ton, down 19 yuan/ton (- 0.62%) from the previous trading day. The registered warehouse receipts decreased by 6380 tons to 100,612 tons, and the main contract positions decreased by 32 lots to 1.923701 million lots. The Tianjin aggregated price of rebar was 3210 yuan/ton, up 10 yuan/ton, and the Shanghai aggregated price was 3190 yuan/ton, unchanged [1]. - The closing price of the hot - rolled coil main contract was 3242 yuan/ton, down 10 yuan/ton (- 0.30%) from the previous trading day. The registered warehouse receipts remained unchanged at 97,028 tons, and the main contract positions decreased by 19,179 lots to 1.326892 million lots. The Lecong aggregated price of hot - rolled coil was 3270 yuan/ton, up 10 yuan/ton, and the Shanghai aggregated price was 3260 yuan/ton, down 10 yuan/ton [1]. Strategy Views - Rebar supply and demand both declined, and inventory continued to decline, showing a neutral performance overall. Hot - rolled coil demand declined significantly, with inventory accumulating against the season. Steel demand has entered the off - season, and the hot - rolled coil inventory risk remains. Future attention should be paid to the production reduction rhythm [2]. Iron Ore Market Quotes - The main contract of iron ore (I2601) closed at 763.00 yuan/ton, with a change of - 0.26% (- 2.00), and the positions decreased by 11,250 lots to 530,400 lots. The weighted positions were 963,000 lots. The spot price of PB fines at Qingdao Port was 775 yuan/wet ton, with a basis of 60.52 yuan/ton and a basis rate of 7.35% [4]. Strategy Views - On the supply side, the overseas iron ore shipment volume continued to decline. On the demand side, the daily average hot - metal production decreased, affected by environmental protection restrictions in Hebei and the decline in steel mill profits. The port inventory accumulation increased, and the steel mill inventory increased. Fundamentally, the demand for iron ore continues to weaken, and the inventory pressure remains. In the short term, the ore price will run weakly, and attention should be paid to the support level of 750 - 760 yuan/ton [5]. Manganese Silicon and Ferrosilicon Market Quotes - The main contract of manganese silicon (SM601) closed down 0.96% at 5764 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5700 yuan/ton, with a conversion to the futures price of 5890 yuan/ton, unchanged from the previous day, and a premium of 126 yuan/ton over the futures price. The main contract of ferrosilicon (SF601) closed down 1.79% at 5588 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5550 yuan/ton, down 50 yuan/ton from the previous day, and a discount of 12 yuan/ton to the futures price [8]. Strategy Views - In November, the black - sector pricing has returned to the fundamentals. The market is "attempting" a "negative feedback" transaction in the black sector, but this is considered a phased shock and emotional release with limited downside space. For manganese silicon, its fundamentals are still not ideal, and attention should be paid to the manganese ore end. For ferrosilicon, its supply - demand fundamentals have no obvious contradictions, and its operability is relatively low [9][10]. Industrial Silicon and Polysilicon Market Quotes - The main contract of industrial silicon (SI2601) closed at 9180 yuan/ton, down 1.18% (- 110). The weighted positions decreased by 13,304 lots to 426,734 lots. The spot price of 553 industrial silicon in East China was 9350 yuan/ton, unchanged, with a basis of 170 yuan/ton. The spot price of 421 was 9750 yuan/ton, unchanged, with a basis of - 230 yuan/ton [12]. - The main contract of polysilicon (PS2601) closed at 51,930 yuan/ton, down 3.33% (- 1790). The weighted positions increased by 11,791 lots to 234,183 lots. The average price of N - type granular silicon was 50.5 yuan/kg, the average price of N - type dense material was 51 yuan/kg, and the average price of N - type re - feeding material was 52.2 yuan/kg, all unchanged, with a basis of 270 yuan/ton [15]. Strategy Views - For industrial silicon, the supply and demand sides are weak, and the cost support is temporarily stable. It is expected that the price will consolidate and wait for new drivers. For polysilicon, the supply - demand pattern may improve marginally, but the short - term de - stocking range is expected to be limited. Attention should be paid to whether the upstream spot and futures prices can remain firm [14][16]. Glass and Soda Ash Market Quotes - The glass main contract closed at 1053 yuan/ton, down 1.50% (- 16). The North China large - plate price was 1110 yuan, unchanged, and the Central China price was 1140 yuan, unchanged. The weekly inventory of float glass sample enterprises was 63.136 million cases, down 2.654 million cases (- 4.03%). The top 20 long - position holders increased 55,903 long positions, and the top 20 short - position holders increased 66,853 short positions [18]. - The soda ash main contract closed at 1215 yuan/ton, down 0.90% (- 11). The heavy - soda price in Shahe was 1176 yuan, unchanged. The weekly inventory of soda ash sample enterprises was 1.7142 million tons, up 12,200 tons. The heavy - soda inventory was 899,600 tons, up 13,200 tons, and the light - soda inventory was 814,600 tons, down 1000 tons. The top 20 long - position holders reduced 31,273 long positions, and the top 20 short - position holders reduced 11,482 short positions [20]. Strategy Views - For glass, the market lacks strong support from the supply - demand fundamentals, and the cost support for prices continues to weaken. It is expected that the price will continue to run weakly in the short term. For soda ash, the market has both long and short factors, and the price may continue the shock trend [19][21].

Core Insights - Linuo Pharmaceutical Packaging Co., Ltd. experienced a stock price increase of 1.00% on November 11, with a trading volume of 55.33 million yuan [1] - The company reported a financing net purchase of 378,300 yuan on the same day, with a total financing and securities balance of 134 million yuan [1] - The company’s main business includes the research, production, and sales of special glass, with a revenue composition of 57.02% from heat-resistant glass and 40.74% from medicinal glass [1] Financing and Trading Data - On November 11, Linuo Pharmaceutical had a financing purchase of 6.68 million yuan, with a current financing balance of 134 million yuan, representing 3.25% of its market capitalization [1] - The financing balance is above the 60th percentile level over the past year, indicating a relatively high position [1] - There were no short sales or repayments on the same day, with the short selling balance also at zero, placing it in the 90th percentile level over the past year [1] Financial Performance - For the period from January to September 2025, Linuo Pharmaceutical reported a revenue of 721 million yuan, a year-on-year decrease of 13.22%, and a net profit attributable to shareholders of 50.88 million yuan, down 27.80% year-on-year [2] - The company has distributed a total of 139 million yuan in dividends since its A-share listing, with 92.18 million yuan distributed over the past three years [2] Shareholder Composition - As of September 30, 2025, the number of shareholders increased by 58.60% to 17,600, while the average circulating shares per person decreased by 36.94% to 13,571 shares [2] - New institutional shareholders include Rongtong Health Industry Flexible Allocation Mixed A/B and Green High Dividend Preferred Mixed A, among others [2]