Group 1: Investment Ratings - Not provided in the given report Group 2: Core Views - The report covers various sectors including bonds, stocks, precious metals, and commodities, providing analyses and trading suggestions for each sector. For example, it expects that treasury bond futures may not have a trending market and advises caution; stock index futures are expected to have limited downside risk and suggests seizing opportunities to go long; precious metals are currently over - priced, and it is recommended to take profits on long positions and then wait and see [6][9][11]. Group 3: Sector - Specific Summaries Bonds - **Treasury Bonds**: The previous trading day saw mixed results for treasury bond futures. The central bank conducted 783 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 259 billion yuan. China's October S&P manufacturing PMI showed a slowdown in the expansion trend. Given the current economic situation, treasury bond futures are expected to have no trending market, and caution is advised [5][6]. Stocks - **Stock Index**: The previous trading day, stock index futures showed mixed performance. With the release of new immigration and entry - exit policies, and considering the current economic situation (stable but with weak recovery momentum), combined with low domestic asset valuations and sufficient economic resilience, along with the inflow of incremental funds and the easing of Sino - US economic and trade uncertainties, it is expected that there is limited downside risk, and opportunities to go long can be seized [8][9]. Precious Metals - **Gold and Silver**: The previous trading day, gold and silver futures showed small increases. Fed officials' remarks suggest potential interest rate cuts. The complex global trade and financial environment, the "de - globalization" and "de - dollarization" trends, and the slowdown of the US labor market are all favorable for precious metals. However, due to the recent large increase in prices, it is recommended to take profits on long positions and then wait and see [11]. Commodities - **Steel Products (Thread, Hot - Rolled Coil)**: The previous trading day, steel product futures slightly declined. In the medium term, the price of steel products is dominated by industrial supply - demand logic. The demand for rebar is still in a year - on - year decline, and the supply side has over - capacity issues. Considering the current high inventory, the price of rebar is expected to remain weak, and hot - rolled coils may follow a similar trend. Investors can focus on short - selling opportunities at high prices during rebounds [13][14]. - **Iron Ore**: The previous trading day, iron ore futures significantly declined. The demand for iron ore has decreased, while the supply is expected to increase year - on - year in the fourth quarter, and the port inventory is rising. The market supply - demand pattern has weakened, and investors can focus on short - selling opportunities at high prices [16]. - **Coking Coal and Coke**: The previous trading day, coking coal and coke futures continued to decline. The supply of coking coal is slightly tight, and the price of coke is facing an upward adjustment. From a technical perspective, the futures may continue to be strong in the short term, and investors can focus on buying opportunities during pullbacks [18][19]. - **Ferroalloys**: The previous trading day, ferroalloy futures showed small increases. The supply of ferroalloys is currently in a state of over - supply, but the cost is rising, and the downward space is limited. There may be short - term disturbances in supply reduction expectations, and investors can consider long - position opportunities at low prices [21][22]. - **Crude Oil**: The previous trading day, INE crude oil oscillated upward. The increase in the number of US drilling rigs does not necessarily lead to an increase in production. US sanctions on Russian oil companies and OPEC's decision to suspend production increases are all favorable for oil prices. Investors can focus on long - position opportunities [23][24]. - **Fuel Oil**: The previous trading day, fuel oil oscillated upward. The recovery of Singapore's fuel oil supply is negative for prices, while the sanctions on Russia and the reduction of Sino - US trade frictions are positive. Investors can focus on long - position opportunities [26][27]. - **Polyolefins**: The previous trading day, the PP and LLDPE markets showed some adjustments. In November, the impact of maintenance is expected to be high, and the inventory is low. November is the peak season for demand, so the market is expected to rebound. For now, it is recommended to wait and see [29]. - **Synthetic Rubber**: The previous trading day, synthetic rubber futures declined. The cost side is weak, and the price is expected to have limited downward space. It is recommended to pay attention to raw material prices and supply changes. The market is expected to oscillate [31][33]. - **Natural Rubber**: The previous trading day, natural rubber futures declined. The supply is affected by bad weather, and the demand is weak. The inventory is decreasing. It is recommended to pay attention to production area conditions and demand expectations, and there may be long - position opportunities [34][35]. - **PVC**: The previous trading day, PVC futures declined. The current supply - demand situation is still oversupplied, but the downward space is limited. It is recommended to pay attention to export and supply reduction after the festival [36][37]. - **Urea**: The previous trading day, urea futures declined. In the short term, it is necessary to pay attention to export policies and seasonal recovery signals of agricultural demand. The price is expected to fluctuate within a narrow range, and the downward space is limited [38]. - **PX**: The previous trading day, PX futures increased. The supply - demand structure has improved, and the cost side is affected by crude oil fluctuations. The price is expected to oscillate, and investors can participate within a certain range while paying attention to crude oil changes and macro - policies [39]. - **PTA**: The previous trading day, PTA futures increased. The supply side has some adjustments, and the demand side is relatively stable. The processing fee is low, and the inventory is low. The price is expected to oscillate, and investors should be cautious and pay attention to oil prices [40]. - **Ethylene Glycol**: The previous trading day, ethylene glycol futures declined. The supply is increasing, and the inventory may accumulate slightly. However, the demand is expected to improve, and the cost side sentiment is positive. The price is expected to oscillate, and investors can participate within a certain range while paying attention to port inventory and imports [41]. - **Short - Fiber**: The previous trading day, short - fiber futures declined. The supply is at a relatively high level, and the demand is improving, but the cost - driving force is limited. The price is expected to oscillate with the cost, and investors should pay attention to cost changes and macro - policy adjustments [42]. - **Bottle Chips**: The previous trading day, bottle chip futures increased. The processing fee has decreased, the supply is increasing slightly, and the export growth is slowing down. The price is expected to oscillate with the cost, and investors should control risks [43]. - **Lithium Carbonate**: The previous trading day, lithium carbonate futures declined. The supply is at a high level, and the demand is also strong, with the inventory gradually decreasing. It is recommended to pay attention to the sustainability of consumption [44][45]. - **Copper**: The previous trading day, copper futures declined. The Sino - US trade negotiation is in a stalemate, and the Fed's interest rate cut has a complex impact on copper prices. The supply of copper concentrate is tight, and high prices suppress demand. The price is expected to enter a sideways consolidation phase [46][47]. - **Aluminum**: The previous trading day, aluminum futures showed mixed results. The supply of alumina is in an oversupply situation, and the production of electrolytic aluminum may be affected by winter restrictions. High prices may suppress demand, but the inventory is decreasing. The price is expected to remain at a high level [48][49][50]. - **Zinc**: The previous trading day, zinc futures increased. The supply of zinc concentrate is tight, and the production of refined zinc is limited. The demand is weak. The price is expected to continue to oscillate [51][52]. - **Lead**: The previous trading day, lead futures increased. The supply of primary lead is increasing, and the supply of recycled lead is recovering slowly. High prices suppress demand. The price is supported by low inventory and cost, but the upward space is limited, and it is recommended to be cautious when going long [53][54]. - **Tin**: The previous trading day, tin futures declined. The supply of tin ore is tight, and the demand has certain support. The inventory is decreasing. The price is expected to oscillate strongly [54]. - **Nickel**: The previous trading day, nickel futures declined. The macro - environment has improved, but the supply - demand situation is complex. The supply of high - grade nickel ore is tight, and the demand is weak. The price is expected to oscillate [55]. - **Soybean Oil and Soybean Meal**: The previous trading day, soybean meal futures increased, and soybean oil futures decreased. Sino - US trade relations are expected to improve, and the Brazilian soybean sowing is progressing smoothly. The supply of soybeans is relatively loose, and the demand for soybean meal is expected to grow moderately, while the demand for soybean oil is suppressed. It is recommended to consider taking profits on long - positions in soybean meal and wait and see for soybean oil [56][57]. - **Palm Oil**: The previous trading day, palm oil futures declined. The supply is increasing, and the market is expected to be weak. It is recommended to focus on short - selling opportunities during rebounds [60]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day, rapeseed meal and rapeseed oil futures increased. The supply of eggs is high, and the demand is weak. It is recommended to hold short - positions and consider adding short - positions during rebounds [61][62]. - **Cotton**: The previous trading day, cotton futures oscillated. Sino - US trade relations are favorable in the long - term, but short - term international cotton prices are under pressure. Domestic cotton has a strong production expectation, and the demand is neutral - weak. The price is expected to have limited upward space [63][64]. - **Sugar**: The previous trading day, sugar futures rebounded. Brazilian sugar production is expected to increase, and the global sugar supply is expected to be in surplus, which restricts price rebounds. The domestic supply pressure in the fourth quarter is not large, and the price has certain support at the bottom [65][66][67]. - **Apple**: The previous trading day, apple futures declined. The quality of this year's apples is poor, and the opening price is higher than last year. The price is expected to be strong in the short term [69][70][71]. - **Live Pigs**: The previous trading day, live pig futures declined. The pig price is expected to be weak, and the supply is increasing. It is recommended to focus on short - selling opportunities during rebounds [72][73]. - **Eggs**: The previous trading day, egg futures increased. The supply of eggs is high, and the demand is weak. It is recommended to hold short - positions and consider adding short - positions during rebounds [74][75]. - **Corn and Starch**: The previous trading day, corn and starch futures increased. The price of corn is affected by the rise in soybean prices. The inventory situation is complex, and the demand is growing slightly. The price of corn is expected to be under pressure, and starch may follow the trend of corn [76][77].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report analyzes multiple commodities including bonds, stocks, precious metals, and various futures. It provides market trends, influencing factors, and investment strategies for each commodity [5][9][11]. - Overall, it is expected that the bond futures market will have no significant trend and requires caution; the stock index futures market has a low risk of a sharp decline and presents opportunities to go long; the precious metals market is fully priced and suggests taking profits and waiting; and different futures markets have their own specific trends and investment strategies [7][9][11]. Summary by Commodity Bonds - The previous trading day saw most bond futures closing higher, with the 30 - year, 10 - year, and 2 - year contracts having different performance. The central bank conducted 3426 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 1301 billion yuan [5]. - With the current macro - data stable but the recovery momentum of the macro - economy still to be strengthened, the bond futures are expected to have no trend and require caution [7]. Stock Index - The previous trading day had mixed performance in stock index futures. Although the domestic economic recovery momentum is weak and corporate profit growth is low, the low valuation of domestic assets and sufficient economic resilience, along with improved market sentiment and reduced Sino - US economic and trade uncertainties, suggest a low risk of a sharp decline and opportunities to go long [9]. Precious Metals - The previous trading day had the gold and silver contracts with different price movements. The complex global trade and financial environment, along with the slowdown of the US labor market and expected Fed rate cuts, are favorable for precious metals. However, due to the large increase and full pricing, it is recommended to take profits on long positions and wait [11]. Steel Products (Rebar and Hot - Rolled Coil) - The previous trading day saw a slight correction in rebar and hot - rolled coil futures. In the medium term, the rebar price is likely to remain weak due to the downward trend in the real estate industry and high inventory. The hot - rolled coil is expected to have a similar trend. Investors can look for opportunities to short at high levels during rebounds [13][14]. Iron Ore - The previous trading day had the iron ore futures fluctuating. The current supply - demand pattern supports the price in the short term but may weaken in the medium term. Technically, the short - term trend is strong, and investors can look for opportunities to buy on dips [16]. Coking Coal and Coke - The previous trading day had coking coal and coke futures rising and then falling. The supply of coking coal is slightly tight, and the demand for coke has a price increase under discussion. Technically, the short - term trend may be strong, and investors can look for opportunities to buy on dips [18][19]. Ferroalloys - The previous trading day had different performance in manganese silicon and silicon iron contracts. The supply of ferroalloys is currently in excess, and the cost is rising. The short - term supply is expected to remain in excess, and investors can consider long positions at low levels when the price falls [21][22]. Crude Oil - The previous trading day had the INE crude oil rising and then falling. Although the Baker Hughes rig count increased, the growth of US crude oil production is still challenging. The sanctions on Russian oil companies are favorable for the price, and the market may focus on the OPEC meeting. Investors can look for opportunities to go long [23][24]. Fuel Oil - The previous trading day had the fuel oil futures moving downward. The recovery of Singapore's fuel oil supply is negative for the price, while the sanctions on Russia and reduced Sino - US trade frictions are positive. Investors can look for opportunities to go long [26][27]. Synthetic Rubber - The previous trading day had the synthetic rubber contract rising. The supply - side is expected to have more short - and medium - term maintenance, driving the market to stop falling and rebound. It is expected to oscillate, and investors should pay attention to the raw material market and supply - side changes [29]. Natural Rubber - The previous trading day had different performance in natural rubber contracts. The supply is affected by weather, and the demand has a slight increase. The inventory has decreased significantly. It is recommended to look for opportunities to go long [31]. PVC - The previous trading day had the PVC contract rising. The current oversupply situation continues, but the downward space is limited. It is necessary to wait for the improvement of the fundamentals. Investors should pay attention to the supply - side changes [34]. Urea - The previous trading day had the urea contract falling. In the short term, it is necessary to pay attention to export policy changes and the seasonal recovery of agricultural demand. It is expected to fluctuate narrowly, and the downward space is limited [37]. PX - The previous trading day had the PX contract falling. The short - term supply - demand structure has improved, and the PXN spread is relatively strong. It is expected to oscillate and adjust, and investors can participate in the range and pay attention to macro - policy changes [40]. PTA - The previous trading day had the PTA contract falling. The supply is adjusted, and the demand is relatively stable. The processing fee is slightly repaired. It is expected to oscillate, and investors should pay attention to oil price changes [41][43]. Ethylene Glycol - The previous trading day had the ethylene glycol contract falling. The supply is increasing, and the inventory may slightly accumulate. However, the demand is expected to improve, and it is expected to oscillate. Investors should pay attention to port inventory and import changes [44]. Short - Fiber - The previous trading day had the short - fiber contract falling. The supply remains at a relatively high level, and the demand has improved. It is expected to oscillate following the cost, and investors should pay attention to cost changes and macro - policy adjustments [45]. Bottle Chips - The previous trading day had the bottle chips contract falling. The processing fee has decreased, and the supply has increased slightly. The export growth has slowed down. It is expected to oscillate following the cost, and investors should control risks [46]. Lithium Carbonate - The previous trading day had the lithium carbonate contract rising. The supply is at a high level, and the demand in the energy storage and power battery sectors has improved. The social inventory is gradually decreasing, and investors should pay attention to the sustainability of consumption [47]. Copper - The previous trading day had the Shanghai copper fluctuating downward. The unmet market expectations from the Sino - US negotiation and the uncertain Fed rate - cut progress affected the price. The Indonesian copper mine not resuming production supports the price. It is recommended to wait and see [48][49]. Tin - The previous trading day had the tin contract falling. The supply is tight, and the demand has certain resilience. It is expected to oscillate and be on the strong side [51]. Nickel - The previous trading day had the nickel contract falling. The macro - sentiment has improved, but the supply is still in an over - supply situation, and the demand is weak. It is expected to oscillate [52][53]. Soybean Oil and Soybean Meal - The previous trading day had both soybean oil and soybean meal contracts rising. The Sino - US trade friction improvement is favorable for US soybean exports. The soybean supply is relatively loose, and the demand for soybean meal is expected to grow moderately. It is recommended to consider long positions for soybean meal after adjustment and wait and see for soybean oil [54][55]. Palm Oil - The palm oil price rebounded slightly after four days of decline. The reduction of Indonesian inventory and the Sino - US trade negotiation results are factors. It is recommended to consider going long on dips [56][57]. Rapeseed Meal and Rapeseed Oil - The rapeseed futures rose following the soybean futures. The Canadian rapeseed crushing volume increased. The import data of rapeseed, rapeseed oil, and rapeseed meal in China changed. It is recommended to consider going long on dips for rapeseed oil [58][60]. Cotton - The previous trading day had the domestic cotton futures oscillating. The Sino - US negotiation is expected to be good, but the domestic cotton has a strong expectation of a good harvest, and the price has limited upward space. It is expected to face pressure [61][63]. Sugar - The previous trading day had the sugar futures falling. The global sugar supply is expected to be in surplus, which restricts the price rebound. The domestic sugar import and production data are provided. The price has certain support at the bottom [65][67]. Apples - The previous trading day had the apple futures oscillating at a high level. The quality problem is a concern, and the opening price of late - maturing apples is higher than last year. It is expected to be strong [69][70]. Pigs - The previous trading day had the pig futures falling. The supply is expected to increase in the second half of the month, and it is recommended to consider shorting on rebounds [71][73]. Eggs - The previous trading day had the egg futures rising slightly. The supply is expected to increase in October, and the consumption may be lower than expected. It is recommended to hold short positions and look for opportunities to add short positions on rebounds [74][75]. Corn and Corn Starch - The previous trading day had both corn and corn starch futures falling. The new - season corn harvest is advancing, and the price is under pressure. The corn starch demand has recovered slightly but is expected to follow the corn market. It is recommended to wait and see [76][78].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - **Overall Market**: The market is influenced by multiple factors including geopolitical events, trade relations, and supply - demand dynamics. The meeting between Chinese and US leaders has brought positive signals to the market, but various commodities still face different supply - demand situations and price trends [2][21][37]. - **Commodities**: Different commodities show diverse price trends. Some are under pressure due to supply surpluses, while others are supported by factors such as demand recovery or supply shortages. The report provides specific analysis and trading suggestions for each commodity. 3. Summary by Commodity Categories Energy - **Crude Oil**: Overnight international oil prices fluctuated. Brent 12 - contract fell 0.28%. The mid - term supply - demand pressure on crude oil remains due to OPEC +'s continuous production increase, but the easing of the Sino - US trade war provides short - term support. There is still a downside risk [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: Fuel oil followed the crude oil's oscillating trend. High - sulfur fuel oil's support may be limited in the long - term, and the mid - term supply pattern is expected to be loose. Low - sulfur fuel oil is generally weak, but supply may contract due to refinery incidents. There are opportunities to go long on the high - low sulfur spread [22]. - **LPG**: The near - month LPG contract continued to be strong. The decrease in supply and increase in demand due to improved chemical profits and cold weather support the price [24]. Metals - **Precious Metals**: Overnight, precious metals rebounded. The Fed's rate cut and Powell's hawkish remarks, along with the Sino - US tariff reduction, led to volatile market sentiment. Wait for the market to stabilize before participating [3]. - **Base Metals**: - **Copper**: After reaching a record high, copper prices pulled back. The long - position can be held above 86,500 [4]. - **Aluminum**: Overnight, Shanghai aluminum oscillated. The short - term trend is slightly strong, but the upside space is limited [5]. - **Zinc**: LME zinc inventory is at a low level, supporting the high - level operation of LME zinc. There is a short - term callback pressure on the external market. Zinc ingot exports are expected to increase, and it is not recommended to short - sell Shanghai zinc in the fourth quarter [8]. - **Lead**: High lead prices suppress downstream demand. However, LME lead is in the process of destocking, and there may be opportunities for cross - market positive arbitrage [9]. - **Nickel**: Nickel prices are weak, with the center of gravity tending to move down due to over - supply in the industry [10]. - **Tin**: Tin prices are expected to be short - sold, and the short - position can be held below 285,000 [11]. - **Alumina**: The supply of alumina is in surplus, and the price is weak with limited rebound space [7]. - **Cast Aluminum Alloy**: It follows the price of aluminum and is difficult to have an independent market due to high inventory levels [6]. Chemicals - **PVC & Caustic Soda**: PVC has recovered from a low level, but the fundamental situation is still weak. Caustic soda continues to accumulate inventory, and the price is expected to be low [30]. - **PX & PTA**: Supply is increasing, and there is an expectation of inventory accumulation. The anti - arbitrage strategy is recommended [31]. - **Methanol**: The near - term port inventory pressure is high, and the demand is weak. It is expected to oscillate weakly but may gradually stop falling [26]. - **Urea**: The supply exceeds demand, but demand and cost support the price. The short - term market is expected to operate at a low level [25]. Agricultural Products - **Soybean & Bean Meal**: After the Sino - US leaders' meeting, the trade situation has improved. Domestic soybean arrivals are sufficient, and bean meal inventory has decreased slightly. Pay attention to policies on US soybean imports [37]. - **Corn**: The supply of new corn in the Northeast is increasing, and the price is under pressure. Pay attention to the import situation after the Sino - US trade improvement [41]. - **Cotton**: US cotton prices fell, and Zhengzhou cotton also declined slightly. New cotton costs have increased, providing some support, but the market is still cautious due to weak demand [44]. - **Sugar**: International sugar supply is sufficient, and the domestic market focuses on the new - season output forecast. The output expectation in Guangxi is relatively good [45]. Others - **Shipping**: The current booking demand in November is weak, but the cargo volume is expected to recover in late November. Airlines may raise prices, and it is advisable to go long on the freight index of container shipping (European line) at low levels [21]. - **Equity Market**: A - shares fell with heavy volume, and futures indices also declined. The Sino - US economic and trade consultations have positive effects on the medium - term market sentiment. Focus on the technology - growth sector [49]. - **Bond Market**: Treasury bond futures oscillated strongly. The bond market is entering a recovery phase, and the steepening of the yield curve is expected to end [50].

Report Investment Rating - Not provided Core Viewpoints - The spot and futures prices of ethylene glycol (EG) decreased, with the EG main - contract closing price at 4032 yuan/ton (down 68 yuan/ton, - 1.66% from the previous trading day), and the EG East China spot price at 4145 yuan/ton (down 13 yuan/ton, - 0.31% from the previous trading day). The East China spot basis was 78 yuan/ton (up 5 yuan/ton month - on - month) [1]. - The production profit of ethylene - based EG was - 42 dollars/ton (up 2 dollars/ton month - on - month), and that of coal - based syngas EG was - 602 yuan/ton (down 3 yuan/ton month - on - month) [1]. - The inventory of MEG in the East China main port showed different trends according to different data sources. According to CCF, it was 52.3 tons (down 5.6 tons month - on - month), and according to Longzhong, it was 49.9 tons (up 1.6 tons month - on - month). The planned arrival volume this week is large, and inventory accumulation is expected [1]. - In terms of supply and demand, the domestic ethylene glycol load is running at a high level, and there are still many overseas supply losses. The import expectation changes little. On the demand side, the polyester downstream has moderately improved recently, which boosts the overall sentiment [2]. - The strategy suggests being cautiously bearish on the single - side, conducting an inverse spread between EG2601 and EG2605, and having no cross - variety strategy [3]. Summary by Directory Price and Basis - The EG East China spot price and basis are presented, with the price and basis changes as mentioned above [1][6][7] Production Profit and Operating Rate - The production profits of ethylene - based, coal - based syngas, naphtha - integrated, and methanol - based EG are analyzed, along with the overall and syngas - based EG operating rates [1][10][14] International Price Difference - The international price difference between US FOB and China CFR of ethylene glycol is involved [17][19] Downstream Production, Sales, and Operating Rate - The production and sales of filaments and short fibers, as well as the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester chips are included [18][20][22] Inventory Data - The inventory data of the East China port, Zhangjiagang, Ningbo Port, Jiangyin + Changzhou Port, Shanghai + Changshu Port, the inventory days of MEG raw materials in Chinese polyester factories, and the daily outbound volume of the East China port are analyzed [29][30][33]

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The overall energy and chemical market is under pressure from supply and geopolitical factors. Crude oil faces supply pressure and geopolitical risks, and most chemical products are expected to continue to fluctuate and consolidate. The polyester terminal demand is improving, but the supply side of chemicals is a key negative factor. The market's response to the Sino - US summit is "buy on the rumor, sell on the news," and the OPEC+ is likely to continue to increase production at the upcoming meeting. [2][3][4] 3. Summary by Related Catalogs 3.1 Market Logic - The polyester chain's demand side is improving, with better terminal fabric shipments, inventory reduction, and improved nominal cash flow. However, the supply side of chemicals is a major negative factor. The meeting of the PTA and bottle - chip leading enterprises on the 30th had no substantial policies, which led to a decline in the day - trading session. [3] 3.2 Variety Analysis 3.2.1 Crude Oil - **View**: Supply pressure continues, and geopolitical risks still exist. - **Main Logic**: The Sino - US summit results are in line with expectations, but concerns about Russian oil remain. The macro and geopolitical drivers for oil prices are limited. Supply pressure suppresses prices, but geopolitical concerns still support prices to some extent. The price is expected to decline slowly and fluctuate weakly. [7] 3.2.2 Asphalt - **View**: With the weakening of crude oil and rebar, the asphalt futures price has no support. - **Main Logic**: OPEC+ may increase production in November, Saudi Arabia reduces the export discount of crude oil to Asia, and the end of the Palestine - Israel conflict and the realization of the positive news from the Sino - US summit lead to a decline in oil prices. The asphalt - fuel oil spread is expected to continue to decline, and the asphalt inventory pressure is large. [7] 3.2.3 High - Sulfur Fuel Oil - **View**: With the weakening of crude oil, the fuel oil futures price is weak. - **Main Logic**: OPEC+ supply increase and falling oil prices lead to a decline in high - sulfur fuel oil prices. Although the Palestine - Israel conflict has ended, the Russia - Ukraine conflict continues to escalate. The demand for fuel oil is still weak. [8] 3.2.4 Low - Sulfur Fuel Oil - **View**: Low - sulfur fuel oil fluctuates with crude oil. - **Main Logic**: It follows crude oil fluctuations, has low valuation, and faces supply increase and demand decline trends. [10] 3.2.5 Methanol - **View**: The port inventory pressure still exists, the olefins have declined, and methanol fluctuates lower. - **Main Logic**: The futures price fluctuates lower. The high port inventory suppresses prices, but there is still low - buying value considering the potential Iranian disturbances in winter. [26] 3.2.6 Urea - **View**: The market sentiment is pessimistic, and it is under continuous pressure. - **Main Logic**: The market sentiment is pessimistic due to the lack of export information updates from the nitrogen fertilizer association meeting. [26] 3.2.7 Ethylene Glycol (EG) - **View**: The coal - based production rate is continuously rising, and the supply - demand pattern deteriorates month - on - month. - **Main Logic**: The international oil price is weak, the coal - based production rate is high, the supply - demand pattern weakens, and the port inventory accumulates. [18][19] 3.2.8 PX - **View**: The meeting has no substantial measures, and PX returns to the fundamental pricing logic. - **Main Logic**: The crude oil price fluctuates and falls. Some PX factories have maintenance, and the supply is temporarily stable. The short - term supply and demand are both strong, and the market gives back the previous emotional premium. [11] 3.2.9 PTA - **View**: The meeting has no substantial resolution, and PTA processing fees are still under pressure. - **Main Logic**: The upstream cost fluctuates and falls, the meeting has no substantial production reduction, some devices may restart, and the downstream polyester demand provides some support. [12] 3.2.10 Short - Fiber - **View**: The meeting has no positive news, the market sentiment turns cold, and polyester staple fiber remains consolidated. - **Main Logic**: The upstream cost is poor, the meeting has no clear production reduction measures, the supply side has a device restart, and the downstream demand is for rigid replenishment. The inventory is at a healthy level, and the profit has some support. [22][23] 3.2.11 Bottle - Chip - **View**: The PTA anti - involution meeting has no positive news. - **Main Logic**: The meeting fails to support the price, the supply - demand is stable, and the absolute price follows the upstream fluctuation, while the processing fee has some support. [24] 3.2.12 Pure Benzene - **View**: Affected by macro - events, pure benzene fluctuates. - **Main Logic**: The naphtha price is strong, but the opening of the Shandong - East China arbitrage window and the rumored maintenance of styrene devices suppress the price. [14][15] 3.2.13 Styrene - **View**: After the macro - disturbance, styrene rises and then falls. - **Main Logic**: Styrene follows the oil price to rebound, but the rebound is weak due to new production capacity and weak downstream follow - up. [16] 3.2.14 LLDPE - **View**: Maintenance slightly increases, and LLDPE is viewed within a range. - **Main Logic**: The macro - situation, oil price, and its own fundamentals limit the upside space, and the short - term price fluctuates within a range. [28] 3.2.15 PP - **View**: Maintenance is stable, the propane CP price is reduced, and PP is viewed within a range. - **Main Logic**: The reduction of the propane CP price drags down PP, and its own fundamentals have limited support. [29] 3.2.16 PL - **View**: The propane CP price is reduced again, and PL is weaker than PP in the short term. - **Main Logic**: The reduction of the propane CP price and weak downstream demand lead to a decline in PL prices. [30] 3.2.17 PVC - **View**: Market sentiment cools down, and PVC weakens. - **Main Logic**: The macro - sentiment cools down, and the PVC fundamentals are under pressure due to increased production, limited downstream demand, and anti - dumping pressure on exports. [31] 3.2.18 Caustic Soda - **View**: Supply and demand are under pressure, and the futures price is weak. - **Main Logic**: The macro - sentiment cools down, and the supply is high while the demand is inelastic, leading to inventory accumulation. [32]

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Core View of the Report There is no clear core view presented in the given content. It mainly lists a series of price, production, and profit - related data of various chemical products. 3) Summary by Relevant Catalog Price Data - The price of crude oil on October 30, 2025, was $572.63 per ton, up 0.26% from the previous value of $571.13 [1] - The price of ethylene in Northeast Asia on October 29, 2025, was $766 per ton, with no change from the previous value [1] - The ex - factory price of ethylene oxide in East China on October 30, 2025, was $610 per ton, with no change from the previous value [1] - The price of methanol on October 30, 2025, was $2212.5 per ton, with no change from the previous value [1] - The tax - included price of lignite in Inner Mongolia on October 30, 2025, was $290 per ton, with no change from the previous value [1] - The settlement price of the main contract of a certain product on October 30, 2025, was $4073 per ton, up 0.20% from the previous value of $4081 [1] - The closing price of the near - month contract on October 30, 2025, was $390 per ton, a significant change compared to other values [1] - The intermediate price of ethylene glycol in East China on October 30, 2025, was $4150 per ton, with no change from the previous value [1] - The price difference between the near - month and far - month contracts on October 30, 2025, was $70 per ton, compared to a previous value of $34 [1] - The comprehensive price of ethylene glycol on October 30, 2025, was $83 per ton, up $3 from the previous value [1] Production and Capacity Utilization - The operating rate of oil - based ethylene glycol on October 30, 2025, was 66.57%, with no change from the previous value [1] - The operating rate of coal - based ethylene glycol on October 30, 2025, was 61.16%, with no change from the previous value [1] - The capacity utilization rate of the PTA industry factory on October 30, 2025, was 89.28%, with no change from the previous value [1] - The capacity utilization rate of looms in the Zhejiang and Jiangsu PTA industries on October 30, 2025, was 72.28%, up 0.22% from the previous value of 72.06 [1] Profit Data - The after - tax gross profit per ton of a certain product on October 30, 2025, was $1510.24, compared to a previous value of $1529.09 [1] Index Data - The price index of polyester on October 30, 2025, was $8450 per ton, with no change from the previous value [1] - The price index of polyester staple fiber on October 30, 2025, was $6360 per ton, with no change from the previous value [1] - The price index of bottle - grade chips on October 30, 2025, was $5720 per ton, up 0.3% from the previous value of $5740 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PTA: The industry meeting had no substantial conclusions. The PTA futures fluctuated downward in the afternoon, and the spot market negotiation atmosphere weakened. The spot basis rose and then fell. The absolute price is expected to fluctuate with the cost - end in the short term, and attention should be paid to device changes [5]. - MEG: The price center of ethylene glycol fluctuated downward on Thursday, and the market transaction was acceptable. The port inventory is expected to increase significantly this week, and the spot flow will be supplemented. It is expected that the short - term price center of ethylene glycol will be adjusted within a range, with continuous upward pressure [7]. - Overall: The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost - end, and the upper resistance level should be noted when the market rebounds [10]. 3. Summary According to the Table of Contents 3.1 Previous Day's Review No relevant content provided. 3.2 Daily Tips - PTA: - Fundamental: After the industry meeting, the market situation changed as described above. The 11th - middle of November was traded at a discount of 69 - 72 to the 01 contract, and the 12th - middle of December was traded at a discount of 50 to the 01 contract. The current mainstream spot basis is 01 - 71 [5]. - Basis: The spot price is 4530, and the 01 contract basis is - 40, with the futures price higher than the spot price, showing a neutral situation [6]. - Inventory: The PTA factory inventory is 4.03 days, a decrease of 0.04 days compared with the previous period, showing a bullish situation [6]. - Disk: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, showing a bullish situation [6]. - Main Position: The net short position decreased, showing a bearish tendency [5]. - Expectation: Driven by the downstream polyester sales this week, the PTA spot basis strengthened slightly, and the market transaction center gradually shifted to November [5]. - MEG: - Fundamental: The price center of ethylene glycol fluctuated downward on Thursday. The domestic supply will be abundant in the later period. After the delivery cycle ends, the spot buying in the trading link will also weaken [7]. - Basis: The spot price is 4145, and the 01 contract basis is 113, with the spot price higher than the futures price, showing a neutral situation [7]. - Inventory: The total inventory in East China is 49.8 tons, a decrease of 1.7 tons compared with the previous period, showing a bearish situation [7]. - Disk: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, showing a bearish situation [7]. - Main Position: The main net short position decreased, showing a bearish tendency [7]. - Expectation: The port inventory is expected to increase significantly this week, and the short - term price center will be adjusted within a range [7]. 3.3 Today's Focus No relevant content provided. 3.4 Fundamental Data - PTA Supply - Demand Balance Sheet: It shows the PTA production capacity, output, supply, demand, inventory, and other data from January 2024 to December 2025, reflecting the supply - demand relationship and inventory changes in different periods [11]. - Ethylene Glycol Supply - Demand Balance Sheet: It shows the ethylene glycol production, import, supply, demand, port inventory, and other data from January 2024 to December 2025, reflecting the supply - demand relationship and inventory changes in different periods [12]. - Price - related Data: It includes the spot price, production profit, production capacity utilization rate, inventory, basis, and price difference data of bottle chips, PTA, MEG, and other products from 2020 to 2025, which can be used to analyze the price trends and market conditions of different products [15][18][22]. - Inventory Analysis Data: It includes the inventory data of PTA, MEG, PET slices, and polyester fibers from 2020 to 2025, which can be used to analyze the inventory levels and trends of different products [41]. - Production Start - up Data: It includes the production start - up data of the upstream and downstream of polyester from 2020 to 2025, which can be used to analyze the production activities and market supply - demand relationships of different links in the polyester industry chain [52][56]. - Profit Data: It includes the profit data of PTA, MEG, polyester fibers, and other products from 2020 to 2025, which can be used to analyze the profitability and market competitiveness of different products [61][62].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - EB2512 fluctuated weakly, closing at 6,421 yuan/ton. The production and capacity utilization rate of styrene decreased month - on - month due to the impact of plant shutdowns. The downstream EPS and UPR operating rates increased slightly, while the operating rates of PS, ABS, and styrene - butadiene rubber decreased to varying degrees. The visible inventory decreased slowly at a high level. The non - integrated cost decreased slightly due to weak raw material prices, and the profit recovery was not significant. The market expects a slight increase in OPEC+ production in December, and combined with weak crude oil demand, international oil prices have been under pressure recently. In the short term, EB2512 is expected to weaken with oil prices, and attention should be paid to the support of the lower Bollinger Band around 6,264 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 6,421 yuan/ton, a decrease of 92. The trading volume was 11,843 lots, and the open interest was 430,156 lots, an increase of 17,279. The net long position of the top 20 holders was 2,497 lots. The closing price of the January contract was 6,470 yuan/ton, a decrease of 91. The spot price of styrene was 6,752 yuan/ton, an increase of 9,346. The FOB South Korea intermediate price was 801.5 US dollars/ton, a decrease of 9, and the CFR China intermediate price was 811.5 US dollars/ton, a decrease of 50 [2] 3.2 Spot Market - The mainstream prices of styrene in the Northeast, South China, North China, and East China regions were 6,225 yuan/ton (change not provided), 6,580 yuan/ton (an increase of 15), 6,360 yuan/ton (unchanged), and 6,460 yuan/ton (an increase of 5) respectively [2] 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 766 US dollars/ton (unchanged), 756 US dollars/ton (a decrease of 15), 692.5 US dollars/ton (an increase of 0.5), and 457 US dollars/ton (a decrease of 6) respectively. The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB), and the market prices in the South China, East China, and North China markets were 243 US cents/gallon (a decrease of 1), 679.1 US dollars/ton (unchanged), 680 US dollars/ton (a decrease of 1), 5,450 yuan/ton (unchanged), 5,405 yuan/ton (a decrease of 30), and 5,130 yuan/ton (a decrease of 40) respectively [2] 3.4 Industry Situation - The total styrene operating rate was 69.25%, a decrease of 2.63%. The national inventory was 2,847 tons, the total inventory in the East China main port was 19.3 tons, a decrease of 0.95, and the trade inventory in the East China main port was 12.1 tons, a decrease of 0.15 [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.98% (a decrease of 0.55), 72.8% (a decrease of 0.3), 53.8% (unchanged), 34% (unchanged), and 70.57% (an increase of 0.29) respectively [2] 3.6 Industry News - From October 24th to 30th, the total output of Chinese styrene plants was 323,400 tons, a decrease of 1.1% from the previous period, and the plant capacity utilization rate was 66.72%, a decrease of 2.53% month - on - month. From October 17th to 23rd, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 272,000 tons, a decrease of 0.44% from the previous week. As of October 23rd, the inventory of Chinese styrene plants was 196,300 tons, an increase of 1.47% from the previous week. As of October 27th, the inventory of styrene in Jiangsu ports was 193,000 tons, a decrease of 4.69% from the previous week, and the inventory in South China ports was 31,000 tons, a decrease of 6.06% from the previous week. As of October 22nd, the non - integrated cost of styrene was 6,990.04 yuan/ton, and the non - integrated profit was - 480 yuan/ton [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed cut interest rates by 25BP as expected, but Powell said a December rate cut is not guaranteed, strengthening the US dollar index and cooling global risk appetite. Domestically, economic growth has accelerated, and the upcoming meeting between Chinese and US leaders has boosted market optimism. Policy stimulus expectations have increased, enhancing short - term macro - upward drivers. Focus on China - US trade negotiations and domestic incremental policies [3]. - Different asset classes have different trends: stocks are short - term oscillating and strengthening; bonds are short - term oscillating; commodities have different trends for different sectors [3]. Summary by Directory Macro - finance - **Stocks**: Driven by sectors such as energy metals, industrial metals, and photovoltaic equipment, the domestic stock market rose significantly. With accelerated economic growth, the upcoming Sino - US leaders' meeting, and enhanced policy stimulus expectations, short - term macro - upward drivers have increased. Short - term cautious buying is recommended [4]. - **Precious Metals**: After the Fed's rate cut, the US dollar strengthened, and precious metals weakened. In the short term, they are oscillating and correcting, but the medium - to - long - term upward trend remains. Short - term long - position reduction and mid - to - long - term buying on dips are advised [4]. Black Metals - **Steel**: The domestic steel spot and futures markets continued to rebound. Demand improved marginally, inventories decreased, and supply is expected to decline due to compressed profits and environmental restrictions. The market is mainly driven by macro factors, and prices are likely to be oscillating and strengthening [5]. - **Iron Ore**: Iron ore prices continued to be strong due to improved macro expectations and a significant drop in arrivals. Port inventories decreased. Steel mill profits are compressed, and iron - water production may decline further. Supply has some changes, and prices are expected to oscillate in the short term [7]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat, and futures prices rebounded slightly. Demand decreased due to a slight decline in steel production. Supply of silicon manganese increased slightly. Prices are expected to oscillate in the range [8]. Chemicals - **Soda Ash**: The main contract oscillated. Supply increased in the short term, and there are capacity expansion plans in the fourth quarter. Demand increased slightly. With supply pressure, a bearish view is taken [9]. - **Glass**: The main contract oscillated. Supply was stable, demand in the peak season was weak, and inventory was relatively high. Supported by anti - involution policies, it is expected to be oscillating and strengthening in the short term [9]. Non - ferrous Metals and New Energy - **Copper**: Driven by supply concerns, copper prices reached a record high. High US inventories may limit future imports. A mine shutdown in Indonesia tightened the global supply, but beware of the restart of a Panama mine. Domestic de - stocking was less than expected, and prices are expected to remain strong [10]. - **Aluminum**: The price of Shanghai aluminum rose significantly, with technical support at 21100. Fundamentals are not good, but a decline in London inventories may support prices in the short term [11]. - **Tin**: After the end of a large - scale smelter's maintenance in Yunnan, the smelting start - up rate increased significantly. However, the ore supply is tight, and prices are expected to oscillate at a high level [11]. - **Lithium Carbonate**: The main contract rose. Supply and demand both increased, and the price is expected to be oscillating and strengthening in the short term, but beware of hedging pressure [12]. - **Industrial Silicon**: The main contract rose. Demand was stable, and with cost support, it is expected to be oscillating and strengthening [12]. - **Polysilicon**: The main contract rose. Supply is high, demand is low, and it is waiting for policy support and attention to spot price support [13]. Energy and Chemicals - **Crude Oil**: The market evaluated the impact of a large drop in US inventories and sanctions on Russian oil producers. The meeting between Chinese and US leaders raised expectations for trade agreements, and oil prices rebounded slightly [15]. - **Asphalt**: Prices rebounded with oil prices and then stabilized. With the approaching off - season, inventory reduction will slow down. Future price trends depend on the rebound space of oil prices [15]. - **PX**: As oil prices rose, PX followed suit. It is in a tight supply situation but has high short - selling risks [16]. - **PTA**: The market is waiting for the results of a symposium. Short - term capital is leaving, and the inventory accumulation rate has slowed down. It will remain oscillating in the short term [16]. - **Ethylene Glycol**: Port inventories decreased slightly, and prices rose slightly with oil prices. It will continue to oscillate in the near term [16]. - **Short - fiber**: Prices rebounded slightly but are expected to remain weakly oscillating. Future upward space depends on terminal orders [17]. - **Methanol**: Some inland markets are weak, and port prices are oscillating at a low level. Supply pressure will increase, and demand is weak. Prices are expected to oscillate in the short term [17]. - **PP**: Market quotations oscillated. Supply is sufficient, but demand has improved marginally. Prices may be repaired in the short term [19]. - **LLDPE**: Prices fluctuated slightly. Supply is expected to increase, and demand may improve slightly. Prices may be repaired in the short term, but the supply - surplus situation remains [19]. - **Urea**: The domestic market showed a slight downward trend. Supply is becoming more abundant, and demand is stable. Prices are expected to oscillate at a low level [20]. Agricultural Products - **US Soybeans**: CBOT soybean prices fell slightly. US soybean exports have decreased significantly this year. The market is optimistic about trade negotiations, but there are still system risks [21]. - **Soybean and Rapeseed Meal**: Domestic soybean supply is abundant, and soybean meal supply is sufficient. If Sino - US agricultural trade relations improve, soybean meal inventory accumulation may limit upward price space [21]. - **Palm Oil**: In Malaysia, inventory accumulation pressure has increased since October, and the implementation of Indonesia's B50 plan is uncertain. After continuous price drops, it has entered a technically oversold stage [22]. - **Soybean and Rapeseed Oil**: Soybean oil supply is abundant, and it is in the consumption peak season. Rapeseed oil inventory is decreasing, but there are factors suppressing prices [23]. - **Corn**: North - port corn prices continued to decline. The market price is close to the cost line, and farmers' reluctance to sell may slow down the decline [23]. - **Hogs**: The average price of live hogs decreased slightly. Short - term prices have stabilized, but there is still a large supply - demand mismatch pressure in November [23].

Core Viewpoint - The launch of monthly average price futures for LLDPE, PVC, and PP on October 28 marks a significant development in China's chemical industry, providing new risk management tools for enterprises and enhancing market participation [1][2]. Group 1: Market Participation and Performance - The first day of trading for the three chemical products saw a total of 8,254 contracts traded, amounting to 230 million yuan, with a position of 2,468 contracts, indicating strong participation from industry players [1]. - The closing prices for the near-month contracts L2602F, V2602F, and PP2602F showed slight increases of 0.04%, 0.86%, and 0.10% respectively compared to the listing benchmark price [1]. Group 2: Industry Insights and Applications - Major companies such as Jingbo Petrochemical, Zhongtai International Trade, and Mingri Holdings actively participated in the first day of trading, utilizing the new futures for price hedging and risk management [2][3]. - Jingbo Petrochemical plans to use the monthly average settlement price for spot trading, which aligns with their monthly sales and average settlement model, helping to mitigate daily price fluctuations [2]. - Zhongtai International Trade employed the V2602F contract for long-term order hedging, enhancing stability in the PVC industry [3]. Group 3: Future Developments and Recommendations - The Dalian Commodity Exchange aims to optimize rules and improve market quality, making it easier for industry clients to participate and enhancing the pricing influence of Chinese chemical products [4]. - Market experts suggest that companies familiarize themselves with this innovative product, as it can significantly aid in business operations, especially in long-cycle average trading scenarios [3].