Report Overview - Report Date: November 24, 2025 [3] - Data Sources: Wind, Guantong Research and Consulting Department [5] Market Summary - As of the close on November 24, domestic futures main contracts showed mixed performance. Methanol rose over 3%, glass nearly 3%, and ethylene glycol (EG), corn, cotton yarn, and polysilicon rose over 1%. On the downside, lithium carbonate dropped nearly 3%, low-sulfur fuel oil (LU), liquefied petroleum gas (LPG), and pure benzene fell over 2%, and styrene (EB), coking coal, palm oil, and urea dropped over 1% [5][6]. - Among stock index futures, the CSI 300 index futures (IF) main contract fell 0.13%, the SSE 50 index futures (IH) main contract fell 0.20%, the CSI 500 index futures (IC) main contract rose 0.55%, and the CSI 1000 index futures (IM) main contract rose 0.84%. For treasury bond futures, the 2-year (TS) main contract rose 0.01%, the 5-year (TF) main contract rose 0.03%, the 10-year (T) main contract rose 0.06%, and the 30-year (TL) main contract rose 0.15% [6]. - As of 15:18 on November 24, in terms of capital flow, Shanghai Gold 2602 had an inflow of 1.456 billion yuan, Shanghai Silver 2602 had an inflow of 260 million yuan, and Shanghai Copper 2601 had an inflow of 240 million yuan. In terms of outflows, CSI 1000 2512 had an outflow of 7.289 billion yuan, CSI 500 2512 had an outflow of 4.312 billion yuan, and CSI 300 2512 had an outflow of 2.562 billion yuan [6]. Individual Commodity Analysis Copper - Copper opened low and trended higher, showing a strong oscillation. Data led to increased expectations of interest rate cuts, but with a data vacuum before the next Fed meeting, the uncertainty of rate cut expectations is high, and the market generally believes the probability of no rate cut in December is relatively large, causing the US dollar index to continue to rebound [8]. - Nvidia's strong earnings boosted optimistic expectations for copper downstream demand. Copper concentrate inventories have been accumulating for a week, and the Grasberg mine in Indonesia is expected to resume production in Q2 next year. Refined copper imports decreased month-on-month, but domestic supply is relatively abundant, and SHFE copper inventories have also been accumulating [8]. - The 770th document has not been implemented, causing cautious operations in recycled copper rod enterprises. After the copper price dropped last week, downstream purchases increased. In October 2025, China's copper product output was 2.004 million tons, a month-on-month decline of over 10% and a year-on-year decrease of 3.3% [8]. - Overall, the Fed's hawkish and dovish camps are in a stalemate, and the market believes the probability of a rate cut in December is small, suppressing copper prices. Fundamentally, although there is strong support from the expected tight balance of copper mines, the off-season demand and increasing SHFE inventories have weakened market confidence. Short-term copper prices are expected to be under pressure, and attention should be paid to Fed rate cut expectations [10]. Lithium Carbonate - Lithium carbonate opened and trended lower, dropping nearly 3% during the day. As of October 2025, lithium carbonate production was 89,300 tons, with a month-on-month increase of 5,790 tons. As of November 21, the weekly operating rate was 75.34%, 16.04% higher than the same period last year [11]. - In October, China's energy storage battery production was 54.3 GWh, a month-on-month increase of 3.04%. The expected production of lithium iron phosphate in November is 405,600 tons, a month-on-month increase of 2.5%. In October 2025, new energy vehicle production and sales were 1.772 million and 1.715 million respectively, year-on-year increases of 21.1% and 20% [11]. - The market is currently in a situation of strong supply and demand. Although there is news of the resumption of production at the Jiuxiaowo mine, the authenticity is uncertain. Until the actual negative impact is realized, there is support at the bottom of the market [11]. Crude Oil - On November 2, OPEC+ decided to increase production by 137,000 barrels per day in December, the same as the October and November plans, and suspend production increases in Q1 next year. The end of the peak demand season, combined with increased production and exports, has led to a supply surplus in the crude oil market [12][13]. - EIA data shows that refined oil inventories increased more than expected, but due to increased net exports, US crude oil inventories decreased more than expected. US crude oil production is near a record high. Geopolitical tensions in Venezuela and Libya have raised concerns about supply disruptions [12][13]. - The market is worried about crude oil demand due to the end of the consumption peak season, the decline in the US manufacturing index, and the unclear prospects of US interest rate cuts. The supply surplus in the crude oil market has become a consensus, and the risk premium of Russian crude oil has declined. Crude oil prices are expected to oscillate weakly [13]. Asphalt - The asphalt operating rate decreased by 4.2 percentage points to 24.8% last week, lower than the same period last year. The expected production in November is 2.228 million tons, a month-on-month decrease of 454,000 tons (16.9%) and a year-on-year decrease of 274,000 tons (11.0%) [14]. - The operating rates of downstream asphalt industries showed mixed performance. The national asphalt shipments increased by 15.28% to 246,000 tons, at a slightly low level. Asphalt refinery inventory ratios remained flat, near the lowest level in recent years [14]. - With the decline in crude oil prices and the end of road construction in the north, demand is expected to weaken further. With the stable production of some refineries, the asphalt operating rate will increase. Asphalt futures prices are expected to oscillate weakly [14]. PP (Polypropylene) - The downstream operating rate of PP increased by 0.29 percentage points to 53.57%, at a relatively low level in the same period over the years. The operating rate of the plastic weaving industry, the main downstream of PP, remained flat, and orders decreased slightly compared to last year [16]. - On November 24, new maintenance devices were added, and the PP enterprise operating rate dropped to around 81%. The production ratio of standard-grade PP increased to around 29%. Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years [16]. - New production capacity has been put into operation, and maintenance devices have increased recently. Downstream demand is in the late peak season, and orders are limited. The lack of large-scale purchases and the absence of anti-competition policies have led to limited market support. PP prices are expected to oscillate weakly [16]. Plastic - On November 24, new maintenance devices were added, and the plastic operating rate dropped to around 89%, at a neutral level. As of the week of November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69%. The agricultural film industry is in the peak season, with stable orders, but the overall downstream operating rate is still at a relatively low level in the same period over the years [17]. - Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years. New production capacity has been put into operation recently, and the plastic operating rate has slightly decreased. The agricultural film peak season is ending, and demand in the north is starting to decline [17]. - Downstream purchasing willingness is low, and traders are cautious about the future market. Without anti-competition policies, and with the supply-demand pattern unchanged, plastic prices are expected to oscillate weakly in the near term [17][19]. PVC (Polyvinyl Chloride) - The price of calcium carbide in the northwest region increased by 25 yuan/ton. The PVC operating rate increased slightly to 78.83%, still at a relatively high level in the same period over the years. The downstream operating rate continued to decline slightly, remaining at a relatively low level [20]. - India's termination of the BIS policy on PVC and the likely cancellation of anti-dumping duties have alleviated concerns about exports to India, and export orders increased last week. Social inventories increased slightly last week and remain high, indicating significant inventory pressure [20]. - In 2025, the real estate market is still in adjustment, and the improvement of the real estate market requires time. With positive chlor-alkali comprehensive profits and new production capacity coming online, the PVC operating rate is higher than in previous years. PVC prices are expected to oscillate weakly recently [20]. Coking Coal - Coking coal opened low and trended higher, with a decline during the day. The spot price in the Shanxi market decreased, and the self-pickup price of Mongolian No. 5 coking coal also decreased [21]. - In October, China's coal imports decreased year-on-year. The utilization rate of coking coal mine production capacity increased slightly. As of November 16, the cumulative import volume of coal at the Ganqimaodu Port was large, and the daily customs clearance vehicles may increase next week [21][22]. - Under the winter coal supply and price stabilization policy, the tight supply expectation is partially offset. Mine inventories have increased significantly, while coke enterprise inventories have decreased. Steel mill operating rates and molten iron production increased this week, but profits are weakening. There is potential bullishness in mine production cuts at the end of the year, so be cautious about potential price rebounds [22]. Urea - The futures price opened low and trended lower, showing a downward oscillation. The spot price of urea increased due to the continuous rebound of futures prices and improved downstream demand, but since the weekend, downstream resistance to high prices has led to weak order receipts and stable prices [23]. - Before the seasonal shutdown of gas-based devices, the daily output of upstream factories is expected to fluctuate above 190,000 tons. The upward trend of coal costs has slowed, and downstream demand needs verification. Last week, demand was strong, and orders were good. Northeast fertilizer preparation has begun, and compound fertilizer factory operating rates have rebounded [23]. - After the price rebound, downstream feedback has been poor, and order receipts have been weak since the weekend. Domestic demand cannot support high prices, and the Indian tender price has not boosted the market. However, exports continue, and there is still demand support from off-season storage and compound fertilizer winter storage. The futures price is expected to oscillate within a narrow range [23].

摘要：【图】2025年8月青海省液化石油气产量统计分析 2025年8月液化石油气产量统计： 图1：青海省液化石油气产量分月（当月值）统计图 2025年1-8月液化石油气产量统计： 液化石油气产量：2.1 万吨 液化石油气产量：0.3 万吨 同比增长：24.0% 增速较上一年同期变化：高38.0个百分点 据统计，2025年8月青海省规模以上工业企业液化石油气产量与上年同期相比增长了24.0%，达0.3万 吨，增速较上一年同期高38.0个百分点，增速较同期全国高24.9个百分点，约占同期全国规模以上企业 液化石油气产量449.5万吨的比重为0.1%。 详见下图： 据统计，2025年1－8月，青海省规模以上工业企业液化石油气产量与上年同期相比下降了18.2%，达2.1 万吨，增速较上一年同期低21.4个百分点，增速较同期全国低16.1个百分点，约占同期全国规模以上企 业液化石油气产量3527.7万吨的比重为0.1%。详见下图： 图2：青海省液化石油气产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业 ...

国家统计局：11月中旬生猪(外三元)价格环比下降1.7% | 序号 | 监测产品 | 规格型号 | 说明 | | --- | --- | --- | --- | | | 一、黑色金属 | | | | 1 | 螺纹钢 | Φ20mm, HRB400E | 屈服强度≥400MPa | | 2 | 线材 | Ф8-10mm. HPB300 | 屈服强度≥300MPa | | 3 | 普通中板 | 20mm. Q235 | 屈服强度≥235MPa | | 4 | 热轧普通板卷 | 4.75-11.5mm. Q235 | 屈服强度≥235MPa,宽度1500mm | | 5 | 无缝钢管 | 219*6, 20# | 20#钢材,屈服强度≥245MPa | | 6 | 角钢 | 5# | 屈服强度≥235MPa | | | 二、有色金属 | | | | 7 | 电解铜 | 1 # | 铜与银质量分数≥99.95% | | 8 | 铝锌 | A00 | 铝质量分数≥99.7% | | 9 | 绍锭 | 1 # | 铅质量分数≥99.994% | | 10 | 锌锌 | 0# | 锌质量分数≥99.995% | | | 三 ...

中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月中旬与11月上旬相比，30 种产品价格上涨，17种下降，3种持平。 2025年11月中旬流通领域重要生产资料市场价格变动情况 3.监测范围 监测范围涵盖全国31个省（区、市）300多个交易市场的近2000家批发商、代理商、经销商等经营企 业。 4.监测方法 价格监测方法包括信息员现场采价，电话、即时通讯工具和电子邮件询价等。 | 产品名称 | | 本期价格 | 比上期 | 涨跌幅 | | --- | --- | --- | --- | --- | | | 单位 | （元） | 价格涨跌 | (%) | | | | | （元） | | | 一、黑色金属 | | | | | | 螺纹钢（Φ20mm，HRB400E） | 吨 | 3139.0 | 20.5 | 0.7 | | 线材（Φ8—10mm，HPB300） | 吨 | 3282.6 | 10.9 | 0.3 | | 普通中板（20mm，Q235） | 吨 | 3393.7 | -18.1 | -0.5 | | 热轧普通板卷（4.75—11.5mm，Q2 ...

以下文章来源于时代周报 ，作者马欢 时代周报 . 记录大时代，深读全商业。互联网新闻信息服务许可证编号：44120230006 本文来自微信公众号： 时代周报 ，作者：马欢，编辑：梁励，原文标题：《再次跑赢印度！亚洲 GDP增速第一的国家还是它，明年目标要增长10%》，题图来自：视觉中国 亚洲经济增速第一的国家，或许还是越南。 越南近期公布经济数据，2025年第三季度国内生产总值 （GDP） 同比大幅增长8.23%。越南总理范 明政在国会上表示："2025年的GDP增长率将达到8%。" 制造业的强劲表现是越南此次经济快速增长的核心驱动力。越南政府还计划，明年GDP增速要冲上 10%。 此前，美国政府宣布，美国已经和越南就关税问题签署了框架性协议。按照协议，美国对越南商品实 施平均约20%的进口关税，但部分产品可获豁免。 与此同时，昔日GDP增速在亚洲领跑的印度，却受困于美国政府的关税政策。 一、越南：制造业与出口强劲 今年以来，越南的经济增速格外亮眼。 分季度来看，越南经济增长呈现逐步上升的态势——第一季度增长7.05%，第二季度增长8.19%；第 三季度更是达到8.23%，创三年来最快增速。 在所有产业中， ...

Financial Data and Key Metrics Changes - UGI Corporation achieved record-adjusted earnings per share (EPS) of $3.32, exceeding the revised guidance range of $3.00 to $3.15, driven by strong operational performance and tax benefits [4][17] - Free cash flow generated was approximately $530 million, which included cash from asset sales [4][22] - Total shareholder return for the year was 42%, reflecting strong operational strategy [22] Business Line Data and Key Metrics Changes - AmeriGas reported EBIT of $166 million, a 17% increase year-over-year, with a 30% reduction in recordable incidents enhancing safety [17][22] - The regulated utilities segment achieved record EBIT of $403 million, up $3 million from the previous year, supported by a 10% increase in core market volumes [18] - Midstream and Marketing segment EBIT was $293 million, down $20 million due to lower margins and reduced income from equity method investments [19] Market Data and Key Metrics Changes - UGI International reported EBIT of $314 million, a decrease of $9 million from the prior year, attributed to lower margins and reduced LPG volumes [19][21] - LPG volumes declined by 4% due to structural conservation and customer conversions to natural gas, partially offset by colder weather [21] Company Strategy and Development Direction - The company is focusing on operational excellence and portfolio optimization, with a long-term EPS growth target of 5%-7% [5][25] - Investments of approximately $900 million were deployed, primarily in natural gas businesses, to enhance infrastructure and system reliability [7][23] - AmeriGas is undergoing a transformation to improve customer service and operational efficiency, with a focus on safety and financial discipline [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, anticipating a 5%-7% increase in reportable segment EBIT year-over-year [24][25] - The company expects to maintain strong operational performance despite anticipated higher interest expenses and normalization of the effective tax rate [24][25] - Future capital investments are projected between $4.5 billion and $4.9 billion to support strategic growth opportunities [25][26] Other Important Information - The company is committed to maintaining a leverage ratio at or below 3.75x for UGI Corporation and 4.0x for AmeriGas to ensure financial flexibility [26] - The operational and financial improvements at AmeriGas are expected to drive organic growth in the coming years [28] Q&A Session Summary Question: Guidance for midstream and LPG businesses - Management expects low double-digit growth across all business lines over the planning horizon, including midstream and LPG [34][35] Question: Update on NDAs and data center activity - There is significant ongoing activity with over 50 NDAs signed, indicating strong interest in growth opportunities in Pennsylvania [38] Question: Comments on potential electric utility market - The company continuously evaluates its portfolio for optimization opportunities but did not provide specific comments on the electric utility [40] Question: AmeriGas leverage targets - AmeriGas aims to achieve a leverage ratio below 4.5, driven by EBIT growth and deleveraging efforts [50][51] Question: Consistency of tax credits - Management confirmed that there will be no ongoing one-time tax credit items affecting future forecasts, leading to a normalized run rate [54] Question: CapEx and shareholder returns - Utility CapEx is expected to remain consistent or slightly increase, with a commitment to dividends in the future [56][57]

Financial Data and Key Metrics Changes - UGI Corporation achieved record-adjusted earnings per share (EPS) of $3.32, exceeding the revised guidance range of $3.00 to $3.15, representing a $0.26 increase from the prior year [4][17] - The company generated approximately $530 million in free cash flow and returned about $320 million to shareholders through dividends [4][22] - The leverage ratio for UGI Corporation was reported at 3.9 times, while AmeriGas stood at 4.9 times, reflecting disciplined debt reduction and improved performance [22][26] Business Line Data and Key Metrics Changes - AmeriGas reported EBIT of $166 million, a 17% increase year-over-year, driven by operational momentum and tax benefits [17][22] - The regulated utilities segment achieved record EBIT of $403 million, up $3 million from the previous year, with a total margin increase of $39 million due to a 10% rise in core market volumes [18] - The midstream and marketing segment's EBIT decreased by $20 million to $293 million, primarily due to lower margins and reduced income from equity method investments [19] Market Data and Key Metrics Changes - UGI International's EBIT declined by $9 million to $314 million, impacted by reduced margins and lower realized gains on foreign currency exchange [19][21] - LPG volumes decreased by 4% due to structural conservation and customer conversions from LPG to natural gas, although colder weather partially offset this decline [21] Company Strategy and Development Direction - The company is focusing on transforming its culture and operational discipline to enhance competitive advantage and drive sustainable growth [5][8] - UGI is raising its long-term EPS growth expectations to a compound annual growth rate target of 5-7%, supported by a robust capital investment program of $4.5 to $4.9 billion [5][25] - The strategic vision includes optimizing the portfolio and enhancing system reliability, particularly in the natural gas sector, to capitalize on energy expansion opportunities [9][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial improvements at AmeriGas, which are expected to drive organic growth in the coming years [28] - The company anticipates continued growth in all business lines, with a focus on low double-digit growth over the planning horizon [36][37] - Future guidance for fiscal 2026 projects adjusted diluted EPS in the range of $2.85 to $3.15, assuming normal weather and current tax conditions [23][24] Other Important Information - The company has successfully implemented stringent project management disciplines and increased technological adoption, including AI, to drive efficiency [8][10] - UGI is committed to maintaining financial discipline, targeting a leverage ratio at or below 3.75 times for UGI Corporation and 4.0 times for AmeriGas [26] Q&A Session Summary Question: Expectations for midstream and LPG businesses in the five-year plan - Management expects low double-digit growth across all business lines during the planning horizon, including midstream and LPG [36] Question: Update on natural gas activities and data center investments - Management confirmed ongoing significant discussions with over 50 counterparties regarding natural gas activities in Pennsylvania [40] Question: Comments on potential electric utility market considerations - Management stated that portfolio optimization remains a continuous focus, evaluating opportunities for value creation [42] Question: AmeriGas targets and deleveraging strategy - Management highlighted that AmeriGas has opportunities to drive value through operational improvements, expecting to approach a leverage ratio of 4.5 in the near future [49][53] Question: Consistency of earnings excluding one-time tax credits - Management confirmed that there will be no ongoing detriment or benefit from previous tax credits, indicating a normalized run rate for future earnings [56][58] Question: Changes in capital expenditure and shareholder returns - Management indicated that utility capital expenditures are expected to remain consistent or slightly increase, with a commitment to dividends in the future [60][61]

点击 关注 图|读|懂 温室气体自愿减排项目方法学 陆上油田低气量代生气回收利用 (CCER-10-004-V01) 为动员更广泛的行业、企业参与温室气体减排行 动,生态环境部、国家能源局于2025年11月21日联合 E 发《温室气体自愿减排顶目方法学 陆上油田低气量 伐生气回收利用(CCER-10-004-V01)》,自印 发之日起施行。 制定背景 油田伴生气是在石油开采过程中伴随原油一起 产出的天然气,当前我国陆上油田常规并场伴生气 回收率已达80%~95%,但低气量伴生气仍难以回 收。陆上油田低气量伴生气回收利用项目是瀏原本 通过火炬燃烧排放 秘油田伴生气 回收处理 习 可利用 的产品，具有推动甲烷回收利用、减少二氢化碳排 放、提高能源利用效率、僧加清洁能源供应等方面 的多重效益,对促进我国陆上油田开采行业绿色低 碳转型具有积极意义。 编 制 原 则 科学性原则 减排机理科学,减排项目普遍具备额外 性,符合行业相关技术规范要求。 可操作性原则 精简监测参数,兼顾开发成本和收益, 保障所有数据可监测、可追溯、可核实。 可持续发展原则 应符合团猜续发展理急,不会对生态环 境、社会经济发展等造成负面影响。 @ ...

点击 国家能源 关注 National Energy Administ 一图读懂 温室气体自愿减排项目方法学 海上油田伴生气回收利用 (CCER-10-002-V01) a B 1 100 5 90 为动员更广泛的行业、企业参与温室气体减排行 动, 生态环境部、国家能源局于2025年11月21日联合 ED友《温室气体自愿减排顶目方法学 海上油田代生气 回收利用（CCER-10-002—V01）》，自印发之日 起施行。 制定背景 在油田开采过程中,油层间信在与石油共生韵、 伴随着油一起开采出亲的伴生气,具主要成分为甲 烷、乙烷、丙烷、丁烷、戌烷和重竖。海上油田伴生 气回收利用项目是将原本通过火炬燃烧排放的油田伴 生气回收处理为可利用的产品，具有推动甲烷回收剂 用、减少二氧化碳排放、提高能源利用效率、僧加清 洁能源供应筹方面的多重效益,对促进我国海上油田 日系行业绿色低碳转型具有积极意义。 4户 生| 官 引 AM million Aut 科学性原则 减排机理科学,减排项目普遍具备额 : if the 外性,符合行业相关技术规范要求。 可操作性原则 精简监测参数，兼顾开发成本和收 益,保障所有数据可监测、可追 溯 ...

| 《八 国経期货 | | 能源 日报 | | --- | --- | --- | | 操作评级 | | 2025年11月21日 | | 原油 | ★☆☆ | 高明宇 首席分析师 | | 燃料油 | ★☆☆ | F0302201 Z0012038 | | 低硫燃料油 ★☆☆ | | 王盈敏 中级分析师 | | 沥青 | な☆☆ | F3066912 Z0016785 | | 液化石油气 ☆☆☆ | | 李海群 中级分析师 | | | | F03107558 Z0021515 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【原油】 隔夜国际油价进一步回落,SC01合约日内跌1.67%。昨日鸟克兰方面宣布乌总统已正式收到美国提交的俄乌和平 计划草案、俄鸟地缘风险溢价受到压制。我们认为供给端收缩引发的油价周期性拐点尚未见到,油价因地缘因 素引发的反弹空间总体受限,行情仍以震荡偏弱为主。 【燃料油&低硫燃料油】 本周商品量下降但到港量增加，供应端存增量利空压制。丁烷脱氢装置盈利改善提振下游化工企业开工积极 性,且多地大幅降温带动燃烧端需求好转。 ...