早间洞察：2025年11月20日

Morning Insight:November 20, 2025 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Precious Metals:Recently, gold and silver have shown range-bound butslightly stronger performance. We believe the long-term upward trend forgold and silver remains certain, but in the short term, prices arevolatile at high levels, lacking clear macro drivers while themarketcontinues to watch for risks. Last night, Kevin Hassett, Director of the Lithium Carbonate:In the short term, prices are biased to the upside, off-season in Q1. From a fundamentals perspective, the industry is stillin a destocking cycle, and the overall marginal change is limitedcompared with earlier periods. Currently, spot market trading is Fuel Oil and Low-Sulfur Fuel Oil:Both continue to weaken following crudeoil. High sulfur is expected to remain weaker than low sulfur, but oneshould be alert to the risk of a medium-to long-term reversal in low- For low sulfur, maintenance in Brazil, Japan, and other regions is stillongoing. At the same time, high gasoline/diesel crack spreads in Europeare causing heavy components to be diverted into the processing pool, extrapolation of monthly production volumes suggests that quota balancesremain relatively ample. Once overseas low-sulfur prices decline due to Therefore, it is recommended to monitor the potential for low-sulfur PX:Overseas aromatics blending demand has increased, and combined withthe planned load reduction at Korea GS’s disproportionation unit No. 2,PX supply is relatively tight, and the outright price is rising. The May– On the supply side, domestic units are maintaining high operating rates.However, disproportionation units in the U.S. and Korea are sufferingsignificant losses, and under poor economics they are choosing to cut Terminal polyester demand is weakening at the margin, and positions Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's Ministry of Finance announced on Wednesday that it hassuccessfully issued euro-denominated sovereign bonds worth 4 billion Of the total, the issuance of four-year bonds stood at 2 billion euros invalue with a yield of 2.401 percent, and the issuance of seven-year bonds This marks the first time that China had issued euro-denominated The bonds were warmly received by the market, with international The investor base was diversified in both geography and type, according By region, European and Asian investors accounted for 51 percent and 35percent of total subscription, while Middle Eastern and offshore U.S. By investor type, sovereign institutions accounted for 26 percent of theinvestor base, while funds and asset management institutions, banking and The ministry said the bonds are fully deposited with the CentralMoneymarkets Unit of the Hong Kong Monetary Authority and will 2. The number of charging piles for electric vehicles (EVs) in China Among them, around 4.53 million were public charging facilities while over 14.11 million were private, up 39.5 percent and 59.4 percent, respectively, data from the National Energy Administration showed. The combined rated power of public EV charging facilities was approximately 203 million kilowatts at the end of October, or 44.69 kilowatts on average, according to the data. Earlier last month, China unveiled a three-year action plan to improvethe country's EV charging infrastructure, aiming to establish a 3. Hong Kong Hang Seng Index gained 24.2 points, or 0.09 percent, to open Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consulting The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private cons