Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The precious metals market experienced significant fluctuations last week, with gold and silver prices soaring mid - week and silver hitting a record high, but then sharply correcting on Thursday and Friday. The international gold price returned to $4000 per ounce, and the silver price returned to around $50 per ounce. The long - term upward trend remains unchanged despite high volatility [3]. - Trade war easing has a bearish impact on gold prices, while the escalation of geopolitical tensions is favorable for gold [3][4]. - The probability of the Fed cutting interest rates in December has decreased, but it is likely to accelerate rate cuts next year. The short - term decline in gold and silver prices is directly related to the reduced probability of a December rate cut [9][10]. 3) Summary by Related Content Market Performance - Last week, the gold and silver markets were highly volatile. Gold and silver prices rose sharply mid - week, and silver set a new record high. However, they declined significantly on Thursday and Friday. The international gold price reached $4000 per ounce, and the silver price was around $50 per ounce [3]. Trade Policy - On November 14, the US White House announced that President Trump signed an executive order to adjust the scope of "reciprocal tariffs", excluding some agricultural products from the additional tariffs. The updated tariff exemption list will take effect on November 13, 2025, at 0:01 EST [3]. - This is a sign of trade war easing, which has a bearish impact on gold prices [4]. Geopolitical Situation - Geopolitical tensions have escalated. In the Russia - Ukraine situation, a German military official said Germany is ready to fight Moscow, and Ukraine stated it will not negotiate with Russia for the time being, intensifying regional tensions [5][6]. - On November 14, Russian Foreign Ministry Spokesperson Zakharova said Russia has no plan to attack NATO countries but will respond with all means if attacked [8]. Fed's Interest Rate Policy - The US government reopened, and some economic data affected by the shutdown will be released later. The uncertainty of data makes it more likely for the Fed to pause rate cuts before getting reliable new data [9]. - Some Fed officials, represented by Logan, find it difficult to support another rate cut in December, indicating a growing internal divide. The market's expectation of a December rate cut dropped from 62% to 51% last Thursday and further to 46% by Friday [9]. - Although the probability of a December rate cut has decreased, it is still possible. If the US stock market continues to fall, it may force the Fed to cut rates. A new Fed chair, likely a dovish figure approved by Trump, is expected to accelerate rate cuts next year [9][10].

姓名：李津文 F0244287 财达期货｜股指期货周报 财达期货｜股指期货周报 2025-11-17 研究员 Z0012495 冲高回落，仍需整固 行情回顾: 从业资格号： 上周四个股指期货品种走势以冲高回落为主，其中沪深 300 和 中证 500 的调整幅度相对较大。四个股指期货品种基差贴变化不 大，全部主力合约合约仍保持期货贴水模式。期指主力合约期货- 现货基差，IH 收于-8.03，IF 收于-27.74，IC 收于-98.06，IM 收 于-130.76。 投资咨询号： 上周 A 股市场整体呈现"指数区间震荡、结构轮动提速、资金 偏好谨慎"的特征。经济运行的基本平稳为市场提供了底部支撑， 但部分数据指标的反复也制约了指数的上行空间。截至周五收盘， 主要股指普遍小幅回调，成交继续小幅收缩。板块结构分化依旧， 资金在政策受益方向与低估值的确定性领域间快速切换。随着三季 报影响淡去，市场定价逻辑逐步转向明年业绩预期与政策受益方 向。整体来看，资金风险偏好有所收敛，在结构选择上更注重安全 边际与景气度的可持续性。 综合分析： 宏观方面，10 月份宏观经济数据的集中发布成为市场主要关 注点。11 月 14 日公 ...

财达期货｜螺纹钢、铁矿石 周报 财达期货｜螺纹钢、铁矿石 周报 2025-11-17 短期铁水需求止跌回升，带动螺矿企稳反弹 【螺纹钢】 研究员 Z0017173 请务必阅读正文之后的免责条款部分 第 1 页 共 10 页 姓名：薛国鹏 F3073406 期货方面：本周螺纹 01 合约在空头主力减仓驱动下维持窄幅整理走势。截 止周五，螺纹 01 合约收于 3053 元/吨，环比上周上涨 19 元， 周涨幅 0.63%。 从 业 资 格 号 ： 现货方面：本周螺纹主流地区价格开始小幅上调，整体成交一般。截止周 五，全国螺纹平均报价上调 17 元至 3242 元/吨；其中上海地区 螺纹价格维持不变 3190 元/吨；杭州地区螺纹价格上调 10 元至 3240 元/吨；北京地区螺纹价格上调 10 元至 3190 元/吨；天津 地区螺纹价格上调 10 元至 3210 元/吨；广州地区螺纹价格上调 40 元至 3330 元/吨。 投 资 咨 询 号 ： 基 本 面：供给方面：全国 247 家钢厂高炉开工率 82.81%，环比减少 0.32%， 同比增加 0.73%；高炉炼铁产能利用率 88.8%，环比增加 0.99% ...

财达期货｜铜周报 2025-11-17 财达期货｜铜周报 铜价区间震荡为主 F3084967 Z0018883 行情回顾：上周沪铜主力合约呈现震荡偏强格局，受矿端供应扰动及宏 观回暖预期支撑，但上方近压力显著，铜价冲高回落，周五受外盘金属下跌 带动沪铜小幅走弱，收于 86900 元/吨，较前一周+1.1%。 研究员 姓名：张珩 从 业 资 格 号 ： 供需方面，进口铜精矿加工费维持负值无太多变化，矿端短期仍供应紧 张，但印尼能源与矿产资源部表示，如果对前期因事故暂停生产的全球第二 大铜矿 Grasberg 矿，若评估完成并认为安全，将允许自由港恢复运营，后续 关注其恢复运营时间。国内方面，11 月 SMM 预计检修影响产量 4.8 万吨， 因为铜价持续走高，部分冶炼厂再度推迟检修至 12 月，SMM 预计 11 月电 解铜产量小幅度下降。上周 SMM 国内主要精铜杆企业开工率环比上升 4.91 百分点至 66.88%，同比下降 15.92 个百分点，主因再上一周铜价回调后企业 订单集中释放，成品库存去库显著，支撑开工率回升。但整体下游还是以刚 需采购为主，对价格敏感度比较高。预计本周开工率维持环比微增 1.6 ...

财达期货｜焦煤焦炭周报 2025-11-17 焦炭第四轮提涨落地困难，双焦期价大幅下跌 【期现行情】 上周焦煤 2601 合约周五收于 1192，周跌幅 6.14%，现货市场主流地区报价涨 跌互现。 研究员 上周焦炭 2601 合约周五收于 1669.5，周跌幅 4.95%，现货市场主流地区报价 暂稳运行。 姓名：申伟光 从 业 资 格 号 ： 【基本面分析】 F03088716 焦煤： 投 资 咨 询 号 ： Z0019628 供应端：上周全国 523 家炼焦煤矿山核定产能利用率 86.3%，环比上升 2.5%； 精煤日均产量 75.7 万吨，环比增加 1.9 万吨。全国 314 家独立洗煤厂产能利用率 37.4%，环比下降 0.2%；精煤日均产量 27.4 万吨，环比减少 0.1 万吨。上周，煤矿 主产地安全监管及环保督察等方面依然较严格，煤矿查超产情形未有放松，煤矿有 所复产，但目前产量仍在低位，煤矿产能释放困难，供应仍趋紧张。库存方面，因 洗煤厂生产较积极有所下降，炼焦煤矿山原煤库存上升幅度较大，精煤库存小幅下 降。 需求端：钢厂高炉开工率仍维持相对高位，焦钢企业仍有补库需求，对炼焦煤 刚性需求不减。 ...

财达期货｜生猪玉米周报 财达期货｜生猪、玉米周报 2025-11-17 生猪价格上涨乏力，玉米关注上方 2200 研究员 姓名：田金莲 F3046737 Z0015545 生猪 上周生猪期货震荡偏弱，LH2601 合约报收 11775 元/吨，较前 周结算价下跌 1.01%。 从业资格号： 投资咨询号： 现货方面，全国外三元生猪市场价为 11.96 元/公斤，环比下 跌 0.02 元/公斤。利润方面，截至 11 月 14 日，自繁自养生猪养殖 利润为-114.81 元/头，环比下降 25.6 元/头；外购仔猪养殖利润 为-205.64 元/头，环比下降 30.1 元/头；猪粮比价为 5.38，周环 比下降 0.15。 上周全国生猪现货价格缓慢下跌，周初部分企业出栏有限，局 部成交略有溢价；但随着养殖场出栏积极性提高，散户挺价情绪松 动，叠加需求端整体欠佳，生猪价格承压下跌。目前来看，随着价 格下调后，养殖端低价认卖情绪降低，但考虑到需求端支撑有限， 难以对猪价形成强力提振，叠加前期二育补栏猪源或陆续出栏，阶 段性供强需弱格局难以扭转，生猪价格上涨动力不足，预计短期低 位震荡为主，后续继续重点关注养殖端出栏节奏 ...

财达期货｜股指期货周报 财达期货｜股指期货周报 2025-11-10 姓名：李津文 从业资格号： F0244287 Z0012495 震荡整理，韧性犹在 研究员 行情回顾: 上周四个股指期货品种走势以震荡整理为主，其中中证 500 的 调整幅度相对较大。四个股指期货品种基差贴水深度走势分化，全 部主力合约合约仍保持期货贴水模式。期指主力合约期货-现货基 差，IH 收于-0.15，IF 收于-19.39，IC 收于-97.71，IM 收于-129.88。 投资咨询号： 上周 A 股市场有一定波动，但周线终以阳线报收。市场波动主 要受到美股本周跌幅较大的影响，美股科技股的大幅震荡波及到算 力板块。A 股在摆脱了外盘的影响后，后半周见底回升，并且以自 身较为独立的节奏，展现出了较为稳健的态势。市场风格轮动较为 快速，从储能到半导体，再到光伏和锂电。这种快速轮动具有更多 的良性特征，表明市场关注的焦点已经不再局限于 AI 算力，反映 的是市场情绪仍处在较为高涨的阶段。反内卷大背景下，多晶硅的 关注度较高;在锂电池领域，电池龙头和上游的材料供应商签订大 额供应协议的信息较多出现，叠加多个材料环节的价格上涨，市场 对新能 ...

上周焦炭 2601 合约周五收于 1756.5，周跌幅 1.15%，现货市场主流地区报价 提涨 50-55 元/吨落地。 姓名：申伟光 财达期货｜焦煤焦炭周报 2025-11-10 焦炭第三轮提涨落地，双焦期价震荡运行 【期现行情】 上周焦煤 2601 合约周五收于 1270，周跌幅 1.24%，现货市场主流地区报价偏 强运行。 研究员 【基本面分析】 焦煤： 投 资 咨 询 号 ： 供应端：上周全国 523 家炼焦煤矿山核定产能利用率 83.8%，环比下降 1%；精 煤日均产量 73.8 万吨，环比减少 2 万吨。全国 314 家独立洗煤厂产能利用率 37.6%， 环比上升 1.21%；精煤日均产量 27.5 万吨，环比减少 1 万吨。上周，煤矿主产地安 全监管及环保督察等方面依然较严格，临近年底，煤矿查超产情形使得部分国有煤 矿严格按要求生产，煤矿产能释放困难，供应仍趋紧张。库存方面，因洗煤厂生产 较积极，炼焦煤矿山原煤库存下降幅度较大，精煤库存小幅增加。 需求端：钢厂高炉开工率仍维持相对高位，焦钢企业仍有补库需求，对炼焦煤 刚性需求不减。焦炭第三轮提涨落地，焦企成本压力得到缓解，且焦企厂内库存处 于历史 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The live hog price is oscillating, and the corn futures market is oscillating and rebounding. The short - term live hog price may stabilize, and the corn market is in a supply - demand game stage with suggestions to participate in the short - term trading [3][5][8] Summary by Related Catalogs Live Hogs - Futures: Last week, the live hog futures were in a low - level oscillation. The LH2601 contract closed at 11,865 yuan/ton, a 0.08% decline from the previous week's settlement price [5] - Spot: The national average market price of outer three - yuan live hogs was 11.98 yuan/kg, a week - on - week decrease of 0.53 yuan/kg [5] - Profit: As of November 7, the self - breeding and self - raising live hog breeding profit was - 89.21 yuan/head, a week - on - week increase of 0.12 yuan/head; the profit of purchasing piglets for breeding was - 175.54 yuan/head, a week - on - week increase of 4.18 yuan/head; the pig - grain ratio was 5.53, a week - on - week decrease of 0.01 [5] - Market situation: The national live hog spot price stopped rising and fell last week. The market supply increased, but the downstream demand was insufficient. However, as the price dropped again, the slaughter acquisition sentiment improved, and the retail farmers' resistance to price cuts was strong. The short - term price may stabilize [5] Corn - Futures: Last week, the corn futures were oscillating strongly. The C2601 contract closed at 2,149 yuan/ton, a 1.46% increase from the previous week's settlement price [6] - Spot: The national average spot price of corn was 2,238.53 yuan/ton, a week - on - week decrease of 1.47 yuan/ton. Different ports had different price changes [6] - Consumption: From October 30 to November 5, 2025, 149 major corn deep - processing enterprises consumed 1.3818 million tons of corn, a week - on - week increase of 0.0286 million tons. The corn starch industry's开机率 increased, while the alcohol industry's开机率 decreased [7] - Inventory: As of November 5, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.795 million tons, a decrease of 1.13%. As of November 7, the total corn inventory of the four northern ports was about 1.02 million tons, and the corn inventory in Guangdong ports was 0.87 million tons [7] - Market situation: The decline of the national corn spot price slowed down last week. The market is in the new grain listing stage, with the purchase scope of the State Reserve Grain Corporation expanding. The downstream low - inventory enterprises have restocking needs, but the power to continuously raise prices is limited. The short - term corn market is in a supply - demand game, and the futures market is oscillating and rebounding [8]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Gold prices are in a short - term consolidation phase and are expected to continue rising in the medium and long term. Short - term international gold prices are supported at around $4000 per ounce, and prices may reach new highs in the medium and long term [2][8] 3. Summary by Related Content Gold Market Performance - Last week, gold prices were mainly in a sideways trend, with international gold prices remaining around $4000 per ounce [3] Macroeconomic Data - As of the end of October 2025, China's foreign exchange reserve scale was $3343.343 billion, up about $470 million from the end of September, an increase of 0.14%. The central bank's gold reserve at the end of October was 74.09 million ounces (about 2304.457 tons), a month - on - month increase of 30,000 ounces (about 0.93 tons) [3] Geopolitical Factors - The Russia - Ukraine conflict continues, with Russia strengthening its attacks. The intensification of the conflict in the short term supports gold prices [4] US Economic Situation - The US government shutdown has lasted for 38 days, the longest on record, which has had a significant impact on the economy. In November, the consumer confidence index dropped to 50.3, about 3 percentage points lower than last month and about 30% lower than the same period last year. The US labor market is cooling, and the probability of the Fed cutting interest rates by 25 basis points in December is 62.5% [5][6] Dollar Index - The dollar index rebounded above 100 but then weakened again, falling back to around 99.50 last Friday. A weaker dollar is beneficial for the stabilization of gold prices [8]