Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For rebar, short - term construction steel enterprises' production cuts and maintenance are increasing, leading to a significant decline in rebar production. Although the apparent demand has declined, the inventory reduction has accelerated. It is expected that rebar will maintain a relatively strong consolidation trend in the short term [5][8]. - For iron ore, short - term imported ore shipments have increased slightly, but the expected arrival volume will decline significantly next week, and port inventory pressure will gradually ease. The daily iron water volume and steel mill's daily consumption are decreasing, and steel mills are mainly adopting the winter storage replenishment strategy. It is expected that iron ore will maintain a range - bound trend later [11]. 3. Summary by Related Catalogs Rebar - **Futures**: This week, the rebar 05 contract maintained a relatively strong consolidation driven by the long - position main force. As of Friday, it closed at 3157 yuan/ton, up 40 yuan from last week, with a weekly increase of 1.28% [5]. - **Spot**: This week, the mainstream rebar prices in various regions continued to rise slightly, with average trading. As of Friday, the national average rebar price increased by 35 yuan to 3326 yuan/ton. Prices in different regions showed mixed trends [5]. - **Fundamentals**: - **Supply**: The blast furnace operating rate and iron - making capacity utilization rate of 247 steel mills decreased. The average operating rate of 90 electric - furnace steel mills decreased, while the capacity utilization rate increased. Rebar weekly output decreased by 16.77 tons to 189.31 tons, remaining at a low level year - on - year [5]. - **Demand**: This week, building material trading volume and rebar's apparent consumption both declined slightly, and the apparent consumption remained at a low level in the same period [8]. - **Inventory**: The inventory of five major steel products and rebar continued to decline slightly. As of Friday, the total rebar inventory decreased by 27.67 tons to 503.81 tons, remaining at a low level in the same period [8]. - **Basis**: As of Friday, the lowest warehouse - receipt quotation for rebar in Tianjin was 3260 yuan/ton, with a premium of 103 yuan over the rebar 05 contract, a contraction of 37 yuan from last week. The rebar basis is above the average, and it is expected to contract in the future [8]. Iron Ore - **Futures**: This week, the iron ore 05 contract maintained a weak consolidation driven by the short - position main force. As of Friday, it closed at 769.0 yuan/ton, up 1 yuan/ton from last week, with a gain of 0.13% [8]. - **Spot**: This week, the prices of mainstream imported ore varieties generally decreased slightly, and the prices of domestic iron concentrates began to stabilize and decline, with average trading [8]. - **Fundamentals**: - **Supply**: As of the 1st, the total shipments of iron ore from Australia and Brazil were 2765.8 tons, an increase of 128.4 tons. The 45 - port arrival volume was 2699.3 tons, a decrease of 117.8 tons. The arrival volume has quickly recovered to the high level of the same period [11]. - **Demand**: The daily average port clearance volume of 45 ports decreased. The weekly average trading volume of port spot iron ore increased. The daily average hot - metal output of 247 steel mills decreased, and the daily consumption of imported ore by 247 steel mills decreased. All indicators remained at medium - to - high levels in the same period [11]. - **Inventory**: As of the 28th, the 45 - port iron ore inventory continued to increase slightly, reaching 15300.81 tons. The imported iron ore inventory of 247 steel mills increased to 8984.73 tons, remaining at a relatively low level in the same period [11]. - **Basis**: As of Friday, the best - delivery product, the Carajás fines at Rizhao Port, was 808 yuan/ton, with a premium of 23 yuan over the iron ore 05 contract, a contraction of 3 yuan from last week. The iron ore basis is above the average, and it is expected to continue to contract in the future [11].

财达期货｜贵金属周报 2025-12-8 银价再创新高 牛市不言顶 研究员 上周金银价格在高位虽有一定振荡，但保持强势。国际金价仍 在每盎司 4200 美元振荡，白银价格接近每盎司 60 美元大关的历史 高位。 从业资格号： 投资咨询号： 11 月ＡＤＰ数据下滑，显示就业市场疲软 上周首次申请失业救济金人数降至 2022 年 9 月以来最低的 19.1 万，低于市场预期的 22 万,前值为 21.6 万人。但素有小非农 之称的美国 11 月 ADP 报告显示，11 月私营部门就业人数意外减少 3.2 万人。道琼斯调查的经济学家此前预计当月将增加 4 万人。这 份数据表现不佳，显示劳动力市场萎缩，使市场增大了美联储在 12 月货币政策会议上降息的预期。 9 月消费者支出显示经济放缓早已开始 美国消费者支出 9 月几乎没有变化，8 月增幅被下修至 0.2%。 这份报告原定于 10 月 31 日出炉，因政府停摆而被推迟发布。不包 括食品和能源的核心个人消费支出（PCE）价格指数较 8 月上升 0.2%， 同比升幅 2.8%。 消费支出放缓表明，在 10 月 1 日史上最长政府停摆期开始之 前，美国经济的主要增长引擎 ...

上周焦炭 2601 合约周五收于 1574.5，周跌幅 2.48%，现货市场主流地区报价 暂稳运行。 姓名：申伟光 从 业 资 格 号 ： 财达期货｜焦煤焦炭周报 2025-12-01 焦炭提降预期增强，双焦期价大幅下跌 【期现行情】 上周焦煤 2601 合约周五收于 1067，周跌幅 3.26%，现货市场主流地区报价偏 弱运行。 研究员 【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%，环比下降 0.9%；精 煤日均产量 76.4 万吨，环比增加 0.6 万吨。全国 314 家独立洗煤厂产能利用率 36.3%，环比下降 1.3%；精煤日均产量 26.6 万吨，环比减少 1 万吨。上周，煤矿主 产地安全及环保检查未有放松，煤矿复产节奏缓慢，且有新增停产煤矿，短期内炼 焦煤原料端供应受限。库存方面，焦煤价格持续偏弱，下游观望情绪增加，拉运积 极性下降，煤矿出货压力增加，炼焦煤矿山原煤及精煤库存大幅累库，独立洗煤厂 精煤库存累库。 需求端：钢厂高炉开工率仍维持相对高位，对炼焦煤刚性需求仍存。焦炭第四 轮提涨落地后，焦 ...

俄乌局势仍难走向终局 上周市场一度认为俄乌停火就近在眼前。特朗普提出的 28 条 和平协议一度被认为乌方可能心里虽抗拒但会无牌可打也会勉强 接近接受，俄罗斯方面因为这个草案向其倾斜也说可以作为谈判基 研究员 财达期货｜贵金属周报 2025-12-01 金银重回牛市 银价一飞冲天 上周金银价格再度连续大涨，特别是白银价格一飞冲天。国际 金价回升至每盎司 4250 美元附近，国际银谷飙升至每盎司 57 美元 附近。 从业资格号： 投资咨询号： 零售不及预期 消费者信心下降 美联储上周三发布的经济状况调查报告"褐皮书"表示，过去 六周求职者面临的形势并不乐观，调查的 12 个地区中有半数报告 雇主招聘意愿下降。褐皮书指出，更多企业通过招聘冻结、仅替换 性招聘和自然减员来限制员工数量。多家雇主也会通过调整工作小 时数来适应高于或低于预期的业务量。 另据美国商务部数据，9 月零售业销售额环比增长 0.2%，较上 月放缓 0.4 个百分点，且不及预期。此外，美国智库"世界大型企 业联合会"发布的调查数据显示，11 月，美国消费者信心指数为 88.7，较 10 月份下滑 6.8，创 7 个月新低。 姓名：李津文 F0244 ...

财达期货｜铜周报 2025-12-1 财达期货｜铜周报 F3084967 Z0018883 行情回顾：上周沪铜主力合约整体呈震荡偏强趋势，主要是受美元指数 持续走弱、美联储降息预期重新走强的影响。尤其周五夜盘大幅走强，收于 88740 元/吨，较前一周约+3.6%。 研究员 姓名：张珩 从 业 资 格 号 ： 供需方面，智利国家铜业（Codelco)对 2026 年 CIF 台湾电解铜长单报 价在 330 美元/吨，较 2025 年 85 美元/吨上涨 245 美元/吨。外媒消息称， 智利国家铜业公司目前正大幅推高其对中国客户的精炼铜年度溢价，理由是 担心可能出现铜货短缺。中国铜原料联合谈判小组（CSPT）为了加快解决目 前铜精矿加工费偏离市场合理水平，落实国家反内卷相关政策要求，成员企 业达成了多项共识，其中就包括 2026 年度降低矿铜产能负荷 10%以上，改 善铜精矿供需基本面，并抵制恶意竞争。后续供需方面支撑还是非常强的。 下游来看，国内主要精铜杆企业开工率环比微幅下降 0.89 个百分点至 69.2%， 主因铜价上升抑制下游采购情绪。临近年末，部分精铜杆企业为完成产值任 务进行冲刺。但是受限于天气渐 ...

财达期货｜螺纹钢、铁矿石 周报 请务必阅读正文之后的免责条款部分 第 1 页 共 9 页 Z0017173 期货方面：本周螺纹 01 合约在空头主力减仓驱动下维持小幅反弹。截止周 五，螺纹 01 合约收于 3110 元/吨，环比上周上涨 53 元，周涨 幅 1.73%。 从 业 资 格 号 ： F3073406 现货方面：本周螺纹主流地区价格继续小幅上调，整体成交一般。截止周 五，全国螺纹平均报价上调 23 元至 3291 元/吨；其中上海地区 螺纹价格上调 30 元至 3250 元/吨；杭州地区螺纹价格上调 40 元至 3290 元/吨；北京地区螺纹价格维持不变 3220 元/吨；天 津地区螺纹价格维持不变 3210 元/吨；广州地区螺纹价格上调 90 元至 3490 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 81.09%，环比减少 1.10%， 同比减少 0.53%；高炉炼铁产能利用率 87.98%，环比减少 0.60%， 同比增加 0.18%；全国 90 家电炉钢厂平均开工率 69.13%，与上 周持平，同比上升 0.79%；电炉平均产能利用率 52.73% ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The four stock index futures varieties showed a stable rebound last week, with relatively large rebound amplitudes in CSI 1000 and CSI 500. All main contracts remained in the futures discount mode. The A - share market presented features of "index stabilization, sector - structure differentiation, and focused capital preference" last week. The market turnover decreased compared to the previous week, and the trading sentiment was still cautious. In November, the market showed an overall pattern of volatile adjustment, with significant differentiation in the trends of major stock indices. The core hotspots were concentrated in the battery industry chain, regional themes, and computing power hardware. Some state - owned large - scale banks in the weight camp also reached new stage highs, indicating the capital's preference for low - valuation and high - dividend assets in a volatile market [2] - In November 2025, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, and the non - manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month. The manufacturing prosperity declined, possibly due to weak demand and fewer working days. Looking ahead, the long - term liquidity released by the central bank's reserve requirement ratio cut and the increasing policy expectations due to the approaching Central Economic Work Conference support the market to bottom out and rebound. However, external market fluctuations may cause short - term emotional fluctuations. The short - term market may continue the feature of "bottom - range oscillation with a focus on structure" [3][4] 3. Summary by Related Contents Market Review - The four stock index futures varieties mainly rebounded stably last week, with relatively large rebound amplitudes in CSI 1000 and CSI 500. The basis of the four stock index futures varieties fluctuated slightly, and all main contracts were in the futures discount mode. The basis of the main futures contracts (futures - spot) was - 6.42 for IH, - 20.86 for IF, - 57.35 for IC, and - 73.41 for IM. The A - share market showed "index stabilization, sector - structure differentiation, and focused capital preference" last week. By the Friday close, major stock indices generally rose slightly, but the weekly trading volume decreased compared to the previous week, and the trading sentiment was cautious. In November, the market was in a volatile adjustment pattern, with significant differentiation in the trends of major stock indices. The core hotspots were in the battery industry chain, regional themes, and computing power hardware. Some state - owned large - scale banks in the weight camp reached new stage highs, reflecting the capital's preference for low - valuation and high - dividend assets in a volatile market [2] Comprehensive Analysis - In November 2025, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, and the non - manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month. The manufacturing prosperity decline might be related to weak demand and fewer working days. Looking ahead, the long - term liquidity released by the central bank's reserve requirement ratio cut and the increasing policy expectations due to the approaching Central Economic Work Conference support the market to bottom out and rebound. However, external market fluctuations may cause short - term emotional fluctuations. The short - term market may continue the feature of "bottom - range oscillation with a focus on structure" [3][4]

姓名：田金莲 F3046737 Z0015545 生猪 财达期货｜生猪玉米周报 财达期货｜生猪、玉米周报 2025-12-01 生猪价格低位震荡，玉米谨防高位回调 研究员 上周生猪期货低位震荡，LH2601 合约报收 11465 元/吨，较前 周结算价上涨 0.53%。LH2603 合约报收 11250 元/吨，较前周结算 价下跌 0.22%。 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 11.63 元/公斤，环比下 跌 0.11 元/公斤。利润方面，截至 11 月 28 日，自繁自养生猪养殖 利润为-147.99 元/头，环比下降 12.09 元/头；外购仔猪养殖利润 为-248.82 元/头，环比下降 14.19 元/头；猪粮比价为 5.1，周环 比下降 0.13。 财达期货｜生猪玉米周报 玉米 上周玉米期货强势上涨，C2601 合约报收 2244 元/吨，较前周结算价上涨 2.79%。 现货方面，全国玉米现货均价为 2329.8 元/吨，周环比上涨 49.51 元/吨。 港口方面，截止 11 月 28 日，锦州港地区水分 15%容重 720 以上的玉米报价 2150-2175 元/吨， ...

财达期货｜螺纹钢、铁矿石 周报 财达期货｜螺纹钢、铁矿石 周报 2025-11-24 淡季需求特征尚未显现，螺矿延续偏强整理 【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 9 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偏强整理走势。截 止周五，螺纹 01 合约收于 3057 元/吨，环比上周上涨 4 元，周 涨幅 0.13%。 从 业 资 格 号 ： 现货方面：本周螺纹主流地区价格继续小幅上调，整体成交一般。截止周 五，全国螺纹平均报价上调 26 元至 3268 元/吨；其中上海地区 螺纹价格上调 30 元至 3220 元/吨；杭州地区螺纹价格上调 10 元至 3250 元/吨；北京地区螺纹价格上调 30 元至 3220 元/吨； 天津地区螺纹价格维持不变 3210 元/吨；广州地区螺纹价格上 调 70 元至 3400 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 82.19%，环比减少 0.62%， 同比增加 0.26%；高炉炼铁产能利用率 88.58%，环比减少 0.22%， ...

财达期货｜贵金属周报 2025-11-24 短线窄幅波动 中长线牛市未变 上周金银价格总体是窄幅波动，国际金价围绕每盎司 4000 美 元，白银价格围绕每盎司 50 美元整理。 从业资格号： 美股暴跌倒逼美联储，12 月降息又有戏了 11 月 20 日，美国劳工统计局公布了原定于 10 月 3 日发布的 美国 9 月非农报告。9 月非农就业人口增长 11.9 万人，是预期 5.1 万的两倍多，与此同时，美国 9 月失业率 4.4%，高于预期和前值 4.3%，为 2021 年 10 月以来最高。新增就业人数增加，但失业率也 上升，可以说是一份割裂的非农报告。 数据公布后，当日显示的美联储 12 月降息概率跌至不足 40%， 也直接导致了美股暴跌和金银价格的下跌。 但其实相对于新增非农就业人口统计的随意性（经常被修正）， 失业率更为重要。9 月失业率升至 4.44%，失业率连续三个月上升， 就业市场走弱有可能继续体现在后续的经济数据中，且 12 月投票 的 12 位票委中鸽派仍占优势。 更重要的是，美股若持续暴跌，会倒逼美联储降息救美股。 事实上，上周四美股大跌后，纽约联储主席威廉姆斯上周五就 表示：货币政策仍略 ...