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%， ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The short - term price of precious metals shows narrow - range fluctuations, while the long - term bull market remains unchanged. The Fed's possible December interest rate cut and the development of the Russia - Ukraine conflict are expected to be positive for precious metal prices [2][7]. 3. Summary by Related Content Precious Metal Price Performance - Last week, the prices of gold and silver showed narrow - range fluctuations. The international gold price was around $4000 per ounce, and the silver price was around $50 per ounce [3]. Fed Interest Rate Cut Expectations - On November 20, after the release of the US September non - farm report, the probability of the Fed cutting interest rates in December dropped to less than 40%, leading to a stock market crash and a decline in precious metal prices. However, considering the rising unemployment rate, the dovish stance of the voting committee, and the possible impact of a continuous stock market crash, the probability of a 25 - basis - point interest rate cut in December has risen from less than 40% to over 70%. The Fed's possible interest rate cut in December is positive for precious metal prices [3][5]. Russia - Ukraine Conflict - The US has drafted a "28 - point plan" to end the Russia - Ukraine conflict, which includes multiple aspects such as cease - fire agreements, post - war reconstruction, and asset investment. Although it is not certain whether this plan will be accepted, it seems that the situation is moving towards peace, and precious metal prices are expected to benefit [6][7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the prices of coking coal and coke futures dropped significantly. The coking coal 2601 contract closed at 1103 on Friday, with a weekly decline of 7.47%, and the coke 2601 contract closed at 1614.5, with a weekly decline of 3.29% [3]. - For coking coal, supply increased slightly and demand remained stable last week. The coking coal 2601 contract fell below the 1120 support level, and short - term attention should be paid to the support around 1075 [4]. - For coke, both supply and demand decreased last week. The coke 2601 contract dropped significantly, and short - term attention should be paid to the support around 1610 [7]. - The coking coal - to - coke ratio rose rapidly last week, with an average of 1.44, and is currently at a relatively high level in the same period of the past 5 years. Attention should be paid to the range of 1.35 - 1.55 [7]. Summary by Directory 1. Futures and Spot Market Quotes - The coking coal 2601 contract closed at 1103 on Friday last week, with a weekly decline of 7.47%, and the spot market prices in mainstream areas were weak. The coke 2601 contract closed at 1614.5 on Friday, with a weekly decline of 3.29%, and the fourth round of price increase of 50 - 55 yuan/ton in the spot market in mainstream areas was implemented [3]. 2. Fundamental Analysis Coking Coal - **Supply**: The utilization rate of the approved production capacity of 523 coking coal mines nationwide was 86.9%, a 0.6% increase from the previous week; the daily average output of clean coal was 75.8 tons, a 0.1 - ton increase. The capacity utilization rate of 314 independent coal washing plants was 37.6%, a 0.2% increase; the daily average output of clean coal was 27.6 tons, a 0.2 - ton increase. Some coal mines resumed production, and the inventory of coking coal mines and independent coal washing plants began to accumulate [3]. - **Demand**: The blast furnace operating rate of steel mills remained relatively high, and there was still rigid demand for coking coal. After the fourth round of price increase of coke, the loss of coking enterprises narrowed, but the expectation of steel mill production reduction increased, and the coking enterprises also had the expectation of production reduction. After the previous replenishment, the willingness of coking and steel enterprises to replenish inventory decreased, and they mainly adopted a wait - and - see attitude towards coking coal procurement. The coking coal online auction prices mainly decreased, and the auction failure rate increased [4]. Coke - **Supply**: The capacity utilization rate of the national full - sample independent coking enterprises was 71.71%, a 0.07% increase from the previous week; the daily average output was 62.67 tons, a 0.33 - ton decrease. The profit per ton of 30 sample coking enterprises was 19 yuan/ton, a 53 - yuan increase. The coking enterprises' profitability improved, the capacity utilization rate increased slightly, and the inventory in the coking enterprises increased but was still at a low level. The port inventory decreased [6]. - **Demand**: The blast furnace operating rate of 247 steel mills was 82.19%, a 0.62% decrease from the previous week; the daily average pig iron output was 236.28 tons, a 0.6 - ton decrease. The steel mill profitability rate was 37.66%, a 1.3% decrease. The steel price rose slightly, but the profitability continued to decline. The steel demand market was in the off - season, and the sales of finished products were still restricted. Most steel mills maintained the previous production state. Some steel mills' coke inventory was in a reasonable state, and the procurement demand weakened, but the blast furnace operating rate was still relatively stable, and the rigid demand for coke was still high [6]. 3. Inventory | Commodity | Location | Inventory (tons) | Weekly Change (tons) | | --- | --- | --- | --- | | Coking Coal | Port | 291,500 | - 7,000 | | | Full - sample independent coking plants | 1,038,190 | - 30,780 | | | 247 sample steel mills | 797,080 | 6,910 | | | Total | 2,126,770 | - 30,870 | | Coke | Port | 193,000 | - 5,800 | | | Full - sample independent coking plants | 65,290 | 7,140 | | | 247 sample steel mills | 622,340 | - 60 | | | Total | 880,630 | 1,280 | [9]

财达期货｜股指期货周报 财达期货｜股指期货周报 2025-11-24 研究员 姓名：李津文 从业资格号： F0244287 Z0012495 大幅下挫，弱势难改 行情回顾: 上周四个股指期货品种走势以大幅下跌为主，其中中证 1000 和中证 500 的调整幅度相对较大。四个股指期货品种基差随着现货 市场大跌而贴水深度改善，但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-9.45，IF 收于-25.21， IC 收于-47.41，IM 收于-49.5。 投资咨询号： 上周 A 股市场弱势开盘，大幅下跌结尾。之前大盘指数的技术 指标已出现走弱的信号，行业上通信、算力、半导体等权重科技板 块走弱，具有防守性质的银行板块大幅上涨，这是市场走弱的技术 层面原因。此外，全球主要市场进入高波动阶段，对 A 股也造成了 较大影响。周四美股暴跌，纳斯达克指数日内跌幅接近 5%，其背 后是市场对美国陷入滞胀的担忧有所增加，以及英伟达公布亮眼财 报后公司股价不涨反跌，市场对其美股大型科技股高估值的担忧仍 未消散。放量下跌之后，市场企稳需有一个过程。但需要看到，短 线的快速下跌也有利于消化对科技估值较 ...

财达期货｜铜周报 2025-11-24 财达期货｜铜周报 铜价高位震荡为主 F3084967 Z0018883 行情回顾：上周沪铜主力合约周初延续前一周五的冲高回落趋势，后续 维持震荡走势，周五收于 85660 元/吨，较前一周-1.4%。 研究员 姓名：张珩 供需方面，进口铜精矿加工费无太多变化，11 月 18 日，自由港发布公 告，宣布全球印尼 Grasberg 地下矿将自 2026 年第二季度起逐步大规模重启 并提产，2026 年 Grasberg 矿区的预估产量调整为与 2025 年持平，约为 10 亿磅（约 45.4 万吨）铜，这一数字较 9 月修订后的事故前预估水平下降约 35%，所以中期来看对供应端还是有一定影响。上周 SMM 铜线缆开工率环 比升 1.32 个百分点，铜价回调至 86000 元/吨下，订单回升但个别企业观望， 汽车线束需求向好，11 月最后一周，企业将提产冲刺，SMM 预期开工率小 幅回升。漆包线行业机台开机率环比回升 0.73 个百分点至 77.93%。周中铜 价重心小幅回落，有效刺激下游下单需求，行业整体活跃度呈现回暖态势， 但仍未达到旺季常规水平。三大交易所库存环比增加 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The supply of live pigs in the market is relatively loose, and the situation of over - supply persists. It is expected that the short - term live pig price will have limited rebound. [5] - The price of corn continued to rise last week. Although the upward momentum may slow down, the price is still driven by factors such as farmers' reluctance to sell, increased procurement by the state reserve, and downstream enterprises' restocking. [8] 3. Summary by Related Catalogs Live Pigs - Futures: The LH2601 contract of live pig futures closed at 11,350 yuan/ton last week, a 3.73% decrease from the previous week's settlement price. [5] - Spot: The national average market price of outer - ternary live pigs was 11.74 yuan/kg, a week - on - week decrease of 0.22 yuan/kg. [5] - Profit: As of November 21, the profit of self - breeding and self - raising live pigs was - 135.9 yuan/head, a week - on - week decrease of 21.09 yuan/head; the profit of purchasing piglets for breeding was - 234.63 yuan/head, a week - on - week decrease of 28.99 yuan/head; the pig - grain ratio was 5.23, a week - on - week decrease of 0.15. [5] - Market situation: The national live pig spot price first declined and then stabilized last week. The supply was relatively abundant, and the resistance of the breeding side to low prices increased, but the overall pressure to sell remained. The terminal demand had not increased significantly, and the support from the demand side was limited. [5] Corn - Futures: The C2601 contract of corn futures first declined and then rose last week, closing at 2,195 yuan/ton, a 0.6% increase from the previous week's settlement price. [6] - Spot: The national average spot price of corn was 2,280.29 yuan/ton, a week - on - week increase of 9.31 yuan/ton. The prices at ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all increased. [6] - Deep - processing consumption: From November 13 to 19, 2025, 149 major corn deep - processing enterprises consumed 138.31 tons of corn, a week - on - week decrease of 0.34 tons. The processing volume of corn starch enterprises decreased, and the weekly output of starch decreased, with the weekly operating rate dropping by 2.59%. The operating rate of the DDGS industry increased by 2.16%, and the weekly production increased by 3.21%. [7] - Inventory: As of November 19, the total corn inventory of 96 major corn processing enterprises in 12 regions decreased by 0.29%. As of November 21, the total corn inventory in the four northern ports was about 1.01 million tons, and the corn inventory in Guangdong Port was 714,000 tons. [7] - Market situation: The national corn spot price continued to rise last week. Logistics restrictions affected the supply of corn, and the arrival volume of deep - processing enterprises remained low, with the purchase price being stable and slightly stronger. The operating rate of the corn starch industry decreased slightly, while that of alcohol enterprises continued to rise. Feed enterprises had relatively high inventory and mainly purchased high - quality dry corn. The price increase may slow down in the future, and the short - term upper pressure levels are 2,210 - 2,220 yuan/ton. [8]

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].

Report Title - The Weekly Report on Stock Index Futures by Caida Futures [1][2] Report Date - November 17, 2025 [2] Researcher - Name: Li Jinwen; Qualification Number: F0244287; Investment Consulting Number: Z0012495 [3] Report Core View - The stock index futures showed a pattern of rising and then falling last week and still need consolidation. The market may continue to fluctuate in the short - term to digest pressure and accumulate momentum [3][4][6] Market Review Stock Index Futures - Last week, the four stock index futures showed a pattern of rising and then falling, with relatively large adjustments in CSI 300 and CSI 500. The basis of all four futures varieties changed little, and all the main contracts remained in the futures discount mode. The futures - spot basis of the main contracts were: IH at - 8.03, IF at - 27.74, IC at - 98.06, and IM at - 130.76 [4] A - share Market - The A - share market last week featured "index range - bound fluctuations, accelerated structural rotation, and cautious capital preference". The stable economic operation provided bottom support, but the fluctuations of some data restricted the upward space of the index. By the end of Friday, the main stock indices generally declined slightly, and trading volume continued to shrink slightly. There was still a differentiation in the sector structure, and capital quickly switched between policy - beneficiary sectors and low - valuation sectors. After the impact of the third - quarter reports faded, the market pricing logic gradually shifted to next year's performance expectations and policy - beneficiary directions. Overall, capital risk preference converged, and more attention was paid to the safety margin and sustainability of prosperity in structural selection [4] Comprehensive Analysis Macroeconomic Situation - The release of October's macro - economic data was the main focus of the market. On November 14, it was announced that the national economy continued to develop steadily: industrial production and the service industry remained stable; market sales continued to expand; and the employment situation was generally stable. In October, the year - on - year CPI changed from a 0.3% decline last month to a 0.2% increase, and the year - on - year decline of PPI narrowed for the third consecutive month to 2.1%, indicating the initial signs of domestic demand recovery. Meanwhile, the interpretation of the "15th Five - Year Plan" continued, and the market continuously discussed the future industrial policies and measures to expand domestic demand [5][6] Market Outlook - The October economic data further confirmed the resilience of China's economic recovery, especially the marginal improvement in prices helped stabilize market expectations. However, the full recovery of effective demand still requires more time and policy support. In this context, the market may continue to fluctuate in the short - term to digest pressure and accumulate momentum [6]