Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - Short - term iron water demand stops falling and rebounds, driving the stabilization and rebound of rebar and iron ore. For rebar, the short - term supply is affected by production restrictions and maintenance, and the demand faces seasonal weakening pressure. It is expected to maintain high - level consolidation with the support of coal and coke costs and start a technical rebound. For iron ore, the short - term import shipment volume decreases slightly, the demand side shows a slight increase in daily iron water volume, and it is expected to maintain a technical rebound [3][5][7][8][10][11] Summary by Related Catalogs Rebar Futures - This week, the rebar 01 contract maintained a narrow - range consolidation trend driven by the reduction of short - selling main positions. As of Friday, it closed at 3053 yuan/ton, up 19 yuan from last week, with a weekly increase of 0.63% [5] Spot - This week, the prices of mainstream rebar regions began to rise slightly, and the overall trading volume was average. As of Friday, the national average rebar quotation increased by 17 yuan to 3242 yuan/ton. Different regions had different price adjustments [5] Fundamental - **Supply**: The blast furnace operating rate of 247 domestic steel mills was 82.81%, a decrease of 0.32% month - on - month and an increase of 0.73% year - on - year; the blast furnace iron - making capacity utilization rate was 88.8%, an increase of 0.99% month - on - month and an increase of 0.22% year - on - year. The average operating rate of 90 electric furnace steel mills was 68.13%, an increase of 1.1% month - on - month and a decrease of 3.3% year - on - year; the average electric furnace capacity utilization rate was 53.18%, an increase of 2.31% month - on - month and a decrease of 0.85% year - on - year. The weekly rebar output decreased by 8.54 tons to 200.0 tons, still at a low level year - on - year [5] - **Short - process steel mills**: The estimated cost of electric furnaces in East China was 3176 yuan, an increase of 6 yuan month - on - month. The profit of rebar electric furnaces was a loss of 276 yuan, and the loss margin shrank by 4 yuan compared with last week. The operating rate and capacity utilization rate of electric furnaces began to rise slightly this week [5] - **Long - process steel mills**: The estimated cost of crude steel in East China was 3002 yuan, an increase of 52 yuan month - on - month. The profit of rebar blast furnaces was a loss of 112 yuan, an increase of 52 yuan compared with last week. The operating rate of domestic blast furnaces began to decline slightly, while the capacity utilization rate began to rise slightly. The loss margin of long - process steel mills continued to expand [8] - **Demand**: This week, the building material trading volume and the apparent consumption of rebar continued to decline slightly. The 5 - day average building material trading volume decreased by 0.03 tons to 9.67 tons month - on - month, and the apparent consumption of rebar decreased by 2.15 tons to 216.37 tons month - on - month. In absolute terms, the apparent consumption of rebar remained at a low level in the same period [8] - **Inventory**: This week, the inventory of five major steel products and rebar continued to decline slightly. As of Friday, the total rebar inventory decreased by 16.37 tons to 576.17 tons. In absolute terms, the current rebar inventory remained at a low level in the same period [8] - **Basis**: As of Friday, the lowest warehouse receipt quotation for rebar in Shanghai was 3190 yuan/ton, with a premium of 137 yuan over the rebar 01 contract, a contraction of 19 yuan compared with last week. The current rebar basis is above the average, and it is expected that the probability of rebar basis contraction is relatively large in the later period [8] Comprehensive Judgment - In the short term, the rebar output continues to decline due to production restrictions and maintenance on the supply side. The demand side faces seasonal weakening pressure, and the apparent consumption of rebar decreases slightly. It is expected that the short - term rebar futures will maintain high - level consolidation with the support of coal and coke costs and start a technical rebound [8] Iron Ore Futures - This week, the iron ore 01 contract maintained a slight rebound driven by the reduction of short - selling main positions. As of Friday, it closed at 772.5 yuan/ton, up 12.0 yuan/ton from last week, with a gain of 1.58% [8] Spot - This week, the prices of mainstream imported ore varieties showed mixed trends, and the prices of domestic iron ore concentrates continued to decline steadily. The overall trading volume improved. As of Friday, the prices of different iron ore varieties in different ports had different adjustments [8] Fundamental - **Supply**: As of the 10th, the total shipment volume of Australian and Brazilian iron ore was 2548.6 tons, a decrease of 210.6 tons month - on - month. The shipment volume from Australia was 1810.8 tons, a decrease of 84.3 tons month - on - month, and the volume shipped to China was 1534.0 tons, a decrease of 71.8 tons month - on - month. The shipment volume from Brazil was 737.8 tons, a decrease of 126.3 tons month - on - month. The arrival volume of 45 ports was 2741.2 tons, a decrease of 477.2 tons month - on - month; the arrival volume of six northern ports was 1525.8 tons, a decrease of 60.1 tons month - on - month [10] - **Demand**: The current daily average port clearance volume of 45 ports is 326.95 tons, an increase of 6.02 tons month - on - month. The weekly average trading volume of iron ore port spot is 106.9 tons, a decrease of 18.0 tons month - on - month. The daily average molten iron output of 247 steel mills is 236.88 tons, an increase of 2.66 tons compared with last week and an increase of 0.94 tons compared with last year. The daily consumption of imported ore by 247 steel mills is 292.63 tons, an increase of 3.93 tons month - on - month [10] - **Inventory**: As of the 14th, the iron ore inventory of 45 ports continued to increase slightly, currently at 15129.71 tons, an increase of 230.88 tons month - on - month. The imported iron ore inventory of 247 steel mills is 9076.01 tons, an increase of 66.07 tons month - on - month [10] - **Basis**: As of Friday, the best - delivery product, the iron ore powder at Rizhao Port, was quoted at 821 yuan/ton, with a premium of 49 yuan over the iron ore 01 contract, a contraction of 7 yuan compared with last week. It is expected that the probability of the iron ore basis starting to contract is relatively large [10] Comprehensive Judgment - In the short term, the import shipment volume of iron ore continues to decline slightly, and it is expected that the arrival volume will decrease slightly next week, and the port inventory pressure will be relieved. The daily molten iron volume on the demand side begins to increase slightly, and the steel mills' daily consumption rebounds synchronously. It is expected that the short - term iron ore futures will start a technical rebound [10][11]

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 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Last week, the four stock index futures varieties showed a trend of oscillating consolidation, and the A - share market had certain fluctuations but ended the week with a positive line. The market is expected to be in an oscillating upward channel, but the post - third - quarter market will be more tortuous [3][5] Group 3: Summary by Relevant Catalogs Market Review - Last week, the four stock index futures varieties mainly oscillated and consolidated, with CSI 500 having a relatively large adjustment range. All main contracts remained in the futures discount mode, with IH at - 0.15, IF at - 19.39, IC at - 97.71, and IM at - 129.88. The A - share market was affected by the sharp decline of US stocks but recovered in the second half of the week. The market style rotated rapidly, and the expectation of the overall recovery of the new energy industry was increasing [3] Comprehensive Analysis - Overseas, the US federal government shut down, the Fed cut interest rates again in October and maintained its September economic judgment, and the euro - zone economy showed a marginal improvement with the ECB keeping policy rates unchanged. Macroscopically, China's October PMI declined compared to the previous value, and the trade data showed a slight decline in exports and a slowdown in import growth in October, but it will improve in November. The A - share market is still in an oscillating upward channel, but the post - third - quarter market will be more tortuous [4][5]

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]

财达期货｜铜周报 财达期货｜铜周报 2025-11-10 铜价短期震荡走势为主 F3084967 Z0018883 总的来看，鲍威尔言论偏鹰对铜价不利，下游需求不能为铜价提供持续 上行动能，前期冲高后短期有回调压力，铜价可能重回震荡走势，但基本面 支撑较强，中长期还是易涨难跌。 请务必阅读正文之后的免责条款部分 第 1页共 3页 财达期货｜铜周报 国内外铜期货近期走势 数据来源：同花顺 iFinD 国内铜现货价格近期走势 数据来源：同花顺 iFinD 请务必阅读正文之后的免责条款部分 第 2页共 3页 行情回顾：上周沪铜主力合约周一大幅走弱，延续上周冲高回落的跌势， 后续周内维持震荡走势，周五收于 85920 元/吨，较上周有 1.25%的跌幅。 供需方面，嘉能可（Glencore）公布数据显示前三个季度铜产量下降 17%， 公司还下调了今年铜产量目标。进口铜精矿现货 TC 指数维持在-42 美元/吨 一线，现货冶炼利润持续亏损。SMM 铜线缆企业开工率 63.45%，环比回升 2.66 个百分点，铜价出现回调，缓解了部分前期高铜价对需求的抑制。下游 提货节奏加快，漆包线行业成品库存周转天数也有小幅下降。SM ...

财达期货｜生猪玉米周报 财达期货｜生猪、玉米周报 2025-11-03 生猪价格反弹受限，玉米底部区间震荡 研究员 姓名：田金莲 F3046737 Z0015545 生猪 上周全国生猪现货价格偏强运行，养殖场月度计划完成尚可， 临近月底出栏压力减轻。同时二育持续入场，大猪需求较好，整体 成交有溢价，屠宰企业宰量相应提升，拉动生猪价格上涨。目前来 看，月初集团场缩量扛价，加之标肥价差有进一步走扩预期，散户 压栏惜售情绪较强；不过持续涨价后，下游屠企订单缩减，分割量 同步下降，同时二育情绪有所减退，生猪价格反弹承压，后期还是 要关注养殖端出栏节奏。 请务必阅读正文之后的免责条款部分 第 1 页 共 7 页 财达期货｜生猪玉米周报 上周生猪期货高开低走，LH2601 合约报收 11815 元/吨，较前 周结算价下跌 2.56%。 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 12.51 元/公斤，环比上 涨 0.56 元/公斤。利润方面，截至 10 月 31 日，自繁自养生猪养殖 利润为-89.33 元/头，环比增加 96.33 元/头；外购仔猪养殖利润 为-179.72 元/头，环比增加 109. ...