1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic pig market has entered the off - season of supply and demand after the Mid - Autumn Festival and National Day. Large - scale farms have reduced their slaughter, supporting short - term pig prices. It is expected that both pig and pork supply will decrease this week. The overall consumer willingness of residents has weakened, suppressing short - term fresh pork consumption. The market may see a decrease in both supply and demand this week, with short - term pig prices oscillating downward and mid - term prices maintaining a range - bound pattern. Attention should be paid to the changes in the slaughter rhythm of group farms in the middle of the month and the dynamic changes in the secondary fattening market [8]. - The basis of the 2601 contract is 20 yuan/ton, with the spot price at a discount to the futures price, showing a neutral situation [8]. - As of June 30, the pig inventory was 424.47 million heads, a month - on - month increase of 0.4% and a year - on - year increase of 2.2%. As of the end of June, the inventory of breeding sows was 40.42 million heads, a month - on - month increase of 0.02% and a year - on - year increase of 4.2%, presenting a bearish situation [8]. - The price is below the 20 - day moving average and moving downward, which is bearish [8]. - The net position of the main players is short, and the short positions are decreasing, also indicating a bearish situation [8]. - Recently, both supply and demand of pigs have started to decrease. It is expected that pig prices will bottom out and return to a volatile pattern this week. The LH2601 contract of pigs is expected to oscillate in the range of 11,400 - 11,800 [8]. 3. Summary According to the Table of Contents 3.1 Daily Hints No relevant content provided. 3.2 Recent News - Affected by the arrival of the off - season, after the Mid - Autumn Festival and National Day, the slaughter of large pigs has decreased, resulting in a decrease in both supply and demand of pigs. The spot price is weak in the short term and will maintain a range - bound pattern in the medium term [10]. - After the festivals, the demand for pork has weakened in the short term, but the supply has also decreased, so the room for further decline in the spot price may be limited, and it may show a trend of bottoming out and rebounding [10]. - The loss of domestic pig farming profits has recently expanded, and the enthusiasm for slaughtering large pigs has weakened in the short term. The decrease in both supply and demand supports the short - term expectations of pig futures and spot prices [10]. - After the National Day, the spot price of pigs has bottomed out and rebounded, and the futures will generally maintain a range - bound pattern in the medium term. Further observation of supply and demand growth is needed [10]. 3.3 Bullish and Bearish Factors - **Bullish factors**: The domestic pig supply has entered the off - season after the long holiday, and the room for further decline in the domestic pig spot price may be limited [11]. - **Bearish factors**: The domestic macro - environment is expected to improve due to the preliminary Sino - US trade agreement, and the domestic pig inventory has increased year - on - year [11]. - **Main logic**: The market focuses on pig slaughter and fresh meat demand [11]. 3.4 Fundamental Data - **Inventory data**: As of March 31, the pig inventory was 408.5 million heads, a month - on - month decrease of 5.9% and a year - on - year decrease of 5.2%. As of the end of May 2024, the inventory of breeding sows was 39.96 million heads, a month - on - month increase of 0.2% and a year - on - year decrease of 6.2%. As of June 30, the pig inventory was 424.47 million heads, a month - on - month increase of 0.4% and a year - on - year increase of 2.2%. As of the end of June, the inventory of breeding sows was 40.42 million heads, a month - on - month increase of 0.02% and a year - on - year increase of 4.2% [8][25][26]. - **Price data**: From November 12 to 19, the prices of the main 2601 and far - month 2603 pig futures contracts fluctuated, and the number of pig futures warehouse receipts remained at 90. The spot prices of outer - ternary pigs in different regions also showed certain fluctuations [12]. 3.5 Position Data No relevant content provided other than the fact that the main players' net position is short and the short positions are decreasing [8].

交易咨询业务资格：证监许可【2012】1091号 2025-11-20原油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 行情驱动：短期利空冲击殆尽，地缘利多不明显，中长期面临供大于求风险 风险点：OPEC+内部团结破坏，放开增产；战争风险升级 1. 对俄制裁临近 2. OPEC+将在明年一季度暂停增产 1.中东局缓和 2.机构对原油过剩预期较为一致 3.美俄重新有会面谈判可能 原油2601： 1.基本面：俄罗斯副总理诺瓦克告诉记者，俄罗斯将在2025年底或2026年初达到其OPEC+石油产量配 额。他指出，俄罗斯已完全完成此前在OPEC+协议下的超产补偿任务，且没有计划自愿减产；乌克兰 总统泽连斯基抵达土耳其以"重启谈判"，报道称美国与俄 ...

Report Overview - Report Title: Bean Meal Morning Report - Report Date: November 20, 2025 - Analyst: Wang Mingwei from Dayue Futures Investment Consulting Department 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - **Bean Meal (M2601)**: Expected to oscillate in the range of 3000 - 3060. Influenced by US soybean trends, demand in the off - season, and spot price discounts, it will likely maintain a short - term oscillatory pattern [9]. - **Soybean (A2601)**: Forecasted to fluctuate between 4080 - 4180. Supported by the cost of imported soybeans and the expected increase in domestic soybean demand, but restricted by the high arrival volume of imported soybeans and the expected increase in domestic soybean production [11]. 3. Summary by Directory 3.1 Daily Prompt - **Bean Meal**: Oscillates and declines, affected by US soybean trends, demand off - season, and spot price discounts. Expected to maintain an oscillatory pattern [9]. - **Soybean**: Rises and then falls, influenced by US soybean trends, with the cost of imported soybeans supporting the price and the expected increase in domestic soybean production suppressing it [11]. 3.2 Recent News - The preliminary agreement in China - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's soybean purchases and US soybean weather are still uncertain. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills declined from a high level. - The decrease in domestic pig - raising profits led to low expectations for pig replenishment, weakening the demand for bean meal in November. - The bean meal inventory of domestic oil mills remains at a relatively high level. Bean meal is expected to maintain an oscillatory pattern in the short term, pending further guidance on US soybean production and the follow - up of China - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns Bean Meal - **Bullish Factors**: Slow customs clearance of imported soybeans, low inventory pressure on domestic oil mills, and uncertain weather in US soybean - producing areas [14]. - **Bearish Factors**: High arrival volume of imported soybeans in November and the expected high yield of US soybeans [14]. Soybean - **Bullish Factors**: Cost support from imported soybeans and expected increase in domestic soybean demand [15]. - **Bearish Factors**: High yield of Brazilian soybeans and expected increase in domestic soybean production [15]. 3.4 Fundamental Data - **Bean Meal**: Spot price in East China is 3000, with a basis of - 42, indicating a discount to futures. Oil mill bean meal inventory is 115.3 million tons, a 9.33% increase from last week and a 17.16% increase year - on - year [9]. - **Soybean**: Spot price is 4100, with a basis of - 45, indicating a discount to futures. Oil mill soybean inventory is 710.79 million tons, a 5.39% decrease from last week and a 29.06% increase year - on - year [11]. 3.5 Position Data - **Bean Meal**: The main short positions decreased, and funds flowed out [9]. - **Soybean**: The main short positions increased, and funds flowed out [11]. 3.6 Other Data - **Price and Volume**: The trading volume and average price of bean meal and the price difference between bean meal and rapeseed meal are presented in the report [16]. - **Supply and Demand Balance Sheets**: Global and domestic soybean supply - demand balance sheets are provided, showing data on harvest area, inventory, production, consumption, etc. [32][33]. - **Sowing and Harvesting Progress**: The sowing, growth, and harvesting progress of soybeans in the US, Brazil, and Argentina are detailed [34][35][39]. - **USDA Reports**: The USDA's monthly supply - demand reports in the past six months are included, showing data on planting area, yield, production, etc. [44]. - **Industry Conditions**: Information on the arrival volume of imported soybeans, soybean inventory of oil mills, soybean crushing volume, and the situation of the pig - raising industry is provided [47][48][55].

交易咨询业务资格：证监许可【2012】1091号 2025-11-20甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2601： 1、基本面：需求暂无亮点以及供应压力犹存，预计本周国内甲醇市场震荡整理为主。内地方面，产区尤其是内蒙北线 甲醇工厂库存紧张，加之当前价格整体处于底部空间，多数贸易商做空谨慎对价格有支撑作用。但同时，内地甲醇开工 处于高位，区域间货源流通活跃，进口货源倒流入鲁南外甚至部分流入鲁北，供应仍然充裕，但销区需求支撑一般，贸 易商暂未有持货意愿，预计本周内地行情僵持整理。港口方面，基本面来看，暂时注入海外供应减量的锚点，市场心态 有所转变，但实质上缺乏反转上行的支撑条件，预计本周港口甲醇市场或底部偏强震荡等待反弹契机，关注伊朗装置 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-11-20 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2601：2400至2460区间震荡 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求旺季过去，但库存维持低位支撑盘面， 加上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2520，基差101，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减少2.78%，去年同期2.2万吨，同比减 少20.45%。偏多 4.盘面：价格在20日均线下方但方向向上。中性 5.主力持仓：主 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年11月20日 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短期镍矿价格坚，海运费维稳，镍铁价格回落，成本线继续向下，不 锈钢库存大幅回升。中性 2、基差：不锈钢平均价格13287.5，基差952.5，偏多 3、库存：期货仓单：68310，-485，中性 4、盘面：收盘价在20均线以下，20均线向下，偏空 5、结论：不锈钢2601：低位震荡偏弱承压。 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘低位震荡运行。产业链上，镍矿价格坚挺，前期受台风影响部分港口出货受到影响， 近期慢慢恢复，印尼2026年RKAB配额预计3.19亿吨，预期供应宽松。镍铁价格继续回落，成本线重心再 降。不锈钢库存回升，供应表现过剩。原生镍有新的产能投产，同时有一部分 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The prices of oils and fats are in a range-bound consolidation. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino-US relations are tense, which puts pressure on the prices of new US soybeans due to受挫 exports. Malaysian palm oil inventories are neutral, demand has improved, and Indonesia's B40 policy promotes domestic consumption with a planned B50 implementation in 2026. The domestic fundamentals of oils and fats are neutral, and import inventories are stable [2][3][4] - The current main logic revolves around the relatively loose global fundamentals of oils and fats, with potential support from the tight supply of US soybeans and risks associated with El Niño weather [5] Summary by Related Catalogs Daily Viewpoints Soybean Oil - Fundamentals: MPOB report shows that Malaysian palm oil production in August decreased by 9.8% MoM to 1.62 million tons, exports decreased by 14.74% MoM to 1.49 million tons, and end - of - month inventory decreased by 2.6% MoM to 1.83 million tons. The report is neutral with less - than - expected production cuts. Current monthly export data of Malaysian palm oil shows a 4% MoM increase, and palm oil supply pressure will decrease in the subsequent production - reduction season [2] - Basis: Spot price of soybean oil is 8,500, with a basis of 144, indicating that the spot price is at a premium to the futures price [2] - Inventory: On September 22, the commercial inventory of soybean oil was 1.18 million tons, up 20,000 tons MoM and 11.7% YoY [2] - Market: Futures prices are above the 20 - day moving average, and the 20 - day moving average is upward [2] - Main positions: Long positions of the main soybean oil contract increased [2] - Expectation: Soybean oil Y2601 is expected to trade in the range of 8,100 - 8,500 [2] Palm Oil - Fundamentals: Similar to soybean oil, but palm oil will enter the production - increase season, leading to an increase in supply [3] - Basis: Spot price of palm oil is 8,840, with a basis of - 12, indicating that the spot price is at a discount to the futures price [3] - Inventory: On September 22, the port inventory of palm oil was 580,000 tons, up 10,000 tons MoM and down 34.1% YoY [3] - Market: Futures prices are below the 20 - day moving average, and the 20 - day moving average is downward [3] - Main positions: Long positions of the main palm oil contract decreased [3] - Expectation: Palm oil P2601 is expected to trade in the range of 8,600 - 9,000 [3] Rapeseed Oil - Fundamentals: Similar to palm oil [4] - Basis: Spot price of rapeseed oil is 10,200, with a basis of 387, indicating that the spot price is at a premium to the futures price [4] - Inventory: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, up 10,000 tons MoM and 3.2% YoY [4] - Market: Futures prices are above the 20 - day moving average, and the 20 - day moving average is upward [4] - Main positions: Long positions of the main rapeseed oil contract decreased [4] - Expectation: Rapeseed oil OI2601 is expected to trade in the range of 9,600 - 10,000 [4] Recent利多利空Analysis -利多: The inventory - to - sales ratio of US soybeans remains around 4%, indicating tight supply [5] -利空: Oils and fats prices are at relatively high historical levels, domestic inventories of oils and fats are continuously increasing, the macro - economy is weak, and the expected production of related oils and fats is high [5] Supply - Related - Items include soybean oil inventory [6], soybean meal inventory [8], oil mill soybean crushing [10], palm oil inventory [17], rapeseed oil inventory [19], rapeseed inventory [21], and domestic total inventory of oils and fats [23] Demand - Related - Items include soybean oil apparent consumption [12] and soybean meal apparent consumption [14]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The overall view on the Shanghai zinc futures (ZN2512) is that it will oscillate and weaken. The market shows mixed signals with both positive and negative factors influencing the price movement [2][21]. - The fundamentals indicate a supply shortage in the global zinc market from January to August 2025, which is a positive factor. However, the主力 net - short position and the increase in LME inventory are negative factors [2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In August 2025, global zinc plate production was 1.1507 million tons, and consumption was 1.1717 million tons, resulting in a supply shortage of 21,000 tons. From January to August 2025, the production was 9.0885 million tons, and consumption was 9.3698 million tons, with a supply shortage of 281,300 tons. Global zinc ore production in August 2025 was 1.0696 million tons, and from January to August 2025, it was 8.4457 million tons, suggesting a positive outlook for the zinc market [2]. 3.2 Basis - The spot price was 22,580, and the basis was +160, which is a positive signal for the market [2]. 3.3 Inventory - On November 19, LME zinc inventory increased by 1,550 tons to 45,075 tons, while SHFE zinc inventory warehouse receipts decreased by 1,473 tons to 75,314 tons, presenting a neutral situation [2]. 3.4 Market Trends - On November 19, the Shanghai zinc futures showed an oscillating rebound trend, closing below the 20 - day moving average, with the 20 - day moving average trending upwards, indicating a neutral market [2]. 3.5 Main Positions - The main players held a net - short position, and the short positions increased, which is a negative factor for the market [2]. 3.6 Futures Market Quotes (November 19) - For the zinc futures contracts, different delivery months had various trading volumes, turnovers, and position changes. For example, the contract 2512 had a trading volume of 91,247 lots, a turnover of 10.2260961 billion yuan, and an open interest of 67,487 lots with a decrease of 14,839 lots [3]. 3.7 Spot Market Quotes (November 19) - The price of zinc concentrate's domestic comprehensive TC was 2,600 yuan/metal ton, and the imported comprehensive TC was 90 dollars/dry ton (down 10 dollars/dry ton). The price of 0 zinc in different regions such as Guangdong, Tianjin, and Zhejiang had different ranges and price increases [4]. 3.8 Zinc Ingot Inventory Statistics (November 6 - 17) - The total inventory of zinc ingots in major domestic markets fluctuated slightly during this period. Compared with November 10, the total inventory increased by 40,000 tons, and compared with November 13, it increased by 130,000 tons [5]. 3.9 Zinc Warehouse Receipt Report (November 19) - The total SHFE zinc warehouse receipts were 75,314 tons, a decrease of 1,473 tons compared to the previous day. Different warehouses in Shanghai, Guangdong, Jiangsu, Zhejiang, and Tianjin had various changes in warehouse receipts [7][8]. 3.10 LME Zinc Inventory Distribution (November 19) - The total LME zinc inventory was 45,075 tons, an increase of 1,550 tons compared to the previous day. Different locations had different inventory changes and注销仓单注销占比 [10]. 3.11 Zinc Concentrate Price Summary (November 19) - Zinc concentrate prices in major domestic cities increased by 80 yuan/ton, and the prices in different regions such as Jiyuan, Kunming, and Hechi were in the range of 18,000 - 18,500 yuan/ton [12]. 3.12 Zinc Ingot Smelter Price Quotes (November 19) - The prices of 0 zinc ingots from different smelters such as Hunan Zhuzhou Smelting, Sanmenxia, and Guangdong Zhongjin Lingnan all increased by 100 yuan/ton [15]. 3.13 Domestic Refined Zinc Production in October 2025 - The actual refined zinc production in October 2025 was 524,300 tons, with a month - on - month increase of 4.87% and a year - on - year increase of 18.38%. The planned production for November was 522,300 tons [17]. 3.14 Zinc Concentrate Processing Fee Quotes (November 19) - Domestic zinc concentrate processing fees for different regions with a 50% grade were generally stable, while the imported processing fee for 48% grade decreased by 10 dollars/ton to 90 dollars/ton [19]. 3.15 SHFE Member Zinc Trading and Position Ranking (November 19) - For the zn2512 contract, different futures companies had different trading volumes, long positions, and short positions, and most of them had changes compared to the previous trading day. The total trading volume was 148,344 lots (a decrease of 1,097 lots), the total long positions were 45,287 lots (a decrease of 9,864 lots), and the total short positions were 48,097 lots (a decrease of 9,443 lots) [20].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-11-20） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 1、基本面：煤矿主产地环保与安全检查同步，少数区域供应量增加，焦煤供应增量不明显。焦钢企业 阶段性补库结束，采购量趋于谨慎，伴随投机情绪退场，成交氛围较前期稍有转冷，线上竞拍流拍比上 升，部分高价煤矿签单困难，报价承压回调。不过短期内焦煤仍有一定支撑，钢厂维持高铁水生产状态， 原料需求仍有支撑；偏多 2、基差：现货市场价1380，基差240.5；现货升水期货；偏多 3、库存：钢厂库存781.1万吨，港口库存295万吨，独立焦企库存819.3万吨，总样本库存1895.4万吨， 较上周减少76.2万吨；偏多 6、预期：焦化企业以及钢厂经前期补库之后采购意愿有所回落，叠加部分煤价处于高位水平，下游观 ...

交易咨询业务资格：证监许可【2012】1091号 2025-11-20燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 6、预期：低硫燃料油市场整体情绪悲观，充足的库存预计将在今年剩余时间内持续压制市场基本面，而下游船 燃需求未见明显回升迹象。高硫燃料油下游需求总体健康，一直保持稳定趋势，据悉定期合同买家的足额提名量 填满了部分供应商的即期驳船档期，不过总体近期受上游原油地缘担忧转弱加之已部分计提俄罗斯制裁影响，短 期燃油缺乏刺激性上行动力，预计低位运行。FU2601：2470-2530区间运行，LU2601：3150-3220区间运行 1、基本面：贸易消息人士称，由于即期供应充足，低硫燃料油基本面短期内进一步大幅上行的空间有 ...