1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The overall inventory pressure in the oilseed industry remains high, but the absolute price is too low to have much downward space, and the supply - demand relationship has not improved significantly. Attention should be paid to the import volume of US soybeans from December to January, as well as the import changes of rapeseed under the influence of tariffs. In the oil market, different oils face different supply - demand situations, with some facing supply pressure and some having relatively strong price patterns due to supply tightening [5][40]. 3. Summary by Related Catalogs 3.1 Soybean Meal and Rapeseed Meal - USDA's current report lowered US soybean production, inventory, and exports, but the figures were lower than market expectations. Brazil's soybean sowing is going smoothly, and an increase in area and production is expected, which may put pressure on supply from March to May next year [5]. - Domestic port soybean inventory is sufficient, at a three - year high, and supply pressure is large. The loss in the aquaculture industry has suppressed purchasing enthusiasm, resulting in weak demand [5]. - The progress of domestic purchases of US soybeans is still slow, and attention should be paid to the purchase volume from December to January [5]. - Import reduction has led to domestic rapeseed inventory approaching zero, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. The import of Canadian rapeseed has not been resumed, and the arrival of Australian imports has increased recently. The expected rapeseed import volume in December and January remains at the historical average [5]. - With the end of the peak season for aquatic product demand, demand support will further weaken [5]. 3.2 Fats and Oils - **Soybean Oil**: Supply has improved with the increase in crushing, but overall inventory pressure is large. Overseas biodiesel topics have slowed down, and the decline in US soybean oil prices has put pressure on import costs. The weakening of the biodiesel topic in the crude oil market has also had a short - term impact. However, the approaching year - end demand peak season provides some support for demand [39][40]. - **Palm Oil**: Malaysia's monthly production and inventory have increased month - on - month, with sufficient inventory in the main production areas and obvious supply pressure. Short - term Chinese imports have slowed down, and demand is weak. However, the approaching Spring Festival demand peak season may drive demand improvement. The possible delay of Indonesia's B50 plan and the delay of US biodiesel subsidies have weakened the demand expectation for palm oil [40]. - **Rapeseed Oil**: High tariffs on imported rapeseed in China and uncertain import volume of Canadian rapeseed have affected the supply of rapeseed oil raw materials. Low domestic rapeseed arrivals, reduced oil mill operating rates, and tightened supply of imported rapeseed oil have led to continuous inventory reduction, resulting in a relatively strong price pattern for rapeseed oil [41].

. 贵金属有色金属产业日报 2025/11/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

油脂油料产业日报 2025/11/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - Low inventory and demand resilience support prices, but increased production, expectations of mine复产, and exchange announcements limit the upside potential. Volatility has significantly increased, and the short - term will continue in a long - short game pattern [12]. 3. Summary According to the Table of Contents 3.1 Viewpoint Summary - Low inventory and demand resilience support prices, but production increases, mine复产 expectations, and exchange announcements suppress the upside space, with increased volatility and a short - term long - short game pattern [12]. 3.2 Balance Sheet 3.2.1 Global Balance Sheet - From 2018 - 2025E, global lithium demand has been growing, with the global effective lithium demand total increasing from 25.4 million tons LCE in 2018 to 142.3 million tons LCE in 2025E. The growth rate (yoy) has fluctuated, reaching a maximum of 50% in 2021. Global lithium supply has also been increasing, with the global effective lithium supply total rising from 30.9 million tons LCE in 2018 to 165.0 million tons LCE in 2025E. The growth rate (yoy) was highest at 45% in 2024. The global effective lithium supply has generally been in a state of surplus, with a surplus of 22.7 million tons LCE in 2025E, accounting for 16% of the total demand [15]. 3.2.2 Domestic Balance Sheet - In 2024 - 2025E, the domestic supply and demand of lithium carbonate have been in a state of imbalance. In November 2025E, the total supply of lithium carbonate was estimated to be 115,830 tons, and the total demand was 128,725 tons, with a supply - demand gap of - 12,895 tons. The import volume has been relatively large, and the export volume has been small. The production of lithium carbonate has also been increasing [16]. 3.3 Fundamental Data 3.3.1 Supply and Demand - In October, the estimated total supply of lithium carbonate was 115,895 tons, and the total demand was 124,642 tons, with a supply - demand gap of - 8,747 tons. In November, the estimated total supply was 115,830 tons, and the total demand was 128,725 tons, with a supply - demand gap of - 12,895 tons [10]. - The weekly output was 22,130 tons (a week - on - week increase of 585 tons), and the expectation of the resumption of production at the Jiangxi Ningde mine has increased, leading to a marginal increase in supply pressure [12]. 3.3.2 Inventory - SMM data shows that the monthly inventory in October was 84,234 physical tons, including 53,291 physical tons of downstream inventory and 30,943 physical tons of smelter inventory. This week's SMM weekly inventory was 118,420 physical tons, including 26,104 physical tons of smelter inventory, 44,436 physical tons of cathode factory inventory, and 47,880 physical tons of battery and trader inventory [10][75]. - The weekly inventory was 118,420 tons (a week - on - week decrease of 2,052 tons), with 14 consecutive weeks of de - stocking and a cumulative reduction of 26,000 tons. The inventory days have dropped below 30 days, and the supply - demand structure remains tight [12]. 3.3.3 Price - On November 21, the spot price of battery - grade lithium carbonate was 92,300 yuan/ton, a week - on - week increase of 8.40%, the futures price was 91,020 yuan/ton, and the basis was 1,280 yuan/ton [10][83].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - USDA's recent report lowered US soybean production and inventory, but the reduction was less than market expectations, and US soybean exports were also cut. Brazilian soybean sowing is progressing smoothly, and the market anticipates an increase in area, which may exert pressure on supply from March to May next year. In China, port soybean inventories are abundant, at a three - year high, leading to significant supply pressure. Weak demand is due to losses in the aquaculture industry, which dampens purchasing enthusiasm. Import reduction has led to near - zero domestic rapeseed inventories, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. Canadian rapeseed imports remain restricted, while Australian imports have recently increased, with expected imports in December and January at historical average levels. As the peak season for aquaculture demand ends, demand - side support will further weaken. Attention should be paid to the impact of tariffs on rapeseed imports in the future [7]. - For soybean oil, recent increases in oil mill operations have led to a rise in supply, with significant overall inventory pressure. Falling crude oil prices have narrowed biofuel processing margins, dragging down the oil market. A slowdown in overseas biodiesel topics has led to a decline in US soybean oil prices, pressuring soybean oil from the import cost side. Recent macro - economic weakness has also affected overall oil prices [37]. - Regarding palm oil, Malaysia's monthly production and inventory have increased month - on - month, with sufficient inventory in the main producing areas and obvious supply pressure. Demand is weak, and the seasonal production - reduction cycle has not yet begun. Indonesia's B50 plan may be postponed, weakening the demand outlook for palm oil as a biodiesel raw material. Delays in US biodiesel subsidies may slow down biodiesel demand, which is unfavorable for palm oil demand in the short term [38]. - For rapeseed oil, the uncertain China - Canada relationship has kept rapeseed imports under high tariffs, with uncertain Canadian rapeseed import volumes affecting rapeseed oil raw material supply. Low domestic rapeseed arrivals have led to a decline in oil mill operating rates, tightening rapeseed oil supply and continuously reducing rapeseed oil inventory. Tight domestic supply has stimulated a relatively strong rapeseed oil market [39]. Summary by Relevant Catalogs Soybean Meal and Rapeseed Meal - **Supply - side factors**: USDA lowered US soybean production, inventory, and exports; Brazilian soybean sowing is smooth with expected area increase; Chinese port soybean inventories are at a three - year high; import reduction has led to near - zero domestic rapeseed inventories; Canadian rapeseed imports are restricted, while Australian imports are increasing [7]. - **Demand - side factors**: Weak demand due to aquaculture losses; end of the peak season for aquaculture demand weakens demand - side support [7]. Oils Soybean Oil - **Supply**: Increased oil mill operations have led to higher supply and significant inventory pressure [37]. - **External factors**: Falling crude oil prices, a slowdown in overseas biodiesel topics, and weak macro - economic conditions have pressured soybean oil prices [37]. Palm Oil - **Supply**: Malaysia's production and inventory have increased, with sufficient supply in the main producing areas [38]. - **Demand**: Weak demand, postponed Indonesia's B50 plan, and delayed US biodiesel subsidies have affected palm oil demand [38]. Rapeseed Oil - **Supply**: Uncertain China - Canada relationship, high tariffs on rapeseed imports, low domestic rapeseed arrivals, and reduced oil mill operating rates have tightened supply [39]. - **Market situation**: Tight supply has led to a relatively strong rapeseed oil market [39].

铜周报 铜行业周报 2025/11/21 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - There are limited expectations for monetary policy easing, and the flattening of the yield curve supports long - term interest rates [2] - The overall capital situation is stable, and bond supply does not exert significant pressure on the market [2] - Last week, Treasury bond futures contracts across all tenors generally closed lower, with long - term varieties like 30 - year Treasury bond futures experiencing larger declines, reflecting market concerns about long - term interest rates [2] - It is recommended to pay attention to the issuance of interest - rate bonds and central bank operation signals, conduct band - trading, and control risks [2] 3. Summary by Related Catalogs 3.1 Treasury Bond Yields - The data shows the trends of 2Y, 5Y, 7Y, 10Y, and 30Y Treasury bond yields from 2024/04 to 2025/08 [3] 3.2 Funding Rates - The trends of the weighted average rate of pledged repo by deposit - taking institutions for 1 - day and 7 - day, and the 7 - day reverse repo rate from 2023/12 to 2025/06 are presented [3] 3.3 Treasury Bond Term Spreads - The trends of the 7Y - 2Y and 30Y - 7Y Treasury bond term spreads from 2024/04 to 2025/08 are shown [4][5] 3.4 Treasury Bond Futures Positions - The positions of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2015/12 to 2023/12 are presented [7] 3.5 Treasury Bond Futures Trading Volume - The trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures from 2024/04 to 2025/08 are shown [8] 3.6 Treasury Bond Futures Basis of Current - Quarter Contracts - The basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures current - quarter contracts are presented from different time periods [9][10][11][12] 3.7 Treasury Bond Futures Inter - Delivery Spreads - The inter - delivery spreads (current - quarter minus next - quarter) of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are shown from different time periods [13][15][16] 3.8 Treasury Bond Futures Inter - Variety Spreads - The inter - variety spreads of TS*4 - T from 2024/04 to 2025/08 and T*3 - TL from 2023/06 to 2025/06 are presented [17][18]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - **Likely Positive Factors**: Tight supply and demand of intermediate product MHP, strong new energy demand support nickel prices; spot trading is fair, the premium of Jinchuan nickel has widened, and the market's purchasing sentiment is stable [3]. - **Likely Negative Factors**: Stainless steel is in the off - season of demand, nickel - iron prices continue to decline, and terminal procurement is cautious; domestic social inventory has increased significantly week - on - week, and supply pressure is significant [3]. - **Trading Consultation Viewpoint**: In the short term, the bearish driving force of the fundamentals is limited, and the downward price space is supported by costs. It is recommended to wait and see cautiously [3]. Summary by Related Catalogs Market Data - **Nickel Futures**: The latest value of SHFE nickel main contract is 115,380 yuan/ton, down 1,370 yuan (-1.17%) week - on - week; SHFE nickel continuous - one is 115,380 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - two is 115,580 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - three is 115,940 yuan/ton, down 1,570 yuan (-1.45%); LME nickel 3M is 14,455 dollars/ton, down 425 dollars (-1.34%) [4]. - **Nickel Futures Positions and Volume**: The position volume is 152,848 lots, an increase of 45,507 lots (42.4%); the trading volume is 124,692 lots, an increase of 21,777 lots (21.16%); the warrant number is 34,079 tons, a decrease of 948 tons (-2.71%); the basis of the main contract is 660 yuan/ton, an increase of 270 yuan (69.23%) [4]. - **Stainless Steel Futures**: The latest value of stainless steel main contract is 12,285 yuan/ton, down 130 yuan (-1%); stainless steel continuous - one is 12,285 yuan/ton, unchanged; stainless steel continuous - two is 12,350 yuan/ton, down 30 yuan (-0.24%); stainless steel continuous - three is 12,415 yuan/ton, down 60 yuan (-0.48%) [5]. - **Stainless Steel Futures Positions and Volume**: The trading volume is 119,724 lots, a decrease of 17,389 lots (-12.68%); the position volume is 192,398 lots, an increase of 19,670 lots (11.39%); the warrant number is 65,340 tons, a decrease of 5,025 tons (-7.14%); the basis of the main contract is 685 yuan/ton, a decrease of 5 yuan (-0.72%) [5]. - **Nickel Spot Prices**: Jinchuan nickel is 120,200 yuan/ton, up 600 yuan (0.50%); imported nickel is 116,600 yuan/ton, up 600 yuan (0.52%); 1 electrolytic nickel is 118,200 yuan/ton, up 600 yuan (0.51%); nickel beans are 118,550 yuan/ton, up 600 yuan (0.51%); electrowon nickel is 116,350 yuan/ton, up 650 yuan (0.56%) [5]. - **Inventory Data**: Domestic social inventory is 53,114 tons, an increase of 3,981 tons; LME nickel inventory is 254,172 tons, a decrease of 1,674 tons; stainless steel social inventory is 940 tons, a decrease of 12.2 tons; nickel pig iron inventory is 30,225 tons, an increase of 661 tons [7]. Charts and Data Sources - **Nickel and Stainless Steel Futures Price Trends**: The report provides the closing price trends of SHFE nickel futures main contract, LME nickel (3 - month) electronic disk, and stainless steel futures main contract, with data sources from Wind [8][10]. - **Nickel Spot Average Price**: The report shows the average price trends of nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel, with data source from Wind [12]. - **Primary Nickel Supply and Inventory**: It includes China's refined nickel monthly production seasonality, China's primary nickel monthly total supply (including imports) seasonality, domestic social inventory (nickel plate + nickel beans) seasonality, and LME nickel inventory seasonality, with data sources from Wind [14][15]. - **Upstream Nickel Ore**: It presents the average price of Philippine laterite nickel ore 1.5% (FOB), China's port nickel ore inventory by port seasonality, China's 8 - 12% nickel pig iron ex - factory price (national average), and Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price, with data sources from Wind [17][18]. - **Nickel Pig Iron Production**: It shows China's nickel iron monthly production seasonality and Indonesia's nickel pig iron monthly production seasonality, with data sources from Wind [19][20]. - **Downstream Nickel Sulfate**: It includes the average price of battery - grade nickel sulfate, battery - grade nickel sulfate premium, nickel bean production of nickel sulfate profit margin seasonality, China's externally - sourced nickel sulfate production of electrowon nickel profit seasonality, China's nickel sulfate monthly production (metal tons), and ternary precursor monthly production capacity seasonality, with data sources from Wind [22][25][26]. - **Stainless Steel**: It shows China's 304 stainless steel cold - rolled coil profit margin seasonality, stainless steel monthly production seasonality, and stainless steel inventory seasonality, with data sources from Wind [28][30][31].

Core View - Bullish factors: Supply shortage due to reduced production in northern mines supports zinc prices, and increased downstream demand is driven by smelters' active procurement of domestic ore and lower processing fees [3] - Bearish factors: Hawkish remarks from the Federal Reserve suppress rate - cut expectations, leading to a collective correction in metals, and an increase of about 2000 tons in LME zinc inventory last week restricts the upside potential of prices [3] - Trading advice: Short - term focus on the support of tight mine supply for zinc prices, no future strategy provided [3] Processing and Terminal Demand - Data presented on galvanized coil market sentiment index, inventory, production, net exports, die - cast zinc alloy net imports, color - coated sheet net exports, zinc oxide net exports, real estate development investment and progress, sales and unsold area, land transaction area, and commercial housing transaction volume [4][7][10][12][14] Supply and Supply - side Profits - Data on zinc concentrate monthly import volume, TC, zinc ingot monthly production, production profit and processing fees, raw material inventory days, and various zinc inventories including LME, SHFE, and exchange inventories are provided [18][20][21][23][24] Futures and Spot Market Review - Information on the trends of domestic and foreign zinc prices, trading volume and open interest of Shanghai zinc futures, LME zinc closing price vs. US dollar index, LME zinc premium, and zinc ingot basis in different regions is presented [26][27][28][30][35]

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Views - **Sugar**: ICE raw sugar is near a five - year low due to global supply surplus. Zhengzhou sugar is weak and at a new low, influenced by increased Brazilian cane planting area, high Indian production expectations, and rising Chinese imports [3]. - **Cotton**: Domestic cotton supply pressure is increasing, with hedging pressure around 13,600 - 13,800. Demand is average, so short - term cotton prices may fluctuate weakly, but downstream demand has resilience and awaits macro - economic improvement [17]. - **Apples**: New - season late Fuji ground trading is ending, mainly in Shandong and Shanxi. Warehousing is in the later stage. Some areas in Shandong are not fully harvested, with many buyers. Small fruits are selling well recently [21]. - **Red Dates**: New - season red dates are about to enter the centralized harvesting stage. South Xinjiang has a yield reduction, but the extent is uncertain. Short - term price fluctuations are large due to capital games, and the downside may be limited with the start of the acquisition season [29]. 3. Summary by Related Catalogs Sugar - **Futures Prices and Spreads**: On November 21, 2025, SR01 closed at 5353 yuan/ton, down 0.24% daily and 2.14% weekly. Other contracts also showed declines. The ICE raw sugar price was at 14.68 cents/pound, up 0.14% daily but down 1.14% weekly [4]. - **Base Spreads**: For example, the Nanning - SR01 base spread was 394 yuan/ton on November 20, up 15 yuan daily and 146 yuan weekly [12]. - **Import Prices and Profits**: Brazilian and Thai sugar import prices changed, with corresponding differences in domestic prices and potential profits [15]. Cotton - **Futures Prices and Spreads**: Cotton 01 closed at 13,460 yuan/ton on November 21, down 5 yuan and 0.04%. Cotton - related spreads such as cotton 01 - 05 were - 10 yuan, down 5 yuan [18]. Apples - **Futures and Spot Prices**: On November 21, 2025, AP01 closed at 9440 yuan/ton, down 0.59% daily and 1.36% weekly. Spot prices of different apple grades remained stable [22]. - **Spreads and Other Indicators**: AP01 - 05 was 71 yuan/ton, down 10.13% daily but up 14.52% weekly [23]. Red Dates - **Futures Spreads and Related Data**: Red date futures spreads like 01 - 05 and 05 - 09 showed different trends over time, and the total of red date warehouse receipts and valid forecasts was also presented [30][32].