1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The probability of the Fed cutting interest rates in December has increased significantly, leading to a sharp rise in the Nasdaq. On Tuesday, the main indices of the two markets opened higher and then fluctuated upwards. It is expected that the main indices of the two markets will continue to rise, and long positions in stock index futures should be mainly allocated to the CSI 300 index for range trading. For stock index options, with the index in a wide - range fluctuation state, it is advisable to be cautious with out - of - the - money long - term call options before the end of the year [1][3]. 3. Summary by Relevant Catalogs 3.1 Market Review - The probability of the Fed cutting interest rates in December has increased significantly, and the Nasdaq soared. On Tuesday, the main indices of the two markets opened higher and then fluctuated upwards, with the ChiNext Index leading the gains. The trading volume of the two markets was 1.81 trillion yuan, showing a moderate increase. The CSI 300 Index closed at 4490, up 42 points or 0.95%; the SSE 50 Index closed at 2968 points, up 17 points or 0.60%; the CSI 500 Index closed at 6954 points, up 85 points or 1.25%; the CSI 1000 Index closed at 7249 points, up 93 points or 1.31%. Among industry and theme ETFs, the top gainers were 5G ETF, Gaming ETF, etc., and the top losers were Aerospace ETF, Military Leading ETF, etc. Among the sector indices of the two markets, the top gainers were Gaming, Components, etc., and the top losers were Fishery, Military Trade Concept, etc. The net inflow of settled funds in the CSI 500 Index stock index futures was 2.5 billion yuan [1]. 3.2 Important Information - The central bank conducted 1 trillion yuan of MLF operations on November 25, with a net injection of 100 billion yuan, increasing the volume for the 9th consecutive month [1]. - Fed officials such as Mary Daly and John Williams voiced support for a December rate cut, and the market's bet on a rate cut soared from 40% to 80% [1]. - Traders' bullish sentiment towards the offshore RMB has reached a 14 - year high, while the RMB spot fluctuated narrowly and the implied volatility decreased [1]. - BofA Merrill Lynch believes that China's actual consumption volume is not low globally. The real constraint on China's consumption performance is the extremely low price level and structural competition pressure, rather than insufficient absolute consumption volume. The real potential lies in consumption upgrading [1]. - Tesla's AI5 chip has entered the tape - out stage, and the R & D of the AI6 chip has started. The company aims to launch a new generation of AI chip design every 12 months and expects its chip shipments to exceed the sum of all other AI chips [1]. - Amazon will invest up to $50 billion to expand AI and super - computing capabilities for the US government, starting construction in 2026 [2]. - Google is promoting the deployment of TPU chips in its own data centers to large customers, aiming to expand the AI chip market. TPU chips have lower development costs and power consumption [2]. - The US President signed an executive order to launch the "Genesis Project" to transform scientific research with AI [2]. - The US government plans to invest $80 billion to restart nuclear power construction, betting on Westinghouse Electric's AP1000 large - reactor technology [2]. - Anthropic released its flagship model Claude Opus 4.5, which is significantly enhanced in automated programming and other aspects and will become the default model for all products [2]. - OpenAI released an optimized shopping search function based on the GPT - 5 - Thinking - mini model, which can be used almost unlimitedly and for free by all users before the holidays [2]. - Investment giants such as Gundlach and Dalio suggest holding physical gold as a defense, warning that debt - driven asset prices are seriously divorced from real values [2]. - AI investment contributed nearly half of the US GDP growth in the first half of the year. Analysts warn that a slump in AI stocks or a slowdown in investment may trigger a recession [2]. - The global copper processing fee has fallen below $20 per ton, hitting a 10 - year low, and the annual benchmark pricing system is facing reconstruction [2]. 3.3 Market Logic - The probability of the Fed cutting interest rates in December has increased significantly, and the Nasdaq soared. On Tuesday, the main indices of the two markets opened higher and then fluctuated upwards. 16 hard - tech products were quickly approved on November 21, sending a positive signal from regulatory authorities. From January to October this year, the total inflow of overseas funds into the Chinese stock market reached $50.6 billion, far exceeding the $11.4 billion in 2024. Foreign capital has shifted its allocation to the Chinese technology sector. Morgan Stanley expects the Chinese stock market to rise further in 2026, and NVIDIA CEO Huang Renxun believes that China will win the AI competition [1][2][3]. 3.4 Market Outlook - After a sharp decline, the overseas market has recovered. The main indices of the two markets fluctuated at a low level on Monday, with growth - style indices being relatively strong. The probability of the Fed cutting interest rates in December has risen to 80%. Google plans to double its AI computing power every 6 months and increase it by 1000 times in the next 4 - 5 years. Tesla's AI chips are making progress. Traders' bullish sentiment towards the offshore RMB has reached a 14 - year high. Overseas funds have been flowing into the Chinese stock market, and the Chinese technology sector has become a major destination for foreign capital. It is expected that the Chinese stock market will have a good year in 2026. The main indices of the two markets are expected to continue to rise [1][2][3]. 3.5 Trading Strategy - Stock index futures directional trading: With the probability of the Fed cutting interest rates in December rising to 80%, the main indices of the two markets opened higher and fluctuated upwards on Tuesday. It is expected that the main indices will continue to rise. Long positions in stock index futures should be mainly allocated to the CSI 300 index for range trading [3]. - Stock index option trading: With the index in a wide - range fluctuation state, it is advisable to be cautious with out - of - the - money long - term call options before the end of the year [3].

格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 26 日星期二 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 | | 进入低位震荡磨底阶段。若排除疫病影响，明年9月之前生猪供给仍将持续兑现；长 | | --- | --- | | | 期来看，10月能繁母猪存栏降幅明显，对应明年9月后供给压力或有所减弱，若母猪 | | | 存栏持续下降，可关注明年9月之后的低多机会。 | | | 【交易策略】 | | | 现货继续磨底，近月合约震荡修复、交易基差修复逻辑，短期弱势延续；中长期等 | | | 待养殖端去产能的执行效果，远月合约交易政策驱动下的去产能预期差，10月能繁 | | | 母猪存栏减幅扩大，若母猪存栏持续下降，可关注明年9月份之后的低多机会。 | | | 2601合约短线压力关注11500-11600，支撑关注11000-11200；2603合约短线压力关 | | | 注11400-11500，支撑关注11200是否有效，若有效跌破支撑则有望打开进一步下跌 | | | 空间；2605合约短线压力关注12000-12100,支撑关 ...

格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 26 日星期三 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 COMEX 黄金期货涨 0.78%报 4126.3 美元/盎司，COMEX 白银期货涨 1.50%报 51.08 美 | | --- | --- | --- | --- | | | | | 元/盎司。沪金收涨 0.45%报 945.76 元/克，沪银涨 0.76%报 12103 元/千克。 【重要资讯】 | | | | | 1、截至 11 月 25 日，全球最大的黄金 ETF SPDR Gold Trust 持仓量为 1040.86 吨， 较前一个交易日维持不变。全球最大白银 ETF--iShares Silver Trust 持仓较上日 | | | | | 增加 70.52 吨，当前持仓量为 15582.33 吨。 | | | | | 2、据 CME"美联储观察"：美联储 12 月降息 25 个基点的概率为 84.9% ...

Group 1: Report Industry Investment Ratings - The investment ratings for the sugar, jujube, and rubber industries are all "Oscillating and Slightly Weak" [1][3][4] Group 2: Core Views of the Report - For the sugar market, the short - term trend is relatively stable after the digestion of previous negative factors, but the expected increase in production in India and Thailand will put pressure on sugar prices in the medium and long term. The domestic sugar market has limited fundamental news, with new sugar on the market and weak downstream demand. It is recommended to hold a bearish view [1] - For the jujube market, after the digestion of negative factors, the downward trend of jujube futures prices has weakened. However, due to the seasonal inventory accumulation period and unsold upstream goods, there is limited room for a significant rebound in the market. It is recommended to continue to be bearish and sell on rallies [3] - For the rubber market, natural rubber has support from firm raw material prices but is affected by increased overseas arrivals and high inventory in Qingdao. The demand side lacks obvious improvement, so it may oscillate in the short term. Synthetic rubber may see a slight price decline in the short term due to sufficient supply and cautious downstream buying [4] Group 3: Summary by Variety Sugar - **Market Review**: On November 24, 2025, the SR601 contract closed at 5370 yuan/ton, up 0.32% daily; the SR605 contract closed at 5319 yuan/ton, up 0.32% daily. The night - session of SR601 closed at 5377 yuan/ton, and SR605 closed at 5319 yuan/ton. The ICE raw sugar main - contract closed at 14.85 cents/pound, up 0.54% [1] - **Important News**: The spot price of Guangxi white sugar decreased by 5 yuan/ton; some sugar quotes in Guangxi and Yunnan were lowered. The sugar - cane crushing in Maharashtra, India, has accelerated. The USDA predicts that the total sugar production in the US in the 2025/26 season will be 9.319 million short tons. The number of sugar mills in India starting operations, sugar - cane crushing volume, and sugar production have all increased compared to the same period last year. The number of Zhengzhou Commodity Exchange's white - sugar warehouse receipts decreased by 278 [1] - **Market Logic**: The short - term external sugar market is stable, but the expected production increase in India and Thailand will put pressure on prices in the medium and long term. The domestic sugar market has limited news, with new sugar on the market and weak demand. Technically, there are signs of a stop - fall, but considering the supply pressure, a bearish view is recommended [1] - **Trading Strategy**: Hold or partially close the short positions of the SR601 contract, continue to hold the 5600 call - selling options, and hold the bear - spread portfolio [1] Jujube - **Market Review**: On November 24, 2025, the CJ601 contract closed at 9225 yuan/ton, up 2.56% daily; the CJ605 contract closed at 9375 yuan/ton, up 2.18% daily [3] - **Important News**: The physical inventory of 36 sample points last week was 10,330 tons, an increase of 490 tons from the previous week, a month - on - month increase of 4.98% and a year - on - year increase of 101.76%. The average prices of Hebei's special - grade and first - grade jujubes decreased last week. The special - grade price in the Hebei market increased by 0.24 yuan/kg on November 24, and the number of arrivals at Guangzhou Ruyifang increased by 3 trucks [3] - **Market Logic**: The jujube purchase in some areas of Xinjiang has ended, and the purchase in other main - producing areas is in the second half. The price in the Hebei sales area has stopped falling and rebounded slightly. After the digestion of negative factors, the downward trend of futures prices has weakened. However, due to the seasonal inventory accumulation period and unsold upstream goods, there is limited room for a significant rebound. Technically, there are signs of a stop - fall, but it is recommended to be bearish [3] - **Trading Strategy**: Hold or partially close the short positions of the CJ601 contract, and mainly sell on rallies in the future [3] Rubber - **Market Review**: As of November 24, 2025, the RU2601 contract closed at 15,320 yuan/ton, up 0.52% daily; the NR2601 contract closed at 12,275 yuan/ton, down 0.08% daily; the BR2601 contract closed at 10,395 yuan/ton, down 0.10% daily [4] - **Important News**: The price of Thai raw - material glue was 57 baht/kg. The prices of Yunnan and Hainan glue for different products were stable. As of November 23, 2025, the total inventory of natural rubber in Qingdao increased by 163,000 tons from the previous period, with a growth rate of 3.60%. The capacity utilization rates of China's semi - steel tire and full - steel tire sample enterprises decreased. The price of butadiene in some areas was stable, and the prices of cis - polybutadiene rubber and styrene - butadiene rubber increased slightly [4] - **Market Logic**: The domestic natural - rubber producing areas are entering the off - season, and the raw - material price is firm, which supports the price. However, the increase in overseas arrivals and high inventory in Qingdao, along with the lack of obvious improvement in demand, make the short - term trend oscillatory. For synthetic rubber, due to sufficient butadiene supply and cautious downstream buying, the price may decline slightly in the short term [4] - **Trading Strategy**: The short - term sentiment of the rubber sector is weak. Pay attention to the support range of 14,850 - 15,000 for RU, around 12,000 for NR, and the 10,000 - yuan mark for BR [4]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 25 日星期二 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 铁矿: | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 周一夜盘铁矿收涨。 | | | | | 【重要资讯】 | | | | | 1、今年 1 至 10 月，国家铁路累计发送货物 33.78 亿吨，同比增长 3%，创历史同期 | | | | | 新高；日均装车 18.6 万车，同比增长 4%，为降低全社会物流成本、保障国民经济 | | | | | 平稳运行提供了有力支撑。 | | | | | 2、根据克拉克森最新数据统计（截至 2025 年 11 月 9 日），2025 年 10 月份全球新 | | | | | 签订单 134 艘，共计 2,920,231CGT。与 2025 年 9 月份全球新签订单 185 艘，共计 | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The global economy is entering the top - region due to the continuous wrong policies in the United States [2] - AI - driven capital expenditure of nearly $3 trillion is expected to drive the market up, but there are risks if it fails to turn into productivity [1] - The shift of foreign capital from the South Korean stock market to Chinese technology sectors is significant [1][2] 3. Summary by Related Catalogs 3.1 Global Economic News - Google's AI infrastructure head says the company must double AI computing power every 6 months and achieve an additional 1000 - fold increase in 4 - 5 years to meet AI service demand [1][2] - US data center planned capacity has soared to 245 gigawatts, with a 45 - gigawatt increase in Q3, and developers are building their own power plants in energy - producing areas [1][2] - Morgan Stanley predicts that the S&P 500 index will reach 7,800 in 2026 driven by AI - related capital expenditure [1] - Foreign capital is leaving the South Korean stock market and flowing into Chinese technology sectors [1][2] - NVIDIA CEO Huang Renxun believes China will win the AI competition due to favorable regulations and low energy costs [2] - High - end chip depreciation concerns are affecting the US stock AI sector [1] - A "sell - Japan" trade is happening, with a rare "triple - kill" in stocks, bonds, and exchange rates [1] - Eli Lilly becomes the first trillion - dollar pharmaceutical company due to strong demand for drugs and sector rotation [1] - In September, over 1.9 million unemployed people in the US aged 25+ with a bachelor's degree accounted for a quarter of the total unemployed [1][2] - Amazon laid off about 4,700 employees, with nearly 40% in engineering, and cut jobs in the game and advertising sectors [1][2] 3.2 Global Economic Logic - The probability of the Fed cutting interest rates in December has risen to 75% after the New York Fed President's dovish remarks [2] - The capital expenditure forecast of the five major tech giants in 2026 has soared to $533 billion, and AI data center construction may need at least $5 trillion in the next five years [2] - US stock retailization is accelerating, and retail investors are major net buyers, especially in the options market [2] - US household excess savings accumulated during the pandemic are almost exhausted, and consumer slowdown has spread to middle - income groups [2] - Economists are worried that large - scale layoffs by well - known companies may be an economic warning signal [2]

Report Summary 1. Report Industry Investment Rating - The investment rating for the macro and financial (treasury bond) sector is "oscillation" for TL, T, TF, and TS [1]. 2. Core View of the Report - The latest macro - economic data shows that stabilizing growth remains the main line of the fourth - quarter macro - economy. Treasury futures are expected to oscillate in the short term [2]. 3. Summary by Related Catalogs **Market Review** - On Friday, the main contracts of treasury futures mostly opened higher, declined in the morning session, and fluctuated horizontally in the afternoon. By the close, the 30 - year main contract TL2512 fell 0.31%, the 10 - year T2512 fell 0.04%, the 5 - year TF2512 fell 0.06%, and the 2 - year TS2512 remained flat [1]. **Important Information** - **Open Market**: On Friday, the central bank conducted 375 billion yuan of 7 - day reverse repurchase operations, with 212.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 162.2 billion yuan [1]. - **Funds Market**: On Friday, the overnight interest rate in the inter - bank funds market dropped to a recent low. The weighted average of DR001 was 1.32% (previous trading day: 1.37%), and the weighted average of DR007 was 1.44% (previous trading day: 1.49%) [1]. - **Cash Bond Market**: On Friday, the closing yields of inter - bank treasury bonds mostly edged up slightly compared to the previous trading day. The 2 - year yield rose 0.12 BP to 1.43%, the 5 - year rose 0.55 BP to 1.59%, the 10 - year rose 0.31 BP to 1.82%, and the 30 - year rose 0.45 BP to 2.16% [1]. - **Commerce Data**: From January to October, the national foreign investment absorption was 621.93 billion yuan, a year - on - year decrease of 10.3% [1]. - **Fed Expectations**: According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in December is 71%, and the probability of keeping rates unchanged is 29%. By January next year, the probability of a cumulative 25 - basis - point cut is 58%, the probability of keeping rates unchanged is 20%, and the probability of a cumulative 50 - basis - point cut is 22% [1]. - **Fed Official Statement**: On November 21st evening, Fed's "third - in - command" Williams sent a dovish signal, saying that as the labor market cools, the Fed still has room to further cut interest rates in the near term to adjust the policy stance closer to a neutral level, which led to increased bets on a December rate cut [1]. - **US PMI Data**: The preliminary US S&P Global Manufacturing PMI in November was 51.9 (expected 52, previous 52.5), the Services PMI was 55 (expected 54.6, previous 54.8), and the Composite PMI was 54.8, rising for the second consecutive month, indicating that the US business activity expansion rate reached the fastest in four months, with service growth accelerating and manufacturing growth slowing [1]. - **Eurozone PMI Data**: The preliminary Eurozone Composite PMI in November was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The Services PMI was 53.1, better than the previous and expected values, achieving the best monthly performance in a year and a half, while the Manufacturing PMI was 49.7, falling below the boom - bust line. Analysts believe that although manufacturing is dragging down growth, the high weight of services in the overall economy means that the Eurozone's growth in the fourth quarter should be faster than in the third quarter [2]. **Market Logic** - The unemployment rates of 16 - 24 and 25 - 29 age groups (excluding students) in October were 17.3% and 7.2% respectively, higher than the same period last year, indicating that efforts to stabilize growth and employment are still needed. South Korea's exports in the first 20 days of November increased 8.2% year - on - year, and its imports from China increased 5.6%, suggesting good export prospects for China in November. The wholesale prices of agricultural products fluctuated narrowly in mid - November, and the Nanhua Industrial Products Index declined slightly, with the overall domestic inflation remaining moderate. The year - on - year decline in the transaction area of commercial housing in 30 large - and medium - sized cities widened in mid - November, and housing prices continued to decline. The latest macro - economic data shows that stabilizing growth is the main line of the fourth - quarter macro - economy. On Friday, the Wind All - A Index opened lower and closed with a medium - sized negative line, down 3.17% from the previous trading day, with a trading volume of 1.98 trillion yuan, up from 1.72 trillion yuan in the previous trading day. Treasury futures mostly closed down on Friday, with only the 2 - year contract remaining flat, not showing strength despite the sharp decline in the stock market [2]. **Trading Strategy** - Traders are advised to conduct band trading [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The iron ore market is expected to be mainly volatile in the short - term, with the upper pressure level of the main 2601 contract at 810 and the support level at 750 [3] Group 3: Summary by Relevant Catalogs Market Review - Iron ore closed down on Friday and up at night [3] Important Information - The Ministry of Housing and Urban - Rural Development emphasized putting urban renewal in a more prominent position - The National Energy Administration reported that the total social electricity consumption in October was 857.2 billion kWh, a year - on - year increase of 10.4% - The average capacity utilization rate of 90 independent electric arc furnace steel mills in the country was 51.56%, a month - on - month decrease of 1.62 percentage points and a year - on - year decrease of 2.14 percentage points. The profit situation of these steel mills was as follows: 16.53% had small profits, 46.28% had flat profits (partly due to production suspension), and 37.19% were in the red [3] Market Logic - The fundamentals changed little. The production of rebar, hot - rolled coils, and five major steel products increased last week. Electric furnace steel was still losing money even during off - peak electricity hours. The current daily hot metal output was 236,280 tons, a week - on - week decrease of 600 tons, and it was expected to drop below 230,000 tons. The iron ore port inventory at 45 ports was 150.54 million tons, a week - on - week decrease of 750,000 tons. Domestic iron ore arrivals were low, but shipments were active. Foreign port inventories were at the highest level since the fourth quarter [3] Trading Strategy - It is expected to be mainly volatile in the short - term. The upper pressure level of the main 2601 contract is 810, and the support level is 750 [3]

1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the vegetable oil market shows a differentiated trend, with rapeseed oil being the strongest, soybean oil oscillating, and palm oil being the weakest. Given the breakdown of palm oil prices, it is advisable to short at high levels. For the protein sector, the prices of double - meal on the futures market have stopped falling, and it is recommended to stage new long positions [1][2][3]. 3. Summary by Directory 3.1 Agricultural, Forestry, and Livestock - Three Oils 3.1.1 Market Review On November 21, affected by the uncertainty of the US biodiesel policy for soybean oil and poor palm oil import data from India, palm oil prices broke down, dragging down the overall decline of domestic vegetable oils. The closing prices of soybean oil, palm oil, and rapeseed oil futures contracts showed different trends, with some rising and some falling [1]. 3.1.2 Important Information - On November 21, NYMEX crude oil futures fell about 1%, hitting a one - month low. - The US government is considering delaying the proposed plan to cut subsidies for imported biofuels by one to two years. - Brazil may not be able to increase the biodiesel blending ratio from 15% to 16% by March 2026. - From November 1 - 20, Malaysia's palm oil production increased by 10.32% month - on - month, while exports decreased by 14.1%. - In October, India's palm oil imports dropped to a five - month low, and the imports in the 2024/25 fiscal year decreased by 16% to 7.56 million tons, a five - year low. - As of the 46th week of 2025, the total inventory of the three major domestic edible oils was 2.4117 million tons, a week - on - week decrease of 0.27% and a year - on - year increase of 8.44% [1][2]. 3.1.3 Market Logic Externally, the push for peace in Russia - Ukraine by the US has put pressure on international crude oil prices. The反复 US biodiesel policy, poor Indian palm oil import data, and high palm oil production in Southeast Asia have led to concerns about inventory pressure, causing the breakdown of Malaysian palm oil prices. Domestically, the sufficient supply of vegetable oil raw materials and good inventory levels have weakened the basis of soybean oil. However, due to continuous losses in import and crushing profits, oil mills may increase prices. The poor export data of Malaysian palm oil has dragged down domestic palm oil prices. The zero inventory of domestic rapeseed and the decline in rapeseed oil inventory have made rapeseed oil the strongest among the three oils [1][2]. 3.1.4 Trading Strategy - Unilateral trading: Liquidate all previous long positions in palm oil and short at high levels. Adopt an oscillating mindset for soybean oil and be bullish on rapeseed oil. Provide support and resistance levels for each contract [1][2]. - Arbitrage trading: No arbitrage opportunities are recommended at present [1][2]. 3.2 Two - Meal (Soybean Meal and Rapeseed Meal) 3.2.1 Market Review On November 21, the protein sector showed a differentiated trend, with rapeseed meal being strong and soybean meal being weak. The closing prices of soybean meal and rapeseed meal futures contracts showed different trends, with some rising and some falling [2][3]. 3.2.2 Important Information - In 2026, the US soybean planting area is expected to increase by 4%. - China has resumed the soybean import licenses of three US companies since November 10. - As of November 13, the sowing of the 2025/26 Brazilian soybean crop was 71% complete. - StoneX predicts that the 2025/26 Brazilian soybean production may reach 178.9 million tons. - Brazil's soybean exports in November are expected to reach 4.71 million tons, a 101% increase from last year. - There are rumors that COFCO has purchased 9 ships of Australian rapeseed. - As of the 45th week of 2025, the domestic imported soybean inventory decreased by 393,000 tons, the soybean meal inventory increased by 30,000 tons, and the imported rapeseed inventory remained at zero [2][3]. 3.2.3 Market Logic Externally, the reduced expectation of Chinese demand has put pressure on US soybean prices. Domestically, due to continuous losses in oil mill crushing profits, there may be a demand to increase prices, and the downward space for soybean meal is limited. The zero inventory of rapeseed has led to the shutdown of oil mills, and the rapeseed meal inventory is only 200 tons. The prices of double - meal on the futures market have stopped falling, and the low prices have attracted buyers, so the downward space is limited [2][3]. 3.2.4 Trading Strategy - Unilateral trading: Long positions can be established in the far - month 2605 and 2607 contracts of soybean meal, and a small number of new long positions can be entered in rapeseed meal. Provide support and resistance levels for each contract [3].

Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 24 日星期一 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员： 吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...