碳酸锂日报 碳酸锂日报（2025 年 11 月 11 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2601 合约涨 7.36%至 87240 元/吨。现货价格方面，电池级碳酸锂平均价上涨 350 元/吨至 80750 吨，工业级碳酸锂平均价上涨 350 元/吨至 78550 元/吨，电池级氢氧化锂（粗颗粒） 上涨 50 元/吨至 75630 元/吨。仓单方面，昨日仓单库存增加 159 吨至 27491 吨。 2. 供给端，周度产量环比增加 454 吨至 21534 吨，其中锂辉石提锂环比增加 220 吨至 13124 吨，锂云 母提锂环比增加 130 吨至 3011 吨，盐湖提锂环比增加 72 吨至 3319 吨，回收提锂环比增加 32 吨至 2080 吨；11 月预计碳酸锂产量环比下降 0.2%至 92080 吨。需求端，11 月三元材料产量环比增加 1% 至 8.5 万吨，周度三元材料产量环比增加 666 吨至 19234 吨，库存环比增加 663 吨至 19553 吨；11 月磷酸铁锂产量环比增加 4%至 41 万吨，周度 ...

工业硅日报 工业硅&多晶硅日报（2025 年 11 月 11 日） 一、研究观点 点评 10 日工业硅震荡偏强，主力 2601 收于 9290 元/吨，日内涨幅 1.31%，持仓 增仓 13202 手至 28.2 万手。百川工业硅现货参考价 9692 元/吨，较上一交 易日上调 38 元/吨。最低交割品#421 价格持稳在 8900 元/吨，现货贴水扩 至 355 元/吨。多晶硅震荡偏弱，主力 2601 收于 53720 元/吨，日内涨幅 1.08%，持仓增仓 457 手至 12.6 万手；多晶硅 N 型复投硅料价格 52000 元/ 吨，最低交割品硅料价格在 52000 元/吨，现货升水扩至 1065 元/吨。西南 硅厂规模减产，因下游出现同步减产，未能实现去库节奏。硅厂提前挺价 持货，盘面提前计价减产预期，限制价格向上修复空间。11 月多晶硅料和 下游硅片排产均有下滑，硅料计划减产规模超过下游，但硅片配额强限 下，减产节奏先于上游。随着多晶硅产能平台消息影响淡化，短期弱现实 引导盘面处于低位盘整阶段。因行业会议再度召开，产能平台动态较多， 多晶硅存在消息端提振效应，不宜过分追空。 请务必阅读正文之后的免责 ...

股指期货日度数据跟踪 2025-11-11 一、指数走势 11 月 10 日，上证综指涨跌幅 0.53%，收于 4018.6 点，成交额 9605.89 亿元，深成指数涨跌幅 0.18%，收于 13427.61 点，成交额 12138.65 亿元。 中证 1000 指数涨跌幅 0.28%，成交额 4337.98 亿元，其中开盘价 7568.75，收盘价 7563.25，当日最高价 7592.76，最低价 7515.68； 中证 500 指数涨跌幅 0.22%，成交额 3713.11 亿元，其中开盘价 7357.34，收盘价 7343.8，当日最高价 7384.79，最低价 7289.77； 沪深 300 指数涨跌幅 0.35%，成交额 5939.77 亿元，其中开盘价 4688.12，收盘价 4695.05，当日最高价 4695.18，最低价 4654.21； 上证 50 指数涨跌幅 0.51%，成交额 1399.07 亿元，其中开盘价 3043.51，收盘价 3053.86，当日最高价 3054.55，最低价 3030.23。 图表 1：中证 1000、中证 500、沪深 300、上证 50 日内走势（%） ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 11 月 11 日） 一、研究观点 | 品种 | 点评 昨日市场全天震荡分化，三大指数涨跌互现。个股涨多跌少，沪深京三市约 | 观点 | | --- | --- | --- | | | 3400 股飘红，今日成交 2.19 万亿。截止收盘沪指涨 0.53%，深成指涨 0.18%， 创业板指跌 0.92%。中美元首近日于韩国举行会谈，双边关系向着稳中向好 | | | | 的方向迈进，有利于我国需求总量的提升，也有利于 A 股科技股继续对标美 | | | | 股估值。《中国共产党第二十届中央委员会第四次全体会议公报》聚焦几大 | | | | 主线：（1）"抓住新一轮科技革命和产业变革历史机遇"并形成现代化产业 | | | 股指 | 体系；（2）继续扩大内需，"促进消费和投资、供给和需求良性互动"；（3） | 震荡 | | | 继续深化改革和扩大开放。《公报》内容符合市场预期，提振市场信心，预计 | | | | 未来结构化行情仍将延续。但当前科创指数估值处于历史极值位置，盘面上 | | | | 谨慎追高。短期来看，三季报结束发布，重要会议后市场关注点可能重新 ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 11 月 11 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一油价震荡反弹，其中 WTI 12 月合约收盘上涨 0.38 美元至 | | | | 60.13 美元/桶，涨幅 0.64%。布伦特 1 月合约收盘上涨 0.43 美元 | | | | 至 64.06 美元/桶，涨幅 0.68%。SC2512 以 460 元/桶收盘，下跌 | | | | 0.2 元/桶，跌幅 0.04%。美国参议院周日推进一项旨在让联邦政府 | | | | 重新开门并结束目前已持续 40 天停摆的措施，此次停摆已导致联 | | | | 邦工作人员被迫休假，食品援助延迟，航空旅行混乱。俄罗斯在 | | | | 黑海的 Tuapse 炼油厂在本月早些时候遭遇无人机袭击后暂停了 | | | 原油 | 燃料出口。俄罗斯石油生产商卢克石油正面临日益严重的业务中 | 震荡 | | | 断，因为美国要求企业在 11 月 21 日前切断与该公司业务的截止 | | | | 日期临近，且此前将其业务出售给瑞士贸易商贡沃尔的希望也已 | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - Steel: The rebar market is in a situation of weak supply and demand. With high inventory, the supply - demand drive remains under pressure, but the strength of coking coal provides cost support for steel prices. It is expected that the short - term rebar futures market will operate in a weak and volatile manner [1]. - Iron Ore: In the short term, the supply has decreased, demand has weakened, and inventory has increased. The ore price shows a weak and volatile trend [1]. - Coking Coal: The supply of some high - quality resources is still tight, and the demand for high - quality coking coal is strong. However, the acceptance of some high - priced resources by downstream is low. It is expected that the short - term coking coal futures market will operate in a wide - range volatile manner [1]. - Coke: The third round of price increases has been implemented, but the steel market is entering the off - season, and the demand for coke has declined slightly. It is expected that the short - term coke futures market will operate in a wide - range volatile manner [1]. - Manganese Silicon: The market sentiment is boosted, and the cost side provides some support, but the overall fundamental driving force is limited. It is expected to remain volatile in the short term [1][3]. - Silicon Iron: The cost support has increased, but the driving force for continuous upward movement is limited. It is expected to operate in a firm and volatile manner in the short term, subject to market sentiment and the pricing of the new round of steel tenders [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar 2601 contract closed at 3037 yuan/ton, up 13 yuan/ton or 0.43%, with a decrease of 11,400 lots in positions. Spot prices rose slightly, and the national building materials trading volume was 110,300 tons. The rebar production, inventory decline, and apparent demand all showed a weak trend [1]. - **Iron Ore**: The main contract i2601 of iron ore futures closed at 777.5 yuan/ton, up 1.5 yuan/ton or 0.2%, with a trading volume of 260,000 lots and a reduction of 7,000 lots in positions. The supply decreased, demand weakened, and inventory increased [1]. - **Coking Coal**: The coking coal 2601 contract closed at 1290.5 yuan/ton, up 22 yuan/ton or 1.73%, with an increase of 30,130 lots in positions. The supply of some high - quality resources is tight, and the demand for high - quality coking coal is strong [1]. - **Coke**: The coke 2601 contract closed at 1776.5 yuan/ton, up 23.5 yuan/ton or 1.34%, with a decrease of 248 lots in positions. The third round of price increases was implemented, but the demand declined slightly [1]. - **Manganese Silicon**: The main contract of manganese silicon futures closed at 5798 yuan/ton, up 0.73%, with a decrease of 2,290 lots in positions to 351,100 lots. The supply was relatively stable, demand was low, and inventory was under pressure [1][3]. - **Silicon Iron**: The main contract of silicon iron futures closed at 5586 yuan/ton, up 1.34%, with an increase of 831 lots in positions to 169,600 lots. The cost support increased, but the driving force for continuous upward movement was limited [3]. 3.2 Daily Data Monitoring - **Contract Spreads and Basis**: Data on contract spreads (such as 1 - 5 months, 5 - 10 months) and basis for various varieties (rebar, hot - rolled coil, iron ore, etc.) are provided, along with their changes compared to the previous period [4]. - **Profit and Price Spreads**: Information on profits (e.g., rebar disk profit, long - process profit) and price spreads (e.g., coil - rebar spread, rebar - iron ore ratio) is presented, including their latest values and changes [4]. 3.3 Chart Analysis - **Main Contract Prices**: Charts show the closing prices of the main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron from 2020 to 2025 [5][6][7][10][14]. - **Main Contract Basis**: Charts display the basis of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and silicon iron over different time periods [15][16][17][20][22]. - **Inter - period Contract Spreads**: Charts present the spreads of different contracts (e.g., 01 - 05, 05 - 10) for various varieties [24][25][27][31][33][34][37][40]. - **Inter - variety Contract Spreads**: Charts show the spreads between different varieties (e.g., coil - rebar spread, rebar - iron ore ratio) [43][44][45][46]. - **Rebar Profit**: Charts illustrate the disk profit, long - process profit, and short - process profit of rebar from 2020 to 2025 [47][48][52]. 3.4 Black Research Team Members Introduction - **Qiu Yuecheng**: The assistant director of the research institute and the director of black research at Everbright Futures, with nearly 20 years of experience in the steel industry [54]. - **Zhang Xiaojin**: The director of resource product research at Everbright Futures, with rich experience in the field of power coal [54]. - **Liu Xi**: A black researcher at Everbright Futures, good at fundamental supply - demand analysis based on industrial chain data [54]. - **Zhang Chunjie**: A black researcher at Everbright Futures, with experience in investment trading strategies and spot - futures operations [55].

工业硅日报 工业硅&多晶硅日报（2025 年 11 月 7 日） 一、研究观点 点评 6 日工业硅震荡偏强，主力 2601 收于 9065 元/吨，日内涨幅 1.17%，持仓 增仓 4006 手至 23.7 万手。百川工业硅现货参考价 9654 元/吨，较上一交易 日上调 14 元/吨。最低交割品#421 价格持稳在 8900 元/吨，现货贴水扩至 200 元/吨。多晶硅震荡偏弱，主力 2601 收于 53395 元/吨，日内跌幅 0.09%，持仓减仓 2818 手至 12.2 万手；多晶硅 N 型复投硅料价格 52000 元 /吨，最低交割品硅料价格在 52500 元/吨，现货升水收至 500 元/吨。工业 硅重心继续跟随成本回升，但盘面针对后期减产已经充分计价，工业硅供 需改善有余但去库不足，存在见顶压力。西南开启减产季，硅片排产受配 额限制，多晶硅由供需双增转向供需减量博弈格局，有望迎来阶段去库节 奏。重点关注仓单注销冲击下，能否形成实际性去库结果。近期行业公开 产能收储平台 17 家企业完成签字，现货限价坚挺支撑底部，后续平台正式 成立和控产的动态频发，将给予盘面持续向上驱动。 请务必阅读正文之后的免 ...

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On November 6, 2025, the 2601 contract of lithium carbonate futures rose 1.95% to 80,500 yuan/ton. The average price of battery - grade lithium carbonate decreased by 100 yuan/ton to 80,400 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 100 yuan/ton to 78,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped by 250 yuan/ton to 75,680 yuan/ton. The warehouse receipt inventory decreased by 410 tons to 26,420 tons [3]. - In terms of supply, the weekly output increased by 454 tons to 21,534 tons. In November, the supply decreased slightly by 0.2% to 92,080 tons, mainly due to a decline in lithium mica - derived lithium. On the demand side, the weekly output of ternary materials increased by 666 tons to 19,234 tons, and the inventory increased by 663 tons to 19,553 tons; the weekly output of lithium iron phosphate increased by 1400 tons to 88,990 tons, and the inventory increased by 740 tons to 105,719 tons. In November, the output of ternary materials increased slightly by 1% to 85,000 tons, and the output of lithium iron phosphate increased by 4% to 410,000 tons. The total consumption of lithium carbonate by the two main materials increased by 4% to 114,600 tons. The social inventory has been decreasing for 12 consecutive weeks, with a weekly reduction of 3406 tons to 123,953 tons, and the total social inventory turnover days dropped to a historical low of 31.5 days [3]. - After the market on November 6, the Natural Resources Department of Jiangxi Province released a public notice on the assessment report of the mining right transfer income of the Zhenkouli - Jianxiawo Mine in Yifeng County, Jiangxi Province. With the increased expectation of project resumption, the price may face downward pressure, but current demand still supports the price from the bottom [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract and the continuous contract is marked as N/A, while the price of lithium spodumene concentrate (6%, CIF China) decreased by 1 dollar/ton to 919 dollars/ton. Among lithium ores, the price of lithium mica (Li2O: 1.5% - 2.0%) and (Li2O: 2.0% - 2.5%) remained unchanged, while the price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) increased by 55 yuan/ton to 7045 yuan/ton, and (Li2O: 7% - 8%) increased by 65 yuan/ton to 8405 yuan/ton [5]. - Lithium and lithium salts: The price of battery - grade lithium carbonate decreased by 100 yuan/ton to 80,400 yuan/ton, industrial - grade lithium carbonate decreased by 100 yuan/ton to 78,200 yuan/ton, and various types of lithium hydroxide prices decreased by 250 yuan/ton. The price of lithium hexafluorophosphate increased by 1000 yuan/ton to 119,500 yuan/ton. The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 2200 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 150 yuan/ton to - 4720 yuan/ton [5]. - Precursor and cathode materials: The prices of various ternary precursors and cathode materials remained unchanged, while the prices of different types of lithium iron phosphate decreased slightly, and the prices of manganese acid lithium and cobalt acid lithium remained unchanged [5]. - Batteries: The prices of various types of battery cells and batteries remained unchanged [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][8][9]. - Lithium and lithium salt prices: Charts display the price trends of metallic lithium, battery - grade and industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][12][13]. - Price differences: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025 [16][17][18]. - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][28]. - Lithium battery prices: Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][33][34]. - Inventory: Charts show the inventory trends of downstream, smelters, and other sectors from March to October 2025 [37][38][39]. - Production cost: A chart presents the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [41][42][43].

软商品日报 光大期货软商品日报（2025 年 11 月 7 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四，ICE 美棉下跌 1.15%，报收 64.48 美分/磅，CF601 环比上涨 0.52%，报收 13605 元/吨，主力合约持仓环比下降 1553 手至 57.91 万手，棉花 3128B 现货价格指数 14490 元/吨，较前一日上涨 40 元/吨。国际市场方面，近期市场关注重点仍更多 | 震荡 | | | 在于宏观层面，美联储 12 月降息预期反复，有数据显示美国 10 月裁员人数激增， | | | 棉花 | 12 月降息预期再度增加，美元指数走弱，美棉价格随之下行。国内市场方面，郑 | | | | 棉仍在 13600 元/吨上下震荡。中美关税调整有实质性进展，11 月 10 日生效，提 | | | | 振市场情绪。我们认为当前郑棉处于上有压力、下有支撑的状态。本年度新棉丰 | | | | 产，季产年销的特性决定当前供应端压力较大。下方支撑在于消费、成本与预期， | | | | 供需两端均无特别强力新增驱动，而且全年度范围内来看，年内供需 ...

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 11 月 7 日） 一、研究观点 尿素 1、郑商所数据：11 月 6 日尿素期货仓单 3900 张，较上一交易日无变化，有效预报 1192 张。 2、隆众数据：11 月 6 日尿素行业日产 19.59 万吨，较上一工作日增减少 0.08 万吨；较去年同 期增加 1.22 万吨；今日开工率 83.73%，较去年同期 82.38%提升 1.35 个百分点。 3、11 月 6 日国内各地区小颗粒尿素现货价格（隆众；元/吨）：山东 1580，持平；河南 1570， 持平；河北 1590，持平；安徽 1560，持平；江苏 1570，持平。 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四尿素期货价格延续偏强震荡趋势，主力01合约收盘价1644元/吨，微幅上涨0.74 | | | | %。现货市场多数稳定，昨日山东、河南地区市场价格分别稳定在1580元/吨、1570 | | | | 元/吨。基本面来看，尿素装置窄幅波动，行业日产量昨日19.59万吨，日环比降0.08 万吨。需求端跟进情绪有所回暖，昨日主流地区产销率维持多数 ...