Group 1: Report Industry Investment Ratings - Corn: Bullish [1] - Soybean Meal: Sideways [1] - Oils: Sideways [1] - Eggs: Sideways [1] - Hogs: Sideways [2] Group 2: Core Views of the Report - Corn futures prices are expected to continue rebounding due to the breakthrough of the bottom pattern and the support from the spot market. The downstream feed enterprises are purchasing as needed and remaining cautious in the long - term [1]. - For soybean meal, the domestic protein meal is strong, but the sufficient supply of domestic soybeans and soybean meal limits the upside space. A strategy of long futures + selling out - of - the - money call options is recommended [1]. - Oils are experiencing a short - term rebound. The short - term long strategy can be considered, but the high inventory of the three major oils remains a factor [1]. - Egg futures prices are continuing to rebound. The expected decline in future production capacity supports the futures market. Attention should be paid to future capacity changes for trading opportunities [1]. - Hog futures show a pattern of far - month strength and near - month weakness. The short - term price is at a low level, but the long - term long position of the far - month 2609 contract is a market focus [2]. Group 3: Summary of Market Information - From November 1 - 5, 2025, Malaysia's palm oil yield, oil extraction rate, and production increased compared to the same period last month [2]. - Argentina's oilseed workers' union and the industry association reached an agreement on salary increases [3]. - On November 6, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket" product wholesale price index decreased. The average wholesale price of pork in the national agricultural product market decreased by 0.7% [3]. - The CNF price and import cost of US soybeans for December shipment are higher than those of Brazilian soybeans [3]. Group 4: Summary of Variety Spreads - The report presents contract spreads and contract basis charts for various agricultural products such as corn, corn starch, soybeans, soybean meal, oils, eggs, and hogs, but no specific analysis of these spreads is provided [4][5][6][10][12][13][14][16][20][24] Group 5: Introduction of the Agricultural Product Research Team - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute. She has won many awards and has rich experience [26]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with over ten years of futures experience and many awards [26]. - Kong Hailan is a researcher of eggs and hogs at Everbright Futures Research Institute, with a master's degree in economics and rich experience [26].

有色商品日报 有色商品日报（2025 年 11 月 7 日） 一、研究观点 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 有色商品日报 | 品 种 | 点评 | | | --- | --- | --- | | | 隔夜内外铜价冲高回落，国内精炼铜现货进口窗口持续关闭。宏观方面，美联储票委古 | | | | 尔斯比认为，政府关门导致关键通胀数据缺失，劳动力市场有更多私营部门数据来源， | | | | 但通胀数据严重依赖政府报告，让他对进一步降息持谨慎态度。美联储对降息节奏开 | | | | 始产生较大的分歧，这也让 12 月份降息概率维持在偏低位。另外，美国政府停摆破历 | | | | 史纪录，政府停摆时间越长，对经济影响越大，对股市造成一定拖累，昨晚美股依旧表 | | | | 现出不稳定性，显示市场的诸多不安。库存方面，LME 库存增加 500 吨至 134475 | 吨； | | 铜 | Comex 库存增加 2768 吨至 332413 吨；SHFE 铜仓单增加 1332 吨至 43893 吨；BC 铜维 | | | | 持 10135 吨。需求方面，旺季成色不足，10 月铜 ...

股指期货日度数据跟踪 2025-11-07 一、指数走势 11 月 06 日，上证综指涨跌幅 0.97%，收于 4007.76 点，成交额 9302.76 亿元，深成指数涨跌幅 1.73%，收于 13452.42 点，成交额 11249.72 亿元。 中证 1000 指数涨跌幅 1.17%，成交额 4051.69 亿元，其中开盘价 7482.91，收盘价 7551.83，当日最高价 7551.83，最低价 7466.75； 中证 500 指数涨跌幅 1.61%，成交额 3528.1 亿元，其中开盘价 7243.2，收盘价 7345.72，当日最高价 7352.18，最低价 7243.2； 沪深 300 指数涨跌幅 1.43%，成交额 5536.42 亿元，其中开盘价 4642.01，收盘价 4693.4，当日最高价 4698.09，最低价 4642.01； 上证 50 指数涨跌幅 1.22%，成交额 1439.34 亿元，其中开盘价 3015.35，收盘价 3044.74，当日最高价 3049.49，最低价 3012.44。 图表 1：中证 1000、中证 500、沪深 300、上证 50 日内走势（%） 图 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 11 月 07 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场冲高振荡，有色金属、电子、通信等顺周期板块领涨。Wind | | | | 全 A 收涨 1.19%，成交额 2.08 万亿元，中证 1000 指数上涨 1.17%，中证 500 | | | | 指数上涨 1.16%，沪深 300 指数上涨 1.43%，上证 50 指数上涨 1.22%。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 | | | 股指 | 科技革命和产业变革历史机遇"并形成现代化产业体系；（2）继续扩大内需， | 震荡 | | | "促进消费和投资、供给和需求良性互动"；（3）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。 | | ...

一、研究观点 | 品种 | 点评 周四油价震荡回落，其中 WTI 12 月合约收盘下跌 0.17 美元至 59.43 美元/桶，跌幅 0.29%。布伦特 1 月合约收盘下跌 0.14 美元 | 观点 | | --- | --- | --- | | | 至 63.38 美元/桶，跌幅 0.22%。SC2512 以 454.4 元/桶收盘，下跌 6.1 元/桶，跌幅 1.32%。据航运和贸易人士估计，由于炼厂产量增 | | | | 加，俄罗斯 11 月自该国西部港口的石油出口量预计将略有下降， | | | 原油 | 但仍接近最近数月的历史高点。11 月，乌拉尔、西伯利亚轻质和 | 震荡 | | | KEBCO 原油通过 Primorsk、Ust-Luga 和 Novorossiisk 港的出口量 | | | | 预计约为 230 万桶/日，略低于 10 月份约 240 万桶/日。9 月和 10 | | | | 月，俄罗斯西部港口接近满负荷运行。从 11 月沙特原油官方售价 | | | | 升水来看，部分油种包括中质和重质油种的升水下调 0.3 美元/桶， | | | | 其他油种保持不变。当前油价来看，继续陷入拉 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Corn: The corn futures price showed a weak and volatile performance. New grain listings increased in the spot market, and the supply pressure in Jilin was transmitted to the ports, causing the prices at northern ports to decline under pressure. Prices in different regions of North China were differentiated, and prices in the sales areas were generally weak. The corn main 2601 contract rebounded under pressure, and there was a long - term bearish expectation [1]. - Soybean Meal: CBOT soybeans hit a 15 - month high on Thursday. After the China - US economic and trade consultations in Kuala Lumpur, there were expectations of increased demand. Domestic soybean meal followed the upward trend of the external market, but the market trading was sluggish. The strategy was to think in a slightly bullish and volatile way [1]. - Oils: BMD palm oil rebounded after four consecutive days of decline. The Indonesian Palm Oil Association expected the 2025 palm oil production to increase by 10% year - on - year to 56 million tons. In August, Indonesia's inventory decreased by 1% to 2.54 million tons. Domestically, palm oil declined more than soybean oil and rapeseed oil. Short - term participation was recommended, waiting for long - position entry opportunities [1]. - Eggs: The egg futures fluctuated and adjusted on Thursday, with the main 2512 contract slightly down 0.25%. The spot prices were mostly stable, with individual fluctuations. The short - term supply pressure and supply improvement were in a game, and the rebound height was expected to be limited [1]. - Pigs: The main 2601 contract of live pigs closed with a long negative line on Thursday, and the futures price returned to the shock mode. The spot prices in production and sales areas were running strongly, but the price increases in Shandong and Hebei slowed down. Although it was expected that the prices of live pigs and pork would stop falling and rebound in the fourth quarter, the supply pressure still loomed over the market, and the futures price was expected to resume a slow decline after the rebound ended [2]. 3. Summary by Relevant Catalogs 3.1 Market Information - The European Central Bank kept the interest rate at 2% on Thursday, while the Federal Reserve cut the interest rate by 25 basis points earlier [3]. - In September 2025, Canada's rapeseed crushing volume was 1,007,389 tons, an increase of 16.07% from the previous month and 7.97% from the same period last year [3]. - The estimated soybean production in the 2025/26 season in Brazil's Paraná state was 21.96 million tons, higher than the September forecast [3]. - China made its first soybean purchase from the US in this harvesting season [3]. 3.2 Variety Spreads - **Contract Spreads**: There were charts showing the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [5][6][10][14]. - **Contract Basis**: There were charts showing the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [13][16][17][22]. 3.3 Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with rich experience and many honors. Her futures trading consultation qualification number is Z0001262 [26]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with over a decade of futures trading experience and multiple awards. Her futures trading consultation qualification number is Z0013637 [26]. - Kong Hailan is a researcher of eggs and live pigs at Everbright Futures Research Institute, with a master's degree in economics. Her futures trading consultation qualification number is Z0013544 [26].

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 0 月 3 1 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 779.5 | 781.5 | -2.0 | I05-I09 | 21.0 | 21.5 | -0.5 | | I09 | 758.5 | 760.0 | -1.5 | I09-I01 | -44.0 | -44.5 | 0.5 | | I01 | 802.5 | 804.5 | -2.0 | I01-I05 | 23.0 | 23.0 | 0.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 2.1 基差：数据 | 品种 | 今日价格 | 上日价格 | 变化 | 交割成本 | 今日基差 | 上日基差 | ...

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 10 月 31 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四尿素期货价格震荡偏弱，主力01合约收盘价1627元/吨，日环比跌0.97%。现货 | | | | 市场多数稳定，个别地区仍有小幅回落。山东、河南地区市场价格分别为1600元/吨 | | | | 、1580元/吨。供应端维持稳定，昨日行业日产量18.88万吨，日环比持平。需求端跟 | | | 尿素 | 进情绪依旧偏弱，昨日主流地区产销率维持5%～50%区间，区 间分化有所 大。 | 偏弱震荡 | | | 本周尿素企业库存下降4.66%，厂家仍有待发 单支撑，现货报价或趋于稳定。但当 | | | | 前尿素行业会议及宏观层面利好因素交易完 ，市场 增利好驱动不足，盘面走势 | | | | 或阶段性 弱。关注成本变化、需求跟进情况、宏观及我国出口动 。 | | | | 周四纯碱期货价格偏弱震荡，午后走势波动加剧。截至收盘主力01合约报1235元/ 吨，跌幅1.12%。现货厂家报价多数稳定，贸易商报价跟随盘面情绪小幅回暖，昨 | | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Yesterday, the lithium carbonate futures 2601 contract rose 1.19% to 83,400 yuan/ton. Spot prices also increased, with the average price of battery - grade lithium carbonate rising 850 yuan/ton to 80,000 yuan/ton, industrial - grade lithium carbonate rising 850 yuan/ton to 77,800 yuan/ton, and battery - grade lithium hydroxide (coarse particles) rising 300 yuan/ton to 75,380 yuan/ton. Warehouse receipts increased by 116 tons to 27,641 tons [3]. - Supply is expected to decline slightly on a monthly basis. Weekly production decreased by 228 tons to 21,080 tons. Demand side: weekly ternary material production increased by 802 tons to 18,568 tons, and inventory increased by 298 tons to 18,890 tons. Inventory decreased by 3,007 tons to 127,359 tons on a weekly basis [3]. - With the improvement of macro - sentiment, the weekly inventory destocking speed is accelerating, and market news indicates that the lithium ore auction price is strengthening, which boosts the bottom price. In the short term, it may still run strongly, but cautious optimism is needed, and there is still an expectation of project resumption [3]. 3. Summary by Related Catalogs 3.1 Daily Data Monitoring - **Futures and Lithium Ore Prices**: The closing price of the main futures contract increased by 500 yuan/ton to 83,400 yuan/ton, and the continuous contract increased by 100 yuan/ton to 81,840 yuan/ton. Lithium ore prices such as lithium spodumene concentrate and lithium mica also rose [5]. - **Lithium Salt Prices**: Battery - grade lithium carbonate, industrial - grade lithium carbonate, and various types of lithium hydroxide prices all increased. The price of lithium hexafluorophosphate rose by 3,000 yuan/ton to 106,000 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade and industrial - grade lithium carbonate remained unchanged, while the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 550 yuan/ton [5]. - **Precursor and Cathode Material Prices**: Some ternary precursor prices remained stable, while some ternary material and lithium iron phosphate prices increased [5]. - **Battery Cell and Battery Prices**: The prices of some battery cells and batteries increased, such as 523 square ternary cells and square lithium iron phosphate battery cells [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [6][7][8][9]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12][13][14][15]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17][18][19][20][21][22]. - **Precursor & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [24][26][27][28][29][30]. - **Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][33][34][35]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from March to October 2025 [37][38][39][40]. - **Production Costs**: The chart shows the production profit trends of different raw materials for lithium carbonate production from 2024 to 2025 [41][42]. 3.3 Research Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and professional titles in the field of non - ferrous metals research, and are responsible for different research directions [45][46]. 3.4 Contact Information - The company is located at 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729, Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, and the fax is 021 - 80212200. The customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [49][50].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - On October 30, industrial silicon fluctuated strongly. The main contract 2601 closed at 9,155 yuan/ton, with an intraday increase of 0.94%. The position increased by 7,102 lots to 228,000 lots. The reference price of industrial silicon spot by Baichuan was 9,554 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 remained stable at 8,850 yuan/ton, and the spot discount narrowed to 285 yuan/ton. Polysilicon fluctuated weakly. The main contract 2601 closed at 54,950 yuan/ton, with an intraday decrease of 0.15%. The position increased by 7,622 lots to 126,000 lots. The price of N-type recycled polysilicon material rose to 52,500 yuan/ton, and the price of the lowest deliverable silicon material was 52,500 yuan/ton, with the spot discount narrowing to 490 yuan/ton [2]. - Due to production cuts in the southwest and silicon factories holding back supplies and raising prices, along with rising costs of silicon coal and electricity, the operating center of industrial silicon has moved upward. Due to the quota arrangement of the industry association, production cuts in silicon wafers after November are basically certain. Although the weekly production schedule of silicon wafers has increased significantly, the current high output is more likely to be a stage of concentrated production rush before the enterprise quota, and cannot be confirmed as a signal of actual demand improvement. The last week of October may be the stage of a production rush in the industry [2]. - Recently, the industry announced that 17 enterprises have signed for the production capacity storage platform. Coupled with the fact that downstream procurement has exceeded upstream output for the first time, it supports polysilicon to continue to operate strongly [2]. Group 3: Summary by Relevant Catalogs 1. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 15 yuan/ton to 9,155 yuan/ton, while the near - month contract increased by 5 yuan/ton to 9,185 yuan/ton. Among the spot prices, the price of some grades such as 421 silicon in some regions increased slightly, and the spot discount narrowed from - 330 yuan/ton to - 285 yuan/ton. The industrial silicon warehouse receipts increased by 72 to 47,410, the factory inventory increased by 400 to 262,500 tons, and the social inventory increased by 400 to 445,500 tons [4]. - **Polysilicon**: The futures settlement price of the near - month contract decreased by 370 yuan/ton to 52,490 yuan/ton. The spot prices of various types of polysilicon remained stable, and the spot discount narrowed from - 860 yuan/ton to - 490 yuan/ton. The polysilicon warehouse receipts increased by 210 to 9,330, and the inventory in the Guangzhou Futures Exchange increased by 2.4 to 28.26 tons [4]. - **Organic Silicon**: The spot price of DMC in the East China market remained stable at 11,000 yuan/ton, and the price of dimethyl silicone oil increased by 1,700 yuan/ton to 13,500 yuan/ton [4]. 2. Chart Analysis 2.1 Industrial Silicon and Cost - end Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][8][13]. 2.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [15][17]. 2.3 Inventory - Charts present the inventory of industrial silicon futures, factory warehouses, social warehouses, DMC, and polysilicon [23][27]. 2.4 Cost and Profit - Charts show the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [31][33][38]. 3. Team Introduction - The non - ferrous metals team includes Zhan Dapeng, a senior researcher with over a decade of commodity research experience; Wang Heng, who focuses on aluminum and silicon research; and Zhu Xi, who focuses on lithium and nickel research [40][41].