Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The prices of steel, iron ore, coking coal, coke, ferromanganese, and ferrosilicon are expected to show narrow - range consolidation or oscillation in the short term. For example, steel is expected to have narrow - range consolidation, while other varieties are expected to oscillate [1]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Steel**: The rebar futures contract 2601 closed at 3038 yuan/ton, up 13 yuan/ton (0.43%) with a decrease of 55,700 in positions. Spot prices were stable with a slight increase, and trading volume remained low. National building material production decreased by 92,300 tons to 3.8784 million tons, social inventory decreased by 142,500 tons to 6.2415 million tons, factory inventory increased by 7,500 tons to 3.485 million tons, and apparent demand decreased by 19,000 tons to 4.0134 million tons. It is expected that the rebar futures market will continue narrow - range consolidation in the short term [1]. - **Iron Ore**: The main iron ore futures contract i2601 closed at 774 yuan/ton, up 11 yuan/ton (1.44%) with a decrease of 29,000 in positions. The shipment volume from Australia and Brazil continued to decline, while that from other countries increased. The iron - making output decreased by 21,400 tons to 2.3422 million tons, and the loss range of steel mills continued to expand. The inventory of imported iron ore in 47 ports and national steel mills increased. It is expected that the iron ore price will oscillate in the short term [1]. - **Coking Coal**: The coking coal futures contract 2601 closed at 1219 yuan/ton, up 6 yuan/ton (0.49%) with a decrease of 35,563 in positions. The price of low - sulfur coking coal in Shanxi increased, while the price of Mongolian coal at the port decreased. The mine output is difficult to increase significantly in the short term, and the coke enterprises' restocking rhythm has slowed down. It is expected that the coking coal futures market will have wide - range oscillation in the short term [1]. - **Coke**: The coke futures contract 2601 closed at 1689.5 yuan/ton, up 4.5 yuan/ton (0.27%) with a decrease of 608 in positions. The spot price at the port increased. The production of coke enterprises is relatively stable, but the profit margin has shrunk, and some enterprises have increased maintenance. The blast furnace operation of steel mills is relatively stable, but the profitability has declined. It is expected that the coke futures market will have wide - range oscillation in the short term [1]. - **Ferromanganese**: On Wednesday, the ferromanganese futures price oscillated weakly, with the main contract closing at 5762 yuan/ton, down 0.41%. The mainstream steel procurement has new progress, and it is expected that the final price will be slightly lower than last month. The production has decreased slightly, the demand for steel procurement has decreased, the manganese ore price is firm, and the inventory of sample enterprises has reached a new high. It is expected that the adjustment range will be small [1]. - **Ferrosilicon**: On Wednesday, the ferrosilicon futures price oscillated weakly, with the main contract closing at 5490 yuan/ton, down 0.83%. A new factory has been put into production. The steel procurement inquiry price has decreased. The production cost has increased, but the production is still relatively high. The demand for steel procurement has decreased, and the inventory has reached a new high. It is expected to follow the overall trend of the black - commodity market and pay attention to market sentiment and steel procurement pricing [1]. 2. Daily Data Monitoring - **Contract Spreads**: The 1 - 5 month spreads and 5 - 10 month spreads of different varieties (such as rebar, hot - rolled coil, iron ore, etc.) have different changes, with some increasing and some decreasing. For example, the 1 - 5 month spread of rebar was - 58.0, up 6.0 [4]. - **Basis**: The basis of different varieties and contracts also shows different changes. For example, the basis of the 01 rebar contract was 152.0, down 13.0 [4]. - **Profit and Spreads between Varieties**: The profit of rebar in different processes (such as long - process and short - process) and the spreads between different varieties (such as coil - rebar spread, rebar - iron ore ratio, etc.) have different changes. For example, the rebar futures profit was - 126.9, down 7.4 [4]. 3. Chart Analysis - **Main Contract Prices**: It shows the historical closing prices of the main contracts of various black commodities from 2020 to 2025, including rebar, hot - rolled coil, iron ore, etc. [6][7][8][9][10][11][15]. - **Main Contract Basis**: It shows the historical basis of the main contracts of various black commodities from different years, such as rebar, hot - rolled coil, iron ore, etc. [17][18][19][21][22][23][24]. - **Inter - period Contract Spreads**: It shows the historical spreads between different contracts (such as 01 - 05, 05 - 10) of various black commodities, including rebar, hot - rolled coil, iron ore, etc. [26][28][33][34][35][38][39]. - **Inter - variety Contract Spreads**: It shows the historical spreads between different varieties of main contracts, such as coil - rebar spread, rebar - iron ore ratio, etc. [44][45][46][47]. - **Rebar Profit**: It shows the historical profit of rebar in different processes, including futures profit, long - process profit, and short - process profit [49][50][52]. 4. Black Research Team Member Introduction - The black research team of Everbright Futures includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, Zhang Chunjie, etc., each with rich experience and professional qualifications in the black - commodity research field [54][55].

1. Report Information - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: November 13, 2025 [1] 2. Core Viewpoints - The report provides a daily monitoring of iron ore futures contract prices, spreads, and basis data, along with information on changes in deliverable brands and their associated rules [3][5][10] 3. Summary by Directory 3.1 Futures Contract Prices and Spreads - Futures Contract Prices: I05 closed at 747.5 yuan/ton, up 10.5 yuan from the previous day; I09 closed at 724.5 yuan/ton, up 7.5 yuan; I01 closed at 774.0 yuan/ton, up 11.0 yuan [3] - Contract Spreads: The I05 - I09 spread was 23.0 yuan/ton, up 3.0 yuan; the I09 - I01 spread was -49.5 yuan/ton, down 3.5 yuan; the I01 - I05 spread was 26.5 yuan/ton, up 0.5 yuan [3] 3.2 Basis Data - Various iron ore varieties' basis data are presented, including today's price, previous day's price, change, delivery cost, today's basis, previous day's basis, and change. Most basis values decreased compared to the previous day [5] 3.3 Changes in Deliverable Brands and Rules - Starting from December 2, 2025, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, and Ukrainian Concentrate) are added with a brand premium of 0, effective from the I2202 contract [10] - Brand premiums for existing varieties are adjusted. Only PB powder, BRBF, and Carajas powder have a brand premium of 15 yuan/ton, while others are 0 yuan/ton [10] - Quality difference and premium rules for substitutes are modified, including adjusting the allowable range of iron grade and other element indicators, and introducing a dynamic adjustment mechanism for iron element premium values [10] 3.4 Variety Spreads - Multiple variety spreads are provided, such as PB block - PB powder, Newman block - Newman powder, etc. Some spreads increased while others decreased compared to the previous day [12]

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - Corn prices are expected to rise. The corn futures and spot prices have been increasing recently due to the upward - adjusted port quotes, policy expectations, and the technical breakthrough of the main 2601 contract. It is recommended to continue participating in short - term long positions [1]. - The trend of soybean meal is expected to be oscillatory. CBOT soybeans rose on Wednesday, and the market is waiting for the USDA supply - demand report. Domestically, soybean meal continues the oscillatory and strengthening trend due to cost support. The strategy is to hold futures long positions and sell out - of - the - money call options [1]. - The trend of oils is expected to be oscillatory. BMD palm oil stopped rising on Wednesday. Domestic rapeseed oil continued to rise, while palm oil showed weak upward momentum. The strategy is to participate in short - term long positions [1]. - The trend of eggs is expected to be oscillatory. Egg futures prices continued to correct on Wednesday. In the short term, egg prices in production areas are mostly stable, and terminal demand is mediocre. The supply is expected to decline slowly, but the uncertain factor of old chicken culling remains. If the production capacity is accelerated for elimination, consider going long at low prices; otherwise, adopt an oscillatory trading idea [1]. - The trend of pigs is expected to be oscillatory. On Wednesday, the near - term pig contracts were weak, while the far - term ones were strong. The far - term 2609 contract is expected to continue the oscillatory and strengthening trend, and short - term attention should be paid to the pressure of the 40 - day moving average [2]. Summary According to Relevant Catalogs Research Views - **Corn**: On Wednesday, corn futures and spot prices increased. The main 2601 contract reduced positions and rose. North port prices increased continuously, and prices in most Northeast production areas also rose. The futures market was strong, and some farmers were reluctant to sell. Technically, the main 2601 contract broke through the bottom neckline, and it is recommended to continue participating in short - term long positions [1]. - **Soybean Meal**: CBOT soybeans rose on Wednesday, waiting for the USDA supply - demand report. Analysts predict that the US 2025/26 soybean production will be 4.266 billion bushels, with an average yield of 53.1 bushels per acre and an expected inventory of 304 million bushels. Domestically, soybean meal continued the oscillatory and strengthening trend due to cost support. The expected soybean crushing volume of oil mills this week will return to over 2.3 million tons, and the market supply is sufficient. The strategy is futures long positions + selling out - of - the - money call options [1]. - **Oils**: BMD palm oil stopped rising on Wednesday due to the strengthening of the Malaysian ringgit and the decline in crude oil prices. Malaysia's 2025 palm oil production exceeded 20 million tons. The export volume of Malaysian palm oil from November 1 - 10 decreased by 9.5% - 12.3% month - on - month. Domestically, rapeseed oil continued to rise, and palm oil showed weak upward momentum. The strategy is to participate in short - term long positions [1]. - **Eggs**: On Wednesday, egg futures prices continued to correct. The main 2512 contract fell 2.82% to 3063 yuan/500 kilograms, and the 2601 contract fell 1.51% to 3322 yuan/500 kilograms. The national egg price was 2.94 yuan/jin, down 0.01 yuan/jin. In the short term, egg prices in production areas are mostly stable, and terminal demand is mediocre. Before February next year, the new supply will continue to decline. If the production capacity is accelerated for elimination, consider going long at low prices; otherwise, adopt an oscillatory trading idea [1]. - **Pigs**: On Wednesday, the near - term pig contracts were weak, while the far - term ones were strong. The far - term 2607 and 2609 contracts rose strongly under the expectation of policy - driven production capacity reduction. The pig prices in production and sales areas decreased jointly. The 2609 contract is expected to continue the oscillatory and strengthening trend, and short - term attention should be paid to the pressure of the 40 - day moving average [2]. Market Information - Malaysia's 2025 crude palm oil production will increase by 3.4% year - on - year to a record 20 million tons [3]. - The estimated export volume of Malaysian palm oil from November 1 - 10 is 190,533 tons, a 49.53% decrease compared with the same period last month [3]. - As of the week of November 5, Argentine farmers sold 2.867 million tons of 2024/25 soybeans, with a cumulative sales volume of 38.8346 million tons. They also sold 311,000 tons of 2025/26 soybeans, with a cumulative sales volume of 4.1747 million tons. The total sales volume of all - year soybeans in that week was 322,000 tons, with a cumulative sales volume of 83.9843 million tons. As of November 5, the cumulative export sales registration volume of 2024/25 soybeans was 12.264 million tons, and that of 2025/26 soybeans was 1.867 million tons [4]. Variety Spreads - **Contract Spreads**: There are charts showing the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific data analysis is provided [6][7][10][12]. - **Contract Basis**: There are charts showing the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific data analysis is provided [15][18][19][24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On November 12, 2025, the lithium carbonate futures 2601 contract dropped 0.21% to 86,580 yuan/ton. The average price of battery - grade lithium carbonate rose 1,000 yuan/ton to 83,300 yuan/ton, and the average price of industrial - grade lithium carbonate rose 1,000 yuan/ton to 81,100 yuan/ton. The battery - grade lithium hydroxide (coarse particles) rose 50 yuan/ton to 75,970 yuan/ton. The warehouse receipt inventory increased 188 tons to 28,287 tons [3]. - On the supply side, the weekly production increased 454 tons to 21,534 tons. In November, the expected lithium carbonate production is forecast to decline 0.2% to 92,080 tons. On the demand side, the production of ternary materials in November increased 1% to 85,000 tons, and the production of lithium iron phosphate increased 4% to 410,000 tons. The weekly inventory decreased 3,406 tons to 123,953 tons [3]. - Demand drives prices and supports them from below. Currently, there are significant differences between bulls and bears in the futures market, and market sentiment has weakened. Short - term prices may fluctuate widely, and attention should be paid to market sentiment, positions, actual project restart times, and potential off - seasons in the power sector [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - The prices of various products in the lithium - battery industry chain showed different changes on November 12, 2025. For example, the closing price of the main futures contract increased 40 yuan/ton to 86,580 yuan/ton, and the price of battery - grade lithium carbonate rose 1,000 yuan/ton to 83,300 yuan/ton [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts show the price trends of lithium - containing ores such as lithium spodumene concentrate, lithium mica, and lithium - phosphorus - aluminum stone from 2024 to 2025 [6][8][9]. 3.2.2 Lithium and Lithium Salt Prices - Charts display the price trends of lithium metal, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][13]. 3.2.3 Price Spreads - Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc., from 2024 to 2025 [17][18][20]. 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [24][25][27]. 3.2.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [33][34][36]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other sectors from March to November 2025 [37][38][39]. 3.2.7 Production Costs - The chart shows 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,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [41][42]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - On November 12, industrial silicon fluctuated weakly. The main contract 2601 closed at 9,195 yuan/ton, with an intraday decline of 0.43%, and the open interest decreased by 8,823 lots to 262,000 lots. The spot reference price of industrial silicon from Baichuan was 9,692 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable product 421 remained stable at 8,950 yuan/ton, and the spot discount widened to 245 yuan/ton. Polysilicon fluctuated strongly. The main contract 2601 closed at 53,460 yuan/ton, with an intraday increase of 0.43%, and the open interest increased by 2,149 lots to 141,000 lots. The price of N-type recycled polysilicon was 52,000 yuan/ton, and the price of the lowest deliverable silicon material was 52,000 yuan/ton. The spot premium narrowed to 665 yuan/ton [2]. - Silicon factories in the southwest region reduced production on a large scale. However, due to the simultaneous production cuts in the downstream, the inventory reduction rhythm was not achieved. The futures market priced in the production cut expectation in advance and declined due to the drag of crystalline silicon. In November, the production schedules of polysilicon materials and downstream silicon wafers both declined. The planned production cut scale of silicon materials exceeded that of the downstream, but under the strong quota limit of silicon wafers, the production cut rhythm was ahead of the upstream [2]. - As the impact of the polysilicon capacity platform news faded, the short - term weak reality led the futures market to enter a low - level consolidation stage. A industry meeting was held, and there were rumors in the market about the progress of the capacity platform. The person in charge of the Photovoltaic Association expressed the determination to fight against involution. The polysilicon futures market was dominated by multiple news, and the volatility continued to increase. Investors were advised to be cautious [2]. Summary by Relevant Catalogs 1. Research Views - Industrial silicon fluctuated weakly on the 12th, while polysilicon fluctuated strongly. Southwest silicon factories cut production, but failed to reduce inventory due to downstream production cuts. The market priced in the production cut expectation in advance and was in a low - level consolidation stage. The polysilicon market was affected by multiple news, with increasing volatility [2]. 2. Daily Data Monitoring Industrial Silicon - The futures settlement price of the main contract increased from 9,180 yuan/ton on November 11 to 9,195 yuan/ton on November 12, an increase of 15 yuan/ton. The prices of various grades of spot industrial silicon remained stable, and the spot discount widened to 245 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 46,079, the Guangzhou Futures Exchange inventory decreased by 5,365 tons to 230,900 tons, and the social inventory decreased by 4,700 tons to 447,700 tons [2][3]. Polysilicon - The futures settlement price of the main contract increased from 51,930 yuan/ton on November 11 to 53,460 yuan/ton on November 12, an increase of 1,530 yuan/ton. The spot prices of various grades of polysilicon remained stable, and the spot premium narrowed to 665 yuan/ton. The polysilicon warehouse receipts remained unchanged at 9,850, the Guangzhou Futures Exchange inventory increased by 0.8 tons to 29.55 tons, and the social inventory increased by 0.1 tons to 27.7 tons [2][3]. Organic Silicon - The price of DMC in the East China market remained stable at 11,000 yuan/ton. The prices of raw rubber and 107 glue remained stable, while the price of dimethyl silicone oil increased by 1,700 yuan/ton to 13,500 yuan/ton [3]. 3. Chart Analysis 3.1 Industrial Silicon and Cost - end Prices - Charts show the prices of different grades of industrial silicon, price differences between grades, regional price differences, electricity prices, silica prices, and refined coal prices [5][7][11]. 3.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][16][18]. 3.3 Inventory - Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [23][25]. 3.4 Cost and Profit - Charts show the average cost and profit levels in main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, DMC cost - profit, and polysilicon cost - profit [28][30][35].

报告行业投资评级 未提及。 报告的核心观点 - **尿素**：周三尿素期货上午窄幅震荡，午后快速拉升，主力01合约收盘价1655元/吨，微幅上涨0.42%，但现货市场继续走弱。基本面方面，尿素供应水平小幅回升，需求情绪整体仍偏弱，后续行业仍有复产及新增产能兑现，日产或进一步回升，内需支撑有限，国内供需压力不减。虽有新增出口配额消息传言扰动市场情绪，但消息真假存疑，产业情绪谨慎，盘面趋势性上涨动能不足，建议以宽幅波动思路对待。需关注现货成交情绪、出口政策及动态、后续印标结果对国内市场情绪的影响。 - **纯碱**：周三纯碱期货价格弱势震荡，主力01合约收盘价1214元/吨，微幅下跌0.9%，现货市场报价多数稳定。近期纯碱行业生产水平低位波动，供应或仍有波动，需求变化幅度有限，中下游低价补库按需跟进，光伏玻璃行业点火产线利于刚需支撑，煤炭等原料价格走高及运费上涨带来成本支撑效应。整体来看，基本面略有回暖，但供需压力依旧过大，期货盘面不具备趋势性上涨驱动，短期延续宽幅震荡趋势，需关注纯碱企业负荷变化、成本变化、下游产能变化及本周库存数据。 - **玻璃**：周三玻璃期货价格延续偏弱状态，主力01合约收盘价1046元/吨，跌幅1.22%，现货市场走势依旧偏弱。近期玻璃供应维持稳定，需求情绪跟进缓慢，市场缺乏有效驱动，盘面以底部盘整为主。玻璃期货持仓量持续创历史新高，需关注资金及持仓动态，以及玻璃现货成交力度、本周库存数据、煤炭价格走势等因素能否给市场带来新方向。 根据相关目录分别进行总结 市场信息 - **尿素** - 郑商所数据显示，11月12日尿素期货仓单6958张，较上一交易日增加146张，有效预报440张。 - 隆众数据表明，11月12日尿素行业日产19.81万吨，较上一工作日增加0.14万吨（上一工作日日产19.67万吨），较去年同期增加1.59万吨；当日开工率84.68%，较去年同期80.62%提升4.06个百分点。 - 11月12日国内各地区小颗粒尿素现货价格：山东1600元/吨，较前一日下跌10元/吨；河南1610元/吨，下跌10元/吨；河北1630元/吨，持平；安徽1590元/吨，下跌20元/吨；江苏1600元/吨，下跌10元/吨；山西1480元/吨，下跌20元/吨。 - 隆众资讯显示，截至11月12日，尿素企业库存148.36万吨，较上周减少9.45万吨，降幅5.99%。 - **纯碱 & 玻璃** - 郑商所数据显示，11月12日纯碱期货仓单数量6351张，较上一交易日减少648张，有效预报1354张；玻璃期货仓单数量498张，较上一交易日减少48张。 - 11月12日纯碱现货价：华北轻碱1250元/吨，重碱1300元/吨；华中轻碱1150元/吨，重碱1250元/吨；华东轻碱1150元/吨，重碱1300元/吨；华南轻碱1350元/吨，重碱1400元/吨；西南轻碱1200元/吨，重碱1300元/吨；西北轻碱930元/吨，重碱950元/吨。 - 隆众数据显示，11月12日纯碱行业日度开工率84.87%，上一工作日为84.07%。 - 11月12日浮法玻璃市场均价1146元/吨，较前一日下跌3元/吨；行业日产量15.91万吨，与前一日持平。 图表分析 报告包含尿素和纯碱主力合约收盘价、基差、成交和持仓、不同合约价差，尿素 - 甲醇期货价差、玻璃 - 纯碱期货价差，以及尿素和纯碱现货价格走势等图表，全部图表数据来源为iFind、光大期货研究所，但文档未对图表进行具体分析内容阐述。 资源品团队研究成员介绍 - 张笑金，光大期货研究所资源品研究总监，长期专注于白糖产业研究，多次参与重大课题和丛书撰写，获多项期货分析师称号。期货从业资格号：F0306200，期货交易咨询资格号：Z0000082。 - 张凌璐，英国布里斯托大学会计金融学硕士，现任光大期货研究所资源品分析师，负责尿素、纯碱、玻璃等期货品种研究，参与多个项目及课题，获多项荣誉称号。期货从业资格号：F3067502，期货交易咨询资格号：Z0014869。 - 孙成震，光大期货研究所资源品分析师，云南大学金融硕士，主要从事棉花、棉纱、铁合金等品种基本面研究、数据分析等工作，参与郑商所相关课题撰写，发表多篇文章，获郑商所纺织品类高级分析师称号。期货从业资格号：F03099994，期货交易咨询资格号：Z0021057。

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the performance of major stock indices on November 12, including their price movements, trading volumes, and the impact of sector fluctuations on these indices. It also provides data on the basis and annualized opening costs of stock index futures, as well as the point differences in futures contract roll - overs and their corresponding annualized costs. 3. Summary by Relevant Catalogs Index Trends - On November 12, the Shanghai Composite Index dropped by 0.07% to close at 4000.14 points, with a trading volume of 840.467 billion yuan. The Shenzhen Component Index declined by 0.36% to 13240.62 points, and its trading volume was 1104.567 billion yuan [1]. - The CSI 1000 Index decreased by 0.72%, with a trading volume of 390.482 billion yuan. It opened at 7520.18, closed at 7486.38, reached a high of 7537.76, and a low of 7421.46 [1]. - The CSI 500 Index fell by 0.66%, with a trading volume of 313.84 billion yuan. It opened at 7264.79, closed at 7243.25, had a high of 7305.86, and a low of 7187.87 [1]. - The SSE 50 Index rose by 0.32%, with a trading volume of 136.89 billion yuan. It opened at 3035.03, closed at 3044.3, reached a high of 3059.95, and a low of 3035.03 [1]. - The CSI 300 Index decreased by 0.13%, with a trading volume of 492.309 billion yuan. It opened at 4643.56, closed at 4645.91, had a high of 4669.61, and a low of 4620.99 [1]. Impact of Sector Movements on Index - The CSI 1000 Index dropped 54.41 points from the previous close. The household appliances sector significantly boosted the index, while machinery, electronics, and power equipment sectors pulled it down [3]. - The CSI 500 Index fell 48.36 points from the previous close. The electronics and power equipment sectors had a significant negative impact on the index [3]. - The CSI 300 Index decreased 6.26 points from the previous close. The communication, banking, and household appliances sectors pushed the index up, while the automotive, computer, and power equipment sectors pulled it down [3]. - The SSE 50 Index rose 9.67 points from the previous close. The non - banking finance, banking, and electronics sectors boosted the index, while the power equipment sector had a negative impact [3]. Basis of Stock Index Futures and Annualized Opening Costs - For IM futures, the average daily basis for IM00 was - 39.27, IM01 was - 128.83, IM02 was - 350.34, and IM03 was - 571.66 [14]. - For IC futures, the average daily basis for IC00 was - 32.77, IC01 was - 101.56, IC02 was - 273.36, and IC03 was - 465.94 [14]. - For IF futures, the average daily basis for IF00 was - 8.79, IF01 was - 24.13, IF02 was - 51.93, and IF03 was - 94.33 [14]. - For IH futures, the average daily basis for IH00 was - 2.39, IH01 was - 6.02, IH02 was - 10.81, and IH03 was - 19.79 [14]. Point Differences in Futures Contract Roll - Overs and Annualized Costs - Data for IM futures contract roll - over point differences and annualized costs are presented at different time points from 09:45 to 15:00, along with the corresponding index values of 000852.SH [29]. - Data for IC futures contract roll - over point differences and annualized costs are shown at different time points from 09:45 to 15:00, along with the corresponding index values of 000905.SH [30]. - Data for IF futures contract roll - over point differences and annualized costs are provided at different time points from 09:45 to 15:00, along with the corresponding index values of 000300.SH [26]. - Data for IH futures contract roll - over point differences and annualized costs are given at different time points from 09:45 to 15:00, along with the corresponding index values of 000016.SH [28].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Stock index futures are expected to continue a structured market, but be cautious about chasing high prices on the current market surface. The A-share non-financial third-quarter report shows positive revenue and profit growth, but ROE remains in a low oscillation range [1]. - Treasury bond futures are expected to continue an oscillatory pattern under the influence of multiple factors such as capital supply, economic expectations, policy orientation, and market sentiment [2]. 3. Summary of Each Section Research Views - **Stock Index**: The stock market rebounded after hitting a low, with the three major indexes slightly down. The Sino-US summit is beneficial for the improvement of demand and A-share technology stocks' valuation. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China boosts market confidence. A-share non-financial third-quarter reports show positive performance, but the science and technology innovation index valuation is at a historical extreme [1]. - **Treasury Bond**: Treasury futures closed with gains. The central bank's open market operations increased net investment, and the capital market's weighted average interest rate declined. The bond market is affected by multiple factors and is expected to continue an oscillatory pattern [2]. Daily Price Changes - **Stock Index Futures**: IH rose 0.32%, IF rose 0.03%, IC fell 0.25%, and IM fell 0.28% [3]. - **Stock Indexes**: The Shanghai Composite 50 rose 0.32%, the CSI 300 fell 0.13%, the CSI 500 fell 0.66%, and the CSI 1000 fell 0.72% [3]. - **Treasury Bond Futures**: TS rose 0.01%, TF rose 0.03%, T rose 0.04%, and TL rose 0.13% [3]. Market News - During the "Double 11" peak season in 2025, the express delivery business volume reached 13.938 billion pieces, with a daily average of 634 million pieces, 117.8% of the daily business volume. The peak single-day business volume reached 777 million pieces, setting a new record [5]. Chart Analysis - **Stock Index Futures**: Charts show the trends and basis trends of IH, IF, IC, and IM [7][8][9][10][11]. - **Treasury Bond Futures**: Charts show the trends, basis, inter - period spreads, cross - variety spreads, and capital interest rates of treasury bond futures [14][15][16][17][18][20]. - **Exchange Rates**: Charts show the exchange rates of the US dollar, euro, pound, and yen against the RMB, as well as forward exchange rates and currency indices [23][24][25][27][29].

Report Industry Investment Rating Not provided in the content Core Viewpoints of the Report - The overall oil price will continue to fluctuate under the future supply - demand re - balance. The fuel oil market, including both low - sulfur and high - sulfur, is expected to see a continued reversal in the market structure, with the LU - FU spread likely to maintain an upward trend. The asphalt price is currently viewed bearishly. PX&TA will follow the cost - end fluctuations in the short term, while the ethylene glycol price is under pressure. The rubber price is expected to fluctuate due to the supply - demand imbalance. Methanol will maintain a bottom - level oscillation, and the polyolefin price will enter a phase of weakening oscillation. PVC will tend to oscillate at the bottom [1][3][5][7][8] Summary by Directory 1. Research Views - **Crude Oil**: On Wednesday, the oil price dropped significantly. The WTI 12 - month contract closed at $58.49 per barrel, down $2.55 or 4.18%. The Brent 1 - month contract closed at $62.71 per barrel, down $2.45 or 3.76%. SC2512 closed at 450.8 yuan per barrel, down 15.8 yuan or 3.39%. OPEC expects global oil supply and demand to balance next year. EIA predicts that this year and 2026 will see record - high US oil production, with an average of 13.6 million barrels per day. API data shows that last week, US API crude inventory increased by 1.3 million barrels [1] - **Fuel Oil**: On Wednesday, the main fuel oil contracts on the SHFE closed higher. The Asian low - sulfur market faces supply surpluses and weak downstream demand, but the East - West arbitrage window is almost closed. The Asian high - sulfur market is supported by stable downstream demand, and the LU - FU spread may continue to rebound [3] - **Asphalt**: On Wednesday, the main asphalt contract on the SHFE closed higher. This week, the social inventory rate decreased by 0.80% to 28.50%, the domestic asphalt plant operating rate decreased by 0.36% to 33.50%, and the domestic refinery asphalt inventory level increased by 0.6% to 28.45%. Since November, asphalt production has decreased by 4.3% and consumption by 13.1% [3] - **Polyester**: TA601 and EG2601 closed higher on Wednesday. The PX futures contract also closed up. The production and sales of polyester yarn in Jiangsu and Zhejiang are weak. A 360,000 - ton/year MEG plant in Taiwan is restarting. PX&TA will follow cost - end fluctuations, and ethylene glycol is under supply pressure [3][5] - **Rubber**: On Wednesday, rubber futures closed higher. In the first 10 months of 2025, Cote d'Ivoire's rubber exports increased by 13.8% year - on - year. In October, exports increased by 6.6% year - on - year but decreased by 4.1% month - on - month. The supply pressure is increasing, and the external demand for tires is weakening [5] - **Methanol**: On Wednesday, the spot price in Taicang was 2072 yuan per ton. Domestic overhauled plants are resuming production, but Iranian plants may shut down from late November to December, which may lead to a decline in port inventory from mid - December to early January [7] - **Polyolefins**: On Wednesday, the prices of polyolefins were reported. The short - term production will remain high, but the downstream orders and operating rates will weaken after the e - commerce activities. The prices are expected to enter a weakly oscillating phase [7] - **Polyvinyl Chloride (PVC)**: On Wednesday, the PVC market prices in East, North, and South China showed different trends. The supply remains high, domestic demand is slowing, and exports are affected by India's anti - dumping policy. The price is expected to oscillate at the bottom [8] 2. Daily Data Monitoring - The table provides data on the basis of various energy - chemical products on November 13, 2025, including spot prices, futures prices, basis, basis rate, and their changes, as well as the quantile of the latest basis rate in historical data [9] 3. Market News - OPEC's monthly report shows that due to increased production from a broader OPEC group, global oil supply and demand are expected to balance next year. EIA's STEO report indicates that this year's US oil production will reach a record - high, with an average of 13.6 million barrels per day in 2025 and 2026 [13] 4. Chart Analysis - **4.1 Main Contract Prices**: Multiple charts display the historical closing prices of main contracts for various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [15][16][17] - **4.2 Main Contract Basis**: Charts show the basis trends of main contracts for different products over the years, such as crude oil, fuel oil, low - sulfur fuel oil, etc. [33][37][38] - **4.3 Inter - period Contract Spreads**: Charts present the spreads between different contracts of products like fuel oil, asphalt, and PTA, as well as the spreads of shipping indices [45][47][50] - **4.4 Inter - product Spreads**: Charts show the spreads between different products, including crude oil's internal - external spreads, fuel oil's high - low sulfur spreads, and the ratios between fuel oil and asphalt [60][62][64] - **4.5 Production Profits**: Charts display the production profits of LLDPE and PP [69] 5. Team Member Introduction - The team consists of several analysts, including Zhong Meiyan (Director of Energy - Chemical Research), Du Bingqin (Analyst for Crude Oil, etc.), Di Yilin (Analyst for Natural Rubber and Polyester), and Peng Haibo (Analyst for Methanol and Polyolefins), each with their own professional backgrounds and achievements [74][75][76]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The cotton market is expected to remain volatile in the short term. International market sentiment is affected by the Fed's interest - rate cut expectations and the US government's opening time. The upcoming USDA monthly report on Friday is worth attention. In the domestic market, there are both long and short factors. Supply pressure is high, but there is support from cost and expected reduction in supply pressure over time and a possible decline in the inventory - to - sales ratio this year [1]. - The sugar market is also expected to be volatile. The export of Brazilian sugar in the first week of November decreased compared to the average daily export in November last year. The raw sugar market is driven by the recovery of commodities, and the domestic market is waiting for the start of the crushing season in Thailand and India. The domestic crushing is postponed, and the market is watching if the price can break through the 5,500 yuan/ton resistance level [1]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: On Tuesday, ICE US cotton fell 0.59% to 63.93 cents/pound, CF601 rose 0.04% to 13,560 yuan/ton, and the main - contract positions increased by 3,733 to 573,900. The 3128B cotton spot price index rose 5 yuan/ton to 14,445 yuan/ton [1]. - **Sugar**: In the first week of November, Brazil exported 685,700 tons of sugar and molasses, with an average daily export of 137,100 tons, a 23% decrease compared to the average daily export in November last year. Domestic sugar prices generally increased, and the raw sugar market slightly rose [1]. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 0, unchanged; the main - contract basis was 1,282, up 18; the Xinjiang spot price was 14,668, down 3, and the national spot price was 14,842, down 2 [2]. - **Sugar**: The 1 - 5 contract spread was 67, unchanged; the main - contract basis was 250, down 5; the Liuzhou spot price was 5,730, unchanged [2]. Market Information - **Cotton**: On November 11, the cotton futures warehouse receipts increased by 325 to 3,619, with 1,154 valid forecasts. The arrival prices in different regions were reported, and the yarn and short - fiber cloth load and inventory data were also provided [3]. - **Sugar**: On November 11, the sugar spot price in Liuzhou was unchanged at 5,730 yuan/ton, and the sugar futures warehouse receipts increased by 58 to 7,721, with 1,183 valid forecasts [4][5]. Chart Analysis - Multiple charts are provided for cotton and sugar, including the closing price, basis, contract spread, warehouse receipts, and effective forecasts of the main contracts over different time periods [7][9][11][13][16][17][19] Research Team Personnel Introduction - Zhang Xiaojin, the director of resource - product research at Everbright Futures Research Institute, focuses on the sugar industry [21]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for futures varieties such as urea and soda ash glass [22]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of cotton, cotton yarn, and ferroalloys [23].