Group 1: Stock Index Futures Spread Daily Report - The report presents the latest values, changes from the previous day, historical 1 - year and all - time percentiles of various stock index futures spreads on November 21, 2025, including IF, IH, IC, and IM futures' term - to - term spreads and cross - variety ratios [1]. - For example, the IF term - to - term spread of the next - month minus the current - month is - 18.80, with a change of - 0.60 from the previous day, and historical 1 - year and all - time percentiles of 20.90% and 24.10% respectively [1]. - The cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc. are also provided, along with their changes and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report - On November 21, 2025, the report shows the IRR, latest values, changes from the previous trading day, and percentiles since listing of different treasury bond futures, including TS, TF, T, and TL [2]. - It details the term - to - term spreads of different treasury bond futures, like the TS term - to - term spread of the current - season minus the next - season is 0.0420, with a change of - 0.0080 from the previous day and a percentile of 31.90% since listing [2]. - Cross - variety spreads between different treasury bond futures are also presented, such as TS - TF with a value of - 3.4730, a change of - 0.0550, and a percentile of 9.60% since listing [2]. Group 3: Precious Metals Spot - Futures Daily Report - On November 21, 2025, the report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals [3]. - For example, the AU2512 contract's domestic futures closing price on November 20 was 932.56, down 4.44 from the previous day, with a decline of - 0.47% [3]. - The basis, such as gold TD - Shanghai gold main contract, is - 2.56, with a change of 0.16 from the previous value and a historical 1 - year percentile of 53.40% [3]. Group 4: Container Shipping Industry Spot - Futures Daily Report - On November 22, 2025, the report shows container shipping indices, futures prices, basis, and fundamental data [5]. - The SCFIS (European route) settlement price index on November 17 was 1357.67, down 147.1 from November 10, with a decline of - 9.78% [5]. - Fundamental data includes global container shipping capacity supply, port on - time rates, port calls, monthly export amounts, and overseas economic indicators [5].

Group 1: Steel Industry Report's Industry Investment Rating - Not provided Core Viewpoint - Steel prices are expected to maintain a range - bound oscillation. For rebar, focus on the support at the 3000 level, and for hot - rolled coils, focus on the support at the 3240 level. Operate by closing short positions and temporarily holding a wait - and - see attitude on single - side trades [1][3] Summary by Relevant Catalogs - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot prices in different regions decreased by 10 yuan/ton, and futures contract prices also declined. Rebar 01 contract decreased by 20 yuan, and hot - rolled coil 05 contract decreased by 9 yuan [1] - **Cost and Profit**: The billet price decreased by 30 yuan, and the slab price remained unchanged. Profits in different regions of rebar and hot - rolled coils showed different trends, such as the East China hot - rolled coil profit increasing by 5 yuan [1] - **Production**: The daily average pig iron output decreased by 0.6 tons to 236.3 tons, a decrease of 0.3%. The output of five major steel products increased by 15.5 tons to 849.9 tons, an increase of 1.9%. Rebar production increased by 8 tons to 208 tons, an increase of 4% [1] - **Inventory**: The inventory of five major steel products decreased by 44.2 tons to 1433.1 tons, a decrease of 3%. Rebar inventory decreased by 22.8 tons to 553.3 tons, a decrease of 4% [1] - **Trading and Demand**: The building materials trading volume decreased by 0.8 to 8.5, a decrease of 8.5%. The apparent demand of five major steel products increased by 33.6 tons to 894.2 tons, an increase of 3.9%. The apparent demand of rebar and hot - rolled coils also increased [1] Group 2: Iron Ore Industry Report's Industry Investment Rating - Not provided Core Viewpoint - Iron ore is expected to show a high - level oscillation trend, and single - side trades should be on hold [4] Summary by Relevant Catalogs - **Iron Ore - related Prices and Spreads**: The warehouse - receipt costs of some iron ore varieties decreased slightly, such as the PB powder warehouse - receipt cost decreasing by 3.3 yuan, a decrease of 0.4%. The 01 contract basis of some varieties also changed slightly [4] - **Supply**: The weekly arrival volume at 45 ports decreased by 472 tons to 2269 tons, a decrease of 17.2%, and the global shipping volume increased by 447.4 tons to 3516.4 tons, an increase of 14.6% [4] - **Demand**: The daily average pig iron output of 247 steel mills decreased by 0.6 tons to 236.3 tons, a decrease of 0.3%. The daily average ore - removal volume at 45 ports increased by 2.9 tons to 329.9 tons, an increase of 0.9% [4] - **Inventory Changes**: The inventory at 45 ports decreased by 120.8 tons to 15054.65 tons, a decrease of 0.4%. The imported iron ore inventory of 247 steel mills decreased by 75 tons to 9001 tons, a decrease of 0.8% [4] Group 3: Coke and Coking Coal Industry Report's Industry Investment Rating - Not provided Core Viewpoint - For coke, it is regarded as oscillating bearishly in the range of 1550 - 1700, and temporarily on hold. For coking coal, it is regarded as oscillating bearishly in the range of 1050 - 1200, and temporarily on hold [6] Summary by Relevant Catalogs (Coke) - **Coke - related Prices and Spreads**: Coke futures prices decreased, such as the 01 contract decreasing by 6 yuan, a decrease of 0.3%. The fourth - round price increase of mainstream coke enterprises was fully implemented [6] - **Production**: The daily average output of all - sample coking plants decreased by 0.3 tons to 63 tons, a decrease of 0.5% [6] - **Demand**: The pig iron output decreased, and the demand for coke was suppressed to some extent [6] - **Inventory Changes**: Coking plants, ports, and steel mills all had a slight reduction in inventory, and the overall inventory was slightly lower in the middle level [6] Summary by Relevant Catalogs (Coking Coal) - **Coking Coal - related Prices and Spreads**: Coking coal futures prices decreased, such as the 01 contract decreasing by 26 yuan, a decrease of 2.3%. Some coking coal prices decreased, such as the Mongolian 5 raw coal (warehouse - receipt) decreasing by 41 yuan, a decrease of 3.2% [6] - **Supply**: Some shut - down coal mines in Shanxi began to resume production, and the Mongolian coal customs clearance increased significantly in November [6] - **Demand**: The coking plant's production decreased slightly, and the replenishment demand weakened [6] - **Inventory Changes**: The overall inventory of coking coal was slightly lower in the middle level, with coal - washing plants, ports, and coking plants reducing inventory [6]

1. Report Industry Investment Rating - There is no information provided about the industry investment rating in the given reports. 2. Core Views - The reports mainly present daily data on various financial products, including stock index futures spreads, treasury bond futures spreads, precious metals futures and spot prices, container shipping industry price indices, and related market indicators. These data can help investors understand the current market situation and potential investment opportunities [1][2][3][5]. 3. Summaries by Directory Stock Index Futures Spreads - **Date**: November 21, 2025 [1] - **Key Data**: - **Futures - Spot Spreads**: For example, the F futures - spot spread is -2.66, the H futures - spot spread is 3.66, the IC futures - spot spread is -61.95, and the IM futures - spot spread is -76.81 [1]. - **Inter - Delivery Spreads**: Such as the next - near spread, far - near spread, etc., with different values and changes for different contracts [1]. - **Cross - Variety Ratios**: For instance, the ratio of CSI 500 to SSE 300 is 1.5470, and the ratio of IC to IF is 1.5421 [1]. Treasury Bond Futures Spreads - **Date**: November 21, 2025 [2] - **Key Data**: - **IRR and Basis**: The IRR for TS is 1.4600, and the basis for different contracts like TF, T, and TL are provided with their respective changes and percentiles [2]. - **Inter - Delivery Spreads**: For each contract (TS, TF, T, TL), spreads between different delivery months are presented, along with their changes and percentiles [2]. - **Cross - Variety Spreads**: Spreads between different treasury bond futures contracts (e.g., TS - TF, TF - TL) are given [2]. Precious Metals Futures and Spot - **Date**: November 21, 2025 [3] - **Key Data**: - **Futures Closing Prices**: Domestic and foreign futures closing prices for gold and silver contracts are reported, along with their changes and percentage changes [3]. - **Spot Prices**: Spot prices of London gold, London silver, and domestic precious metals T + D contracts are provided, with their changes and percentage changes [3]. - **Basis**: The basis between different combinations (e.g., gold TD - Shanghai gold main contract) is presented, along with historical percentiles [3]. - **Ratios, Interest Rates, and Exchange Rates**: Ratios of COMEX gold to silver, interest rates of US Treasury bonds, and exchange rates are reported with their changes [3]. - **Inventory and Holdings**: Inventory levels of precious metals in different exchanges and holdings of ETFs are given, along with their changes [3]. Container Shipping Industry - **Date**: November 22, 2025 [5] - **Key Data**: - **Shipping Indexes**: Settlement price indexes of SCFIS for European and US - West routes, and Shanghai export container freight indexes (SCFI) for different routes are reported, with their changes and percentage changes [5]. - **Futures Prices and Basis**: Futures prices of different contracts (e.g., EC2602, EC2604) and the basis of the main contract are presented, along with their changes [5]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators (quasi - punctuality rate, port calls), monthly export amounts, and overseas economic indicators (PMI, consumer confidence index) are provided, with their changes and percentage changes [5].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Industrial Silicon - The industrial silicon market in November 2025 saw a decline in both supply and demand, with a larger decline in supply. However, due to the large supply base and the replenishment of the spot market by cancelled warehouse receipts, there is still pressure to accumulate inventory. In December, if the organic silicon industry reduces production, the demand will further decrease, and the pressure to accumulate inventory will increase. The price is expected to fluctuate mainly in the range of 8,500 - 9,500 yuan/ton, and short positions can be gradually closed at low prices [1]. Polysilicon - The spot price of polysilicon is mainly stable, the bullish sentiment has subsided, and the futures price has fallen. The component price is gradually rising slowly. The market is currently in a situation of both supply and demand decline, but there is still an expectation of inventory accumulation in each link. In the short - term, the polysilicon production is still relatively high under the background of the decline in downstream production schedules. The price is expected to fluctuate in a high - level range, and attention should be paid to the support of the spot price, the establishment of platform companies, production control, demand orders, and the digestion of warehouse receipts after the concentrated cancellation of November contracts [2]. Aluminum and Alumina - **Alumina**: The market maintains a supply - demand balance, with short - term supply pressure increasing. The northern spot market is showing signs of bottoming out, while the southern market continues to decline. The price is expected to remain weakly volatile in the short term, with the main contract reference range of 2,700 - 2,900 yuan/ton. Attention should be paid to the production reduction trends of high - cost enterprises [3][4]. - **Aluminum**: The aluminum price is adjusted downward after breaking through 22,000 yuan/ton. The market shows a characteristic of strong macro - drive and weak fundamental support. In the short term, the price will fluctuate between macro - positive factors and weak fundamentals. The medium - term supply shortage pattern remains unchanged, and attention should be paid to downstream start - up rates, inventory changes, and overseas policies [3][4]. Tin - The supply of tin ore remains tight, and the smelting processing fee continues to be low. The demand in the South China region shows certain resilience, while the demand in the East China region is still sluggish. Considering the strong fundamentals, a bullish view on tin prices is maintained, and previous long positions can be held. Attention should be paid to macro - level changes and the recovery of supply from Myanmar [6][7]. Zinc - The fundamentals of zinc have changed little, and the Shanghai zinc futures fluctuated. The supply is abundant, but the subsequent supply pressure may be limited due to the compression of smelting profits. The demand has not exceeded expectations, and the inventory of finished products in the primary processing industries has been accumulating. The LME inventory has started to accumulate, and the risk of a short squeeze has eased. The zinc ingot export window has been opened, which may boost the domestic zinc price. In the short term, the price is expected to fluctuate, and a significant upward breakthrough requires an improvement in demand [9]. Copper - The copper price fluctuated weakly. The market's expectation of a December interest rate cut has decreased. The supply of copper ore remains tight, and the downstream's psychological price ceiling for copper has gradually increased. The terminal demand has strong resilience. In the long - term, the supply - demand contradiction supports the upward movement of the copper price. The main contract is expected to fluctuate between 85,000 - 86,500 yuan/ton, and attention should be paid to the marginal changes in demand and overseas interest rate cut expectations [10]. Nickel - The Shanghai nickel futures fluctuated at a low level, and the market sentiment was still weak. Macro - level factors have put pressure on the market, and the Indonesian government has restricted new investments in nickel smelters. Downstream enterprises mainly purchase on demand, and the spot trading of refined nickel is fair. The nickel ore market is waiting and watching, and the nickel iron price is under pressure. In the short term, the price is expected to be weak, with the main contract reference range of 113,000 - 118,000 yuan/ton [12]. Stainless Steel - The stainless steel futures fluctuated narrowly, and the spot market inventory digestion speed needs to be improved. The macro - drive is insufficient, the nickel ore price is stable, the nickel iron price is under pressure, and the chromium iron market is weakly stable. The supply side still has pressure, and the demand is weak. In the short term, the price is expected to be weakly volatile, with the main contract reference range of 12,300 - 12,600 yuan/ton [16]. Lithium Carbonate - The lithium carbonate futures were generally strong. The fundamentals are in a situation of both supply and demand growth. The production has increased, and the downstream demand is optimistic with inventory depletion. However, attention should be paid to the sustainability of demand after November. The price of lithium ore has risen, and the willingness of miners to sell has increased. In the short term, the futures price is expected to fluctuate widely, and it is necessary to be cautious when chasing long positions [18]. 3. Summaries According to Related Catalogs Industrial Silicon - **Spot Price and Basis**: The spot price of industrial silicon increased by 50 - 150 yuan/ton, and the basis of some varieties changed significantly [1]. - **Monthly Spread**: The monthly spread of some contracts changed, with some showing increases and some showing decreases [1]. - **Fundamental Data**: The national industrial silicon production increased by 7.46% in November, with different production trends in different regions. The开工率 also showed different trends, and the production of related downstream products such as organic silicon and polysilicon also changed [1]. - **Inventory Changes**: The inventory of industrial silicon in different regions and the social inventory and warehouse receipt inventory all changed to varying degrees [1]. Polysilicon - **Spot Price and Basis**: The spot price of polysilicon was stable, and the futures price fell. The price of components gradually increased [2]. - **Monthly Spread**: The monthly spread of some contracts changed, with some showing increases and some showing decreases [2]. - **Fundamental Data**: The monthly and weekly production, import, and export data of polysilicon and silicon wafers changed, and the inventory of polysilicon and silicon wafers increased [2]. Aluminum and Alumina - **Price and Spread**: The price of aluminum and alumina changed slightly, and the spread and import and export profitability also changed [3][4]. - **Fundamental Data**: The production of alumina and electrolytic aluminum increased in October, and the import and export volume of electrolytic aluminum also changed. The开工率 of different aluminum processing industries showed different trends, and the inventory of electrolytic aluminum remained stable [3][4]. Tin - **Spot Price and Basis**: The spot price of tin was stable, and the LME 0 - 3 spread increased significantly [6]. - **Monthly Spread**: The monthly spread of some contracts changed, with some showing increases and some showing decreases [6]. - **Fundamental Data**: The import of tin ore decreased in September, and the production of refined tin increased in October. The开工率 of refined tin production also increased significantly [6]. - **Inventory Changes**: The inventory of tin in different regions and the social inventory all changed to varying degrees [7]. Zinc - **Price and Spread**: The price of zinc increased slightly, and the import and export profitability and monthly spread changed [9]. - **Fundamental Data**: The production of refined zinc increased in October, the import decreased, and the export increased. The开工率 of different zinc processing industries showed different trends, and the inventory of zinc in different regions changed [9]. Copper - **Price and Basis**: The price of copper increased slightly, and the basis, import and export profitability, and monthly spread changed [10]. - **Fundamental Data**: The production and import of electrolytic copper decreased in October. The开工率 of copper rod production showed different trends, and the inventory of copper in different regions changed [10]. Nickel - **Price and Basis**: The price of nickel increased slightly, and the import and export profitability and monthly spread changed [12]. - **Fundamental Data**: The production of refined nickel increased slightly in October, and the import increased significantly. The inventory of nickel in different regions changed [12]. Stainless Steel - **Price and Basis**: The price of stainless steel decreased slightly, and the basis and monthly spread changed [16]. - **Fundamental Data**: The production of 300 - series stainless steel increased slightly in October, the import increased, and the export decreased. The inventory of stainless steel in different regions changed [16]. Lithium Carbonate - **Price and Basis**: The price of lithium carbonate increased, and the basis and monthly spread changed [18]. - **Fundamental Data**: The production and demand of lithium carbonate increased in October, and the inventory decreased. The capacity and开工率 also changed [18].

1. Report Industry Investment Ratings No specific investment ratings for the entire industry are provided in the report. However, individual ratings for some sectors are as follows: - **Sugar**: The rating is "震荡偏弱" (Weak and volatile) [67][68][69] 2. Core Views of the Report The report comprehensively analyzes the market trends of various financial derivatives and commodities, covering financial futures, precious metals, shipping indices, non - ferrous metals, ferrous metals, agricultural products, and energy chemicals. It provides insights into market conditions, supply - demand relationships, and price trends for each category, and offers corresponding investment suggestions. 3. Summary by Directory Financial Derivatives - Financial Futures **Stock Index Futures** - **Market Situation**: On Thursday, the A - share market opened higher and then declined. The Shanghai Composite Index fell 0.40% to 3931.05 points. The four major stock index futures contracts also declined. The basis of the four major stock index futures contracts showed a narrow - range fluctuation in the discount. [2][3] - **Key News**: The Dutch economic minister announced the suspension of the administrative order against Nexperia. The Fed's October policy meeting minutes showed a significant divergence among policymakers on interest rate cuts. [3][4] - **Funding Situation**: On November 20, the A - share market trading volume decreased by 20 billion yuan compared to the previous day, with a total turnover of 1.71 trillion yuan. The central bank conducted 300 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 110 billion yuan. [4] - **Operation Suggestion**: The domestic stock index is relatively resilient. It is recommended to wait for stabilization with reduced volatility. It is advisable to mainly observe, and consider deploying a bull spread of put options in case of a deep decline on a single day. [4] **Treasury Bond Futures** - **Market Performance**: The closing trends of treasury bond futures were divergent. The 30 - year main contract fell 0.21%, while the 10 - year and 5 - year main contracts rose 0.06%, and the 2 - year main contract remained flat. [5] - **Funding Situation**: The central bank conducted 300 billion yuan of 7 - day reverse repurchase operations on November 20, with a net injection of 110 billion yuan. The inter - bank market funds loosened on Thursday. [5][6] - **Key News**: The Ministry of Housing and Urban - Rural Development emphasized the importance of urban renewal. [6] - **Operation Suggestion**: The treasury bond market may continue to fluctuate in a narrow range. It is recommended to operate within the range for unilateral strategies. Pay attention to the central bank's bond - buying situation at the end of the month. [6] Financial Derivatives - Precious Metals - **Market Review**: The US non - farm payroll data was mixed. Fed officials' cautious attitude dampened the expectation of interest rate cuts, causing precious metals to fluctuate in a narrow range. The international gold price basically closed flat at $4076.86 per ounce, and the international silver price fell 1.32% to $50.644 per ounce. [7][8] - **Outlook**: In the long - term, precious metals are expected to enter a bull market. In the short - term, gold is expected to fluctuate between $4000 - $4200, and a strategy of selling out - of - the - money gold options on both sides can be adopted. For silver, it is recommended to wait and see or conduct short - term light - position operations. [9][10] Financial Derivatives - Container Shipping Index (European Line) - **Shipping Index**: As of November 17, the SCFIS European line index decreased by 9.78% month - on - month, and the US West route index decreased by 6.87% month - on - month. [11] - **Fundamentals**: As of November 20, the global container total capacity increased by 7.17% year - on - year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7. [11] - **Logic**: The futures market corrected, and the main 02 contract is expected to maintain a downward - trending oscillation in the short - term. [11] Commodity Futures - Non - Ferrous Metals **Copper** - **Spot Market**: As of November 20, the average price of SMM electrolytic copper increased. The demand side showed signs of recovery, and downstream procurement sentiment improved. [12] - **Macro Situation**: The US 9 - month non - farm employment increased significantly, reducing the probability of the Fed cutting interest rates in December. [12] - **Supply**: The spot TC of copper concentrate remained low. The output of electrolytic copper in October decreased, and it is expected to continue to decline slightly in November. [13] - **Demand**: The weekly operating rate of electrolytic copper rod increased, while that of recycled copper rod decreased. The downstream demand for copper showed strong resilience. [13] - **Inventory**: LME and COMEX copper inventories increased, while domestic social inventories decreased. [14] - **Logic**: The market's expectation of an interest rate cut in December decreased, and the copper price oscillated weakly. In the long - term, the supply - demand contradiction supports the upward movement of the copper price. [15] - **Operation Suggestion**: The main contract is expected to fluctuate between 85,000 - 86,500 yuan/ton. [15] **Alumina** - **Spot Market**: On November 20, the spot prices of alumina in various regions showed a slight decline or remained stable. The supply pattern became looser, and the inventory continued to accumulate. [15] - **Supply**: In October 2025, China's metallurgical - grade alumina production increased. It is expected that the market will continue to have an oversupply situation in November, and high - cost enterprises may reduce production. [16] - **Inventory**: As of November 20, the port inventory of alumina decreased, the factory inventory of electrolytic aluminum increased, and the total registered quantity of alumina warehouse receipts increased. [16] - **Logic**: The alumina market is in a state of oversupply, and the price is expected to maintain a weak oscillation in the short - term. [17] - **Operation Suggestion**: The main contract is expected to fluctuate between 2700 - 2900 yuan/ton. [17][18] **Aluminum** - **Spot Market**: On November 20, the average price of SMM A00 aluminum increased slightly, and the market activity and actual transactions increased. [19] - **Supply**: In October 2025, the domestic electrolytic aluminum production increased. It is expected that the daily output of aluminum ingots may decline slightly in November. [19] - **Demand**: The weekly operating rates of aluminum processing products were divided, and the overall demand was affected by high prices and the off - peak season. [19] - **Inventory**: As of November 20, the domestic mainstream consumption area's electrolytic aluminum ingot inventory remained unchanged, and the LME aluminum inventory decreased. [20] - **Logic**: The aluminum price is expected to fluctuate widely in the short - term, with a game between macro - positive factors and weak fundamentals. [21] - **Operation Suggestion**: The main contract is expected to fluctuate between 21,200 - 21,800 yuan/ton. [21] **Other Non - Ferrous Metals** - **Zinc**: The supply reduction expectation provides some support, but the spot trading is average after the price increase. The main contract is expected to fluctuate between 22,200 - 22,800 yuan/ton. [24][25][27] - **Tin**: The supply side remains tight, and the tin price oscillates at a high level. It is recommended to adopt a strategy of buying on dips. [27][31] - **Nickel**: The market sentiment is weak, and the price is expected to oscillate weakly. The main contract is expected to fluctuate between 113,000 - 118,000 yuan/ton. [31][33][34] - **Stainless Steel**: The raw materials are under pressure, and the demand is insufficient. The main contract is expected to fluctuate weakly between 12,300 - 12,600 yuan/ton. [34][35][37] - **Lithium Carbonate**: The market maintains a strong oscillation, and the follow - up fluctuations may increase. It is recommended to mainly observe. [38][41] - **Polysilicon**: The bullish sentiment fades, and the price is expected to oscillate at a high level. [42][44] - **Industrial Silicon**: The bullish sentiment fades, and the price is expected to oscillate at a low level. It is recommended to gradually close short positions on dips. [45][46] Commodity Futures - Ferrous Metals **Steel** - **Spot Market**: The spot market is weakly stable, and the night - session futures are slightly stronger. [47] - **Cost and Profit**: The cost of coking coal and coke has decreased, and the profit of different steel products varies. [47] - **Supply**: The iron element production increased year - on - year. The iron water output increased slightly this week, and the five major steel products' output also increased. [47] - **Demand**: The domestic demand expectation is weak, but the export remains high. The apparent demand has rebounded this week. [48] - **Inventory**: The inventory of the five major steel products decreased significantly this week, and the de - stocking trend is expected to continue. [49] - **View**: The steel price is expected to oscillate within a range. It is recommended to close short positions and wait and see. [49] **Iron Ore** - **Spot and Futures**: The spot price of mainstream iron ore powder decreased slightly, and the futures price oscillated. [50] - **Demand**: The daily average iron water output decreased slightly, and the blast furnace operating rate and capacity utilization rate also decreased. [51] - **Supply**: The global iron ore shipment increased, and the port arrival decreased. [51] - **Inventory**: The port inventory decreased slightly, and the steel mill's imported iron ore inventory decreased. [51] - **View**: The iron ore price is expected to oscillate at a high level. It is recommended to wait and see. [52] **Coking Coal** - **Futures and Spot**: The coking coal futures continued to decline, and the spot price also showed a downward trend. [53] - **Supply**: The production capacity utilization rate of some coal mines decreased, and the inventory increased. [54] - **Demand**: The coke production of coking plants and steel mills decreased slightly, and the iron water output decreased. [54][55] - **Inventory**: The overall coking coal inventory decreased slightly. [55] - **View**: The coking coal price is expected to oscillate weakly. It is recommended to wait and see. [55] **Coke** - **Futures and Spot**: The coke futures continued to decline, and the fourth - round price increase has been fully implemented. [56] - **Profit**: The average profit per ton of coke for independent coking plants is positive. [56] - **Supply**: The coke output decreased slightly. [56] - **Demand**: The iron water output decreased, and the steel mill's profit decreased, suppressing the coke price increase. [57] - **Inventory**: The overall coke inventory decreased slightly. [57] - **View**: The coke price is expected to oscillate weakly. It is recommended to wait and see. [58] Commodity Futures - Agricultural Products **Meal Products** - **Spot Market**: The domestic soybean meal spot price decreased slightly, and the trading volume decreased. The rapeseed meal price also decreased, and the trading volume was zero. [59] - **Fundamentals**: Analysts expect the US soybean export sales to be between 600,000 - 1.6 million tons. The US has exported a large amount of soybeans to China. The US soybean planting area is expected to increase in 2026, and the Brazilian soybean planting progress is fast. [60] - **Outlook**: The domestic soybean meal supply is loose, and the price is expected to oscillate widely. It is necessary to pay attention to the dynamics of state - reserved soybeans. [61] **Other Agricultural Products** - **Hogs**: The supply pressure remains, and the price has an upper limit. It is recommended to hold the 3 - 7 reverse spread. [63][64] - **Corn**: The market is in a state of long - short game, and the price is expected to oscillate in a narrow range. It is necessary to pay attention to the grain - selling rhythm and traders' mentality. [65][66] - **Sugar**: The raw sugar price is in a bearish pattern, and the domestic market is expected to oscillate weakly. [67][68][69] - **Cotton**: The US cotton price oscillates at the bottom, and the domestic new cotton harvest is coming to an end. The short - term cotton price is expected to be under pressure and fluctuate weakly within a range. [69] - **Eggs**: The egg price is stable with a slight decline, and the overall pressure is high. It is recommended to close short positions and wait and see in the short - term. [71][72] - **Oils**: The high - frequency export of palm oil is weak, and the price continues to decline. The soybean oil price is also under pressure. [73][74] - **Jujubes**: The price in the production area is loose, and the market oscillates at a low level. It is necessary to pay attention to the acquisition progress and terminal demand. [75][76][77] - **Apples**: The inventory apples are traded in small quantities, and the demand for high - quality fruits is good. [78] Commodity Futures - Energy Chemicals **PX** - **Spot Market**: On November 20, the Asian PX price was relatively strong, but the market trading atmosphere declined. [79] - **Profit**: The Asian PX price increased, and the PXN was around $261 per ton. [79] - **Supply and Demand**: The Asian and domestic PX operating rates decreased. The PTA operating rate also decreased. [79][80] - **Outlook**: The PX supply is still at a relatively high level, and the demand support is weak. The PX price is expected to oscillate at a high level in the short - term. [80] **PTA** - **Spot Market**: On November 20, the PTA futures oscillated in a range, and the spot market trading atmosphere was average. The spot basis strengthened slightly. [81] - **Profit**: The PTA spot processing fee and the processing fees of different contracts are positive. [82] - **Supply and Demand**: Two PTA devices stopped production, and the PTA operating rate decreased. The polyester operating rate increased slightly, but the terminal demand is weakening. [82] - **Outlook**: The PTA supply is expected to be relatively loose in the medium - term, and the rebound space is limited. It is recommended to treat the TA as a short - term high - level oscillation and conduct a rolling reverse spread for TA1 - 5. [82] **Other Energy Chemicals** - **Short - Fiber**: The supply is high, and the demand is weak. The processing fee is expected to be compressed. It is recommended to take the same strategy as PTA for the unilateral position and short the processing fee on rallies. [83] - **Bottle Chips**: The supply - demand pattern in November remains loose. The PR follows the cost - side fluctuations, and the processing fee fluctuates between 300 - 450 yuan/ton. [84][85] - **Ethylene Glycol**: The short - term rigid demand provides some support, but the supply is high, and the port inventory is accumulating. It is recommended to hold out - of - the - money call options with a strike price of not less than 4100 for EG2601 and conduct a reverse spread for EG1 - 5 on rallies. [86] - **Pure Benzene**: Affected by gasoline - blending news, the price rebound is limited. It is recommended to wait and see for BZ2603 in the short - term. [87] - **Styrene**: Affected by gasoline - blending demand, the short - term price is expected to oscillate and repair, but the upward space is limited. [89][90] - **LLDPE**: The basis weakens, and the trading is weak. It is recommended to reduce short positions around 6800 yuan/ton. [91] - **PP**: There are many unexpected maintenance situations, and the downward space is limited. It is recommended to wait and see. [92] - **Methanol**: The port market is stable, and the trading is active. It is necessary to pay attention to the 05MTO spread in the future. [93] - **Caustic Soda**: The supply - demand pressure remains, and the price is expected to be weak. [94][95] - **PVC**: The supply - demand contradiction is not improved, and the price is expected to be weak. [96][97] - **Soda Ash**: The supply - demand pattern is weak, and it is recommended to

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - Recently, the spot price of logs has been weak and has been adjusted downwards. The supply side has seen a continuous increase in arrivals, putting significant pressure on the market. However, the current futures price is at a relatively low level, and the obvious inversion between domestic and foreign prices provides certain support from import costs, limiting the downward space of the futures price. Overall, in the context of weak supply and demand, the log futures market is expected to remain in a bottom - oscillating pattern [3]. Group 3: Summary According to Relevant Catalogs Futures and Spot Prices - Futures prices of log contracts 2601, 2603, and 2605 decreased on November 20 compared to November 19, with decreases of - 0.45%, - 0.51%, and - 0.44% respectively. Some basis and spreads showed small changes. Most spot prices remained stable, except for the 4A medium - sized radiata pine in Taicang Port, which decreased by 10 yuan, a - 1.32% decline. The import cost increased slightly by 0.78 yuan, and the RMB - US dollar exchange rate also increased slightly [2]. Supply - Monthly port arrivals in October increased by 24.7 million cubic meters compared to September, a 13.99% increase. The number of departing ships from New Zealand to China, Japan, and South Korea increased by 8, a 17.39% increase. Weekly major port inventories in Shandong, Jiangsu, and other regions increased, with increases of 0.68%, 2.04%, and 1.46% respectively [2][3]. Demand - The average daily outbound volume in China decreased by 0.07 million cubic meters, a - 1% decline. In Shandong, it decreased by 3%, while in Jiangsu, it increased by 7% [3]. Forecast of Arrivals - From November 17 - 23, 2025, the number of pre - arriving New Zealand log ships at 13 Chinese ports increased by 3 to 13, a 30% week - on - week increase. The total arrival volume increased by 150,000 cubic meters to about 465,000 cubic meters, a 48% week - on - week increase [3].

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the price, basis, basis rate, historical quantile, and other data of various futures and spot commodities on November 21, 2025, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and financial futures [1]. 3. Summary According to Related Catalogs Ferrous Metals - **Silicon Iron (SF603)**: The conversion price of 72 - grade silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5446, with a change of 2.06% [1]. - **Silicon Manganese (SM601)**: The conversion price of 6517 - grade silicon manganese from Inner Mongolia to Hubei warehouse receipts is 5614 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3050, and the futures price is 3210, with a basis rate of 5.25% [1]. - **Hot - Rolled Coil (HC2601)**: The futures price is 3270, with a change of 0.09% [1]. - **Iron Ore (I2601)**: The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1634, with a change of 0.75% [1]. - **Coke (J2601)**: The conversion price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, with a historical quantile of 70.18% [1]. - **Coking Coal (JM2601)**: The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1114, with a change of 9.83% [1]. Non - Ferrous Metals - **Copper (CU2601)**: The SMM 1 copper average price is 86435, and the futures price is 86130, with a basis of 305 and a historical quantile of 79.79% [1]. - **Aluminum (AL2601)**: The SMM A00 aluminum average price is 21570, and the futures price is 21530, with a basis rate of 0.19% [1]. - **Alumina (AO2601)**: The SMM alumina index average price is 2836 [1]. - **Zinc (ZN2512)**: The SMM 1 zinc ingot average price is 22360, and the futures price is 22380, with a basis of - 20 [1]. - **Tin (SN2512)**: The SMM 1 tin average price is 291500, and the futures price is 292030, with a change of - 0.18% [1]. - **Nickel (NISE01)**: The SMM 1 imported nickel average price is 116600, and the futures price is 115380, with a basis of 1220 [1]. - **Stainless Steel (SS2601)**: The price of 304/2B: 2*1240*C: Wuxi Hongwang (including trimming fee) is 12820, and the futures price is 12285, with a change of 4.35% [1]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 2980, and the futures price is 3017, with a basis rate of - 1.23% [1]. - **Soybean Oil (Y2601)**: The ex - factory price of grade - four soybean oil in Zhangjiagang, Jiangsu is 8224, and the futures price is 8420, with a basis of 196 [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 8630, and the futures price is 8646, with a basis of - 16 [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2412, and the futures price is 2500, with a basis rate of - 0.19% [1]. - **Rapeseed Oil (Ol601)**: The ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu is 9779, and the futures price is 10100, with a basis of 321 [1]. - **Corn (C2601)**: The flat - hatch price of corn at Jinzhou Port is 2220, and the futures price is 2168, with a basis rate of 3.28% [1]. - **Corn Starch (CS2601)**: The ex - factory price of corn starch in Changchun, Jilin is 2550, and the futures price is 2473, with a basis of 77 [1]. - **Live Pigs (LH2601)**: The ex - factory price of live pigs (external ternary) in Henan is 11750, and the futures price is 11440, with a basis of 310 [1]. - **Eggs (JD2601)**: The average price of eggs in Shijiazhuang, Hebei is 3238, and the futures price is 2710, with a basis rate of - 16.31% [1]. - **Cotton (CF601)**: The arrival price of cotton 3128B in Xinjiang is 14563, and the futures price is 13465, with a basis of 1098 [1]. - **Sugar (SR601)**: The spot price of white sugar at Liuzhou Station is 5760, and the futures price is 5366, with a basis of 394 [1]. - **Apples (AP601)**: The delivery theoretical price of apples is 9496, and the futures price is 8840, with a basis of - 656 [1]. - **Red Dates (C1601)**: The wholesale price of first - grade grey dates in Hebei is 9300, and the futures price is 8800, with a basis of - 500 [1]. Energy and Chemical Products - **Para - Xylene (PX601)**: The spot price of para - xylene at the main Chinese port (CFR) converted into RMB is 6830, and the futures price is 6833, with a basis rate of 0.04% [1]. - **PTA (TA601)**: The market price (intermediate price) of PTA in the East China region is 4630, and the futures price is 4696, with a basis of - 66 [1]. - **Ethylene Glycol (EG2601)**: The market price (intermediate price) of ethylene glycol in the East China region is 3935, and the futures price is 3822, with a basis of 113 [1]. - **Polyester Staple Fiber (PF602)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market is 6220, and the futures price is 6305, with a basis of 85 [1]. - **Styrene (EB2601)**: The market price (spot benchmark price) of styrene in East China, China is 6625, and the futures price is 6595, with a basis of 30 [1]. - **Methanol (MA601)**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2000, and the futures price is 2016, with a basis of - 16 [1]. - **Urea (UR601)**: The market price (mainstream price) of urea (small - particle) in Shandong region is 1640, and the futures price is 1665, with a basis of - 25 [1]. - **LLDPE (L2601)**: The duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 6855, and the futures price is 6835, with a basis of 20 [1]. - **PP (PP2601)**: The duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6400, and the futures price is 6500, with a basis of 100 [1]. - **PVC (V2601)**: The market price (mainstream price) of PVC (SG - 5) in the Changzhou market, China is 4456, and the futures price is 4420, with a basis of - 36 [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market converted to 100% is 2437.5, and the futures price is 2261, with a basis of 176.5 [1]. - **LPG (PG2512)**: The market price of LPG in Guangzhou region is 4397, and the futures price is 4348, with a basis of - 49 [1]. - **Asphalt (BU2601)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong region is 3030, and the futures price is 3058, with a basis of 28 [1]. - **Butadiene Rubber (BR2601)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 10700, and the futures price is 10520, with a basis of 180 [1]. - **Glass (FG601)**: The market price of Fufa glass 5mm large board in Shahe, Shahe Great Wall Glass (daily) is 988, and the futures price is 989, with a basis of - 1 [1]. - **Soda Ash (SA601)**: The market price of heavy - grade soda ash in Shahe (daily) is 1158, and the futures price is 1128, with a basis of - 30 [1]. - **Natural Rubber (RU2601)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15250, and the futures price is 14850, with a basis of 400 [1]. Financial Futures - **Stock Index Futures**: - IF2512.CFE: The futures price is 4564.9, and the basis is - 25.7, with a basis rate of - 0.57% [1]. - IH2512.CFE: The futures price is 3002.6, and the basis is - 5.7, with a basis rate of - 0.19% [1]. - IC2512.CFE: The futures price is 7061.9, and the basis is - 61.9, with a basis rate of - 0.88% [1]. - IM2512.CFE: The futures price is 7340.4, and the basis is - 76.8, with a basis rate of - 1.00% [1]. - **Treasury Bond Futures**: - TS2512: The futures price is 100.04, and the basis is - 0.01, with a basis rate of - 0.01% [1]. - TF2512: The futures price is 105.92, and the basis is 0.00, with a basis rate of 0.00% [1]. - T2512: The futures price is 108.48, and the basis is 0.08, with a basis rate of 0.08% [1]. - TL2512: The futures price is 115.93, and the basis is 0.16, with a basis rate of 0.14% [1].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports - **Sugar**: The global sugar supply is expected to remain in surplus in the 2025/26 season. With ample supply, the raw sugar price will likely stay weak. In the Chinese market, the old - sugar stock has been mostly cleared, new - sugar pressure is increasing, and the October import volume exceeded expectations, so the overall sugar market is expected to be weak [2]. - **Soybean Meal and Related Products**: The domestic soybean inventory is high, and the soybean meal supply is abundant. The downward space of the current futures price is limited, but it is difficult to strengthen based on cost and profit logic alone. The soybean meal market is expected to fluctuate widely [3]. - **Pig**: The market supply has recovered, and the price has weakened again. Although the demand is expected to increase in the short - term due to cold weather and the start of curing in the southwest, the mid - term price is not optimistic, and the increased selling enthusiasm after price recovery is not conducive to the near - month futures market. The 3 - 7 reverse spread strategy can be held [6]. - **Cotton**: The ICE cotton futures are stable, supported by strong demand in the USDA report. In the domestic market, the short - term pressure from new cotton listing and high production, combined with weak downstream demand, may lead to a weak cotton price within a certain range, although the relatively low inventory of downstream spinning enterprises provides some support [8]. - **Corn and Corn Starch**: The supply in the Northeast is sufficient but the selling enthusiasm is low, and the market is quiet with stable prices. In North China, the number of trucks at deep - processing enterprises has decreased, and the price has slightly increased. With about 20% of the new - season corn sold, there is still selling pressure. The demand from deep - processing and feed sectors is not strong. The corn market will have intensified long - short competition and narrow - range fluctuations in the short - term [10]. - **Edible Oils**: For palm oil, the Malaysian BMD futures may stop falling and strengthen after stabilizing at 4150 ringgit. The domestic palm oil may rise to the 8900 - 9000 yuan range. The overall view is near - weak and far - strong. For soybean oil, the CBOT soybean oil is in a short - term correction. The domestic soybean oil demand is weak, but the poor crushing profit provides some support, and the support for the January contract is around 8200 yuan [13]. - **Eggs**: The laying - hen inventory remains high, and the supply is abundant. The demand is weak, and the egg price is expected to oscillate at a low level. It is recommended to stop profit on previous short positions and wait and see in the short - term [16]. 3. Summary by Relevant Catalogs Sugar - **Futures Market**: The prices of sugar 2601 and 2605 decreased, the ICE raw sugar主力 slightly increased, the 1 - 5 spread widened, the main - contract position increased, and the warehouse receipt decreased [2]. - **Spot Market**: The prices in Nanning and Kunming decreased, the Nanning basis decreased, and the Kunming basis increased. The prices of imported Brazilian sugar (both quota - within and quota - outside) decreased [2]. - **Industry Situation**: The national and Guangxi sugar production and sales increased year - on - year, the national sales rate decreased, the Guangxi sales rate increased, the national industrial inventory decreased, and the Guangxi and Yunnan industrial inventories increased. The sugar import volume increased [2]. Soybean Meal and Related Products - **Soybean Meal**: The spot and futures prices of Jiangsu soybean meal decreased, the basis decreased significantly, the import crushing profit increased, and the warehouse receipt decreased slightly [4]. - **Rapeseed Meal**: The spot price of Jiangsu rapeseed meal remained unchanged, the futures price decreased slightly, the basis increased, the import crushing profit increased, and the warehouse receipt remained unchanged [4]. - **Soybean**: The spot price of Harbin soybeans increased, the futures prices of bean one and bean two decreased, and the warehouse receipt remained unchanged [4]. - **Spreads**: The soybean meal and rapeseed meal inter - month spreads, the oil - meal ratio, and the soybean - rapeseed meal spread changed to different degrees [4]. Pig - **Futures Market**: The prices of pig 2601 and 2605 decreased, the 1 - 5 spread decreased, the main - contract position increased, and the warehouse receipt remained unchanged [6]. - **Spot Market**: The prices in most regions decreased, and the slaughter volume, white - strip price, and other indicators changed slightly [6]. - **Industry Indicators**: The sample - point daily slaughter volume increased slightly, the weekly white - strip price decreased, the weekly piglet price increased, the sow price remained unchanged, the weekly slaughter weight increased slightly, the self - breeding and purchased - piglet breeding profits decreased, and the monthly fertile sow inventory decreased slightly [6]. Cotton - **Futures Market**: The prices of cotton 2601 and 2605 decreased slightly, the ICE US cotton主力 decreased, the 5 - 1 spread widened, the main - contract position decreased, the warehouse receipt increased, and the valid forecast decreased [8]. - **Spot Market**: The Xinjiang arrival price and CC Index increased slightly, the FC Index decreased, and the basis of 3128B to 01 and 05 contracts increased [8]. - **Industry Situation**: The commercial and industrial inventories, the bonded - area inventory, and the cotton out - of - Xinjiang shipment volume increased month - on - month. The textile industry's inventory year - on - year, the yarn and fabric inventory days, and the clothing and textile exports changed to different degrees [8]. Corn and Corn Starch - **Corn**: The price of corn 2601 decreased, the basis increased, the 1 - 5 spread increased slightly, the south - north trade profit decreased, the import profit decreased, the number of trucks at Shandong deep - processing enterprises decreased, the position increased, and the warehouse receipt remained unchanged [10]. - **Corn Starch**: The price of corn starch 2601 decreased, the basis increased, the 1 - 5 spread increased slightly, the starch - corn 01 spread remained unchanged, the Shandong starch profit decreased, the position increased, and the warehouse receipt decreased [10]. Edible Oils - **Soybean Oil**: The spot and futures prices decreased, the basis increased, the warehouse receipt remained unchanged, and the inter - month spread decreased [13]. - **Palm Oil**: The spot and futures prices decreased, the basis increased significantly, the import cost decreased, the import profit decreased, and the warehouse receipt decreased [13]. - **Rapeseed Oil**: The spot and futures prices decreased, the basis decreased, the warehouse receipt decreased slightly, and the inter - month spread increased [13]. - **Spreads**: The inter - month spreads, the bean - palm spread, and the rapeseed - soybean oil spread changed to different degrees [13]. Eggs - **Futures Market**: The prices of egg 12 and 01 contracts increased, the basis decreased, and the 12 - 01 spread increased slightly [15]. - **Spot Market**: The egg - producing area price remained unchanged, the egg - chick price remained unchanged, the culled - hen price increased slightly, the egg - feed ratio increased, and the breeding profit increased [15].

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Industrial Silicon - The industrial silicon market in November saw a decline in both supply and demand, with a larger decline in supply. However, due to the large supply base and the replenishment of the spot market by cancelled warehouse receipts, there is still pressure to accumulate inventory. In December, the decline in production is expected to narrow, but if the organic silicon industry reduces production, the inventory accumulation pressure will increase. The price is expected to fluctuate between 8,500 - 9,500 yuan/ton, and short positions can gradually take profits at low prices [1]. Polysilicon - The spot price of polysilicon is expected to stabilize. The market is in a situation of both supply and demand decline, but there is still an expectation of inventory accumulation in each link. In the short term, the supply of polysilicon is relatively high, but the long - term supply - demand balance driven by the exit of backward production capacity will support the price. The futures price has fallen back to a reasonable range, and attention should be paid to the support level, as well as the establishment of platform companies, production control, demand changes, and the digestion of warehouse receipts after the November contract cancellation [2]. Aluminum and Alumina - **Alumina**: The market maintains a supply - demand surplus pattern, with short - term supply pressure increasing. The price is expected to remain weakly volatile in the short term, with the main contract reference range of 2,700 - 2,900 yuan/ton. Attention should be paid to the production reduction trends of high - cost enterprises [3][4]. - **Aluminum**: The price will fluctuate between macro - level positive factors and weak fundamentals in the short term. The medium - term supply shortage pattern remains unchanged. Attention should be paid to downstream start - up changes, inventory reduction rhythms, and overseas policy trends [3][4]. Tin - Considering the strong fundamentals, a bullish view on tin prices is maintained. Existing long positions can be held, and attention should be paid to macro - level changes and the recovery of supply from Myanmar [6][7]. Zinc - The fundamentals provide limited support for the continuous upward movement of zinc prices. In the short term, it may still be volatile. An upward breakthrough requires an improvement in demand, and a downward breakthrough requires continuous inventory accumulation. The export of zinc ingots may boost domestic zinc prices, and the short - term main contract reference range is 22,200 - 22,800 yuan/ton [9]. Copper - The market expects the probability of an interest rate cut in December to decline, and the copper price is oscillating weakly. The long - term supply - demand contradiction supports the upward movement of the copper price's bottom center. The main contract reference range is 85,000 - 86,500 yuan/ton, and attention should be paid to changes in demand and overseas interest rate cut expectations [10]. Nickel - The macro - level exerts some pressure, and the improvement in fundamentals is limited. The medium - term supply is abundant, which restricts the upward space of the price. The short - term driving force is weak, and the main contract reference range is 113,000 - 118,000 yuan/ton. Attention should be paid to macro - level expectations and Indonesian industrial policy news [12]. Stainless Steel - Policy and macro - level driving forces are insufficient, and the fundamental structure has not improved significantly. The supply - side pressure from steel mills' production schedules and social inventory remains, and demand is weak. The short - term price is expected to be weakly volatile, with the main contract reference range of 12,300 - 12,600 yuan/ton. Attention should be paid to steel mills' production reduction and nickel - iron prices [16]. Lithium Carbonate - The market is in a situation of both supply and demand growth. The short - term price is expected to be volatile, and the main contract LC2601 has risen. Attention should be paid to the resumption of production of large enterprises, changes in demand after the peak season, and the possible acceleration of the release of upstream projects at high prices. Long positions established earlier can consider partial profit - taking [18]. Summary by Relevant Catalogs Industrial Silicon - **Spot Price and Basis**: The spot price of industrial silicon increased by 50 - 150 yuan/ton, while the futures price decreased. The basis of some varieties changed significantly [1]. - **Monthly Spread**: The monthly spreads of different contracts showed various changes, with some increasing and some decreasing [1]. - **Fundamental Data**: National and regional production, as well as the national start - up rate, showed different trends. The production of some downstream products also changed, and the inventory of industrial silicon showed an overall upward trend [1]. Polysilicon - **Spot and Futures Prices**: The spot price of polysilicon was stable, the futures price fell, and the arbitrage window closed. The component price gradually recovered [2]. - **Fundamental Data**: Weekly and monthly data showed that polysilicon production increased slightly, silicon wafer production decreased slightly, and the inventories of both increased [2]. Aluminum and Alumina - **Price and Spread**: The price of aluminum increased slightly, and the price of alumina in some regions decreased. The spreads and premiums also changed [3][4]. - **Fundamental Data**: Alumina and electrolytic aluminum production increased in October. The start - up rates of aluminum processing industries showed different trends, and the inventory of electrolytic aluminum remained stable [3][4]. Tin - **Spot Price and Basis**: The spot price of tin remained unchanged, and the LME 0 - 3 premium increased significantly [6]. - **Monthly Spread**: The monthly spreads of different contracts showed various changes [6]. - **Fundamental Data**: Tin ore imports decreased in September, while refined tin production increased in October. The import and export volumes of refined tin changed slightly [6]. Zinc - **Price and Spread**: The price of zinc increased slightly, and the spreads and import - export profits changed [9]. - **Fundamental Data**: Refined zinc production increased in October, and the start - up rates of zinc processing industries showed different trends. The inventory of LME increased, and the domestic zinc ingot inventory decreased [9]. Copper - **Price and Spread**: The price of copper increased slightly, and the spreads, premiums, and import - export profits changed [10]. - **Fundamental Data**: Electrolytic copper production and import volume decreased in October. The start - up rates of copper rod production showed different trends, and the inventory of different types of copper changed [10]. Nickel - **Price and Spread**: The price of nickel increased slightly, and the spreads and import - export profits changed [12]. - **Fundamental Data**: China's refined nickel production and import volume increased. The inventory of SHFE and social inventory increased, while the LME inventory decreased [12]. Stainless Steel - **Price and Spread**: The price of stainless steel decreased slightly, and the spreads changed [16]. - **Fundamental Data**: The production of 300 - series stainless steel increased slightly, the import volume increased, and the export volume decreased. The social inventory decreased slightly, and the SHFE warehouse receipts decreased [16]. Lithium Carbonate - **Price and Spread**: The price of lithium carbonate increased, and the spreads changed [18]. - **Fundamental Data**: The production and demand of lithium carbonate increased in October, and the inventory decreased. The production capacity and start - up rate increased [18].

Group 1: Steel Industry Report Industry Investment Rating Not provided Core Viewpoint The steel price is expected to maintain a range-bound fluctuation, with attention paid to the support level of 3000 for rebar and 3240 for hot-rolled coils. Short positions should be closed, and unilateral trading should be temporarily on hold [1][3] Summary by Directory - **Steel Prices and Spreads**: Rebar and hot-rolled coil spot prices in various regions decreased by 10 yuan/ton, and most futures contracts also declined [1] - **Cost and Profit**: The billet price decreased by 30 yuan/ton, and the slab price remained unchanged. The profits of hot-rolled coils in some regions increased, while the profits of rebar in some regions decreased [1] - **Production and Inventory**: The daily average pig iron output decreased slightly, while the production of five major steel products increased by 1.9%. The inventory of five major steel products decreased by 3.0% [1] - **Trading and Demand**: The building materials trading volume decreased by 8.5%, while the apparent demand for five major steel products increased by 3.9%, with rebar and hot-rolled coils showing significant rebounds [1] Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core Viewpoint The iron ore price is expected to maintain a high-level fluctuation, and unilateral trading should be on hold [4] Summary by Directory - **Iron Ore Prices and Spreads**: The warehouse receipt costs of some iron ore varieties decreased slightly, and the basis of some varieties changed [4] - **Supply and Demand**: The global iron ore shipment volume increased by 14.6% week-on-week, while the arrival volume at 45 ports decreased by 17.2%. The demand side showed a slight decline in pig iron production and an increase in the port's daily average desilting volume [4] - **Inventory Changes**: The port inventory decreased slightly, and the inventory of imported ore in 247 steel mills decreased by 0.8% [4] Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core Viewpoint Both coke and coking coal are viewed as bearish in a range-bound manner. For coke, the reference range is 1550 - 1700, and for coking coal, it is 1050 - 1200. Temporarily hold off on trading [6] Summary by Directory - **Prices and Spreads**: Coke and coking coal futures prices decreased, and the basis of some contracts changed. The profits of coking plants and sample coal mines also changed [6] - **Supply and Demand**: The coke production decreased slightly, and the pig iron production decreased by 0.3%. The coking coal supply is expected to increase, but the production recovery is limited [6] - **Inventory Changes**: The overall inventory of coke and coking coal decreased slightly. The inventory of coking plants, ports, and steel mills decreased, while the inventory of coal mines and ports increased [6]