投资咨询业务资格：证监许可【2012】31号 【塑料数据周报（PP&PE ）】 国贸期货 能源化工研究中心 2025-12-01 叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 张国才 从业资格证号：F03133773 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）本周国内聚丙烯产量80.68万吨，相较上周的80.83万吨减少0.15万吨，跌幅0.19%；相较去年同期的67.4万吨增加13.28万吨，涨幅19.7%。（2）聚丙 | | | | 烯平均产能利用率78.14%，环比下降0.14%；中石化产能利用率79.65%，环比下降1.59%。 | | | | （1）聚丙烯下游平均开工上涨0.26个百分点至53.83%。近期包装行业继电商节后订单萎缩，市场需求不佳，行业开工多稳中下行。随着天气寒冷加剧， | | 需求 | 偏多 | 流感等呼吸道疾病进入高发阶段，市场对口罩、消毒湿巾等防护用品的消耗量大幅增长，PP无纺布行业开工+0.58%。西北地区集中建筑施工活动依旧， | | | | 且地暖系统安装与维护需求进入高峰，二 ...

投资咨询业务资格：证监许可【2012】31号 【液化石油气（LPG）投资周报】 CP预期高开出台，PN价差再度抬升 国贸期货 能源化工研究中心 2025-12-1 国贸期货研究院：叶海文 从业资格证号：F3071622 投资咨询证号：Z0014205 国贸期货研究院：施宇龙 从业资格证号：F03137502 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 本周能化大宗产品收盘价格监控 能化产品收盘价格监控 | 品 种 | 单 位 | 现 值 | 日涨跌幅 | 周涨跌幅 | 月涨跌幅 | 年涨跌幅 | 周价格走势 | 品 种 | 单 位 | 现 值 | 日涨跌幅 | 周涨跌幅 | 月涨跌幅 | 年涨跌幅 | 周价格走势 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 美元兑人民币汇率 | 元 | 7 0789 . | 0 01% . | -0 12% . | -0 13% . | -1 50% . | ...

投资咨询业务资格：证监许可【2012】31号 【贵金属周报（AU、AG）】 金银整体走强，白银涨幅更甚 国贸期货 贵金属与新能源研究中心 2025-12-01 白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 周度观点摘要 | 黄金相关数据指标跟踪 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 单位 | 本期 | 上一期 | 周度变化 | 周度涨跌幅 | | 伦敦现货黄金 | 美元/盎司 | 4218.550 | 4064.279 | 154.271 | 3.80% | | 沪金主力 | 元/克 | 953.92 | 926.94 | 26.98 | 2.91% | | 基差（TD-期货，取15点整价格） | 元/克 | -5.88 | -5.01 | -0.87 | 17.37% | | 内外价差（TD-伦敦，取15点整价格） | 元/克 | -4.81 | -0.15 | -4.66 | 3106.67% | | ...

投资咨询业务资格：证监许可【2012】31号 【甲醇周报（MA）】 进口卸货减少以及货物倒流，港口库存出现下跌 国贸期货 能源化工研究中心 2025-12-01 卢钊毅 从业资格证号：F3171622 投资咨询证号：Z0021177 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 甲醇：进口卸货减少以及货物倒流，港口库存出现下跌 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 利多 | 本周甲醇供给端呈现供需博弈下的平稳态势。国内方面，部分装置新增检修，同时有前期检修装置逐步恢复运行，整体开工负荷小幅波动，供应增量受限。进口端受外轮卸货 | | | | 不及预期等因素影响，短期进口量有所收缩，货源补充力度减弱。港口市场方面，受内地需求支撑及货源倒流影响，本周港口库存显著去化，但仍处于相对高位，下周随着预 | | | | 估到港量回升，可能面临累库压力。整体来看，国内供应受装置开停博弈影响保持稳定，进口短期收缩与港口库存去化相互作用，共同构成本周供给端的核心特征。 | | | | 本周甲醇需求整体呈 "主力刚 ...

投资咨询业务资格：证监许可【2012】31号 【新能源周报】 仓单集中注销，基本面变动不大 国贸期货贵金属与新能源研究中心 2025-12-1 分析师：白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 助理分析师：陈宇森 从业资格证号： F03123927 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 02 工业硅（SI） 多晶硅（PS ） 碳酸锂（LC ） 01 PART ONE 工业硅（SI） 多晶硅（PS） 工业硅：供需双减，仓单集中注销 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | （1）全国周产8.90 万吨，环比-0.19%；全国开炉257 台，环比-5台。 | | 供给端 | 偏多 | （2）主产区：新疆地区周产5.03 吨，环比+1.21%，开炉数环比-1台。云南地区周产0.69 万吨，环比一致，开炉数环比一致。四川地区周产 0.62 万吨，环比-8.82%，开炉数环比-3台。 | | | | （3）10月产量45.22万吨，环比+7.46%，同比-3.7 ...

Report Summary 1. Market Data - **Interest Rates**: DROO1 closed at 1.30 with a -0.81 bp change, DR007 at 1.47 with a 2.04 bp change, GC001 at 1.55 with a 16.50 bp change, GC007 at 1.53 with a 1.00 bp change, SHBOR 3M at 1.58 with no change, LPR 5 - year at 3.50 with no change, 1 - year国债 at 1.40 with a -0.81 bp change, 5 - year国债 at 1.62 with a -0.95 bp change, 10 - year国债 at 1.84 with a -1.04 bp change, and 10 - year美债 at 4.02 with a 2.00 bp change [4] - **Bond Market**: Last week, the central bank conducted 1511.8 billion yuan of reverse repurchase operations. With 1676 billion yuan of reverse repurchases maturing, there was a net withdrawal of 164.2 billion yuan. Also, 900 billion yuan of MLF and 300 billion yuan of outright reverse repurchases matured, while the central bank carried out 1 trillion yuan of MLF operations and 200 billion yuan of treasury cash fixed - deposit tenders [4] - **This Week's Central Bank Operations**: This week, 1511.8 billion yuan of reverse repurchases will mature, with 338.7 billion, 302.1 billion, 213.3 billion, 356.4 billion, and 301.3 billion yuan maturing from Monday to Friday respectively. Additionally, 1 trillion yuan of 91 - day outright reverse repurchases will mature on Friday [5] 2. Stock Index Market - **Index Performance**: The CSI 300 closed at 4527 with a 0.25% change, the SSE 50 at 2970 with a -0.09% change, the CSI 500 at 7032 with a 1.15% change, and the CSI 1000 at 7334 with a 1.06% change. For futures, IF当月 closed at 4506 with a 0.3% change, IH当月 at 2963 with no change, IC当月 at 6974 with a 1.1% change, and IM当月 at 7261 with a 1.1% change [6] - **Trading Volume and Open Interest**: IF trading volume was 90267 with a -10.5% change and open interest was 258622 with a -2.1% change; IH trading volume was 38726 with a -8.9% change and open interest was 89179 with a -3.4% change; IC trading volume was 106633 with a -5.6% change and open interest was 248680 with a -2.3% change; IM trading volume was 174822 with a -4.7% change and open interest was 359979 with a -1.1% change [6] - **Last Week's Index Performance**: Last week, the CSI 300 rose 1.64% to 4526.7, the SSE 50 rose 0.47% to 2969.6, the CSI 500 rose 3.14% to 7031.6, and the CSI 1000 rose 3.77% to 7334.2. Most Shenwan primary industry indices rose, with communication (8.7%), electronics (6%), comprehensive (4.4%), media (4.2%), and light manufacturing (4.2%) leading the gains, while only banking (-0.6%) and transportation (-0.5%) declined. A - share daily trading volumes were 1584.3 billion, 1652.7 billion, 1615.8 billion, 1537.7 billion, and 1435.2 billion yuan respectively, with the average daily trading volume decreasing by 134.74 billion yuan compared to the previous week [6] 3. PMI Data and Market Outlook - **PMI Data**: China's November official manufacturing PMI was 49.2% (previous value 49%), with a slight repair in supply and demand, a significant increase in the export index, and the supply - demand gap narrowing to 0.8 pct. However, the non - manufacturing business activity index fell to the contraction range at 49.5% (previous value 50.1%) [7] - **Market Outlook**: The recent market adjustment provides an opportunity to layout for the further upward movement of stock indices next year. Traders can consider gradually establishing long positions during the market adjustment and use the discount structure of stock index futures to improve the winning rate of long - term investments. The Politburo meeting of the CPC Central Committee and the Central Economic Work Conference will be held in mid - to late December, which will analyze the current economic situation and plan the economic work for 2026, providing key guidance for next year's policy focus and market capital layout [7] 4. Futures Contract Premium and Discount - **IF**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 8.85%, 6.19%, 3.98%, and 4.10% respectively [8] - **IH**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 4.15%, 2.67%, 1.19%, and 1.36% respectively [8] - **IC**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 15.67%, 12.54%, 10.88%, and 11.35% respectively [8] - **IM**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 19.23%, 15.74%, 13.94%, and 13.54% respectively [8]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/12/1 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/11/27 | 2025/11/28 | 变动值 | 行情综述 | | SC | INE原油(元/桶) | 447.6 | 453.9 | 6. 30 | 成交情况: PTA:盘中原油行情反弹,成本支撑增强,PTA行情小 涨。或因PTA去库存速度放缓,PTA基差走弱。 | | | PTA-SC(元/陣) | 1379. 2 | 1401.5 | 22. 22 | | | | PTA/SC(比价) | 1. 4240 | 1. 4249 | 0. 0009 | | | PX | CFR中国PX | 826 | 836 | 10 | | | | PX-石脑油价差 | 268 | 264 | -5 | | | | PTA主力期价(元/吨) ...

Group 1: Report Information - Report Title: Precious Metals Data Daily [4] - Report Date: December 1, 2025 [5] - Research Institution: ITG Guomao Futures [3] - Researcher: Baishuna from the Precious Metals and New Energy Research Center [5] - Investment Consulting Number: Z0013700 [5] - Qualification Number: F3023916 [5] Group 2: Price Tracking Inner and Outer Market Gold and Silver Price Tracking (15:00 prices) - On November 28, 2025, London Gold Spot was at $4,186.79 per ounce, London Silver Spot at $53.99 per ounce, COMEX Gold at $4,221.30 per ounce, COMEX Silver at $54.65 per ounce, AU2512 at 949.66 yuan per gram, AG2512 at 12,724 yuan per kilogram, AU (T+D) at 948.04 yuan per gram, and AG (T+D) at 12,671 yuan per kilogram [5]. - Compared to November 27, 2025, the price increases were 0.7%, 1.1%, 0.8%, 1.3%, 0.7%, 1.7%, 0.7%, and 1.4% respectively [5]. Spread/Ratio Price Tracking (15:00 prices) - On November 28, 2025, the gold TD - SHFE active spread was -1.62 yuan per gram, the silver TD - SHFE active spread was -53 yuan per kilogram, the gold inner - outer (TD - London) spread was -4.84 yuan per gram, the silver inner - outer (TD - London) spread was -1,075 yuan per kilogram, the SHFE gold - silver ratio was 74.64, the COMEX gold - silver ratio was 77.24, AU2602 - 2512 was 4.26 yuan per gram, and AG2602 - 2512 was 3 yuan per kilogram [5]. - Compared to November 27, 2025, the price increases were 1.2%, 307.7%, 17.3%, -1.9%, -1.0%, -0.5%, 16.4%, and -78.6% respectively [5]. Group 3: Position and Inventory Data Position Data - On November 28, 2025, the Gold ETF - SPDR was 1,045.43 tons, the Silver ETF - SLV was 15,610.5435 tons, the non - commercial long position of COMEX Gold was 278,405 contracts, the non - commercial short position was 74,489 contracts, the non - commercial net long position was 203,916 contracts, the non - commercial long position of COMEX Silver was 67,041 contracts, the non - commercial short position was 23,860 contracts, and the non - commercial net long position was 43,181 contracts [5]. - Compared to November 26, 2025, the changes were 0.00%, 0.18%, -7.44%, 8.20%, -12.09%, -0.93%, 11.23%, and -6.57% respectively [5]. Inventory Data - On November 28, 2025, the SHFE Gold inventory was 90,873 kilograms, the SHFE Silver inventory was 558,882 kilograms, the COMEX Gold inventory was 36,357,103 troy ounces, and the COMEX Silver inventory was 456,772,056 troy ounces [5]. - Compared to November 26 - 27, 2025, the changes were 0.50%, 2.18%, -0.57%, and -0.29% respectively [5]. Group 4: Interest Rates/Foreign Exchange/Restock Market - On November 28, 2025, the US dollar/CNY central parity rate was 7.08, the US dollar index was 99.44, the 2 - year US Treasury yield was 3.47%, the 10 - year US Treasury yield was 4.02%, the VIX was 16.35, the S&P 500 was 6,849.09, and NYMEX crude oil was 58.48 [5]. - Compared to November 26 - 27, 2025, the changes were 0.01%, -0.15%, 0.58%, 0.50%, -4.89%, 0.54%, and -0.12% respectively [5]. Group 5: Market Review - On November 28, 2025, the main contract of Shanghai gold futures closed up 0.76% to 953.92 yuan per gram, and the main contract of Shanghai silver futures closed up 3.21% to 12,727 yuan per kilogram. On the night of the previous Friday, gold and silver prices rose. Shanghai silver rose 5.17% to 13,191 yuan per kilogram, hitting a record high; Shanghai gold rose 0.97% to 959.82 yuan per gram [3]. Group 6: Influencing Factors Analysis and Short - Term Outlook - Due to increased supply concerns, the squeeze - out risk in the silver market has been fermenting. Coupled with the overseas Thanksgiving holiday, poor market liquidity, and a glitch in the QKE trading system, market speculative sentiment was further amplified, pushing silver prices up significantly. London spot silver rose over 5% last Friday, breaking through the $56 per ounce mark, COMEX silver rose over 6% and broke through the $57 per ounce mark, and Shanghai silver futures rose over 8% and broke through the 13,000 yuan per kilogram mark, with all three markets hitting new record highs [6]. - Gold was also supported by the sentiment from the silver squeeze - out and the high probability of a Fed rate cut in December, showing a strong performance. In the short term, precious metal prices are expected to remain strong under the background of the silver squeeze - out. However, in December, attention should be paid to the December silver delivery situation on the SHFE and the changes in inventory. If the supply shortage eases or the December delivery volume in New York is not as large as the market rumor, silver prices may face significant fluctuations [6]. - In the short - term strategy, existing long positions can be held, while for those not yet in the market, gold can be bought on dips, and participation in silver should be cautious [6]. Group 7: Medium - to - Long - Term View - In the medium - to - long - term, the Fed is still in a rate - cut cycle, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar in the long run. Global central bank gold purchases continue. Therefore, the medium - to - long - term center of gold prices is likely to continue to move up. Long - term investors are advised to mainly allocate by buying on dips [6].

Group 1: Report Information - The report is the "Stock Index Option Data Daily Report" released by the Research Institute of Guomao Futures on November 28, 2025 [2][3] - The data sources are Wind and Guomao Futures Research Institute [3] Group 2: Market Review Index Performance - The closing price of SSE 50 is 2972.2651, with a turnover of 39.29 billion yuan, a trading volume of 10.5106 billion, and a daily increase of 0.02% [3] - The closing price of CSI 300 is 4515.4027, with a turnover of 417.79 billion yuan, a trading volume of 21.128 billion, and a daily decrease of 0.05% [3] - The closing price of CSI 1000 is 7257.454, with a turnover of 365.626 billion yuan, a trading volume of 15.031 billion, and a daily increase of 0.12% [3] Overall Market Conditions - The Shanghai Composite Index rose 0.29% to 3875.26 points, the Shenzhen Component Index fell 0.25%, the ChiNext Index fell 0.44%, the Beijing Stock Exchange 50 fell 0.62%, the STAR 50 fell 0.33%, the Wind All A fell 0.01%, the Wind A500 fell 0.12%, and the CSI A500 fell 0.12% [4] - A-share trading volume was 1.72 trillion yuan, down from 1.8 trillion yuan the previous day [4] Group 3: CFFEX Stock Index Option Trading Option Trading Volume - For SSE 50, the trading volume of call options is 2.17 million contracts, put options is 1.30 million contracts, and the trading volume PCR is 0.67 [3] - For CSI 300, the trading volume of call options is 9.05 million contracts, put options is 5.40 million contracts, and the trading volume PCR is 0.68 [3] - For CSI 1000, the trading volume of call options is 9.69 million contracts, put options is 8.71 million contracts, and the trading volume PCR is 0.90 [3] Option Open Interest - For SSE 50, the open interest of call options is 6.05 million contracts, put options is 3.55 million contracts, and the open - interest PCR is 0.70 [3] - For CSI 300, the open interest of call options is 16.81 million contracts, put options is 9.86 million contracts, and the open - interest PCR is 0.70 [3] - For CSI 1000, the open interest of call options is 29.21 million contracts, put options is 14.18 million contracts, and the open - interest PCR is 0.94 [3] Group 4: Volatility Analysis SSE 50 Volatility - Analyzed through historical volatility and historical volatility cone, and presented the volatility smile curve and next - month at - the - money implied volatility [3][4] CSI 300 Volatility - Analyzed through historical volatility and historical volatility cone, and presented the volatility smile curve and next - month at - the - money implied volatility [3][4] CSI 1000 Volatility - Analyzed through historical volatility and historical volatility cone, and presented the volatility smile curve and next - month at - the - money implied volatility [3][4]

Report Overview - The report is a shipping derivatives data daily report focusing on shipping-related indices, futures contracts, and market analysis [4]. Key Data Points Freight Rate Index - **SCFI Composite Index**: Present value is 1394, previous value was 1451, with a decline of -3.98% [4]. - **CCFI Index**: Present value is 1123, previous value was 1094, with an increase of 2.63% [4]. - **SCFI - US West**: Present value is 1645, previous value was 1823, with a decline of -9.76% [4]. - **SCFIS - US West**: Present value is 1107, previous value was 1238, with a decline of -10.58% [4]. - **SCFI - US East**: Present value is 2384, previous value was 2600, with a decline of -8.31% [4]. - **SCFI - Northwest Europe**: Present value is 1367, previous value was 1417, with a decline of -3.53% [4]. - **SCFIS - Northwest Europe**: Present value is 1357, previous value was 1504, with a decline of -9.77% [4]. - **SCFI - Mediterranean**: Present value is 2055, previous value was 2029, with an increase of 1.28% [4]. Futures Contracts - **Contract Prices**: For example, EC2506 present value is 1190.1, previous value was 1252.0, with a decline of -4.94% [4]. - **Contract Holdings**: EC2606 present holding is 2186, previous holding was 1986, an increase of 200 [4]. - **Monthly Spreads**: For 12 - 02, present value is 225.2, previous value was 235.0, a decline of -9.8 [4]. Market Analysis EC Market - **Market Condition**: The market is oscillating weakly. Rumors suggest Maersk's vessels will partially resume sailing through the Suez Canal in early December 2025, and CMA CGM plans full navigation in December [5]. - **Spot Prices**: In early December, MSK quoted 2500, HPL 2350, OOCL 2300, CMA 3550, EMC 3100, ONE 2450, and MSC 2450 [5]. - **Logic**: The future market will be oscillating weakly. Key factors include the implementation of December freight rates, the execution of January price increase letters, and seasonal changes in cargo volume [5]. Strategy - The recommended strategy is to wait and see as the 12 - contract is gradually losing trading value [6].