Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Recently, the PX market has rebounded due to multiple factors. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited, driven by two key factors: the soaring gasoline profit margin, which prompts refineries to reduce raw material input in aromatic units and increase gasoline production, and the drop in benzene prices to a near three - year low, leading refineries to lower the load of reforming and STDP units to limit benzene output and thus PX supply [2] - PTA supply has slightly shrunk, polyester operation remains stable with a load of over 90%, and domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period has ended, downstream weaving has performed well, and export demand may improve. The costs of bottle chips and short fibers follow these trends [2] Group 3: Summary of Related Data Price Data - PTA spot price increased from 4610 to 4630, a change of 20; MEG inner - market price decreased from 3919 to 3885, a change of - 34; PTA closing price decreased from 4712 to 4696, a change of - 16; MEG closing price decreased from 3903 to 3822, a change of - 81 [2] - 1.4D direct - spun polyester staple fiber price remained at 6370; short - fiber basis decreased from 128 to 110, a change of - 18; 12 - 1 spread decreased from 48 to 50, a change of - 2; polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large - denier fiber price remained at 5400; the price difference between 1.4D direct - spun and imitation large - denier fiber remained at 970; East China water bottle chip price decreased from 5758 to 5716, a change of - 42; hot - filled polyester bottle chip price decreased from 5758 to 5716, a change of - 42; carbonated - grade polyester bottle chip price decreased from 5858 to 5816, a change of - 42; outer - market water bottle chip price remained at 760; bottle - chip spot processing fee decreased from 504 to 456, a change of - 48 [2] - T32S pure polyester yarn price remained at 10300; T32S pure polyester yarn processing fee remained at 3930; polyester - cotton yarn 65/35 45S price remained at 16300; cotton 328 price increased from 14320 to 14340, a change of 20; polyester - cotton yarn profit decreased from 1664 to 1656, a change of - 8 [2] - Primary three - dimensional hollow (with silicon) price increased from 7020 to 7035, a change of 15; hollow short - fiber 6 - 15D cash flow increased from 566 to 575, a change of 9; primary low - melting - point short fiber price remained at 7480 [2] Operating Rate and Sales Data - Direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, a change of 0.95%; polyester staple fiber sales decreased from 65.00% to 35.00%, a change of - 30.00%; polyester yarn startup rate (weekly) remained at 66.00%; recycled cotton - type load index (weekly) remained at 51.10% [3]

1. Report Industry Investment Ratings - Steel: Unilateral observation; opportunistic participation in spot-futures positive arbitrage for hot-rolled coils, or using options strategies to assist spot sales [7] - Ferrosilicon and Manganese Silicon: Investment clients should short on rallies, and industrial clients can use put spreads to protect spot exposure [7] - Coking Coal and Coke: Unilateral trading with a short-term focus; medium- and long-term investors should wait and see, and previously recommended hedging short positions should be closed [7] - Iron Ore: Hold short positions [7] 2. Core Views of the Report - Steel: Market sentiment is cooling, but weekly data may continue to improve. The static valuation of steel futures prices is not high, but there is a lack of upward momentum, and the concern of steel mill production cuts remains. Steel production is expected to gradually decline [2] - Ferrosilicon and Manganese Silicon: Supply exceeds demand, and prices are under pressure. The direct demand has weakened significantly, and the supply surplus pressure persists in the medium term, despite stronger cost support [2][4] - Coking Coal and Coke: The spot market sentiment is weakening, and the expectation of coke price cuts is increasing. The decline in coking coal and coke prices may be nearing an end, but the driving force for a rebound may need to wait until mid - December [5] - Iron Ore: The fundamentals are weak, with expected inventory accumulation in the medium term. However, due to strong macro - sentiment, it is difficult to break through the price range, and the operation is biased towards shorting on rallies [6] 3. Summary by Related Categories 3.1 Futures Price Information - On November 20th, the closing prices and price changes of far - month contracts (RB2605, HC2605, etc.) and near - month contracts (RB2601, HC2601, etc.) in the black metal futures market are provided, including price changes and percentage changes [1] 3.2 Spread and Profit Information - On November 20th, information such as thread surface profit, coil - thread spread, thread - ore ratio, coal - coke ratio, and coking surface profit is provided, along with their price changes [1] 3.3 Spot Price Information - On November 20th, spot prices of various products such as Tianjin thread, Guangzhou thread, Tangshan billet, Shanghai hot - rolled coil, and coking coal at different ports are provided, along with their price changes [1] 3.4 Basis Information - On November 20th, basis data for HC, RB, J, and other main contracts are provided, along with their price changes [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamentals of the pulp market have not improved significantly. The current futures price is close to the import cost of the deliverable product, and there is limited room for further price increases. It is recommended to close the 12 - 1 reverse spread and initiate a 1 - 3 or 1 - 5 reverse spread [10]. 3. Summary by Related Catalog Price Data - **Futures Prices**: On November 20, 2025, SP2601 was priced at 5298, down 1.82% daily and 4.26% weekly; SP2512 was 4786, down 1.48% daily and 2.13% weekly; SP2605 was 5340, down 1.07% daily and 2.94% weekly [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5500, down 0.90% daily and weekly; Russian Needle was 5350, down 0.93% daily and weekly; Hardwood pulp Golden Crown was 4400, unchanged [5]. - **Outer - disk Quotes**: Chilean Silver Star was quoted at 680 dollars, down 2.86% month - on - month; Brazilian Goldfish was 530 dollars, up 3.92% month - on - month; Chilean Venus was 590 dollars, unchanged [5]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged [5]. Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 69.1 tons, unchanged from September; hardwood pulp was 131.8 tons, down 2.80% from September. The pulp shipment volume to China was 187 tons, up 13.50% [5]. - **Inventory**: As of November 20, 2025, the pulp port inventory was 217.3 tons, up 3.0% from the previous period, showing a continuous two - week inventory accumulation [5][10]. - **Demand**: Among finished paper products, the production of double - offset paper, copperplate paper, tissue paper, and white cardboard showed minor fluctuations, with only white cardboard having a better price increase implementation and stable production [5][10]. Valuation Data - **Basis**: On November 20, 2025, the Russian Needle basis was 564, with a quantile level of 0.965; the Silver Star basis was 714, with a quantile level of 0.919 [5]. - **Import Profit**: The import profit of coniferous pulp Silver Star was - 59, with a quantile level of 0.515; hardwood pulp Goldfish was 56, with a quantile level of 0.704 [5].

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 | 2025/11/21 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/11/19 2025/11/20 | | 变动值 | 行情综述 | | | INE原油(元/桶) | 464.5 | 455. 5 | -9.00 | 成交情况: PTA:盘中原油行情并未收回周三的跌幅,PTA行情先 | | | | | | | 涨后跌,日均价下跌。PTA去库存,利好现货基差,基 | | SC | PTA-SC(元/陣) | 1336. 4 | 1385. 8 | 49. 40 | 差微涨。 | | | PTA/SC(比价) | 1. 3959 | 1. 4187 | 0. 0227 | | | | CFR中国PX | 832 | 833 | 1 | | | PX | PX-石脑油价差 | 264 | 260 | ...

ing gov 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/11/21 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2512 | AG2512 | AU (T+D) | AG (T+D) | | 内外盘金 | 日期 | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/11/20 | 4067. 10 | 51. 15 | 4066. 20 | 50. 85 | 932. 56 | 12046.00 | 930. 20 | 12040.00 | | (本表数 | 2025/11/19 | 409 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View - The China Chemical and Physical Power Sources Industry Association will issue a notice on referring to the lithium iron phosphate cost index and standardizing industry development, suggesting that companies use the industry average cost range disclosed on November 18th as an important reference for pricing and not engage in low - price sales below cost. The association will disclose the industry average cost range monthly and requires companies to submit operating data regularly. This week, lithium carbonate production increased by 585 tons and inventory decreased by 2052 tons, with a narrowing de - stocking amplitude, and lithium carbonate may turn around in the short term [3] 3. Summary by Relevant Categories Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 91,300 yuan with an increase of 2,400 yuan; SMM industrial - grade lithium carbonate has an average price of 88,900 yuan with an increase of 2,400 yuan [1] Lithium Carbonate Futures Contracts - Carbonate lithium 2512 closed at 98,880 yuan with a 1.71% increase; carbonate lithium 2601 closed at 98,980 yuan with a 0.84% increase; carbonate lithium 2602 closed at 99,060 yuan with a 0.98% increase; carbonate lithium 2603 closed at 99,160 yuan with a 1.25% increase; carbonate lithium 2604 closed at 100,060 yuan with a 1.91% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1,117 yuan with an increase of 31 yuan; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,710 yuan with an increase of 85 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 2,700 yuan with an increase of 125 yuan; lithium aluminum phosphate (Li20: 6% - 7%) has an average price of 9,575 yuan with an increase of 675 yuan; lithium aluminum phosphate (Li20: 7% - 8%) has an average price of 11,075 yuan with an increase of 675 yuan [1][2] Cathode Materials - Lithium iron phosphate (power type) has an average price of 38,745 yuan with an increase of 580 yuan; ternary material 811 (polycrystalline/power type) has an average price of 161,550 yuan with an increase of 400 yuan; ternary material 523 (single - crystal/power type) has an average price of 143,750 yuan with an increase of 700 yuan; ternary material 613 (single - crystal/power type) has an average price of 144,050 yuan with an increase of 700 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan; the difference between battery - grade lithium carbonate and the main contract is - 7,680 yuan with a change of 2,720 yuan; the difference between the near - month and the first continuous contract is - 100 yuan with a change of 140 yuan; the difference between the near - month and the second continuous contract is - 180 yuan with a change of 140 yuan [2] Inventory - The total weekly inventory is 118,420 tons with a decrease of 2,052 tons; the smelter weekly inventory is 26,104 tons with a decrease of 2,166 tons; the downstream weekly inventory is 44,436 tons with a decrease of 4,336 tons; the other weekly inventory is 47,880 tons with an increase of 4,450 tons; the daily registered warehouse receipts are 26,916 tons with an increase of 150 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 91,481 yuan, and the profit is - 1,451 yuan; the cash cost of purchasing lithium mica concentrate externally is 97,058 yuan, and the profit is - 9,277 yuan [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The global sugar supply has shifted from shortage to surplus, putting downward pressure on raw sugar prices. The supply pressure of new domestic crops has increased year - on - year. It is expected that Zhengzhou sugar will face upward pressure and mainly follow the trend of raw sugar [4] Group 3: Summary of Relevant Data Domestic Data - In Guangxi Nanning warehouse, the price is 0, with no change, and the basis with SR01 is - 5366, up 15; in Shandong Rizhao, the price is 5820, with no change, the premium is 100, and the basis with SR01 is 354, up 15 [4] - SR01 price is 5366, down 15; SR05 price is 5320, down 18; SR01 - 05 spread is 46, up 3 [4] - The exchange rate of RMB against the US dollar is 7.1318, up 0.0039 [4] International Data - The ICE raw sugar主力 price is 14.66, with no change; the London white sugar主力 price is 573, up 3; the Brent crude oil主力 price is 63.66, with no change [4] - The exchange rate of the Brazilian real against the RMB is 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB is 0.084, down 0.0004 [4]

Market Overview - On November 19, boosted by the rise of heavy - weight sectors, the Shanghai Composite Index closed in the red after volatile trading. Tech stocks performed poorly, with more than 4,100 stocks falling in the market. The Shanghai Composite Index rose 0.18% to 3,946.74 points, the Shenzhen Component Index remained flat, the ChiNext Index rose 0.25%, the North - bound 50 Index fell 1.4%, the STAR 50 Index fell 0.97%, the Wind All - A Index fell 0.3%, the Wind A500 Index rose 0.35%, and the CSI A500 Index rose 0.29% [5] - A - share trading volume for the whole day was 1.74 trillion yuan, compared with 1.95 trillion yuan the previous day [5] Index Performance | Index | Closing Price | Change (%) | Trading Volume (billion yuan) | Turnover (billion) | | --- | --- | --- | --- | --- | | SSE 50 | 995.51 | 0.58 | 48.20 | 3852.30 | | CSI 300 | 4588.2922 | 0.44 | 7387.2084 | 3671.73 | | CSI 1000 | - | -0.82 | 238.39 | - | [3] CFFEX Stock Index Options Trading Option Volume | Index | Call Option Volume (million contracts) | Put Option Volume (million contracts) | Total Volume (million contracts) | Volume PCR | | --- | --- | --- | --- | --- | | SSE 50 | 3.23 | 2.89 | 7.66 | 0.90 | | CSI 300 | 16.61 | 23.49 | 40.1 | 1.41 | | CSI 1000 | 36.16 | 34.33 | 70.49 | 0.95 | [3] Option Open Interest | Index | Call Option Open Interest (million contracts) | Put Option Open Interest (million contracts) | Total Open Interest (million contracts) | Open Interest PCR | | --- | --- | --- | --- | --- | | SSE 50 | 0.73 | 0.67 | 1.4 | 0.92 | | CSI 300 | 6.94 | 13.07 | 20.01 | 1.88 | | CSI 1000 | 19.86 | 16.30 | 36.16 | 0.82 | [3] Volatility Analysis - The report presents historical volatility and volatility cone charts for SSE 50, CSI 300, and CSI 1000, as well as their next - month at - the - money implied volatility smile curves [3][4]

Group 1: Report Overview - Report Title: Shipping Derivatives Data Daily Report [4] - Research Institution: Guomao Futures Research Institute, Energy and Chemical Research Center [5] - Date: November 20, 2025 [5] Group 2: Shipping Index Data Spot Freight Index - **Shanghai Containerized Freight Index (SCFI)**: Current value is 1451, down 2.92% from the previous value of 1495 [5] - **China Containerized Freight Index (CCFI)**: Current value is 1094, up 3.39% from the previous value of 1058 [5] - **SCFI - US West Coast**: Current value is 1823, down 17.59% from the previous value of 2212 [5] - **SCFIS - US West Coast**: Current value is 1238, down 6.85% from the previous value of 1329 [5] - **SCFI - US East Coast**: Current value is 2600, down 8.71% from the previous value of 2848 [5] - **SCFI - Northwest Europe**: Current value is 1417, up 7.11% from the previous value of 1323 [5] - **SCFIS - Northwest Europe**: Current value is 1357, down 9.77% from the previous value of 1504 [5] - **SCFI - Mediterranean**: Current value is 2029, unchanged from the previous value [5] Futures Contract Data - **Contract Prices**: EC2506 at 1382.0 (down 0.22%), EC2608 at 1490.1 (down 1.29%), EC2610 at 1110.0 (down 0.18%), EC2512 at 1763.3 (down 0.35%), EC2602 at 1640.1 (down 2.26%), EC2604 at 1162.7 (down 1.43%) [5] - **Contract Positions**: EC2606 at 1582 (down 3), EC2608 at 1212, EC2610 at 2520, EC2512 at 9568 (down 864), EC2602 at 40244 (up 1384), EC2604 at 15944 (down 201) [5] - **Monthly Spreads**: 12 - 02 at 123.2 (up 31.8), 12 - 04 at 600.6 (up 10.7), 02 - 04 at 477.4 (down 21.1) [5] Group 3: Market News and Events - **Holiday Arrangement**: The last trading Monday in February 2026 for container shipping index (European line) futures EC2602 is February 9 [6][8] - **Geopolitical Event**: Iran carried out a maritime attack near the Oman Gulf targeting Israel [6] - **Shipping Route Change**: CMA CGM JULES VERNE/ MEX1 is directly passing through the Red Sea/Suez Canal instead of rounding the Cape of Good Hope as scheduled [6] Group 4: Spot Price and Market Logic - **Spot Prices**: In late November, NSK quoted 2020, HPL 2850, 00CL 2300, CMA 3150, MSC 2350, HML 2500, YML 2550, ONE 2650; in early December, MSK quoted 3200, HPL 3250, ONE 2450 (MSK's final December quote was 2500) [7] - **Market Logic**: There are still expected 1 - 2 rounds of price increases during the peak season. The price increases in early December conflict with the price differentiation in late November. The loading situation in November needs to be monitored to see if it can support the December price hikes. The timing and magnitude of the peak price in December are uncertain [7] Group 5: Contract Adjustment and Strategy - **Contract Adjustment**: The final trading day of the container shipping index (European line) futures EC2602 is February 9, 2026. The delivery settlement price is now calculated based on the weighted average of the underlying index prices on January 26, February 2, and February 9, 2026, instead of February 9, 16, and 23. This adjustment is favorable for the EC2602 contract, but investors should avoid chasing high prices [8] - **Investment Strategy**: Adopt a wait - and - see approach as the EC2512 contract is gradually losing trading value [9]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The central bank will have 11220 billion yuan of reverse repurchase operations due this week, and there will be 120 billion yuan of treasury cash fixed deposits due on Thursday. The central bank will maintain a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [4]. - Yesterday, the macro news was calm, and the stock index showed a differentiated trend. Small and medium - cap stocks were relatively weak, while large - cap stocks were more resilient. The market is in a state of long - short interweaving, lacking a core driving force. The stock index is expected to continue the volatile pattern with support at the bottom and pressure upwards. Short - term market differences will be digested during the volatility, waiting for a new driving force to push the index up [6]. 3. Summary by Relevant Catalogs 3.1 Interest Rate Market - DRO01 closed at 1.42%, down 10.66bp; DR007 closed at 1.51%, down 1.08bp; GC001 closed at 1.63%, down 6.50bp; GC007 closed at 1.51%, down 5.00bp; SHBOR 3M closed at 1.58%, unchanged; LPR 5 - year was 3.50%, unchanged; 1 - year treasury bond yield was 1.40%, down 0.30bp; 10 - year treasury bond yield was 1.81%, up 0.40bp; 10 - year US treasury bond yield was 4.12%, down 1.00bp [3]. - Last week, the central bank conducted 11220 billion yuan of reverse repurchase operations, with 4958 billion yuan of reverse repurchase due, resulting in a net investment of 6262 billion yuan [3]. 3.2 Stock Index Market - Yesterday, the CSI 300 rose 0.44% to 4588.3; the SSE 50 rose 0.58% to 3020.3; the CSI 500 fell 0.4% to 7122.7; the CSI 1000 fell 0.82% to 7387.2. The trading volume of the two markets was 17259 billion yuan, a decrease of 2002 billion yuan from the previous day. The industry sectors had more decliners than gainers [5]. - The IF contract had a trading volume of 122613, up 0.6%, and an open interest of 272167, down 2.3%; the IH contract had a trading volume of 53539, down 2.2%, and an open interest of 95237, down 2.5%; the IC contract had a trading volume of 132592, down 1.4%, and an open interest of 248512, down 2.2%; the IM contract had a trading volume of 227467, up 4.5%, and an open interest of 364139, up 0.6% [5]. 3.3 Futures Premium and Discount Situation - The IF premium rates for the current - month, next - month, current - quarter, and next - quarter contracts were 19.46%, 6.12%, 3.69%, and 3.73% respectively; the IH premium rates were 14.19%, 3.77%, 1.39%, and 1.38% respectively; the IC premium rates were 15.75%, 11.61%, 10.48%, and 11.09% respectively; the IM premium rates were - 7.88%, 14.66%, 13.00%, and 12.79% respectively [7].