1. Report Industry Investment Ratings - Cotton: Neutral. Short - term expected to continue range - bound. Long - term optimistic after seasonal pressure [2] - Sugar: Neutral. Short - term may have limited further decline and weak rebound. Long - term not optimistic [4] - Pulp: Neutral. Short - term hard to break away from the bottom. Long - term price center may rise [7] 2. Core Views - The report analyzes the market conditions of cotton, sugar, and pulp, including price changes, supply - demand situations, and provides corresponding investment strategies based on short - term and long - term perspectives [1][2][4] 3. Summaries by Related Catalogs Cotton Market News and Important Data - Futures: Cotton 2601 contract closed at 13765 yuan/ton yesterday, up 40 yuan/ton (+0.29%) [1] - Spot: 3128B cotton Xinjiang arrival price was 14763 yuan/ton, up 40 yuan/ton; national average price was 14936 yuan/ton, up 40 yuan/ton [1] - As of Oct 16, 2025, US cumulative net export contracts of 2025/26 cotton were 110.6 tons (41.66% of annual expected exports), with 35.6 tons shipped (32.16% shipping rate). China's cumulative contracts were 3.1 tons, and 0.6 tons were shipped [1] Market Analysis - International: USDA raised 2025/26 global cotton production significantly but only slightly increased consumption, resulting in higher ending stocks. US cotton production increased due to higher yield, with increased sales pressure [1] - Domestic: 2025/26 domestic cotton is expected to increase. Xinjiang's cotton output is expected to be 730 - 750 tons. Short - term supply is abundant, and Zhengzhou cotton is suppressed by hedging. Demand is weak, but profit and inventory do not form negative feedback [1] Strategy - Short - term: Range - bound. Long - term: optimistic after seasonal pressure due to increased domestic cotton consumption and low import volume expectations [2] Sugar Market News and Important Data - Futures: Sugar 2601 contract closed at 5405 yuan/ton yesterday, up 5 yuan/ton (+0.09%) [2] - Spot: Guangxi Nanning's sugar price was 5470 yuan/ton (unchanged), and Yunnan Kunming's was 5425 yuan/ton, down 30 yuan/ton [2] - Thailand's 2025/26 cane base price is 890 Thai baht/ton (196.78 yuan/ton), with a floating standard of 53.40 Thai baht/CCS point (11.81 yuan/ton) [3] Market Analysis - Raw sugar: Brazil's strong supply and India's expected production rebound suppress the market. Short - term decline may be limited, and long - term rebound is restricted [4] - Zhengzhou sugar: Higher - than - expected imports and new sugar factory openings increase short - term supply pressure [4] Strategy - Short - term: May have limited decline and weak rebound due to low valuation and sugar mills' price - holding. Long - term: not optimistic [4] Pulp Market News and Important Data - Futures: Pulp 2601 contract closed at 5190 yuan/ton yesterday, down 8 yuan/ton (-0.15%) [4] - Spot: Shandong's Chilean Silver Star softwood pulp price was 5375 yuan/ton, down 35 yuan/ton; Russian softwood pulp was 4910 yuan/ton (unchanged) [4] - Imported wood pulp prices showed different trends, with some rising and some stable. Traders had惜售 sentiment, and downstream demand was not strong [5] Market Analysis - Supply: 2025 - 2026 overseas new capacity is limited, and some mills plan to cut production. European demand may increase, reducing China's import pressure. However, domestic new capacity may bring more supply [6] - Demand: Although there is new paper capacity, terminal demand is insufficient, and inventory is high. But expanding capacity will increase pulp demand [6] Strategy - Short - term: Hard to break away from the bottom. Long - term: price center may rise, and waiting for bottom - building to buy is recommended [7]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The freight rates in December are continuously being adjusted, and attention should be paid to the quotes in the second half of the month. The settlement price of the December contract is the arithmetic average of the three - phase SCFIS on December 15th, 22nd, and 29th. The freight rate center in the first half of December has been revised down to around $2,100 - 2,200 per FEU, and the SCFIS on December 15th may be between 1,600 - 1,650 points. MSC has announced a price increase to $3,500 per FEU in the second half of December [3]. - There may be a large expected difference in the February 2026 contract. The delivery and settlement time of the February contract has been determined. The delivery and settlement price of the EC2602 contract is the arithmetic average of the three - phase prices on January 26th, February 2nd, and February 9th, 2026. Whether the time for shipping companies to sign contracts and support prices will be postponed is uncertain. If the high - price situation occurs in January 2026, the February contract may be at par with the December contract [4][5]. - The far - month contracts face the pressure of the Suez Canal's resumption of navigation. If the Suez Canal resumes navigation in 2026, it means an increase in effective capacity supply and the risk of further depressing freight rates [5]. - The strategy suggests that the December contract and the February contract will fluctuate, and there is no arbitrage opportunity for now [7]. 3. Summary According to the Directory I. Futures Prices - As of December 2, 2025, the total open interest of all contracts of the container shipping index (European line) futures is 68,825 lots, and the daily trading volume is 32,303 lots. The closing prices of different contracts are as follows: EC2602 is 1,492.50, EC2604 is 1,078.00, EC2606 is 1,237.00, EC2608 is 1,357.20, EC2610 is 1,033.20, and EC2512 is 1,636.70 [6]. II. Spot Prices - On November 28th, the SCFI (Shanghai - Europe route) price was $1,404 per TEU, the SCFI (Shanghai - West Coast of the United States) price was $1,632 per FEU, and the SCFI (Shanghai - East Coast of the United States) price was $2,428 per FEU. On December 1st, the SCFIS (Shanghai - Europe) was 1,483.65 points, and the SCFIS (Shanghai - West Coast of the United States) was 948.77 points [6]. III. Container Ship Capacity Supply - In December, the monthly average weekly capacity is 303,900 TEU, and the capacities in weeks 50, 51, 52, and 53 are 326,300, 337,100, 258,900, and 318,800 TEU respectively. In January, the monthly average weekly capacity is 332,400 TEU, and the capacities in weeks 2, 3, 4, and 5 are 353,300, 337,200, 319,500, and 320,000 TEU respectively. There are 4 blank sailings in December (1 by the OA Alliance and 3 by the MSC/PA Alliance), and 4 TBNs in January, all from the OA Alliance. Maersk added a new sailing ship, MAERSK EINDHOVEN (13,092 TEU), in week 51 [3]. - 2025 is still a big year for container ship deliveries. As of now in 2025, 243 container ships have been delivered, with a total capacity of 1.985 million TEU. As of November 29, 2025, 74 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.1185 million TEU; 12 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 253,800 TEU [6]. IV. Supply Chain - Maersk has issued an update on the Red Sea/Aden Gulf. Due to the continuous turmoil in the Red Sea, A.P. Moller - Maersk and Hapag - Lloyd launched the Cape of Good Hope network when the Gemini cooperation started in February 2025. There is no specific time to change the east - west route of Gemini to pass through the Red Sea for now [2]. V. Demand and European Economy No information provided.

新能源及有色金属日报 | 2025-12-02 下游刚需采购 铅价维持震荡格局 市场要闻与重要数据 现货方面：2025-12-01，LME铅现货升水为-41.94美元/吨。SMM1#铅锭现货价较前一交易日变化0元/吨至16975元/ 吨，SMM上海铅现货升贴水较前一交易日变化 -25元/吨至25.00元/吨，SMM广东铅现货较前一交易日变化0元/吨 至17075元/吨，SMM河南铅现货较前一交易日变化0元/吨至16975元/吨，SMM天津铅现货升贴水较前一交易日变 化-25元/吨至16975元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化-25元/ 吨至9875元/吨，废白壳较前一交易日变化0元/吨至10050元/吨，废黑壳较前一交易日变化0元/吨至10225元/吨。 风险 1、国内供应大幅提升 2、消费不及预期 3、海外流动性收紧 据SMM讯，昨日SMM1#铅价较前一个交易日持平。河南地区铅冶炼厂报价对SMM1#铅贴水20-0元/吨出厂，贸易 商报价对沪期铅2601合约贴水50-20元/吨出厂；湖南地区铅冶炼厂报价升水下调至对SMM1#铅升水50-60元/吨出厂 但成交 ...

流动性日报 | 2025-12-02 市场流动性概况 2025-12-01，股指板块成交5223.87亿元，较上一交易日变动-5.48%；持仓金额12818.55亿元，较上一交易日变动 +0.02%；成交持仓比为40.76%。 国债板块成交3213.73亿元，较上一交易日变动+4.51%；持仓金额7290.34亿元，较上一交易日变动-1.09%；成交持 仓比为43.77%。 基本金属板块成交5527.22亿元，较上一交易日变动+48.01%；持仓金额6387.43亿元，较上一交易日变动+5.41%； 成交持仓比为82.49%。 贵金属板块成交11165.21亿元，较上一交易日变动+84.10%；持仓金额4874.97亿元，较上一交易日变动+3.48%；成 交持仓比为353.45%。 能源化工板块成交4339.49亿元，较上一交易日变动+2.33%；持仓金额4602.15亿元，较上一交易日变动+1.30%；成 交持仓比为83.59%。 农产品板块成交2941.98亿元，较上一交易日变动+0.80%；持仓金额6071.74亿元，较上一交易日变动-0.01%；成交 持仓比为46.79%。 黑色建材板块成交2850. ...

石油沥青日报 | 2025-12-02 原油端小幅反弹，沥青市场情绪谨慎 市场分析 1、12月1日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价2990元/吨，较昨日结算价上涨13元/吨，涨幅 0.44%；持仓122004手，环比下跌11948手，成交164574手，环比下跌200245手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2910—3470元/吨；华南，2980—3210元/吨； 华东，3100—3400元/吨。 昨日山东、华东、华南以及川渝地区沥青现货价格继续下跌，其余地区沥青现货价格大体企稳。就沥青自身基本 面而言，尽管原油价格出现反弹，但由于国内多数地区沥青现货资源流通量较为充裕，沥青现货市场供过于求状 况持续，市场情绪偏谨慎，盘面仍受到压制，等待冬储需求进一步释放。 策略 单边：中性，短期观望为主 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 | 图1：山东重交沥青现货价格 | 单位：元/吨 3 | ...

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [3] - The investment rating for the corn industry is neutral [6] Group 2: Core Views of the Report - After the China - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. There is still uncertainty about whether the demand for new - season US soybeans can meet expectations [2] - In the corn market, due to temperature drops in Northeast China, good quality of new - season corn, and strong storage capacity of farmers, along with active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Group 3: Summary According to the Directory 1. Soybean Meal and Rapeseed Meal Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3039 yuan/ton, down 5 yuan/ton (-0.16%) from the previous day; the rapeseed meal 2601 contract was 2423 yuan/ton, down 29 yuan/ton (-1.18%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, up 10 yuan/ton; in Jiangsu, it was 3020 yuan/ton, up 20 yuan/ton; in Guangdong, it was 3010 yuan/ton, up 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2600 yuan/ton, down 30 yuan/ton [1] - Market Information: From October 16, US soybean export sales net increased by 110.80 tons, up 41% from the previous week and 34% from the four - week average. As of November 26, Argentina's 2025/26 soybean planting progress reached 36%, higher than the previous week but 9% behind last year and 1% behind the five - year average [1] Market Analysis - After the China - US trade policy game, the focus is on China's actual procurement of US soybeans. With an additional 10% import tariff on US soybeans and a decline in South American soybean premiums, the competitiveness of US soybeans is weakened, and the demand for new - season US soybeans is uncertain [2] Strategy - Cautiously bearish [3] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2236 yuan/ton, down 8 yuan/ton (-0.36%); the corn starch 2511 contract was 2542 yuan/ton, down 24 yuan/ton (-0.94%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2600 yuan/ton [3] - Market Information: From October 16, US corn export sales net increased by 282.26 tons, up 113% from the previous week and 64% from the four - week average [3] Market Analysis - Due to temperature drops in Northeast China, good quality of new - season corn, strong storage capacity of farmers, and active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Strategy - Neutral [6]

Group 1: Report Investment Ratings - Investment rating for the pig and egg sectors: Cautiously bearish [3][5] Group 2: Core Views - Pig market: Pig price decline has led to the continuous accumulation of frozen product inventory, affecting the growth of slaughter volume. This year's pickling demand is slightly lower than expected, and the end - of - year demand may have limited support for pig prices. With a lack of strong support on the demand side, the current large supply pressure has a more prominent suppressing effect on short - term pig prices [2] - Egg market: Although the capacity reduction has started, the inventory of laying hens in production remains high, and the short - term supply pressure is difficult to be substantially alleviated. Under the background of high supply, the demand side has limited support for egg prices, and the price increase space is expected to be relatively limited [4] Group 3: Market News and Important Data Pig - Futures: The closing price of the live hog 2601 contract yesterday was 11,495 yuan/ton, a change of +30.00 yuan/ton from the previous trading day, a change of +0.26% [1] - Spot: In Henan, the price of external ternary live hogs was 11.42 yuan/kg, a change of - 0.05 yuan/kg from the previous trading day; in Jiangsu, it was 11.64 yuan/kg, a change of +0.09 yuan/kg; in Sichuan, it was 11.50 yuan/kg, a change of +0.05 yuan/kg [1] - Agricultural product wholesale prices: On December 1, the "Agricultural Product Wholesale Price 200 Index" was 127.53, up 1.04 points from last Friday. The "Vegetable Basket" product wholesale price index was 129.96, up 1.20 points from last Friday. The average price of pork in the national agricultural product wholesale market was 17.80 yuan/kg, down 0.2% from last Friday; beef was 66.58 yuan/kg, up 0.1%; mutton was 63.40 yuan/kg, up 0.4%; eggs were 7.33 yuan/kg, down 0.3%; white - striped chickens were 17.89 yuan/kg, up 1.8% [1] Egg - Futures: The closing price of the egg 2601 contract yesterday was 3201 yuan/500 kilograms, a change of - 92.00 yuan from the previous trading day, a change of - 2.79% [3] - Spot: In Liaoning, the egg spot price was 2.96 yuan/jin, a change of +0.14 from the previous trading day; in Shandong, it was 3.20 yuan/jin, a change of +0.10; in Hebei, it was 2.71 yuan/jin, a change of +0.02 [3] - Inventory: On December 1, 2025, the national production - link inventory was 0.92 days, a decrease of 0.03 days from yesterday, a decrease of 3.16%. The circulation - link inventory was 1.19 days, unchanged from yesterday [3]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - **Glass and Soda Ash**: Market sentiment is cautious, and both glass and soda ash are expected to oscillate. Glass needs long - term losses for capacity clearance, and soda ash prices are restricted by potential float glass cold - repairs [1][2]. - **Silicon Manganese and Silicon Ferrosilicon**: Both are expected to show an oscillatory trend. Silicon manganese prices will follow the sector's fluctuations, and silicon ferrosilicon prices will be weakly correlated with the sector in the short - term due to high inventory [3][4][5]. 3. Summary by Related Categories Glass and Soda Ash - **Glass Market Analysis**: Futures oscillated downward with reduced positions. Spot prices were stable regionally, and downstream demand was mainly for immediate needs. Supply contraction was insufficient, and high inventory persisted. Attention should be paid to cold - repairs and macro policies [1]. - **Soda Ash Market Analysis**: Futures oscillated with varying performance among contracts. Light soda ash consumption was better than heavy soda ash, and downstream demand was for immediate needs. Supply - demand contradictions were slightly alleviated, but inventory remained high. Heavy soda ash demand may face challenges due to potential float glass cold - repairs [1]. - **Strategies**: Glass and soda ash are expected to oscillate, with no specific cross - period or cross - variety strategies provided [2]. Silicon Manganese and Silicon Ferrosilicon - **Silicon Manganese Market Analysis**: Based on steel consumption data, building material consumption was fair. Futures rebounded strongly with the black market. Spot prices were firm, but production and operating rates continued to decline due to losses. Inventory reached a new high, and port manganese ore inventory increased slightly, providing cost support. Prices will follow the sector's fluctuations, and attention should be paid to basis, manganese ore cost, and production changes [3]. - **Silicon Ferrosilicon Market Analysis**: Futures rebounded with the black market. Spot prices were weakly stable with average trading volume. High production and inventory persisted, demand weakened marginally, and although inventory decreased slightly due to reduced operating rates, high inventory will continue to suppress prices. Attention should be paid to cost factors and regional policies [3][4]. - **Strategies**: Both silicon manganese and silicon ferrosilicon are expected to oscillate [5].

Report Industry Investment Rating No specific industry investment rating is provided in the reports. Core Views - The steel market is influenced by macro - expectations, with steel prices fluctuating within a range. The consumption stability of finished products needs further observation, and attention should be paid to macro - policy implementation, weather, demand, and winter stockpiling [1]. - The iron ore market has a growing supply - demand contradiction with rising inventory. Some inventory is locked, keeping prices high. As steel mills cut production and iron - water output is expected to decline seasonally, the market may face pressure if inventory is released [3]. - The coking coal and coke (double - coking) market is running in a volatile manner. The market sentiment is cautious. For coking coal, domestic inventory is accumulating, and the implementation of supply - guarantee policies needs attention. For coke, the first price cut has been implemented, and demand is weakening [5][6]. - The thermal coal market is experiencing weak prices. Downstream consumption is lower than expected, and inventory is relatively high. Long - term supply pattern changes and non - power coal consumption and restocking should be monitored [7]. Summary by Relevant Catalogs Steel - **Market Analysis**: The closing price of the rebar futures main contract was 3,134 yuan/ton, and that of the hot - rolled coil main contract was 3,327 yuan/ton. Spot steel transactions were generally good, mainly for speculation and futures - spot trading, while rigid demand was average. Rebar prices in some regions were supported by mills. The national building materials trading volume was 124,959 [1]. - **Supply - Demand and Logic**: Finished product output increased slightly, inventory decline slowed, and consumption stability needs further observation. Plate inventory still exists, and its industrial - property consumption is expected to be better than that of finished products. With futures contract roll - over and positive macro - policies, market expectations remain. Attention should be paid to macro - policy implementation, weather, demand, and winter stockpiling [1]. - **Strategy**: The unilateral strategy is to expect a volatile market, while there are no strategies for inter - period, inter - variety, futures - spot, and options trading [2]. Iron Ore - **Market Analysis**: Iron ore futures prices rose slightly, and spot prices were generally weak and stable with mediocre transactions. The total iron ore trading volume at major ports was 964,000 tons, a 11.32% increase from the previous day [3]. - **Supply - Demand and Logic**: The supply - demand contradiction is intensifying, with rising total inventory. Some inventory is locked due to non - market factors, keeping prices high. As steel mills cut production and iron - water output is expected to decline seasonally, the market may face pressure if inventory is released. Attention should be paid to subsequent negotiation progress [3]. - **Strategy**: The unilateral strategy is to expect a volatile market, while there are no strategies for inter - period, inter - variety, futures - spot, and options trading [4]. Double - Coking (Coking Coal and Coke) - **Market Analysis**: Driven by improved market sentiment, double - coking futures prices rebounded and showed a volatile trend. For imported Mongolian coal, the customs clearance volume remained high, traders were cautious, and the market was quiet with falling port prices [5]. - **Logic and Views**: For coking coal, domestic inventory is accumulating, and the implementation of supply - guarantee policies needs attention. For coke, the first price cut has been implemented, market divergence on future prices has increased, and demand is weakening [5][6]. - **Strategy**: The strategy for both coking coal and coke is to expect a volatile market, while there are no strategies for inter - period, inter - variety, futures - spot, and options trading [6]. Thermal Coal - **Market Analysis**: In the production areas, coal prices are weakening, and the market is pessimistic. Downstream buyers mainly rely on long - term contracts. Some mines have inventory backlogs and fewer trucks for coal transportation. At ports, the market sentiment is weak, downstream demand is cold, and inventory is rising. Import coal tender prices are falling, and traders are cautious [7]. - **Demand and Logic**: Recently, coal prices have been weak due to lower - than - expected downstream consumption and high inventory. In the long term, supply pattern changes, non - power coal consumption, and restocking should be monitored [7]. - **Strategy**: No specific strategy is provided [7].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The report presents a daily overview of the stock index options market, including option trading volume, PCR (Put-Call Ratio), and VIX (Volatility Index) data for various stock index options on November 28, 2025, enabling investors to understand the market's trading activity, sentiment, and volatility. 3. Summary by Directory Option Trading Volume - On November 28, 2025, the trading volumes of different stock index options were as follows: Shanghai - Shenzhen 300 ETF options (Shanghai market) reached 823,000 contracts; CSI 500 ETF options (Shanghai market) were 1,014,700 contracts; Shenzhen 100 ETF options were 61,800 contracts; ChiNext ETF options were 1,520,100 contracts; SSE 50 Index options were 18,700 contracts; Shanghai - Shenzhen 300 Index options were 90,500 contracts; and CSI 1000 options totaled 173,500 contracts [1]. - The detailed breakdown of call, put, and total trading volumes for each option type is presented in Table 1. For example, the total trading volume of SSE 50 ETF options was 490,600 contracts, with 242,600 call contracts and 248,000 put contracts [20]. Option PCR - The PCR data for different stock index options on November 28, 2025, are as follows: The SSE 50 ETF option's turnover PCR was 0.92, with a +0.11 change compared to the previous period, and the position PCR was 0.99, with a - 0.01 change. The Shanghai - Shenzhen 300 ETF option (Shanghai market)'s turnover PCR was 1.11, with a +0.16 change, and the position PCR was 1.10, with a +0.01 change. Other option types also have corresponding PCR and change data [2][37]. Option VIX - The VIX data for different stock index options on November 28, 2025, are as follows: The SSE 50 ETF option's VIX was 14.36%, with a - 0.32% change compared to the previous period; the Shanghai - Shenzhen 300 ETF option (Shanghai market)'s VIX was 15.36%, with a - 0.29% change. Other option types also have corresponding VIX and change data [3][52].