Group 1: Report Industry Investment Ratings - Apple investment strategy: Neutral to bullish [4] - Red date investment strategy: Neutral [9] Group 2: Core Views of the Report - Apple: The price of late Fuji apples is generally stable. The western warehouse transactions are fair, while the ground transactions in Shandong are winding down. The inflow of market goods is limited, and the sales area is in the off - season. The inflow of citrus squeezes the sales space of apples. The inventory of new - season late Fuji is lower than last year, and the proportion of good - quality goods has decreased [2][3] - Red dates: The purchase progress in some areas of Xinjiang has accelerated, and farmers' price - holding sentiment has loosened. The spot market purchase enthusiasm has weakened, and the new - season red dates are expected to be listed in a concentrated manner, with large inventory pressure. The quality of red dates is better than last year, and the actual consumption situation will be a key focus [7][8] Group 3: Market News and Important Data Apple - Futures: The closing price of the Apple 2601 contract yesterday was 9,433 yuan/ton, a change of - 5 yuan/ton or - 0.05% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commodity late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1] Red Dates - Futures: The closing price of the Red Date 2601 contract yesterday was 9,325 yuan/ton, a change of + 55 yuan/ton or + 0.59% from the previous day [5] - Spot: The price of first - grade grey dates in Hebei was 8.90 yuan/kg, unchanged from the previous day [5] Group 4: Recent Market Information Apple - Western warehouse transactions of late Fuji are fair, with fruit farmers mainly selling high - quality goods. The ground transactions in Shandong are winding down, with reduced supply and declining quality. The prices of high - quality goods are stable, and the market is under the support of foreign trade channels. The market is affected by competing fruits such as citrus, and the follow - up focus is on the digestion ability of inventory goods [2] Red Dates - The purchase progress in Aksu and Alar has accelerated, and some farmers' price - holding sentiment has loosened. The purchase in Ruoqiang, Hotan, and Qiemo has basically ended. The raw material purchase in production areas is priced according to quality. The purchase enthusiasm of enterprises is average. The spot price is expected to be weakly stable in the short term [7] Group 5: Market Analysis Apple - Yesterday, the apple futures price fluctuated and closed down. The high - quality goods transactions in the western warehouses of late Fuji are stable, and the ground transactions in Shandong are winding down. The new - season late Fuji inventory work is coming to an end, with inventory lower than last year. The market in the sales area is in the off - season, and the inflow of citrus squeezes the sales space of apples. This week, focus on the inventory completion in Shandong and Shanxi and the shipment speed in the west [3] Red Dates - Yesterday, the red date futures price closed slightly up. The purchase progress in Aksu and Alar has accelerated, and farmers' price - holding sentiment has loosened. The spot market purchase enthusiasm has weakened, and the new - season red dates are expected to be listed in a concentrated manner. The inventory pressure is large, and the supply - demand contradiction has not been substantially alleviated. The quality of red dates is better than last year, and the actual consumption situation will be a key focus [8]

1. Report Industry Investment Rating - Unilateral: Neutral; demand is picking up but supply pressure remains, with limited upward drivers, and it may mainly fluctuate in the bottom range [3] 2. Core View of the Report - Local PDH unit maintenance boosts and the restart of downstream units brings demand increment, promoting the improvement of the propylene market trading. The propylene spot price rebounds after hitting the bottom, but the futures price falls, mainly due to the sharp decline in coal prices and the weakening expectation of cost - side support in the futures trading. The overall supply of propylene remains loose, the factory inventory pressure is still high, the demand - side support has increased, and the cost support is limited [2] 3. Summary by Relevant Catalogs 3.1 Propylene Basis Structure - The report presents information on the closing price of the propylene main contract, East China basis, North China basis, 01 - 05 contract, East China market price, and Shandong market price of propylene [6][9][11] 3.2 Propylene Production Profit and Capacity Utilization - It shows data on the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization, PDH production gross profit, PDH capacity utilization, MTO production gross profit, methanol - to - olefin capacity utilization, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization [16][18][19] 3.3 Propylene Import and Export Profit - Information includes the difference between South Korea FOB and China CFR, Japan CFR and China CFR, Southeast Asia CFR and China CFR, and propylene import profit [31][33] 3.4 Propylene Downstream Profit and Capacity Utilization - The report provides data on the production profit and capacity utilization of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [39][40][47] 3.5 Propylene Inventory - It shows the factory inventory of propylene and PP powder [63]

FICC日报 | 2025-11-19 TMT板块反弹 市场分析 青年失业率较高。国内方面，国家统计局公布数据，10月份，不包含在校生，全国城镇16-24岁劳动力失业率为17.3%， 25-29岁劳动力失业率为7.2%，30-59岁劳动力失业率为3.8%。对外关系方面，外交部亚洲司司长刘劲松同日本外务 省亚大局局长金井正彰举行磋商，磋商结束后，刘劲松回应相关问题时表示对磋商结果不满意，并称双方会面时 气氛严肃。海外方面，ADP就业数据显示，截至11月1日的四周，美国私营部门就业人数平均每周减少2500人。另 外，美国劳工部数据显示，截至10月18日当周，美国初请失业金人数23.2万人，续请失业金人数小幅上升至195.7 万人。 股指回调。现货市场，A股三大指数震荡走低，沪指跌0.81%收于3939.81点，创业板指跌1.16%。行业方面，板块 指数跌多涨少，仅传媒、计算机、电子、食品饮料收红，煤炭、电力设备、钢铁、有色金属行业跌幅居前。当日 沪深两市成交额保持在1.9万亿元。海外方面，美国三大股指全线收跌，纳指跌1.21%报22432.85点。 IF继续增仓。期货市场，基差方面，IF、IC、IM基差回升。成交 ...

化工日报 | 2025-11-19 煤价大幅下跌，EG基差继续走弱 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3907元/吨（较前一交易日变动-31元/吨，幅度-0.79%），EG华东市场现货价 3955元/吨（较前一交易日变动-20元/吨，幅度-0.50%），EG华东现货基差30元/吨（环比-12元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产利润为-56美元/吨（环比+0美元/吨），煤制合成气制EG生产利润为-974 元/吨（环比-7元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为73.2万吨（环比+7.1万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为61.8万吨（环比+5.4万吨）。据CCF数据，上周华东主港计划到港总数17万吨，副 港到港量4.7万吨；本周华东主港计划到港总数11.1万吨，副港到港量2.8万吨，整体中性。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位运行，国内供应表现宽裕；海外乙二醇海外装置变化有限， 11月中旬附近乙二醇到港计划依旧呈现中性偏多，港口库存预计逐步回升。需求端，近期随着降温，聚酯下游适 度好转，但聚酯负荷提升有 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report In October, the surplus of foreign exchange settlement and sales significantly declined. Enterprises' arrangements for foreign exchange settlement, purchase, and hedging at both the spot and forward ends were more moderate than the previous month. The surplus of the current account of foreign-related receipts and payments reached a new high for the year, with goods trade being the main contributor, and the net outflow pressure of the capital and financial accounts also eased. Against the backdrop of the delayed release of key data, the USD/CNY exchange rate continued its repricing trend and is expected to fluctuate around 7.10 in the short term [3]. Summary Based on Related Catalogs Market Supply and Demand Relationship Analysis - **Foreign Exchange Market Supply and Demand Balance**: In October, the surplus of bank foreign exchange settlement and sales narrowed from the previous value of $51.023 billion to $17.679 billion, mainly due to the simultaneous weakening of the agency and bank self - channels. The surplus on the agency side decreased from $51.758 billion to $21.426 billion, and the bank's self - foreign exchange settlement and sales deficit widened from - $734 million to - $3.748 billion [10][13]. - **Forward Foreign Exchange Settlement and Purchase Willingness**: In October, the spot exchange rate of USD/CNY increased by 0.38% on average compared to the previous month, and the average volume of inter - bank spot inquiry transactions rose to $42.896 billion. The forward market showed characteristics of "weaker signing, a significant decline in performance, and a cautious hedging rhythm." The signing amounts of forward foreign exchange sales and settlement decreased by $655 million and $102 million respectively compared to the previous month. The performance of forward foreign exchange settlement decreased by $6.816 billion, and that of forward foreign exchange purchase decreased by $3.716 billion [14][15]. Foreign Exchange Settlement and Sales Structure Analysis - **Bank Self - Foreign Exchange Settlement and Sales**: Bank internal foreign exchange settlement and sales activities mainly include external payments of dividends, profits, and capital injections. The scale of funds is small and seasonal, having limited impact on the overall trend of foreign exchange settlement and sales [19]. - **Bank Agency Foreign Exchange Settlement and Sales**: In October, foreign - related receipts and payments turned positive, and the current account surplus reached a new high for the year. The surplus of the current account increased from $52.879 billion to $74.66 billion, with the goods trade surplus rising to $90.133 billion. The deficit of the capital and financial accounts narrowed from - $57.791 billion to - $24.567 billion [24]. Deconstruction of October Foreign Exchange Settlement and Sales - **Securities Investment**: In October, the trading volumes of Northbound Stock Connect and Southbound Stock Connect decreased simultaneously. The trading volumes of Northbound Stock Connect and Southbound Stock Connect dropped to 4,391.243 billion yuan and 2,118.747 billion yuan respectively. In contrast, the overseas bond custody volume continued to rise moderately [28]. - **Goods Trade**: In October, the global manufacturing prosperity improved marginally, but regional differentiation was still obvious. The global manufacturing PMI rose slightly from 50.7 in September to 50.8, while China's manufacturing PMI fell to 49. The current account surplus in the foreign - related receipts and payments of China in October was mainly contributed by the goods trade item [33]. - **Service Trade**: In October, the global service industry continued its expansion trend, but the performance of major economies was differentiated. The global service industry PMI rose to 53.40, and China's service industry PMI also rose to 50.20 [38]. Exchange Rate Recent Views The US government shutdown has just ended, and key employment and inflation data are delayed or not released. The market's judgment on the US economic prosperity can only rely on alternative indicators and official statements. The probability of a December interest rate cut in the US has dropped below 50%. The US dollar index is still fluctuating around 99, and the core trading logic is "US dollar repricing." The RMB is relatively stable, with lower sensitivity to external disturbances than other Asian currencies. It is currently fluctuating around 7.10 [6].

新能源及有色金属日报 | 2025-11-19 现货成交较少，期货盘面大幅减仓 市场分析 2025-11-18，碳酸锂主力合约2601开于96200元/吨，收于93520元/吨，当日收盘价较昨日结算价变化0.93%。当日成 交量为1487724手，持仓量为484357手，前一交易日持仓量562954手，根据SMM现货报价，目前基差为-7160元/吨 （电碳均价-期货）。当日碳酸锂仓单26611手，较上个交易日变化-342手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价84800-90000元/吨，较前一交易日变化1250元/吨，工业级碳酸锂 报价84550-85550元/吨，较前一交易日变化1250元/吨。6%锂精矿价格1140美元/吨，较前一日变化60美元/吨。据SMM 数据，市场情绪高涨，下游材料厂持谨慎观望态度，仅维持刚需采购，市场成交较少。目前，上下游企业正在就 明年的长期协议进行谈判，现阶段主要围绕系数展开博弈。供应端来看，锂盐厂整体开工率保持高位运行，其中 锂辉石端与盐湖端开工率均维持在60%以上，成为供应主力。预计11月国内碳酸锂产量可以维持10月的生产量级， 环比大致持平。需求方面，动力市场 ...

Industry Investment Rating - Not provided in the given content Core Viewpoints - The report focuses on the mid - stream digital transformation progress, and also provides an overview of upstream, mid - stream, and downstream industries including price and activity changes, along with relevant policies in production and service industries [1][3] Summary by Related Catalogs Policy Information - In the production industry, the Ministry of Industry and Information Technology aims to build about 200 high - standard digital parks by 2027, achieving full digital transformation of above - scale industrial enterprises in the park, full coverage of industrial Internet applications, 100% digital transformation coverage of above - scale industrial enterprises, 100% dual - gigabit network coverage, and effective deployment and application of computing power infrastructure [1] - In the service industry, 12 departments including the Beijing Branch of the People's Bank of China issued a plan to support consumption in Beijing, including increasing bond market financing support, promoting the issuance of bonds by service - consumption enterprises, and expanding consumer credit [1] Upstream Industry - Black: Glass prices declined slightly [3] - Agriculture: Egg prices rebounded [3] - Real estate: The building materials price index rose slightly [3] Mid - stream Industry - Chemical: PX operation remained at a high level, while PTA operation declined [3] - Energy: Coal consumption of power plants increased slightly [3] - Infrastructure: Asphalt operation declined [3] Downstream Industry - Real estate: Seasonal decline in commercial housing sales in second - and third - tier cities [3] - Service: International flight frequencies decreased slightly [3] Key Industry Price Indicators - Agriculture: Corn price was 2161.4 yuan/ton with a 0.40% year - on - year increase; egg price was 6.5 yuan/kg with a 4.50% increase; palm oil price was 8700.0 yuan/ton with a - 0.68% change; cotton price was 14848.8 yuan/ton with a 0.15% increase; pork average wholesale price was 17.9 yuan/kg with a - 0.94% change; copper price was 86020.0 yuan/ton with a - 0.95% change; zinc price was 22304.0 yuan/ton with a - 1.52% change [34] - Non - ferrous metals: Aluminum price was 21473.3 yuan/ton with a - 0.14% change; nickel price was 117383.3 yuan/ton with a - 2.92% change; another aluminum price was 17188.8 yuan/ton with a - 1.36% change [34] - Black metals: Steel price was 3161.3 yuan/ton with a 1.05% increase; iron ore price was 805.2 yuan/ton with a 1.71% increase; wire rod price was 3320.0 yuan/ton with a 0.23% increase; glass price was 13.7 yuan/square meter with a - 2.14% change [34] - Non - metals: Natural rubber price was 14891.7 yuan/ton with a 0.85% increase; China Plastic City price index was 768.1 with a - 0.51% change [34] - Energy: WTI crude oil price had a - 0.37% change; Brent crude oil price was 64.2 dollars/barrel with a 0.22% increase; liquefied natural gas price was 4182.0 yuan/ton with a - 0.33% change; coal price was 832.0 yuan/ton with no change [34] - Chemical: PTA price was 4628.8 yuan/ton with a - 0.18% change; polyethylene price was 7005.0 yuan/ton with a 0.41% increase; urea price was 1630.0 yuan/ton with a 0.15% increase; soda ash price was 1218.6 yuan/ton with a 0.53% increase [34] - Real estate: The national cement price index was 137.3 with a 0.51% increase; the building materials composite index was 113.8 with a 1.49% increase; the national concrete price index was 90.8 with a - 0.07% change [34]

Report Summary 1) Report Industry Investment Rating No specific industry investment ratings are provided in the report. 2) Core Views - The steel market sentiment is weak, with steel prices oscillating weakly. The fundamentals of building materials have improved, while strip products need to reduce production to resolve contradictions. The short - term price will oscillate, and future winter storage games and raw material support should be observed [1]. - The supply - demand of iron ore has weakened marginally, and ore prices will oscillate widely. Although there is a downward pressure on prices due to supply and demand, the limited arrival volume restricts the downward space, and future iron - water production and downstream inventory changes should be noted [3]. - The pressure of double - coking warehouse receipts is emerging, and the prices will oscillate weakly. The supply pressure of coking coal has been relieved, and the demand for coke needs attention due to factors such as steel mill profits and power - coal price fluctuations [4]. - The supply of thermal coal in the production area is tight, and coal prices have risen again. In the short - term, prices will oscillate strongly, and in the long - term, overall consumption and supply should be monitored [6]. 3) Summary by Related Categories Steel - **Market Analysis**: Steel futures oscillated weakly, and spot trading was average with a significant decline compared to the previous period. Building material production and sales decreased, and inventory continued to decline, while strip products faced high - inventory and high - production problems [1]. - **Strategy**: The unilateral strategy is to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Iron Ore - **Market Analysis**: Iron ore futures oscillated strongly, and spot prices fluctuated slightly with less trading volume. The supply is high, inventory is increasing, and there is a seasonal weakening expectation for iron - water. However, the limited arrival volume restricts the downward space of prices [3]. - **Strategy**: The unilateral strategy is to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [3]. Double - Coking - **Market Analysis**: Double - coking futures oscillated weakly, with a significant decline in the coking - coal main contract. The supply of coking coal has improved, and the demand for coke is affected by steel mill profits and other factors [4]. - **Strategy**: Both coking coal and coke strategies are to oscillate, and there are no strategies for inter - period, inter - variety, spot - futures, and options [5]. Thermal Coal - **Market Analysis**: Due to factors such as safety inspections in production areas, coal prices have risen by 5 - 10 yuan/ton. There are different views on the port market, and the advantage of imported coal still exists [6]. - **Supply - Demand Logic**: In the short - term, prices will oscillate strongly, and in the long - term, overall consumption and supply should be monitored [6].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The port performance of methanol is weak, and there is a large real - inventory pressure. The key lies in when the winter shutdown of Iranian devices will be implemented. [1][2] - The port inventory is at a historical high, with the inventory in Jiangsu, a major trading hub, remaining at a high level, and the MTO inventory in Zhejiang accumulating rapidly. [2] - Inland, the auction atmosphere in the northwest was average at the beginning of the week and slightly improved on Tuesday. Some MTO devices are under maintenance or have maintenance plans, and attention should be paid to the commissioning progress of the second - phase MTO of Lianhong. [3] - The window for ports to flow back to the inland has opened, but the support is still weak because the inland is also in the off - season. [3] - Among traditional downstream industries, the acetic acid operating rate has been continuously decreasing, formaldehyde is operating at a low load in the off - season, and the MTBE operating rate is performing well. [3] 3. Summary According to the Directory 3.1 Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol Taicang basis and methanol main contract, methanol basis in different regions relative to the main futures, and the basis of methanol in Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, and Guangdong relative to the main futures. It also shows the price differences between different methanol futures contracts (01 - 05, 05 - 09, 09 - 01). [6][7][9] 3.2 Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China. [6][25][26] 3.3 Methanol Operating Rate and Inventory - The report provides data on the total port inventory of methanol, the MTO/P operating rate (including integrated ones), the sample inventory of inland factories, and the operating rate of methanol in China (including integrated ones). [6][35][36] 3.4 Regional Price Differences - It shows the price differences in different regions, such as the price difference between North Shandong - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200. [6][40][47] 3.5 Traditional Downstream Profits - Figures display the production gross profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether. [6][51][56]

农产品日报 | 2025-11-19 终端消费疲软，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约11535元/吨，较前交易日变动-160.00元/吨，幅度-1.37%。现货方面，河南地区 外三元生猪价格11.60元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH01+65，较前交易日变动+160；江苏地 区外三元生猪价格 11.75元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01+215，较前交易日变动+160；四 川地区外三元生猪价格11.25元/公斤，较前交易日变动+0.01元/公斤，现货基差LH01-285，较前交易日变动+170。 据农业农村部监测，11月18日"农产品批发价格200指数"为125.41，比昨天下降0.03个点，"菜篮子"产品批发价格指 数为127.51，比昨天下降0.02个点。全国农产品批发市场猪肉平均价格为17.89元/公斤，比昨天下降0.5%；牛肉66.90 元/公斤，比昨天上升0.5%；羊肉62.95元/公斤，比昨天上升1.0%；鸡蛋7.35元/公斤，与昨天持平；白条鸡17.57元/ 公斤，比昨天下降1.2%。 市场分析 ...