1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [4][7] 2. Core Viewpoints - For soybeans, the supply contraction supports the price, and the soybean price is expected to run smoothly in the short - term under the relatively balanced supply - demand pattern. However, the purchasing enthusiasm in the sales area has weakened [1][2][3] - For peanuts, the overall supply in the producing areas is relatively tight, with regional price differentiation. The demand side purchases cautiously, and oil mills generally adopt a strategy of strict quality control and price - pressing acquisitions [4][5][6] 3. Summary by Related Catalogs 3.1 Soybean Market Analysis - **Futures**: The closing price of the soybean No.1 2601 contract was 4126.00 yuan/ton, up 18.00 yuan/ton or 0.44% from the previous day [1] - **Spot**: The edible soybean spot basis was A01 - 26, down 18 or 32.14% from the previous day. The new - season soybean prices in the Northeast producing area showed a small regional increase of about 20 - 40 yuan/ton. The remaining grain at the grass - roots level is gradually running out, and farmers generally hold their grain and are reluctant to sell. The market price is in a stalemate, and the effective supply is tight due to the hoarding psychology of traders. The policy plays a supporting role, and large enterprises are actively purchasing, but the purchasing in the sales area is cautious [1][2][3] 3.2 Peanut Market Analysis - **Futures**: The closing price of the peanut 2601 contract was 8152.00 yuan/ton, down 46.00 yuan/ton or 0.56% from the previous day [4] - **Spot**: The average spot price of peanuts was 8180.00 yuan/ton, down 20.00 yuan/ton or 0.24% from the previous day. The spot basis was PK01 - 1152.00, up 46.00 or - 3.84% from the previous day. The national average price of common peanuts was 4.10 yuan/jin, down 0.01 yuan/jin. The supply in the producing areas is tight with regional price differentiation, the demand side is cautious in purchasing, and the oil mills have a low operating rate and adopt a price - pressing acquisition strategy [4][5][6]

FICC日报 | 2025-12-02 日本股债双杀，银铜联袂上涨 市场分析 国内政策预期升温。11月14日国务院常务会议，研究深入实施"两重"建设有关工作，部署增强消费品供需适配性进 一步促进消费政策措施。11月24日，国家发展改革委价格司组织召开价格无序竞争成本认定工作座谈会。11月28 日，工信部组织召开动力和储能电池行业制造业企业座谈会，强调认真落实党中央关于综合整治"内卷式"竞争的 决策部署，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争。数据方面，中国10月出口 （以美元计价）同比下降1.1%，前值增8.3%，进出口数据受工作日天数减少以及节前抢出口影响，前期的"抢出口" 和"抢进口"有待消化，同时10月投资、消费和工业的增速也出现不同程度放缓，国内经济基础有待夯实。中国11 月官方制造业PMI环比回升至49.2，高技术制造业PMI连续10个月位于临界点50以上，受高基数影响非制造业PMI 小幅回落。12月1日，A股市场全天震荡走强，沪指涨0.65%重返3900点，消费电子板块集体爆发。商品期货收盘， 沪银主力合约涨5.86%，铂涨近4%，多晶硅、集运欧线涨超3%，焦炭、国际铜、 ...

Report Industry Investment Rating - Not provided Core View - Overseas gasoline supply is gradually recovering, leading to high short - term arrival pressure of pure benzene, and the accumulation rate of port inventory is accelerating. Downstream开工 remains at a low level in the off - season, with styrene in maintenance and low - load operation, CPL开工 further declining from a low level, and the开工 of phenol, aniline, and adipic acid slightly increasing, but terminal demand is still weak. Styrene port inventory has slightly declined, and styrene is still in the low -开工 maintenance stage, with the resumption plan postponed. Off - season downstream开工 is still low, EPS开工 with obvious seasonality continues to decline, PS开工 rebounds but inventory pressure still exists, and ABS finished product inventory pressure remains and开工 stays at a low level [3] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Figures include the basis of the pure benzene main contract, the spread between pure benzene spot and M2 paper goods, the spread between the first and third contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first and third contracts of styrene [8][12][18] II. Production Profits, Domestic and Foreign Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene plant production profits, the difference between FOB US Gulf pure benzene and FOB Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, and styrene import profits [21][23][27][33] III. Inventory and Operating Rates of Pure Benzene and Styrene - Figures show the inventory of pure benzene in East China ports, pure benzene operating rate, the inventory of styrene in East China ports, styrene operating rate, styrene's East China commercial inventory, and styrene factory inventory [39][44][45] IV. Operating Rates and Production Profits of Styrene Downstream - Figures include EPS operating rate and production profit, PS operating rate and production profit, and ABS operating rate and production profit [49][52][53] V. Operating Rates and Production Profits of Pure Benzene Downstream - Figures involve the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [58][65][73][75][85] Strategy - Unilateral: None - Basis and Inter - Period: Go long on the inter - period positive spread of EB2512 - EB2601 at low prices - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [4]

Report Industry Investment Rating - The report does not provide an overall industry investment rating. However, for the urea trading strategy, it suggests a unilateral strategy of a range - bound and bullish trend, a cross - period strategy of waiting and seeing, and no cross - variety strategy [3] Core Viewpoints - The trading atmosphere of urea has improved, with spot prices rising, but new orders may slow down. In the medium and long term, urea supply and demand remain relatively loose due to the release of new production capacity. The export expectation at the end of the year has improved, which is expected to support the spot market. Attention should be paid to the domestic spot procurement sentiment and rhythm [2] Summary by Directory 1. Urea Basis Structure - On December 1, 2025, the closing price of the urea main contract was 1675 yuan/ton (-2). The ex - factory price of small - granular urea in Henan was 1680 yuan/ton (0), in Shandong was 1690 yuan/ton (+20), and in Jiangsu was 1680 yuan/ton (+20). The basis in Shandong was 15 yuan/ton (+22), in Henan was 5 yuan/ton (+22), and in Jiangsu was 5 yuan/ton (+22) [1] 2. Urea Production - As of December 1, 2025, the enterprise capacity utilization rate was 83.71% (0.08%). The total inventory of sample enterprises was 136.39 million tons (-7.33), and the port sample inventory was 10.00 million tons (+0.00) [1] 3. Urea Production Profit and Operating Rate - On December 1, 2025, the urea production profit was 160 yuan/ton (+20). The operating rate of compound fertilizer was 37.06% (+2.45%), and the operating rate of melamine was 60.80% (-1.40%) [1] 4. Urea FOB Price and Export Profit - The export profit was 952 yuan/ton (-40). In October, 1.2 million tons of urea were exported, and the cumulative export this year exceeded 4 million tons. Urea producers have obtained a fourth - batch export quota of 600,000 tons, which improves the year - end export expectation [1][2] 5. Urea Downstream Operating Rate and Orders - As of December 1, 2025, the pre - received order days of urea enterprises were 6.65 days (-0.47) [1] 6. Urea Inventory and Warehouse Receipts - As of December 1, 2025, the total inventory of sample enterprises was 136.39 million tons (-7.33), and the port sample inventory was 10.00 million tons (+0.00). The domestic high - inventory area is Inner Mongolia, and inventory in Inner Mongolia has decreased [1][2]

化工日报 | 2025-12-02 EG主港延续累库 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3882元/吨（较前一交易日变动-3元/吨，幅度-0.08%），EG华东市场现货价3897 元/吨（较前一交易日变动+18元/吨，幅度+0.46%），EG华东现货基差4元/吨（环比+0元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-64美元/吨（环比-4美元/吨），煤基合成气制EG生产毛利为-1043 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75.3万吨（环比+2.1万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为70.8万吨（环比+7.5万吨）。据CCF数据，上周华东主港计划到港总数11.1万吨，副 港到港量1.4万吨；本周华东主港计划到港总数16.1万吨，副港到港量4.1万吨，整体偏高，预计主港将继续累库。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位下降，部分短流程油化工装置生产压力较大，后续关注其裂 解环节以及乙二醇装置降负可能；海外乙二醇海外装置变化有限，短期港口库存预计持稳，但12月上旬仍有沙特 大船抵港计划。需求 ...

化工日报 | 2025-12-02 青岛港口库存环比继续回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15250元/吨，较前一日变动-160元/吨；NR主力合约12170元/吨，较前一日变动-105 元/吨；BR主力合约10310元/吨，较前一日变动-105元/吨。 现货方面，云南产全乳胶上海市场价格14850元/吨，较前一日变动-150元/吨。青岛保税区泰混14550元/吨，较前一 日变动-130元/吨。青岛保税区泰国20号标胶1835美元/吨，较前一日变动-10美元/吨。青岛保税区印尼20号标胶1725 美元/吨，较前一日变动-10美元/吨。中石油齐鲁石化BR9000出厂价格10400元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价10250元/吨，较前一日变动-100元/吨。 市场资讯 据中国海关总署11月18日公布的数据显示，2025年前10个月中国橡胶轮胎出口量达803万吨，同比增长3.8%；出口 金额为1402亿元，同比增长2.8%。其中，新的充气橡胶轮胎出口量达774万吨，同比增长3.6%；出口金额为1348 亿元，同比增长2.6%。按条数计算，出口量达58,664万条，同比增 ...

贵金属日报 | 2025-12-02 美经济降速风险逐步凸显 白银持续冲高 市场分析 经济数据方面，美国11月ISM制造业PMI指数下降0.5点至48.2，连续九个月低于50的荣枯线，创下四个月来的最大 萎缩。新订单指数降至自7月以来最快的收缩速度，积压订单则创七个月最大降幅。关税方面，美国商务部长卢特 尼克表示，美国将自11月1日起把韩国汽车关税降至15%。美国还将取消对韩国飞机零部件征收的关税，使互惠关 税与对日本和欧盟征收的关税保持一致。 期货行情与成交量： 2025-12-01，沪金主力合约开于951.92元/克，收于963.28元/克，较前一交易日收盘变动0.98%。当日成交量为41087 手，持仓量为129725手。昨日夜盘沪金主力合约开于964.82元/克，收于964.72元/克，较昨日午后收盘上涨0.15%。 2025-12-01，沪银主力合约开于12720.00元/千克，收于13278.00元/千克，较前一交易日收盘变动4.33%。当日成交 量为2703384手，持仓量为473217手。昨日夜盘沪银主力合约开于13303元/千克，收于13766元/千克，较昨日午后 收盘上涨3.68%。 美债 ...

Report Summary 1. Investment Rating - No investment rating information is provided. 2. Core View - The report focuses on the overall situation of multiple industries, including upstream, mid - stream, and downstream sectors, and also mentions relevant policies and price trends. It points out that there are policy promotions in the downstream of the real estate industry and the service industry, and there are price fluctuations and changes in the operating conditions in various industries [1][2][3]. 3. Industry - Specific Summaries Upstream - **Black**: Coal prices have slightly declined [2]. - **Agriculture**: The prices of eggs and palm oil have rebounded, while the price of cotton has a 0.38% change. The average wholesale price of pork has a 0.45% change. The prices of some agricultural products such as corn, eggs, palm oil, and cotton are tracked in the price index table, with varying degrees of year - on - year changes [2][36]. - **Energy**: The price of liquefied natural gas is fluctuating, and the coal price has a - 1.57% year - on - year change on December 1 [2][36]. Mid - stream - **Chemical**: The operating rates of PX and urea have declined [3]. - **Energy**: The coal consumption of power plants is at a low level [3]. - **Infrastructure**: It is the off - season for asphalt construction [3]. Downstream - **Real Estate**: The sales of commercial housing in first, second, and third - tier cities have slightly rebounded [3]. - **Service**: The number of domestic flights is at a low level [3]. 4. Policy Information - **Production Industry**: The Ministry of Industry and Information Technology encourages Chinese photovoltaic, wind power, lithium battery, and new energy vehicle enterprises to "go global" and participate in the construction of green energy projects in countries along the "Belt and Road" [1]. - **Service Industry**: Chinese citizens can travel and conduct business in Russia without a visa from December 1, 2025, to September 14, 2026, for up to 30 days. Many cities are intensively implementing a new round of housing purchase subsidy policies, with Changzhou offering a maximum subsidy of 200,000 yuan, and about 100 cities and districts such as Hangzhou and Wuhan increasing subsidy efforts this year [1].

农产品日报 | 2025-12-02 郑棉期价延续反弹，糖价走势依旧承压 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2601合约13765元/吨，较前一日变动+40元/吨，幅度+0.29%。现货方面，3128B棉新疆到 厂价14763元/吨，较前一日变动+40元/吨，现货基差CF01+998，较前一日变动+0；3128B棉全国均价14936元/吨， 较前一日变动+40元/吨，现货基差CF01+1171，较前一日变动+0。 近期市场资讯，据统计，截至2025年10月16日，美国累计净签约出口2025/26年度棉花110.6万吨，达到年度预期出 口量的41.66%，累计装运棉花35.6万吨，装运率32.16%。其中陆地棉签约量为107.7万吨，装运33.9万吨，装运率 31.50%。皮马棉签约量为3.0万吨，装运1.7万吨，装运率55.80%。其中，中国累计签约进口2025/26年度美棉3.1万 吨，占美棉已签约量的2.81％；累计装运美棉0.6万吨，占美棉总装运量的1.59％，占中国已签约量的18.25％。 市场分析 昨日郑棉期价震荡反弹。国际方面，USDA大幅上调2025/26年度全球棉花产量，而全 ...

航运日报 | 2025-12-02 MSC12月下半月涨价函公布，关注马士基12月下半月开价情 况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹12月第一周价格1610/2520，12月第二周价格介于2220-2331美元/FEU； HPL -SPOT 12月上半月船期报价1285/2035，12月下半月价格1885/3035. MSC+Premier Alliance：MSC 12月上半月价格1485/2465；ONE 12月上半月价格1735/2235，12月下半月船期报价 2125/2835；HMM上海-鹿特丹12月上半月船司价格1208/2106; YML 12/8-12/15船期价格最新更新为1250/2000，其 中FE3 FE4单航次特价1100/1700. Ocean Alliance：CMA 上海-鹿特丹12月上半月船期报价1435/2445,12月下半月船期价格介于1985/3545；EMC 12 月上半月价格1855/2810；OOCL 12月上半月报价介于2280-2480美元/FEU 地缘端：马士基发布关于红海/亚丁湾的更新，在2025年2月双子 ...