Report Investment Rating - Copper: Cautiously Bullish [8] - Arbitrage: On Hold [8] - Options: Short Put [8] Core View - Recently, due to fluctuations in the market's expectations of the Fed's December interest rate cut and geopolitical factors in some regions, copper prices have declined. However, as copper prices fall, downstream purchasing enthusiasm has increased. With more price-fixing by downstream enterprises, some short-hedging positions in the processing end have been closed, providing support for copper prices at the 85,000 yuan/ton level. Currently, one can buy for hedging at the 85,000 - 85,500 yuan/ton level and sell for hedging above 89,000 yuan/ton [8]. Summary by Directory Market News and Important Data - **Futures Quotes**: On November 27, 2025, the main Shanghai copper contract opened at 87,200 yuan/ton and closed at 86,990 yuan/ton, a 0.46% change from the previous trading day's close. The night session opened at 86,800 yuan/ton and closed at 87,050 yuan/ton, a 0.02% decrease from the afternoon close [1]. - **Spot Situation**: According to SMM, on the previous day, the spot premium of SMM 1 electrolytic copper to the 2512 contract was 10 - 200 yuan/ton, with an average premium of 105 yuan/ton, a 25 yuan/ton increase from the previous day. The price range of electrolytic copper was 86,910 - 87,260 yuan/ton. Import losses widened to over a thousand yuan, market trading became lighter, and both procurement and sales intentions declined. Due to copper prices returning to around 87,000 yuan/ton and month-end settlement factors, downstream procurement slowed. Supplies of Jinchuan and Guixi decreased, and some holders quoted a premium of 200 yuan/ton. Shanghai Jintun large plates with a premium of around 150 yuan/ton were quickly traded, indicating a tight supply of high-quality copper. The trading of flat copper was average with regional differences. As it entered the end of the month, there was still a demand for current-month invoices, and the trading of next-month invoices might be relatively dull [2]. - **Important Information Summary**: Geopolitically, Russian President Putin said that a US delegation will visit Moscow next week. He reiterated that Russia generally agrees to use the US list for resolving the Ukraine issue as the basis for future negotiations. He also stated that if the Ukrainian armed forces withdraw from the areas they currently control, Russia will stop military operations; otherwise, Russia will use military means to achieve its goals. In terms of interest rates, the European Central Bank released its October meeting minutes, explaining the reasons for keeping rates unchanged at that meeting, strengthening the market's expectation that the current interest rate cut cycle has ended. European Central Bank Governing Council member Kazaks said that given that inflation in the eurozone may still be higher than expected, it is too early to discuss another interest rate cut [3]. Supply Side - **Mine End**: On November 26, the Canadian government launched a national security review of the proposed merger between Anglo American and Teck Resources. The review will focus on the impact of the transaction on key minerals and related supply chains. Copper is considered a key mineral in Canada. Teck Resources and Anglo American have promised to invest approximately C$4.5 billion over five years, but most of this (including the expansion project of the Highland Valley copper mine) was previously announced by Teck Resources. Anglo American also proposed to move its global headquarters from London to Vancouver and rename itself "Anglo Teck." Market insiders said that Canada still wants Anglo American to further relocate its headquarters to Canada [4]. - **Smelting and Import**: The International Copper Study Group (ICSG) Secretary-General Paul White said at the 2025 Asian World Copper Conference on November 27 that the global copper market will face a supply shortage of 150,000 tons in 2026. Global copper mine production is expected to increase by 2.3% in 2026, while global apparent refined copper consumption is expected to increase by 2.1% in the coming year. White also said that the copper production growth rate is expected to slow to 0.9% in 2026, compared with a 3.4% growth rate expected in 2025. These data are consistent with the ICSG's previous forecast in its October statement. On November 26, Chilean copper giant Codelco made a record-high offer to Chinese copper buyers, causing some Chinese enterprises to announce that they will abandon next year's long-term contracts. The applicability of this benchmark offer to Chinese buyers has also raised more and more questions. According to three informed sources, Codelco's offer to Chinese buyers is $350 per ton higher than the LME price, a significant increase from the $89 per ton negotiated last year. This offer is a "take it or leave it" final proposal, and buyers are expected to make decisions starting next week [5]. Demand Side - **Consumption**: According to customs data, in October, China imported 1,155.1 tons of copper tubes, a 41.31% month-on-month increase and an 8.37% year-on-year decrease; the cumulative import volume was 15,585.2 tons, a 10.77% cumulative year-on-year decrease. In October, China exported 25,287.9 tons of copper tubes, a 2.33% month-on-month decrease and an 18.57% year-on-year decrease; the cumulative export volume was 309,326.6 tons, a 0.16% cumulative year-on-year increase [6]. Inventory and Warehouse Receipts - LME warehouse receipts decreased by 75.00 tons to 157,175 tons compared with the previous trading day. SHFE warehouse receipts decreased by 3,952 tons to 35,873 tons. On November 27, the domestic electrolytic copper spot inventory was 173,500 tons, a decrease of 71,000 tons compared with the previous week [7]. Strategy - **Copper**: Cautiously Bullish. Currently, one can buy for hedging at the 85,000 - 85,500 yuan/ton level and sell for hedging above 89,000 yuan/ton [8]. - **Arbitrage**: On Hold [8] - **Options**: Short Put [8]

1. Report Industry Investment Rating - The strategy for the lead market is cautiously bearish [3] 2. Core Viewpoints - The lead market shows a pattern of weak supply and demand. The supply of lead ore is continuously tight, and the processing fee remains low. The operating rates of primary and secondary lead are both at low levels, resulting in limited supply pressure. The consumption side remains stable, with no strong recovery signals. Due to the impact of large orders in the market, the lead price once dropped significantly. In this situation, it is recommended to mainly short on rallies [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot - On November 27, 2025, the LME lead spot premium was -$40.08/ton. The SMM 1 lead ingot spot price decreased by 100 yuan/ton from the previous trading day to 16,900 yuan/ton. The SMM Shanghai lead spot premium decreased by 25 yuan/ton to 20.00 yuan/ton, the SMM Guangdong lead spot decreased by 75 yuan/ton to 17,000 yuan/ton, the SMM Henan lead spot decreased by 100 yuan/ton to 16,900 yuan/ton, and the SMM Tianjin lead spot premium decreased by 150 yuan/ton to 16,850 yuan/ton. The lead concentrate-scrap price difference remained unchanged at 0 yuan/ton. The price of scrap electric vehicle batteries decreased by 25 yuan/ton to 9,925 yuan/ton, the price of scrap white shells decreased by 25 yuan/ton to 10,050 yuan/ton, and the price of scrap black shells decreased by 50 yuan/ton to 10,250 yuan/ton [1] Futures - On November 27, 2025, the main contract of Shanghai lead opened at 17,060 yuan/ton and closed at 16,955 yuan/ton, a decrease of 110 yuan/ton from the previous trading day. The trading volume for the whole trading day was 57,305 lots, an increase of 17,118 lots from the previous trading day, and the position was 48,129 lots, a decrease of 904 lots from the previous trading day. The intraday price fluctuated, with a maximum of 17,075 yuan/ton and a minimum of 15,885 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,990 yuan/ton and closed at 16,980 yuan/ton, a 0.47% increase from the afternoon closing price of the previous day [2] Inventory - On November 27, 2025, the total SMM lead ingot inventory was 35,000 tons, a decrease of 2,000 tons from the same period last week. As of November 28, the LME lead inventory was 264,175 tons, a decrease of 800 tons from the previous trading day [2]

Group 1: Nickel Market Analysis - On November 27, 2025, the main contract 2601 of Shanghai nickel opened at 116,920 yuan/ton and closed at 116,900 yuan/ton, a change of -0.53% from the previous trading day's closing price. The trading volume was 97,221 (-79,345) lots, and the open interest was 127,765 (-503) lots [1]. - The main contract of Shanghai nickel showed a slight oscillating downward trend, failing to continue the rebound of the previous few days. The price closed below the 20 - day moving average, and the 20 - day moving average was downward, with a bearish technical outlook. After the macro - positive sentiment faded, the nickel price returned to the fundamental market [1]. - In the nickel ore market, the wait - and - see sentiment was strong, and the nickel ore price remained stable. In the Philippines, mines mainly fulfilled previous orders for shipment, and the shipping efficiency was okay. The downstream ferronickel price was weak, and the iron - making plants' profits were affected. They were cautious in purchasing nickel ore, and some plants had the intention to cut production to stop losses. In Indonesia, the domestic trade benchmark price in December (phase one) was expected to drop by 0.52 - 0.91 US dollars/wet ton. The domestic trade premium was in the range of +25 - 26, and there was room for it to decline due to the falling ferronickel price [1]. - Jinchuan Group's sales price in the Shanghai market was 121,200 yuan/ton, a decrease of 900 yuan/ton from the previous trading day. The overall spot trading was average, and the spot premiums of various refined nickel brands were adjusted downwards. Jinchuan nickel's premium remained at 4,650 yuan/ton, imported nickel's premium remained at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 33,548 (-396) tons, and the LME nickel inventory was 255,450 (+930) tons [2]. Group 2: Nickel Strategy - With high inventories and an oversupply situation remaining unchanged, the nickel price was expected to remain in a low - level oscillation. However, the current price was at a 5 - year low, and the downward space was limited. The recommended strategy was to focus on range trading, and there were no suggestions for inter - delivery, cross - variety, spot - futures, or option trading [3]. Group 3: Stainless Steel Market Analysis - On November 27, 2025, the main contract 2601 of stainless steel opened at 12,435 yuan/ton and closed at 12,410 yuan/ton. The trading volume was 126,697 (-24,902) lots, and the open interest was 122,062 (-4,171) lots [3]. - The main stainless - steel contract showed a slight oscillating downward trend, and its price movement basically followed that of Shanghai nickel. The stainless - steel fundamentals were still weak. The social inventory increased this week, rising 0.64% compared to last week to 946,000 tons. After the macro - positive factors were exhausted, the price was expected to continue to oscillate at a low level [3]. - Earlier this week, the trading volume improved due to the price rebound, but it weakened again yesterday when the price dropped. The stainless - steel price in the Wuxi market was 12,650 (+0) yuan/ton, and in the Foshan market was 12,650 (+0) yuan/ton. The premium of 304/2B was 325 - 525 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron decreased by 1.00 yuan/nickel point to 883.5 yuan/nickel point [3]. Group 4: Stainless Steel Strategy - Due to low demand, high inventories, and a continuous downward shift in the cost center, stainless steel was expected to remain in a low - level oscillation. The current price was at a 5 - year low, and the downward space was limited. The recommended strategy was neutral, and there were no suggestions for inter - delivery, cross - variety, spot - futures, or option trading [5].

农产品日报 | 2025-11-28 苹果库存压力仍存，红枣货源质量下滑 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2601合约9529元/吨，较前一日变动-2元/吨，幅度-0.02%。现货方面，山东栖霞80# 一二 级晚富士价格3.75元/斤，较前一日变动+0.00元/斤，现货基差AP01-2029，较前一日变动+2；陕西洛川70# 以上半 商品晚富士价格4.15元/斤，较前一日变动+0.00元/斤，现货基差AP01-1229，较前一日变动+2。 近期市场资讯，晚富士库存富士交易氛围平淡，客商调货及库内包装均不多。西部产区客商零星寻货，多以果农 两级货源为主，成交有限；部分客商包装自存货源补充市场。山东产区零星出库，多以外贸渠道小果走货为主， 地面交易基本结束。栖霞80#一二级主流参考价3.5-4元/斤，栖霞80#一二级半主流参考价3.0-3.3元/斤，65#、70#出 库价格1.8-2.2元/斤附近。甘肃产区静宁果农好货出库价格4.5-5.5元/斤不等。庆阳出库价格3.6-4.5元/斤不等；陕西 洛川产区果农货半商品出库价格3.8-4.3元/斤。库内成交氛围一般，进入短暂的季节性淡季，终端市场消 ...

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - The market maintains a volatile trend, and attention should be paid to the development of the Russia-Ukraine situation. The crude oil price shows a weak and volatile pattern, and the expectation of oversupply in the medium - term oil market is gradually being realized. If the Russia - Ukraine peace agreement is successfully reached, the geopolitical sentiment premium may further subside, which will put some pressure on the unilateral price of fuel oil. Due to the uncertainty of the Russia - Ukraine situation, short - term market fluctuations caused by news should be noted [1]. - The overall market contradictions of fuel oil itself are relatively limited. The market structure of low - sulfur fuel oil weakens again after a slight repair. The market supply is still relatively abundant, but the refinery production willingness is restricted due to the relatively low valuation of low - sulfur oil compared to gasoline and diesel, so there is still support at the bottom of the market. For high - sulfur fuel oil, the crack spread has weakened recently, and the support at the bottom of the valuation mainly comes from the elastic demand at the refinery end. The future development of the Russia - Ukraine situation will also affect Russia's fuel oil production and trade flow [1]. 3. Summary by Related Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 0.82% at 2,471 yuan/ton in the day session, and the main contract of INE low - sulfur fuel oil futures closed up 1% at 3,033 yuan/ton [1]. - The crude oil price is in a weak and volatile state. If the Russia - Ukraine peace agreement is reached, the geopolitical premium may decline, and the falling oil price will suppress the unilateral price of fuel oil. Due to the uncertainty of the Russia - Ukraine situation, short - term market fluctuations caused by news should be noted [1]. - For low - sulfur fuel oil, the market structure weakens again after a slight repair. The supply is abundant, and the Azur refinery is expected to resume production soon, with Kuwait's exports expected to gradually recover. However, due to the relatively low valuation compared to gasoline and diesel, the refinery production willingness is restricted, and there is still support at the bottom of the market [1]. - For high - sulfur fuel oil, the crack spread has weakened recently, and the support at the bottom of the valuation mainly comes from the elastic demand at the refinery end. The future development of the Russia - Ukraine situation will affect Russia's fuel oil production and trade flow [1]. Strategy - High - sulfur fuel oil: Be cautiously bearish and mainly wait and see in the short term [2]. - Low - sulfur fuel oil: Be cautiously bearish and mainly wait and see in the short term [2]. - No strategies are provided for cross - variety, cross - period, spot - futures, and options [2].

新能源及有色金属日报 | 2025-11-28 周度社会库存去库较为明显 重要数据 铝现货方面：SMM数据，华东A00铝价21460元/吨，较上一交易日变化60元/吨，华东铝现货升贴水-40元/吨， 较上一交易日变化-20元/吨；中原A00铝价21340元/吨，现货升贴水较上一交易日变化-30元/吨至-160元/吨； 佛山A00铝价录21380元/吨，较上一交易日变化80元/吨，铝现货升贴水较上一交易日变化0元/吨至-115元/吨。 铝期货方面：2025-11-27日沪铝主力合约开于21600元/吨，收于21500元/吨，较上一交易日变化55元/吨，最 高价达21610元/吨，最低价达到21485元/吨。全天交易日成交150551手，全天交易日持仓257138手。 库存方面，截止2025-11-27，SMM统计国内电解铝锭社会库存59.6万吨，较上一期变化-1.7万吨，仓单库存66909 吨，较上一交易日变化-76吨，LME铝库存541050吨，较上一交易日变化-675吨。 铝合金价格方面：2025-11-27保太民用生铝采购价格16700元/吨，机械生铝采购价格17000元/吨，价格环比昨 日变化100元/ ...

Market Analysis - Russia-Ukraine negotiation process continues, and the ECB ends its easing policy. Putin agrees to use the US list for resolving the Ukraine issue as the basis for future negotiations and states conditions for halting armed actions. The ECB strengthens the market's expectation of the end of the current interest rate cut cycle [1] Futures Quotes and Trading Volumes - On November 27, 2025, the Shanghai Gold main contract opened at 947.00 yuan/gram, closed at 947.16 yuan/gram, up 0.05% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 946.90 yuan/gram, down 0.03% from the afternoon close. The Shanghai Silver main contract opened at 12,250.00 yuan/kilogram, closed at 12,525.00 yuan/kilogram, up 2.44% from the previous trading day. The trading volume was 1,827,650 lots, and the open interest was 427,960 lots. The night session closed at 12,490 yuan/kilogram, down 0.28% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On November 27, 2025, the US 10-year Treasury yield closed at 3.988%, down 0.19 BP from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.527%, up 1.03 BP from the previous trading day [3] Position and Volume Changes on the SHFE - On November 27, 2025, in the Au2602 contract, long positions changed by 979 lots, and short positions changed by 2,210 lots. The total trading volume of gold contracts was 346,227 lots, down 23.63% from the previous trading day. In the Ag2602 contract, long positions changed by 1,792 lots, and short positions changed by 1,933 lots. The total trading volume of silver contracts was 2,287,902 lots, up 11.53% from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF position was 1,045.43 tons, up 4.57 tons from the previous trading day. The silver ETF position was 15,582 tons, unchanged from the previous trading day [5] Precious Metal Arbitrage Tracking - On November 27, 2025, the domestic gold premium was -8.08 yuan/gram, and the domestic silver premium was -1,412.49 yuan/kilogram. The price ratio of the SHFE gold and silver main contracts was about 75.62, down 2.33% from the previous trading day. The overseas gold-silver ratio was 79.19, down 1.81% from the previous trading day [6] Fundamental Analysis - On November 27, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 46,178 kilograms, down 19.28% from the previous trading day. The trading volume of silver was 864,016 kilograms, up 29.27% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 59,190 kilograms [7] Strategy - Gold: Cautiously bullish. Due to concerns about the US economic slowdown and the possibility of further interest rate cuts in December, the gold price is expected to be in a slightly bullish and volatile pattern. The Au2602 contract may fluctuate between 920 yuan/gram and 970 yuan/gram [8] - Silver: Cautiously bullish. The macro logic is similar to that of gold. Due to the recovery of risk sentiment, the silver price is slightly stronger than gold, and the tight spot market drives the gold-silver ratio to narrow. The silver price is also expected to be in a slightly bullish and volatile pattern, with the Ag2602 contract fluctuating between 12,200 yuan/kilogram and 12,700 yuan/kilogram [8] - Arbitrage: Short the gold-silver ratio at high levels - Options: Hold off

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The downstream real estate sector shows a slight recovery, while the service industry's domestic flight frequency experiences a minor decline [1][3]. - Upstream nickel and egg prices rise, while international crude oil and liquefied natural gas prices fluctuate downward. Mid - stream PX, urea, and PTA prices fall, power plant coal consumption is at a low level, and asphalt construction is in the off - season [3]. 3) Summary by Related Catalogs A. Mid - view Event Overview - **Production Industry**: At the National Development and Reform Commission's November press conference on November 27, the commission responded to market hot - spot issues such as humanoid robots and the expansion of infrastructure REITs project issuance. It aims to prevent high - repetition humanoid robot products from flooding the market and promote the healthy and standardized development of the embodied intelligence industry [1]. - **Service Industry**: Li Qiang chaired an executive meeting of the State Council to deploy the promotion of provincial - level overall planning of basic medical insurance. This is an important measure to improve the universal medical insurance system [1]. B. Industry Data - **Upstream**: - **Non - ferrous Metals**: Nickel prices rise slightly, with the spot price on November 27 at 119,366.7 yuan/ton, a 1.98% year - on - year increase [3][38]. - **Agriculture**: Egg prices recover, with the spot price on November 27 at 6.4 yuan/kg, a 2.74% year - on - year increase [3][38]. - **Energy**: International crude oil and liquefied natural gas prices fluctuate downward. On November 27, the spot price of WTI crude oil is 58.7 dollars/barrel, a 1.33% year - on - year decrease; the spot price of Brent crude oil is 62.5 dollars/barrel, a 1.53% year - on - year decrease; and the spot price of liquefied natural gas is 4,084 yuan/ton, a 2.34% year - on - year decrease [3][38]. - **Mid - stream**: - **Chemical Industry**: PX, urea, and PTA prices fall. On November 27, the spot price of PTA is 4,628.3 yuan/ton, a 0.61% year - on - year decrease; the spot price of polyethylene is 6,980 yuan/ton, a 0.26% year - on - year decrease [3][38]. - **Energy**: Power plant coal consumption is at a low level [3]. - **Infrastructure**: Asphalt construction is in the off - season [3]. - **Downstream**: - **Real Estate**: The sales of commercial housing in first - tier cities rise slightly [3]. - **Service**: The number of domestic flights decreases slightly [3].

1. Report Industry Investment Ratings - Steel: Sideways [1] - Iron Ore: Sideways with a Downward Bias [3] - Coking Coal: Sideways with a Downward Bias [6] - Coke: Sideways [6] - Thermal Coal: No Rating Provided 2. Core Views - The market sentiment is stable, and the market is oscillating within a range. After weeks of continuous inventory reduction, the inventory pressure on finished products has been significantly alleviated, but the high inventory of plates still suppresses prices. The supply - demand contradiction of iron ore is intensifying, and the steel mills' profitability is declining. The supply - demand contradiction of coking coal and coke has eased, but the market sentiment is weak. The supply of thermal coal is tightening at the end of the month, and the price is oscillating [1][2][5][7]. 3. Summary by Related Catalogs Steel - **Market Analysis**: The main contract of rebar futures closed at 3093 yuan/ton, and that of hot - rolled coil at 3293 yuan/ton. Rebar's production, sales, and inventory all declined, and destocking was in line with the season. Hot - rolled coil production increased slightly, while inventory and demand decreased, and high inventory still suppressed the market [1]. - **Supply - Demand and Logic**: After weeks of destocking, the inventory pressure on finished products has been significantly relieved. The supply - demand fundamentals of building materials have improved month - on - month, and the inventory pressure has been well alleviated. The spread between hot - rolled coil and rebar has narrowed significantly. The supply and demand of plates are both strong, but high inventory suppresses prices. Building material demand may weaken later, which may drag down plates [1]. - **Strategy**: Sideways for single - side trading; no strategies for inter - period, inter - variety, spot - futures, and options trading [1]. Iron Ore - **Market Analysis**: The price of iron ore futures rose slightly. The prices of mainstream imported iron ore varieties at Tangshan ports fluctuated slightly. The total transaction volume of iron ore at major national ports was 119.1 million tons, a 15.30% increase from the previous day. The total transaction volume of forward - delivery iron ore was 143.0 million tons, a 7.26% decrease from the previous day. The average daily hot - metal output of 247 steel mills was 234.68 million tons, a decrease of 1.60 million tons from the previous week [2]. - **Supply - Demand and Logic**: Iron ore shipments decreased slightly this week, port inventories continued to rise, and the average daily hot - metal output decreased slightly. The supply - demand contradiction of iron ore has intensified. The profitability of steel mills has been declining, and downstream steel mills have started to cut production. Some iron ore inventories are locked due to non - market factors, and if these factors are removed, the iron ore price will face great pressure [2]. - **Strategy**: Sideways with a downward bias for single - side trading; no strategies for inter - period and inter - variety trading [3]. Coking Coal and Coke - **Market Analysis**: The main contracts of coking coal and coke futures oscillated. The coke market was stable, and there was a strong expectation of price cuts. For coking coal, supply disturbances were frequent, and the online auction failure rate was high. The import of Mongolian coal resumed normal traffic, and the market sentiment was weak, with the price of Mongolian No. 5 raw coal weakly stable at around 1000 yuan/ton [4][5]. - **Supply - Demand and Logic**: For coking coal, the supply remained tight, the market was pessimistic about future prices, speculative purchases were insufficient, and inventories accumulated at mines, ports, and steel mills. With the weakening of terminal demand in the off - season, coal prices were still under pressure in the short term. For coke, the production of steel mills and independent coking plants increased rapidly this week, inventories in each link except ports increased slightly, and the overall coke inventory increased slightly. The fundamental contradiction has eased, and the coke price is expected to fluctuate with coking coal [5]. - **Strategy**: Sideways with a downward bias for coking coal; sideways for coke; no strategies for inter - period, inter - variety, spot - futures, and options trading [6]. Thermal Coal - **Market Analysis**: In the producing areas, coal prices oscillated. Near the end of the month, the supply of some coal mines tightened, which supported prices. The shipments of large terminal operators and power plants were stable, and the procurement of metallurgical and chemical industries was active. However, affected by port price cuts, the sales of some coal mines were not smooth, and the wait - and - see sentiment spread. At ports, the market sentiment weakened, and downstream procurement demand was cold. Northern port inventories accumulated rapidly, and the pressure on traders to sell increased. The import bid price of coal decreased, and the market expectation was not good [7]. - **Demand and Logic**: Recently, the wait - and - see sentiment has increased, and coal prices have oscillated. In the long - term, the supply is still loose. Attention should be paid to the consumption and restocking of non - power coal [7]. - **Strategy**: No strategy provided [7].

Report Industry Investment Rating No relevant information provided. Core Viewpoints No explicit core viewpoints are presented in the given content. Summary by Relevant Catalogs Option Trading Volume - On November 26, 2025, the trading volume of SSE 50 ETF options was 928,000 contracts; CSI 300 ETF options (Shanghai) was 1,367,900 contracts; CSI 500 ETF options (Shanghai) was 1,800,800 contracts; Shenzhen 100 ETF options was 123,300 contracts; ChiNext ETF options was 2,904,100 contracts; SSE 50 index options was 16,300 contracts; CSI 300 index options was 99,700 contracts; and CSI 1000 options was 171,100 contracts [1]. - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as 364,400 call and 327,700 put contracts for SSE 50 ETF options, with a total of 692,100 contracts [20]. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.88, with a month - on - month change of - 0.12; the position PCR was 0.84, with a month - on - month change of + 0.03. Similar data are provided for other types of options [2]. - The table details the turnover PCR, its month - on - month change, position PCR, and its month - on - month change for different index ETF options [34]. Option VIX - The VIX of SSE 50 ETF options was reported at 15.43%, with a month - on - month change of - 0.70%. Other options also have corresponding VIX values and month - on - month changes [3]. - The table lists the VIX and its month - on - month change values for various index ETF options [47].