Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [2][3] Core Viewpoints - The market demand for oilseeds is weak, and the prices are stable. The trading of soybeans and peanuts is light, with prices under pressure and mainly showing a volatile trend [1][2] Summary by Related Catalogs Soybean - **Market Analysis** - Futures: The closing price of the soybean 2601 contract was 4108.00 yuan/ton, a change of -42.00 yuan/ton from the previous day, a decrease of -1.01% [1] - Spot: The edible soybean spot basis was A01 - 8, a change of +42 from the previous day, an increase of 32.14%. The prices of soybeans in Northeast China were stable, but the trading of grain traders was light, and the prices still faced pressure. In the inner - region producing areas, high - quality soybeans commanded high prices, and the purchase prices of grain trading enterprises were firm, but downstream buyers were reluctant to accept high - priced goods, and the purchasing and selling rhythm was slow [1] - Market Information: The loading prices of national standard first - class soybeans with 39% protein in various markets in Heilongjiang remained unchanged compared with the previous day [1] Peanut - **Market Analysis** - Futures: The closing price of the peanut 2601 contract was 7942.00 yuan/ton, a change of +98.00 yuan/ton from the previous day, an increase of +1.25% [2] - Spot: The average spot price of peanuts was 8250.00 yuan/ton, a change of +10.00 yuan/ton from the previous day, an increase of +0.12%. The spot basis was PK01 - 942.00, a change of -98.00 from the previous day, an increase of 11.61% [2] - Market Information: The prices of domestic first - class ordinary peanut oil and small - pressed fragrant peanut oil remained unchanged. Among related oils, the spot price of national first - class sunflower oil decreased by 100 yuan/ton, and the price difference with peanut oil increased by 100 yuan/ton; the spot price of first - class corn oil remained unchanged, and the price difference with peanut oil remained the same. Currently, the inventory of oil mills in the market is not high, but consumption is limited, the market trading is light, and the upward momentum is insufficient, so the prices are mainly volatile [2]

航运日报 | 2025-11-26 马士基12月第二周报价环比下调，12月合约交割结算价格估 值下修 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2200-2300美元/FEU； HPL -SPOT 12月上半月船期报价2235-2535美元/FEU，12月下半月价格3535美元/FEU。 MSC+Premier Alliance：MSC 12月上半月价格1485/2465；ONE 12月上半月价格1565/2435；HMM上海-鹿特丹12 月上半月船司价格1468/2506; YML 12/7-12/14 报价1350/2200。 Ocean Alliance：CMA 上海-鹿特丹12月上半月船期报价1535/2675；EMC 11月下半月船期报价1855/2810，12月上 半月价格2005/3110；OOCL 12月上半月报价介于2280-2630美元/FEU 地缘端：马士基发言人：苏伊士运河管理局此前关于将于12月恢复通航的声明不实。马士基发言人：公司尚未确 定何时将恢复通过苏伊士运河的部分航行。 动态供给： ...

化工日报 | 2025-11-26 泰国主产区降雨将逐步减少 市场要闻与数据 期货方面，昨日收盘RU主力合约15125元/吨，较前一日变动-195元/吨；NR主力合约12150元/吨，较前一日变动-125 元/吨；BR主力合约10270元/吨，较前一日变动-125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-50元/吨。青岛保税区泰混14550元/吨，较前一 日变动-50元/吨。青岛保税区泰国20号标胶1830美元/吨，较前一日变动-10美元/吨。青岛保税区印尼20号标胶1720 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10700元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价10350元/吨，较前一日变动+0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，同比增长4%。 ...

Report Summary 1. Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] 2. Core Viewpoints - The EG basis continued to decline. The closing price of the EG main contract was 3,873 yuan/ton (down 11 yuan/ton or - 0.28% from the previous trading day), the EG spot price in the East China market was 3,918 yuan/ton (up 18 yuan/ton or + 0.46% from the previous trading day), and the EG East China spot basis was 23 yuan/ton (down 9 yuan/ton month - on - month) [1]. - The production profit of ethylene - based EG was - 62 US dollars/ton (up 8 US dollars/ton month - on - month), and the production profit of coal - based syngas - based EG was - 1,049 yuan/ton (up 52 yuan/ton month - on - month) [1]. - The MEG inventory in the main ports of East China was 73.2 tons (unchanged month - on - month) according to CCF data and 63.3 tons (up 1.5 tons month - on - month) according to Longzhong data. The planned arrivals at the main ports in East China this week were 9.5 tons, and the arrivals at the secondary ports were 1.4 tons, which was slightly lower than neutral. The inventory was expected to remain stable with a slight decrease [2]. - On the supply side, the domestic ethylene glycol load decreased from a high level, and some short - process oil refinery plants faced great production pressure. Overseas ethylene glycol plant changes were limited, and the port inventory was expected to remain stable in the short term, but there were still plans for large Saudi vessels to arrive at the port in early December. On the demand side, the polyester load with low inventory was still supported, but the orders showed a marginal weakening [2]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 3,873 yuan/ton (down 11 yuan/ton or - 0.28% from the previous trading day), and the EG spot price in the East China market was 3,918 yuan/ton (up 18 yuan/ton or + 0.46% from the previous trading day). The EG East China spot basis was 23 yuan/ton (down 9 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was - 62 US dollars/ton (up 8 US dollars/ton month - on - month), and the production profit of coal - based syngas - based EG was - 1,049 yuan/ton (up 52 yuan/ton month - on - month) [1]. - The domestic ethylene glycol load decreased from a high level, and some short - process oil refinery plants faced great production pressure [2]. International Price Difference - No specific international price difference data was provided in the text. Downstream Production, Sales and Operating Rate - The polyester load with low inventory was still supported, but the orders showed a marginal weakening [2]. Inventory Data - The MEG inventory in the main ports of East China was 73.2 tons (unchanged month - on - month) according to CCF data and 63.3 tons (up 1.5 tons month - on - month) according to Longzhong data. The planned arrivals at the main ports in East China this week were 9.5 tons, and the arrivals at the secondary ports were 1.4 tons, which was slightly lower than neutral. The inventory was expected to remain stable with a slight decrease [2].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The urea spot price has slightly declined, with the trading atmosphere weakening recently after being good last week. The start - up rates of compound fertilizer and melamine have increased, and the off - season storage is gradually entering the market. With the release of new production capacity, the medium - to - long - term supply - demand of urea remains relatively loose. The fourth - batch export quota news has improved the year - end export expectation and is expected to support the spot market. The author suggests a range - bound strategy for unilateral trading and a wait - and - see approach for inter - period trading, with no cross - variety strategy [2][3]. 3. Summary by Directory 3.1 Urea Basis Structure - On November 25, 2025, the urea main contract closed at 1,630 yuan/ton (-8). The ex - factory price of small - particle urea in Henan was 1,640 yuan/ton (unchanged), in Shandong was 1,630 yuan/ton (-10), and in Jiangsu was 1,630 yuan/ton (unchanged). The basis in Shandong was 0 yuan/ton (-2), in Henan was 10 yuan/ton (-2), and in Jiangsu was 0 yuan/ton (+8) [1]. 3.2 Urea Production - As of November 25, 2025, the enterprise capacity utilization rate was 83.91% (with a 0.08% change). The specific production data is shown in the "Urea Weekly Production" chart [1]. 3.3 Urea Production Profit and Start - up Rate - As of November 25, 2025, the urea production profit was 100 yuan/ton (-10). The national capacity utilization rate was 83.91% (0.08%), with coal - based capacity utilization rate and gas - based capacity utilization rate details shown in relevant charts [1]. 3.4 Urea Off - shore Price and Export Profit - As of November 25, 2025, the urea export profit was 1,012 yuan/ton (+6). 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 has improved the year - end export expectation [1][2]. 3.5 Urea Downstream Start - up and Orders - As of November 25, 2025, the compound fertilizer capacity utilization rate was 34.61% (+4.29%), the melamine capacity utilization rate was 62.20% (+4.72%), and the pre - received order days of urea enterprises were 7.12 days (-0.59) [1]. 3.6 Urea Inventory and Warehouse Receipts - As of November 25, 2025, the total inventory of sample enterprises was 1.4372 million tons (-46,400), and the port sample inventory was 100,000 tons (+18,000) [1].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report provides an overview of mid - and macro - level events and industry trends, including production and service industries, as well as upstream, mid - stream, and downstream sectors [1][2][3]. 3. Summary by Related Catalogs Mid - and Macro - Level Events - **Production Industry**: The National Space Administration issued an action plan for the high - quality and safe development of commercial space from 2025 - 2027, aiming to achieve significant development in the industry by 2027 [1]. - **Service Industry**: Seven双创Artificial Intelligence ETFs will be issued on November 28, focusing on AI leaders in the Sci - tech Innovation Board and ChiNext, bringing incremental funds to high - tech [1]. Upstream Industry - **Agriculture**: Palm oil prices dropped by nearly 5% [1]. - **Chemical Industry**: Urea prices rebounded [1]. - **Energy Industry**: International crude oil and liquefied natural gas prices fluctuated downward [1]. Mid - stream Industry - **Chemical Industry**: PX operating rate increased, while PTA operating rate declined [2]. - **Energy Industry**: Coal consumption in power plants increased [2]. - **Infrastructure Industry**: Asphalt production was in the off - season [2]. Downstream Industry - **Real Estate**: The sales of commercial housing in second - and third - tier cities declined seasonally [3]. - **Service Industry**: The number of domestic flights decreased slightly [3]. Key Industry Price Index Tracking - **Agriculture**: On November 25, the spot price of palm oil was 8392 yuan/ton, down 4.85% year - on - year; the spot price of corn was 2201.4 yuan/ton, up 0.72% [34]. - **Non - ferrous Metals**: On November 25, the spot price of copper was 86603.3 yuan/ton, up 0.68% year - on - year; the spot price of aluminum was 21373.3 yuan/ton, down 0.47% [34]. - **Black Metals**: On November 25, the spot price of iron ore was 808.2 yuan/ton, up 0.51% year - on - year; the spot price of wire rod was 3337.5 yuan/ton, up 0.53% [34]. - **Energy**: On November 25, the spot price of WTI crude oil was 58.8 dollars/barrel, down 1.79% year - on - year; the spot price of liquefied natural gas was 4108 yuan/ton, down 1.77% [34]. - **Chemical Industry**: On November 25, the spot price of PTA was 4651.7 yuan/ton, up 0.49% year - on - year; the spot price of urea was 1655 yuan/ton, up 1.53% [34]. - **Real Estate**: On November 25, the building materials composite index was 114.4 points, up 0.55% year - on - year; the national concrete price index was 90.5 points, down 0.33% [34].

新能源及有色金属日报 | 2025-11-26 铝价震荡等待下一波上涨驱动力 重要数据 铝现货方面：SMM数据，华东A00铝价21440元/吨，较上一交易日变化80元/吨，华东铝现货升贴水-10元/吨， 较上一交易日变化-10元/吨；中原A00铝价21330元/吨，现货升贴水较上一交易日变化-20元/吨至-120元/吨； 佛山A00铝价录21340元/吨，较上一交易日变化100元/吨，铝现货升贴水较上一交易日变化5元/吨至-110元/吨。 铝期货方面：2025-11-25日沪铝主力合约开于21415元/吨，收于21465元/吨，较上一交易日变化85元/吨，最 高价达21525元/吨，最低价达到21380元/吨。全天交易日成交157390手，全天交易日持仓271763手。 库存方面，截止2025-11-25，SMM统计国内电解铝锭社会库存61.3万吨，较上一期变化-0.8万吨，仓单库存69283 吨，较上一交易日变化-125吨，LME铝库存543725吨，较上一交易日变化-2225吨。 氧化铝现货价格：2025-11-25SMM氧化铝山西价格录得2835元/吨，山东价格录得2770元/吨，河南价格录得 2860 ...

Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated as neutral [2][5][8] Core Viewpoints - The short - term upside and downside of Zhengzhou cotton prices are limited, and a sideways trading pattern is expected. In the long - term, cotton prices are optimistic after the seasonal pressure, and it is recommended to pay attention to the opportunity of going long on the far - month 05 contract at low prices [2] - The short - term fundamental drivers of Zhengzhou sugar prices are still downward, but the decline space is limited, with a possibility of a weak rebound. In the long - term, the domestic supply - demand outlook is loose, and the price trend next year may not be optimistic [5] - The fundamentals of pulp have not improved significantly, and pulp prices are expected to continue to trade in a low - level sideways range [8] Cotton Market News and Key Data - Futures: The closing price of the cotton 2601 contract was 13,645 yuan/ton yesterday, up 60 yuan/ton (+0.44%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 14,599 yuan/ton, up 25 yuan/ton; the national average price was 14,832 yuan/ton, up 39 yuan/ton. As of November 23, the national cotton picking progress in the US was 79%, 4 percentage points behind last year and 1 percentage point behind the five - year average [1] Market Analysis - International: The November USDA report was bearish for the market. The new cotton in the Northern Hemisphere is concentrated on the market, and the global textile terminal consumption is weak, so the short - term external market is expected to be under pressure. Domestic: After the National Day, the expected new cotton yield decreased, and the seed cotton purchase price strengthened, driving the Zhengzhou cotton futures price to rebound. However, there is strong hedging pressure after the price increase, the expected yield in Xinjiang has risen again, the downstream peak season is not obvious, and the demand support is insufficient. But the spinning profit has improved, and the finished product inventory pressure is okay, so the downside space of the futures price is limited [1] Strategy - Take a neutral stance. Consider a sideways trading strategy for Zhengzhou cotton in the short - term. In the long - term, be optimistic about cotton prices after the seasonal pressure and pay attention to the opportunity of going long on the far - month 05 contract at low prices [2] Sugar Market News and Key Data - Futures: The closing price of the sugar 2601 contract was 5387 yuan/ton yesterday, up 17 yuan/ton (+0.32%) from the previous day. Spot: The sugar spot price in Kunming, Yunnan was 5500 yuan/ton, unchanged from the previous day. As of November 23, 2025/26, 154 sugar mills in India's Maharashtra state had started crushing, 34 more than the same period last season, with 15.177 million tons of sugarcane crushed and 1.1592 million tons of sugar produced, with an average sugar yield of 7.64% [3] Market Analysis - Raw sugar: Brazil's supply remained strong in the second half of October, strengthening the oversupply expectation. Indian sugar mills have started crushing, and the sugar production is expected to rebound significantly in the 2025/26 season. The long - term oversupply pattern restricts the rebound of raw sugar prices, but the short - term decline space is limited. Zhengzhou sugar: The recently announced sugar and syrup imports were higher than expected, and Guangxi sugar mills are starting to crush, so the short - term supply pressure is high, driving the Zhengzhou sugar price to a new low [4] Strategy - Take a neutral stance. The short - term fundamental drivers are downward, but the current valuation is low, and sugar mills have the intention to support prices at the beginning of the season. The short - term decline space is limited, with a possibility of a weak rebound. The long - term domestic supply - demand outlook is loose, and new lows may appear [5] Pulp Market News and Key Data - Futures: The closing price of the pulp 2601 contract was 5212 yuan/ton yesterday, down 8 yuan/ton (-0.15%) from the previous day. Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5465 yuan/ton, down 25 yuan/ton; the price of Russian softwood pulp was 4955 yuan/ton, down 10 yuan/ton. Some pulp prices in the imported wood pulp spot market showed a weakening trend [5][6] Market Analysis - Supply: The European pulp port inventory decreased in September but remained at a relatively high level. The domestic port de - stocking speed was lower than expected, and the supply pattern remained loose. Demand: The pulp consumption in Europe and the US was weak, and the global pulp mill inventory pressure was emerging. The weak domestic demand was the core factor suppressing pulp prices. Although a large amount of finished paper production capacity was put into operation this year, the terminal demand was insufficient, the paper mill operating rate declined, and the downstream paper mills' raw material procurement was cautious [7] Strategy - Take a neutral stance. The pulp fundamentals have not improved significantly, and pulp prices are expected to continue to trade in a low - level sideways range [8]

农产品日报 | 2025-11-26 出栏积极性提升，猪价维持震荡 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11415元/吨，较前交易日变动+15.00元/吨，幅度+0.13%。现货方面，河南地区 外三元生猪价格11.35元/公斤，较前交易日变动-0.05元/公斤，现货基差 LH01-65，较前交易日变动-65；江苏地区 外三元生猪价格 11.45元/公斤，较前交易日变动-0.20元/公斤，现货基差LH01+35，较前交易日变动-215；四川地 区外三元生猪价格11.57元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01+155，较前交易日变动-15。 据农业农村部监测，11月25日"农产品批发价格200指数"为125.94，比昨天上升0.24个点，"菜篮子"产品批发价格指 数为128.13，比昨天上升0.28个点。全国农产品批发市场猪肉平均价格为17.72元/公斤，比昨天下降1.1%；牛肉66.88 元/公斤，比昨天上升0.7%；羊肉62.60元/公斤，比昨天下降0.3%；鸡蛋7.35元/公斤，与昨天持平；白条鸡17.55元/ 公斤，比昨天上升0.3%。 市场分析 综合来 ...

流动性日报 | 2025-11-26 黑色建材板块成交2252.75亿元，较上一交易日变动-24.70%；持仓金额3633.73亿元，较上一交易日变动+0.11%； 成交持仓比为62.98%。 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 市场流动性概况 2025-11-25，股指板块成交6740.41亿元，较上一交易日变动-1.13%；持仓金额13043.20亿元，较上一交易日变动 -0.08%；成交持仓比为51.14%。 国债板块成交6167.96亿元，较上一交易日变动+4.52%；持仓金额8311.26亿元，较上一交易日变动+0.50%；成交持 仓比为74.91%。 基本金属板块成交3912.18亿元，较上一交易日变动-1.13%；持仓金额5810.09亿元，较上一交易日变动+2.01%；成 交持仓比为76.62%。 贵金属板块成交7167.44亿元，较上一交易日变动-11.91%；持仓金额4384.12亿元，较上一交易日变动+1.78%；成 交持仓比为214.55%。 能源化工板块成交3698.25亿元，较上一交易日变动-25.91%；持仓金额4525.67亿元，较上一交易日 ...