新能源及有色金属日报 | 2025-11-25 市场成交依然偏淡 铅价弱势运行 市场要闻与重要数据 现货方面：2025-11-24，LME铅现货升水为-22.41美元/吨。SMM1#铅锭现货价较前一交易日变化0元/吨至17075元/ 吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化-25元/吨至 17150元/吨，SMM河南铅现货较前一交易日变化-25元/吨至17075元/吨，SMM天津铅现货升贴水较前一交易日变化 0元/吨至17075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0元/吨至 9975元/吨，废白壳较前一交易日变化0元/吨至10100元/吨，废黑壳较前一交易日变化0元/吨至10325元/吨。 期货方面：2025-11-24，沪铅主力合约开于17195元/吨，收于17135元/吨，较前一交易日变化-30元/吨，全天交易日 成交38420手，较前一交易日变化-1713手，全天交易日持仓52888手，手较前一交易日变化-2218手，日内价格震荡， 最高点达到17230元/吨，最低点达到17115元/吨。夜盘 ...

新能源及有色金属日报 | 2025-11-25 下游采购以刚需为主 铜价仍陷震荡格局 市场要闻与重要数据 期货行情： 2025-11-24，沪铜主力合约开于 85750元/吨，收于 86080元/吨，较前一交易日收盘0.49%，昨日夜盘沪铜主力合约 开于 86,080元/吨，收于 86,040 元/吨，较昨日午后收盘基本持平。 现货情况： 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 新能源及有色金属日报 | 2025-11-25 据 SMM 讯，昨日SMM 1#电解铜现货报价86060~86410元/吨，对当月合约均价升水85元/吨，较前日微降5元。早 盘期铜冲高回落，进口亏损扩大至近1000元/吨，跨月价差维持Contango结构。市场采购情绪受铜价波动抑制，销 售意愿增强令现货升水承压。平水铜主流成交于升水10-60元/吨，好铜资源偏紧，金川大板升水约150元/吨。湿法 铜流通减少，非注册货源成交平淡。预计今日持货商报盘有限，下游以刚需采购为主，现货将维持小幅升水格局。 重要资讯汇总： 宏观与地缘方面，国内方面，5月20日，工商银行、农业银行、中国银行、建设银行、招商银行、邮储 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The nickel price is technically rebounding but remains under short - term pressure. Due to high inventory and oversupply, the nickel price is expected to remain in low - level oscillation. The stainless steel market is also facing weak demand and high inventory, and is expected to maintain a low - level oscillation as well [1][3][5]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 24, 2025, the Shanghai nickel main contract 2601 opened at 114,500 yuan/ton and closed at 115,530 yuan/ton, a 0.64% change from the previous trading day. The trading volume was 148,534 (+10,331) lots, and the open interest was 147,554 (-13,106) lots. The rise was a technical repair rather than a trend reversal. The dovish Fed statement increased the expectation of interest rate cuts, driving up metal futures. However, weak consumption and high global nickel inventory will suppress the nickel price in the long term [1]. - **Nickel Ore**: The nickel ore market was calm with stable prices. In the Philippines, northern mines' shipments were unstable, and the latest tender prices declined slightly but remained high. The downstream nickel - iron transaction price dropped to 880 yuan/(ex - ship, tax included), and iron plants' production enthusiasm was low. In Indonesia, the November (Phase II) domestic trade benchmark price decreased by 0.12 - 0.2 dollars/ton, and the mainstream premium was +26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 120,200 yuan/ton, up 1,550 yuan/ton from the previous day. Downstream enterprises purchased as needed, and traders were cautious. The premiums of refined nickel brands were stable. The previous trading day's Shanghai nickel warehouse receipt volume was 33,785 (-294) tons, and the LME nickel inventory was 253,482 (-468) tons [2]. Strategy - Due to high inventory and unchanged oversupply, the nickel price is expected to maintain low - level oscillation. The recommended strategy is mainly range operation for the single - side, and no operations for cross - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 24, 2025, the stainless steel main contract 2601 opened at 12,280 yuan/ton and closed at 12,335 yuan/ton. The trading volume was 147,594 (-31,040) lots, and the open interest was 162,927 (-4,171) lots. The contract showed a narrow - range weakening trend, with the price fluctuating between 12,265 - 12,385 yuan/ton. The short - side was dominant, and the market was bearish [3]. - **Spot**: In the off - season, stainless steel demand was weak, the market was pessimistic, prices were lowered, but transactions remained light. The stainless steel prices in Wuxi and Foshan markets were 12,675 (+0) yuan/ton and 12,700 (+0) yuan/ton respectively, and the 304/2B premium was 335 - 585 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 1.50 yuan/nickel point to 889.0 yuan/nickel point [3]. Strategy - Due to low demand, high inventory, and a downward - moving cost center, the stainless steel price is expected to maintain a low - level oscillation. The single - side strategy is neutral, and no operations for cross - period, cross - variety, spot - futures, and options [5].

氯碱日报 | 2025-11-25 PVC: 期货价格及基差：PVC主力收盘价4496元/吨（+40）；华东基差-56元/吨（-20）;华南基差4元/吨（-20）。 现货价格：华东电石法报价4440元/吨（+20）；华南电石法报价4500元/吨（+20）。 PVC底部空间缩窄，烧碱现货跟跌 市场要闻与重要数据 上游生产利润：兰炭价格800元/吨（+0）；电石价格2805元/吨（+0）；电石利润-125元/吨（+0）；PVC电石法生产毛 利-848元/吨（-28）；PVC乙烯法生产毛利-516元/吨（-25）；PVC出口利润12.9美元/吨（+0.4）。 PVC库存与开工：PVC厂内库存31.5万吨（-0.7）；PVC社会库存52.7万吨（-0.6）；PVC电石法开工率80.15%（+0.58%）； PVC乙烯法开工率71.31%（+1.18%）；PVC开工率77.48%（+0.77%）。 下游订单情况：生产企业预售量67.6万吨（-2.3）。 烧碱： 期货价格及基差：SH主力收盘价2241元/吨（+5）；山东32%液碱基差134元/吨（-68）。 现货价格：山东32%液碱报价760元/吨（-20）；山东50% ...

农产品日报 | 2025-11-25 终端观望为主，豆粕维持震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约3011元/吨，较前日变动-1元/吨，幅度-0.03%；菜粕2601合约2446元/吨，较前日 变动+15元/吨，幅度+0.62%。现货方面，天津地区豆粕现货价格3050元/吨，较前日变动+10元/吨，现货基差M01+39， 较前日变动+11；江苏地区豆粕现货2980元/吨，较前日变动+10元/吨，现货基差M01-31，较前日变动+11；广东地 区豆粕现货价格2970元/吨，较前日变动跌+0元/吨，现货基差M01-41，较前日变动+1。福建地区菜粕现货价格2630 元/吨，较前日变动+20元/吨，现货基差RM01+184，较前日变动+5。 近期市场资讯，美国农业部周五公布，美国8月大豆压榨量为594万吨。11月21日，咨询机构Patria Agronegocios表 示，巴西2025/26年度大豆种植面积已经达到预估面积的79.61%，低于上一作物年度同期的83.29%。 市场分析 当前国内供应依旧较为宽松，大豆持续到港，油厂开机率虽有所上升，但库存消耗较为缓慢，依旧维持在百万吨 ...

石油沥青日报 | 2025-11-25 成本端弱势运行，市场震荡筑底 市场分析 1、11月24日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价3060元/吨，较昨日结算价上涨25元/吨，涨幅 0.82%；持仓161041手，环比下跌4997手，成交226825手，环比上涨6569手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，3000—3520元/吨；华南，3060—3210元/吨； 华东，3200—3400元/吨。 原油端震荡下跌，沥青成本端支撑偏弱，但在价格跌至低位后，市场底部信号开始出现。现货方面，昨日西北、 华东以及川渝地区沥青现货价格相对稳定，其余地区沥青现货价格均出现不同幅度下跌。具体来看，在炼厂开工 率和产量出现明显下滑态势，多家炼厂转产渣油，沥青装置开工率降至绝对低位，北方出现提货紧张的状况。不 过目前冬储需求还没有明确释放的迹象，市场情绪相对平淡，反弹动力仍不足。整体来看，沥青市场下行压力已 有所缓解，但底部反弹仍需要更多的刺激因素。 策略 单边：中性，等待底部信号夯实 跨品种：无 跨期：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 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The fuel oil market is driven by limited factors and is operating in a weak and volatile manner. Crude oil prices continue to oscillate weakly, and the expectation of oversupply in the medium - term oil market is gradually being realized. If the Russia - Ukraine situation eases, the geopolitical premium may further subside, putting downward pressure on the unilateral price of fuel oil. The fundamentals of the fuel oil market itself have limited drivers. The market structure of low - sulfur fuel oil has encountered resistance after a slight repair, and the tightening of local supply is only temporary. For high - sulfur fuel oil, there are still supporting factors, and the lower support for valuation comes from the flexible demand of refineries. In general, the short - term market contradictions of high - and low - sulfur fuel oil are limited, and they may fluctuate following the crude oil market. The price spread between high - and low - sulfur fuel oil does not have a strong trend for the time being [1]. 3. Summary by Related Catalogs Market Analysis - The night - session closing price of the main contract of SHFE fuel oil futures dropped 0.28% to 2,493 yuan/ton, and that of INE low - sulfur fuel oil futures dropped 0.69% to 3,034 yuan/ton [1]. - Crude oil prices are in a weak and volatile state. The expectation of oversupply in the medium - term oil market is being realized. If the Russia - Ukraine situation eases, the geopolitical premium may further decline, which suppresses the unilateral price of fuel oil [1]. - The fundamentals of the fuel oil market have limited drivers. The market structure of low - sulfur fuel oil has encountered resistance after a slight repair, and the tightening of local supply is only temporary. The supply of Dangote refinery has not completely stopped, the partial units of Azur refinery that were under maintenance due to faults are expected to restart around November 29, and the shipment of Sudanese low - sulfur crude oil is also recovering [1]. - For high - sulfur fuel oil, there are still supporting factors, and the lower support for valuation comes from the flexible demand of refineries [1]. Strategy - High - sulfur fuel oil: Neutral in the short term and bearish in the medium term [2]. - Low - sulfur fuel oil: Neutral in the short term and bearish in the medium term [2]. - Cross - variety: No strategy [2]. - Cross - period: No strategy [2]. - Spot - futures: No strategy [2]. - Options: No strategy [2].

Report Industry Investment Rating - The investment strategy for both the pig and egg industries is cautiously bearish [3][5] Core Viewpoints - In the pig industry, future supply will increase, especially with concentrated slaughtering in December. The supply-demand pattern of loose supply will continue due to supply growth outpacing consumption [2] - In the egg industry, current consumption demand is weak. Although egg production capacity is slowly decreasing, the short - term oversupply situation is hard to change, and spot prices are expected to fluctuate at a low level [4] Market News and Important Data Pig - Futures: The closing price of the pig 2601 contract yesterday was 11,400 yuan/ton, up 50 yuan/ton (+0.44%) from the previous trading day [1] - Spot: In Henan, the price of external ternary pigs was 11.40 yuan/kg, down 0.32 yuan/kg; in Jiangsu, it was 11.65 yuan/kg, down 0.09 yuan/kg; in Sichuan, it was 11.57 yuan/kg, unchanged from the previous day [1] - Agricultural product wholesale prices on November 24: The "Agricultural Product Wholesale Price 200 Index" was 125.70, up 0.33 points; the "Vegetable Basket" product wholesale price index was 127.85, up 0.39 points. The average wholesale price of pork was 17.92 yuan/kg, up 0.1%; beef was 66.43 yuan/kg, up 0.1%; mutton was 62.76 yuan/kg, up 0.3%; eggs were 7.35 yuan/kg, up 1.2%; white - striped chicken was 17.50 yuan/kg, down 0.4% [1] Egg - Futures: The closing price of the egg 2601 contract yesterday was 3210 yuan/500 kilograms, up 26 yuan (+0.82%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 2.73 yuan/jin, up 0.09 yuan; in Shandong, it was 2.95 yuan/jin, unchanged; in Hebei, it was 2.64 yuan/jin, up 0.06 yuan [3] - Inventory: On November 24, the national production - link inventory was 1.16 days, unchanged; the circulation - link inventory was 1.35 days, down 0.04 days (-2.88%) [3] Market Analysis Pig - Future supply will increase, especially with concentrated slaughtering of retail farmers and secondary fattening pigs in December. Although demand is growing, the supply growth rate is higher than the consumption rate, so the loose supply pattern will continue [2] Egg - Current consumption demand is at a normal low level. Although temperature drop is conducive to egg storage and there is some replenishment by supermarkets and e - commerce, it has limited impact on overall demand. The short - term oversupply situation is hard to change [4] Strategy Pig - Cautiously bearish [3] Egg - Cautiously bearish [5]

油料日报 | 2025-11-25 豆一受需求缺口拉动延续涨势，花生关注基层上货节奏 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4150.00元/吨，较前日变化+41.00元/吨，幅度+1.00%。现货方面，食用豆现货基 差A01-50，较前日变化-41，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆价格表现坚挺，基层农户库存不多，挺价意愿较强，39%以上蛋白大豆毛粮 价格仍有趋涨走势，普通蛋白豆在高蛋白价格带动下也表现偏强。但从粮贸企业销售情况来看整体一般，随着还 粮陆续结束，价格或以持稳为主。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较前一 日平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较前一日平；黑龙江佳木斯富 锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日平；黑龙江齐齐哈尔讷河市场国标一等蛋白 41%蛋白中粒塔粮装车报价2.17元/斤，较前一日平；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价 2.16元/斤，较前一日平；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.17元/ ...

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing [2] 2) Core View of the Report - The external market of LPG is running strongly, but there are still resistances in the market. The LPG market's upward driving force remains insufficient, and the futures market may maintain a volatile operation in the short term [1] 3) Summary According to Related Contents Market Analysis - On November 24, regional prices were as follows: Shandong market, 4300 - 4440; Northeast market, 4010 - 4150; North China market, 4250 - 4390; East China market, 4170 - 4350; Yangtze River market, 4420 - 4760; Northwest market, 4300 - 4350; South China market, 4300 - 4450 [1] - In the second half of December 2025, the CIF price of frozen propane in East China, China was 569 US dollars/ton, up 7 US dollars/ton, and butane was 559 US dollars/ton, up 7 US dollars/ton. Converted into RMB, propane was 4438 yuan/ton, up 53 yuan/ton, and butane was 4360 yuan/ton, up 53 yuan/ton. In South China, the CIF price of frozen propane was 561 US dollars/ton, up 7 US dollars/ton, and butane was 551 US dollars/ton, up 7 US dollars/ton. Converted into RMB, propane was 4376 yuan/ton, up 53 yuan/ton, and butane was 4298 yuan/ton, up 53 yuan/ton [1][3] - The external market continued the volatile rebound trend. The high discount boosted the CIF cost, and the domestic LPG spot and futures market received some support. With the decline in the commercial volume of domestic refineries and the decrease in arrivals, the LPG fundamentals showed a marginal tightening trend, but the sustainability was questionable. Last week, arrivals and port inventories rebounded again. In the medium term, the overall supply - demand pattern has not reversed. Overseas supplies are relatively abundant, and the downstream chemical demand is restricted by the lack of profit growth momentum, which will limit the upward space of the market [1] Strategy - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2]