Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the market liquidity situation of various sectors on November 20, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report provides data on trading volume, holding amount, and trading - holding ratio of multiple sectors, including stock index, treasury bond, basic metal, precious metal, energy and chemical, agricultural product, and black building materials sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On November 20, 2025, the trading volume was 727.794 billion yuan, a change of - 0.76% from the previous trading day; the holding amount was 1339.553 billion yuan, a change of + 0.73%; the trading - holding ratio was 53.89% [1] III. Treasury Bond Plate - The trading volume was 575.231 billion yuan, a change of + 25.53% from the previous trading day; the holding amount was 838.221 billion yuan, a change of - 0.09%; the trading - holding ratio was 67.68% [1] IV. Basic Metal and Precious Metal (Metal Plate) - Basic metal: The trading volume was 564.088 billion yuan, a change of - 4.94% from the previous trading day; the holding amount was 606.192 billion yuan, a change of - 0.64%; the trading - holding ratio was 113.62% - Precious metal: The trading volume was 977.091 billion yuan, a change of + 21.73% from the previous trading day; the holding amount was 447.343 billion yuan, a change of + 0.71%; the trading - holding ratio was 290.76% [1] V. Energy and Chemical Plate - The trading volume was 529.415 billion yuan, a change of + 11.44% from the previous trading day; the holding amount was 456.358 billion yuan, a change of - 0.98%; the trading - holding ratio was 108.10% [1] VI. Agricultural Product Plate - The trading volume was 309.372 billion yuan, a change of - 11.18% from the previous trading day; the holding amount was 599.657 billion yuan, a change of + 0.17%; the trading - holding ratio was 44.96% [1] VII. Black Building Materials Plate - The trading volume was 263.688 billion yuan, a change of + 29.96% from the previous trading day; the holding amount was 369.927 billion yuan, a change of - 0.92%; the trading - holding ratio was 71.80% [2]

1. Report Industry Investment Rating - High-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] 2. Core Viewpoints of the Report - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.45% at 2,553 yuan/ton overnight, while the main contract of INE low-sulfur fuel oil futures closed down 0.06% at 3,153 yuan/ton [1] - Crude oil prices continue to oscillate weakly. Although there are short-term disturbances from geopolitical and macro factors, the medium-term expectation of oversupply in the oil market is gradually being realized, which exerts some pressure on the unilateral price of fuel oil [1] - In terms of the fundamentals of fuel oil itself, low-sulfur fuel oil has recently performed stronger than high-sulfur fuel oil, but the situation reversed again yesterday [1] - The low-sulfur fuel oil market lacks a sustainable upward driver. Part of the Azur refinery's facilities under maintenance due to malfunctions are expected to restart around November 29, and Kuwait's low-sulfur fuel oil shipments have been zero so far in November. Supply will resume after the facilities restart [1] - There are still supporting factors in the high-sulfur fuel oil market. In particular, Ukrainian drones have continuously attacked Russian refineries, leading to a decline in their operating rates. Recent fuel oil shipments have been low, and the impact of US sanctions may further materialize [1] 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.45% at 2,553 yuan/ton overnight, and the main contract of INE low-sulfur fuel oil futures closed down 0.06% at 3,153 yuan/ton [1] - Crude oil prices are in a weak oscillation. The medium-term oversupply expectation in the oil market is pressuring fuel oil prices [1] - Low-sulfur fuel oil recently outperformed high-sulfur fuel oil, but the situation reversed. The low-sulfur market lacks a sustainable upward driver, while the high-sulfur market has supporting factors [1] Strategy - High-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - No strategies for cross-variety, cross-period, spot-futures, and options [2]

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, waiting for the market bottom to consolidate [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2) Core View of the Report - The asphalt futures market is in a low - level oscillation state. The cost side of crude oil is weak, and the fundamentals lack positive stimuli. Although there are some bottom signals, the rebound momentum is insufficient. The spot market is generally stable, with a weak trading atmosphere and no clear positive signals [1]. 3) Summary by Related Catalogs Market Analysis - On November 20, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3058 yuan/ton, up 10 yuan/ton or 0.33% from the previous settlement price. The open interest was 191,962 lots, down 2,515 lots from the previous day, and the trading volume was 317,665 lots, up 135,611 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3156 - 3650 yuan/ton; Shandong, 3030 - 3520 yuan/ton; South China, 3090 - 3210 yuan/ton; East China, 3200 - 3400 yuan/ton [1]. - The asphalt futures market maintains a low - level oscillation. The crude oil cost is weak, and the fundamentals lack positive stimuli. There are bottom signals but insufficient rebound momentum. In the spot market, the price in North China decreased slightly yesterday, while prices in other regions were relatively stable. Although the supply in some areas is tight, the overall terminal demand is weak, resource consumption is slow, the willingness of market participants to buy at the bottom is limited, and the trading atmosphere is poor [1]. Strategy - Unilateral: Adopt a neutral strategy and wait for the market bottom to be consolidated [2]. - Inter - period: No strategy [2]. - Inter - variety: No strategy [2]. - Spot - futures: No strategy [2]. - Options: No strategy [2].

液化石油气日报 | 2025-11-21 现货涨跌互现，市场驱动有限 市场分析 1、\t11月20日地区价格：山东市场，4260-4400；东北市场，4040-4150；华北市场，4250-4400；华东市场，4170-4350； 沿江市场，4510-4810；西北市场，4300-4350；华南市场，4250-4450。（数据来源：卓创资讯） 2、\t2025年12月下半月中国华东冷冻货到岸价格丙烷567美元/吨，跌1美元/吨，丁烷557美元/吨，跌3美元/吨，折 合人民币价格丙烷4426元/吨，跌5元/吨，丁烷4348元/吨，跌20元/吨。（数据来源：卓创资讯） 3、\t2025年12月下半月中国华南冷冻货到岸价格丙烷559美元/吨，跌3美元/吨，丁烷549美元/吨，跌5美元/吨，折 合人民币价格丙烷4364元/吨，跌20元/吨，丁烷4285元/吨，跌36元/吨。（数据来源：卓创资讯） 近期在外盘价格上涨、LPG到岸成本受到高贴水支撑的背景下，PG盘面呈现震荡偏强运行。现货方面，昨日整山 东、华北区域部分下调，其余区域维稳，整体氛围尚可，下游按需采购。就LPG自身基本面而言，海外供应相对 充裕，国内商品受检 ...

丙烯日报 | 2025-11-21 丙烯下游整体开工环比上升 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5871元/吨（+31），丙烯华东现货价5925元/吨（+0），丙烯华北现货价5940元/吨（-10）， 丙烯华东基差54元/吨（-31），丙烯华北基差56元/吨（-12）。丙烯开工率74%（-1%），中国丙烯CFR-日本石脑油CFR152 美元/吨（-5），丙烯CFR-1.2丙烷CFR45美元/吨（+1），进口利润-241元/吨（+9），厂内库存45040吨（-2150）。 丙烯下游方面：PP粉开工率47%（+3.02%），生产利润-210元/吨（+20）；环氧丙烷开工率75%（+0%），生产利润 647元/吨（+8）；正丁醇开工率82%（-2%），生产利润-295元/吨（+6）；辛醇开工率77%（+8%），生产利润-249元/ 吨（+57）；丙烯酸开工率73%（-2%），生产利润543元/吨（+0）；丙烯腈开工率80%（+1%），生产利润-316元/吨（-43）； 酚酮开工率79%（+12%），生产利润-415元/吨（+0）。 市场分析 周内上游检修增多，丙烯开工环比下滑，而下游复产整体开工回升， ...

Report Industry Investment Ratings - The investment ratings for steel, iron ore, coking coal, coke, and thermal coal are all "oscillating" [1][3][5][7] Core Views - The steel market has inventory pressure, and steel prices will oscillate. The iron ore market has high supply and inventory pressure, and ore prices will likely oscillate. The coking coal and coke markets are pessimistic, with prices running weakly. The thermal coal market has limited supply recovery and high prices, with short - term prices oscillating strongly [1][3][5][7] Summary by Related Catalogs Steel - **Market Analysis**: Yesterday, steel futures prices oscillated weakly, and spot prices followed suit. National building materials trading volume was 84,500 tons, a decrease of 8.15% from the previous day. Rebar production increased, inventory decreased, and apparent demand was better than expected. Hot - rolled coil production increased slightly, inventory decreased, and consumption increased month - on - month [1] - **Supply - Demand and Logic**: Building materials have supply pressure, but inventory reduction is significant, and apparent consumption is good. However, the consumption off - season is approaching, and consumption sustainability needs to be observed. The supply - demand pattern of strip steel has improved, but supply pressure remains, and inventory reduction pressure is still large. Short - term steel prices will oscillate, and future winter storage games and raw material support need to be observed [1] - **Strategy**: Unilateral trading is oscillating, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [2] Iron Ore - **Market Analysis**: Yesterday, iron ore futures oscillated. Spot prices were generally weak and stable, and trading was dull. The cumulative trading volume of main ports in the country was 918,000 tons, an increase of 27.32% from the previous day. This week, the average daily hot metal output decreased slightly, port inventory decreased slightly, and the number of stranded ships increased [3] - **Supply - Demand and Logic**: Iron ore supply remains high, and inventory pressure persists. With steel mills' losses and production cuts, hot metal output has decreased month - on - month. Port inventory reduction and a decline in arrivals support prices, so the callback space for ore prices is limited, and they will likely oscillate within a range. Future hot metal output and downstream inventory changes need to be observed [3] - **Strategy**: Unilateral trading is oscillating, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [4] Coking Coal and Coke - **Market Analysis**: Yesterday, the prices of black - sector commodities generally fell, and the prices of coking coal and coke futures continued to decline. Imported Mongolian coal prices weakened due to the decline in futures prices, trading was cold, and trading volume further declined. This week, coking coal production continued to increase, downstream coking plants and ports reduced inventory significantly, coke production decreased slightly, and overall inventory increased slightly [5] - **Supply - Demand and Logic**: For coking coal, domestic mines are gradually resuming production, Mongolian coal customs clearance remains high, and seaborne coal imports have also increased. Short - term coking coal supply has recovered month - on - month, and downstream demand is mainly for rigid needs, with insufficient speculative demand. The market focus is on the value of warehouse receipts. For coke, production restrictions in some areas have ended, supply has improved, hot metal output has decreased slightly, speculative demand has weakened, and coke supply and demand are in a weak balance [6] - **Strategy**: Coking coal and coke trading are both oscillating, and there are no strategies for inter - period, inter - variety, spot - futures, or options trading [6] Thermal Coal - **Market Analysis**: In the production area, coal prices have been slightly adjusted, and supply has tightened in some mines due to environmental protection and other factors, leading to a slight increase in prices. At present, coal prices are relatively high, and downstream buyers only purchase on demand, with speculative demand slowing down. At ports, inventory has accumulated due to navigation bans, market coal trading is sluggish, and downstream buyers are mainly waiting and watching. For imported coal, supply from Indonesia is low, and foreign mine quotes remain high due to existing profits [7] - **Supply - Demand and Logic**: Current supply recovery in the production area is limited, and downstream purchasing is more cautious. However, the consumption peak season has arrived, port inventory accumulation is lower than expected, and non - power demand downstream is strong. Short - term prices will oscillate strongly, and future overall consumption and inventory replenishment need to be observed [7]

聚烯烃日报 | 2025-11-21 下游开工逐步见顶回落 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6835元/吨（+2），PP主力合约收盘价为6400元/吨（-34），LL华北现货为6800 元/吨（-20），LL华东现货为6950元/吨（-50），PP华东现货为6450元/吨（+0），LL华北基差为-35元/吨（-22），LL 华东基差为115元/吨（-52）， PP华东基差为50元/吨（+34）。 上游供应方面，PE开工率为82.7%（-0.4%），PP开工率为78.3%（-1.3%）。 生产利润方面，PE油制生产利润为382.4元/吨（+204.2），PP油制生产利润为-407.6元/吨（+204.2），PDH制PP生产 利润为-376.1元/吨（-21.7）。 进出口方面，LL进口利润为84.4元/吨（+55.9），PP进口利润为-208.9元/吨（-31.3），PP出口利润为-5.4美元/吨（-1.1）。 下游需求方面，PE下游农膜开工率为49.9%（-0.1%），PE下游包装膜开工率为50.9%（+0.5%），PP下游塑编开工率 为44.2%（+0.0%），PP下游BOPP膜开工率 ...

期权成交量 2025-11-19，上证50ETF期权成交量为101.36万张；沪深300ETF期权（沪市）成交量为127.95万张； 中证500ETF期权（沪市）成交量为166.97万张；深证100ETF期权成交量为5.35万张； 创业板ETF期权成交量为189.01万张；上证50股指期权成交量为4.83万张； 沪深300股指期权成交量为15.93万张；中证1000期权总成交量为36.16万张。 股指期权日报 | 2025-11-20 股指期权日报 股指期权市场概况 期权VIX 上证50ETF期权VIX报17.60%，环比变动为-0.68%； 沪深300ETF期权（沪市）VIX报18.80%,环比变动为-0.87%； 中证500ETF期权（沪市）VIX报23.23%，环比变动为-0.44%； 深证100ETF期权VIX报23.40%，环比变动为-0.55%； 创业板ETF期权VIX报32.26%，环比变动为-0.32%； 上证50股指期权VIX报17.51%，环比变动为-0.66%； 沪深300股指期权VIX报19.77%，环比变动为-0.85%； 中证1000股指期权VIX报23.15%，环比变动为-0.1 ...

Report Industry Investment Rating - The strategy for both the soybean meal and corn sectors is cautiously bearish [4][7] Report's Core View - The domestic supply of soybean meal is relatively loose, with continuous soybean arrivals and high oil - mill inventories. Although the soybean meal inventory decreased this week due to reduced压榨, it remains at a high level. The price was supported by rising US soybean prices and import costs last week. Future focus should be on soybean imports, South American soybean weather, and policy changes [3] - For corn, new corn is concentrated on the market. Northeast corn has good yield and quality, and prices are rising due to traders' price - raising acquisitions. In North China, supply is tight due to farmers' wheat - planting and concerns about corn quality, leading to price increases. Feed enterprises have weak inventory - building意愿, while deep - processing enterprises have low inventories and raise prices to purchase. The overall supply is slightly loose, and the situation of oversupply remains unchanged. Attention should be paid to farmers' selling and traders' shipping [6] Summary by Related Catalogs Soybean Meal Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3022 yuan/ton yesterday, down 19 yuan/ton (-0.62%) from the previous day. The closing price of the rapeseed meal 2601 contract was 2419 yuan/ton, down 12 yuan/ton (-0.49%) from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3040 yuan/ton, down 10 yuan/ton from the previous day; in Jiangsu, it was 2980 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2970 yuan/ton, down 20 yuan/ton. The rapeseed meal spot price in Fujian was 2600 yuan/ton, down 10 yuan/ton [1] - Market Information: As of November 16, 2025, the US soybean harvest rate was 95%, compared with 98% last year and a five - year average of 96%. Abiove expects Brazil's 2025/26 soybean production to be a record 1.777 billion tons, with unchanged forecasts for crushing and export volumes [2] Market Analysis - The domestic supply is still loose, with high oil - mill inventories. The soybean meal inventory decreased this week due to reduced压榨 but remains high. Downstream feed enterprises mainly replenish inventory on a rolling basis. The price was supported by US soybean prices and import costs last week [3] Strategy - Cautiously bearish [4] Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2175 yuan/ton yesterday, up 7 yuan/ton (+0.32%) from the previous day. The closing price of the corn starch 2511 contract was 2480 yuan/ton, up 13 yuan/ton (+0.53%) from the previous day [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged from the previous day [4] - Market Information: As of November 16, 2025, the US corn harvest rate was 91%, compared with 98% last year and a five - year average of 94%. In October, corn imports reached 360,000 tons, a 43% year - on - year increase, but the cumulative imports from January to October were only 1.29 million tons, a 90% year - on - year decrease [4] Market Analysis - Supply: New corn is concentrated on the market in Northeast and North China. Northeast corn has good yield and quality, and prices are rising due to traders' acquisitions. In North China, supply is tight and prices are rising because of farmers' wheat - planting and concerns about corn quality [6] - Demand: Feed enterprises have weak inventory - building意愿 and mainly replenish inventory as needed. Deep - processing enterprises have low inventories and raise prices to purchase [6] Strategy - Cautiously bearish [7]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In December, the contract trading focuses on the rhythm. Shipping companies will adjust supply to keep freight rates high for next - year's long - term agreement negotiations. Attention should be paid to the implementation of price - holding in December. The 12 - month contract is expected to trade price - increase expectations and actual implementation alternately until delivery. The bottom support of the 12 - month contract is rising [4]. - The February 2026 contract may have a large expected difference but is currently suppressed by the resumption - of - navigation expectation. The delivery and settlement price of the EC2602 contract basically reflects the spot price center at the end of January 2026. Whether the shipping companies' price - holding time will be postponed is uncertain. Continuous tracking is needed [5][6]. - The strategy suggests that the 12 - month contract will fluctuate, and the 2 - month contract will fluctuate strongly, and there is no arbitrage strategy for now [8]. 3. Summary by Directory 3.1 Market Analysis - Online quotes: Different alliances and shipping companies have different price quotes and increases from November to December. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam price increased from week 48 to December; HPL - SPOT's price also rose significantly from the second half of November to December. MSC + Premier Alliance and Ocean Alliance also had similar price - increase trends [1][2]. - Geopolitical situation: Israeli military air - raids in Gaza and Lebanon have caused casualties and tensions, which may impact the shipping market [2]. 3.2 Dynamic Supply - In November, the remaining 3 - week average weekly capacity was 275,800 TEU, and in December, the monthly average weekly capacity was 313,000 TEU. There were 10 blank sailings and 1 TBN in November and 4 TBNs and 1 blank sailing in December, with different distributions among alliances [3]. 3.3 12 - Month Contract - The trading rhythm of the 12 - month contract involves trading price - increase expectations and actual implementation alternately. The price center in the second half of November was around $2,100 - 2,200/FEU, and shipping companies have issued price - increase letters for December. Attention should be paid to the actual implementation of the price increase in the first half of December and whether there will be another price - increase announcement in the second half of December [4]. 3.4 2026 February Contract - The last trading day of the EC2602 contract is February 9, 2026, and the delivery and settlement price is the arithmetic average of the prices on January 26, February 2, and February 9, 2026. Due to the Spring Festival holiday, it basically reflects the spot price center at the end of January. Whether the shipping companies' price - holding time will be postponed is uncertain, and follow - up attention should be paid to price - increase announcements in late November and mid - December [5][6]. 3.5 Futures and Spot Prices - As of November 19, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 71,070 lots, and the single - day trading volume was 23,971 lots. The closing prices of different contracts varied. The SCFI prices of different routes were also provided, such as the Shanghai - Europe route price of $1,417/TEU on November 14 [6]. 3.6 Container Ship Delivery - 2025 is a big year for container ship delivery. As of November 9, 2025, 226 container ships with a total capacity of 1.879 million TEU have been delivered, including 71 ships of 12,000 - 16,999 TEU with a total capacity of 1.072 million TEU and 12 ships of over 17,000 TEU with a total capacity of 253,800 TEU [7].