1. Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2. Core View of the Report - The prices of the three major oils fluctuated yesterday. South American soybean sowing is progressing smoothly with favorable weather in the producing areas, and Argentina has also started sowing, with over 4% progress. The USDA is expected to release a monthly supply and demand report this week, which will revise the September US soybean yield data and have a significant impact on the market [3] 3. Summary by Relevant Catalog 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 8,770 yuan/ton, a change of +80 yuan or +0.92% compared to the previous day; the closing price of the soybean oil 2601 contract was 8,238 yuan/ton, a change of +10 yuan or +0.12%; the closing price of the rapeseed oil 2601 contract was 9,775 yuan/ton, a change of +188 yuan or +1.96% [1] - Spot: In the Guangdong region, the spot price of palm oil was 8,740 yuan/ton, a change of +140 yuan or +1.63%, and the spot basis was P01 - 30 yuan, a change of +60 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,430 yuan/ton, a change of +40 yuan/ton or +0.48%, and the spot basis was Y01 + 192 yuan, a change of +30 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,130 yuan/ton, a change of +190 yuan or +1.91%, and the spot basis was OI01 + 355 yuan, a change of +2 yuan [1] 3.2 Market Information Aggregation - Domestic soybean crushing: Last week, the soybean crushing volume of major domestic oil mills continued to decline significantly, falling short of market expectations and reaching a six - month low. The average operating rate of domestic oil mills was 52.94%, a decrease of 8.66% from the previous week's 61.60%. The total soybean crushing volume of national oil mills was 1.9862 million tons, a decrease of 324,900 tons from the previous week's 2.3111 million tons. Among them, the crushing volume of domestic soybeans was 53,200 tons, and the crushing volume of imported soybeans was 1.933 million tons. This week, the expected soybean processing volume is expected to rise again to 2.3302 million tons, with an operating rate of 62.11% [2] - Imported grain and oil prices: The C&F price of US Gulf soybeans (December shipment) was 501 US dollars/ton, an increase of 2 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (December shipment) was 496 US dollars/ton, a decrease of 4 US dollars/ton; the C&F price of Brazilian soybeans (December shipment) was 495 US dollars/ton, an increase of 5 US dollars/ton. The import soybean premium quotes: 238 cents/bushel for the Gulf of Mexico (December shipment), a decrease of 5 cents/bushel; 225 cents/bushel for the US West Coast (December shipment), a decrease of 20 cents/bushel; 220 cents/bushel for Brazilian ports (December shipment), an increase of 3 cents/bushel. The C&F price of Canadian rapeseed (January shipment) was 528 US dollars/ton, an increase of 5 US dollars/ton; the C&F price of Canadian rapeseed (March shipment) was 536 US dollars/ton, an increase of 4 US dollars/ton. The C&F price of Argentine soybean oil (December shipment) was 1,144 US dollars/ton, an increase of 17 US dollars/ton; the C&F price of Argentine soybean oil (February shipment) was 1,138 US dollars/ton, an increase of 2 US dollars/ton. The C&F quotes for imported rapeseed oil: 1,085 US dollars/ton for Canadian rapeseed oil (December shipment), unchanged; 1,065 US dollars/ton for Canadian rapeseed oil (February shipment), unchanged. The shipping freight from Southeast Asian palm oil (December shipment) to central China was 27 US dollars/ton, unchanged; the shipping freight from Argentine soybean oil (December shipment) to central China was 110 US dollars/ton, unchanged; the shipping freight from Canadian rapeseed oil (December shipment) to central China was 65 US dollars/ton, unchanged [2] - International production and export forecasts: As of November 10, Indonesia's biodiesel consumption this year has reached 12.25 million kiloliters, made from palm - oil - based fatty acid methyl esters (FAME). The Indonesian government has allocated 15.6 million kiloliters of FAME for biodiesel consumption in 2025. From November 1 - 10, 2025, the yield per unit area of Malaysian palm oil decreased by 4.14% compared to the same period last month, the oil extraction rate decreased by 0.4%, and the output decreased by 2.16%. It is predicted that Brazil's soybean exports in November are expected to reach 4.26 million tons, higher than the previous week's 3.77 million tons; the expected export of soybean meal is 2.47 million tons, higher than the previous week's 2.23 million tons; the expected export of corn is 6.04 million tons, higher than the previous week's 5.57 million tons [2]

化工日报 | 2025-11-12 我国10月乘用车零售量同环比双降 市场要闻与数据 期货方面，昨日收盘RU主力合约15095元/吨，较前一日变动-15元/吨；NR主力合约12125元/吨，较前一日变动-40 元/吨；BR主力合约10240元/吨，较前一日变动-35元/吨。 现货方面，云南产全乳胶上海市场价格14600元/吨，较前一日变动+0元/吨。青岛保税区泰混14600元/吨，较前一 日变动-50元/吨。青岛保税区泰国20号标胶1835美元/吨，较前一日变动-15美元/吨。青岛保税区印尼20号标胶1710 美元/吨，较前一日变动-5美元/吨。中石油齐鲁石化BR9000出厂价格10200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+50元/吨。 市场资讯 据第一商用车网初步统计，2025年10月份，我国重卡市场共计销售9.3万辆左右（批发口径，包含出口和新能源）， 环比今年9月下降约12%，比上年同期的6.64万辆大幅增长约40%。今年1-10月，我国重卡市场累计销量超过了90 万辆，达到91.6万辆，同比增长约22%，预计在11月过后，累计销量就会超过100万 ...

油料日报 | 2025-11-12 豆一需求转淡消化库存，关注花生主力油厂收购节奏 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4112.00元/吨，较前日变化-4.00元/吨，幅度-0.10%。现货方面，食用豆现货基差 A01-32，较前日变化+4，幅度32.14%。 市场资讯汇总：东北新季大豆市场以稳为主，市场收购高蛋白积极性尚可，价格表现坚挺。目前基层农户余粮数 量较多，部分惜售心态仍存，收购价格以持稳为主，39%蛋白毛粮收购价1.92-1.93元/斤。下游贸易商多采取按需 采购策略，以消化现有库存为主，整体收购节奏趋于理性。 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2.03元/斤，较前一日持平；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2.04元/斤，较 前一日持平；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2.02元/斤，较前一日持平；黑龙江 齐齐哈尔讷河市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较前一日持平；黑龙江黑河嫩江市场国标 一等蛋白39%蛋白中粒塔粮装车报价2.03元/斤，较前一日持平；黑龙江绥化海伦市场国标一等蛋白 ...

石油沥青日报 | 2025-11-12 盘面小幅反弹，现货端延续弱势 市场分析 1、11月11日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价3050元/吨，较昨日结算价上涨17元/吨，涨幅 0.56%；持仓193828\t手，环比下降14840手，成交252208手，环比下降7506手。 2、卓创资讯重交沥青现货结算价：东北，3156—3750元/吨；山东，2950—3620元/吨；华南，3200—3320元/吨； 华东，3300—3400元/吨。 原油价格上涨带动沥青期货盘面小幅反弹，但目前成本端上方阻力仍存。现货方面，昨日华北、华东、华南以及 川渝地区沥青现货价格出现下跌，其余地区相对稳定。虽然沥青期货出现反弹，但由于部分地区主营炼厂下调沥 青结算价格，加之沥青现货资源供应充裕，现货端延续跌势。整体来看，排除原油端的带动，沥青市场内生性的 反弹动力仍不足。 策略 单边：中性，短期观望为主 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 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 | 图 ...

甲醇日报 | 2025-11-12 西北成交好转 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤465元/吨（+0），内蒙煤制甲醇生产利润603元/吨（+5）；内地甲醇价格方面，内 蒙北线2008元/吨（+5），内蒙北线基差526元/吨（+24），内蒙南线1960元/吨（+10）；山东临沂2175元/吨（+10）， 鲁南基差293元/吨（+29）；河南2065元/吨（+25），河南基差183元/吨（+44）；河北2090元/吨（+20），河北基差268 元/吨（+39）。隆众内地工厂库存386410吨（+10350），西北工厂库存232500吨（+1200）；隆众内地工厂待发订单 221093吨（+5535），西北工厂待发订单124500吨（+10900）。 港口方面：太仓甲醇2060元/吨（+0），太仓基差-22元/吨（+19），CFR中国240美元/吨（-3），华东进口价差-42元/ 吨（-11），常州甲醇2275元/吨；广东甲醇2065元/吨（+5），广东基差-17元/吨（+24）。隆众港口总库存1517100吨 （+10630），江苏港口库存821500吨（-2800），浙江港口库存 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The closing price of the main EG futures contract was 3,875 yuan/ton (down 78 yuan/ton or 1.97% from the previous trading day), and the spot price in the East China market was 3,979 yuan/ton (down 29 yuan/ton or 0.72%). The spot basis in East China was 68 yuan/ton (down 2 yuan/ton). With the restart of Zhenhai Refining & Chemical and the decline in coal prices, EG showed a weak downward trend [1]. - The production profit of ethylene - based EG was -$57/ton (down $2/ton), and that of coal - based syngas EG was -911 yuan/ton (down 20 yuan/ton) [1]. - According to CCF data, the inventory at the main ports in East China was 66.1 tons (up 9.9 tons), and according to Longzhong data, it was 56.4 tons (up 6.5 tons). With more arrival plans this week, inventory accumulation is expected [1]. - On the supply side, domestic ethylene glycol production is at a high level, and overseas device changes are limited. Arrival plans around mid - November are still moderately high, and port inventory is expected to gradually increase. On the demand side, polyester downstream has moderately improved, but the increase in polyester load is limited [2]. - For trading strategies, it is recommended to cautiously short - sell on rallies for hedging. An inverse spread strategy is recommended for EG2601 - EG2605, and no cross - variety strategy is provided [3]. 3. Summary by Directory Price and Basis - The closing price of the main EG futures contract was 3,875 yuan/ton, and the spot price in the East China market was 3,979 yuan/ton. The spot basis in East China was 68 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -$57/ton, and that of coal - based syngas EG was -911 yuan/ton [1]. - Domestic ethylene glycol production is at a high level [2]. International Price Difference No specific data or analysis on international price differences is provided in the text, only a figure (Figure 9: Ethylene glycol international price difference: US FOB - China CFR) is mentioned [19]. Downstream Sales, Production and Operating Rate - With the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [2]. Inventory Data - According to CCF data, the inventory at the main ports in East China was 66.1 tons, and according to Longzhong data, it was 56.4 tons. Arrival plans this week are more, and inventory accumulation is expected [1]. - Around mid - November, arrival plans are still moderately high, and port inventory is expected to gradually increase [2].

Report Industry Investment Rating - Unilateral: Neutral; short-term may stop falling, but limited upward drive, mainly oscillating in the bottom range; - Inter-period: None - Inter-variety: None [3] Core Viewpoints - Local PDH device maintenance boosts and downstream device restart brings demand increment, driving the improvement of the propylene market trading. The Shandong spot rebounds, and the futures price is supported to stop falling and consolidate. - The supply side has a phased reduction, but the supply is still loose, and the inventory pressure in the factory is still high. - The demand side is boosted by bargain hunting purchases, and the overall profit margin of downstream products has improved. The demand support for propylene may increase. - The cost support for propylene is limited due to the small increase in international oil prices and the continuous weakness of external propane. [2] Summary by Directory 1. Propylene Basis Structure - The closing price of the propylene main contract is 5869 yuan/ton (-23), the East China spot price of propylene is 5875 yuan/ton (+25), the North China spot price of propylene is 5765 yuan/ton (+0), the East China basis of propylene is 6 yuan/ton (+48), and the North China basis of propylene is -102 yuan/ton (+38). [1] 2. Propylene Production Profit and Capacity Utilization Rate - The propylene capacity utilization rate is 75% (+0%), the propylene CFR - Japanese naphtha CFR is 133 US dollars/ton (-1), and the propylene CFR - 1.2 propane CFR is 63 US dollars/ton (-2). [1] 3. Propylene Import and Export Profit - The propylene import profit is -240 yuan/ton (+52). [1] 4. Propylene Downstream Profit and Capacity Utilization Rate - PP powder capacity utilization rate is 43% (-0.34%), production profit is -15 yuan/ton (+0); - Epoxy propane capacity utilization rate is 74% (+5%), production profit is 268 yuan/ton (-57); - N-butanol capacity utilization rate is 86% (+2%), production profit is -86 yuan/ton (+0); - Octanol capacity utilization rate is 71% (-18%), production profit is -173 yuan/ton (-50); - Acrylic acid capacity utilization rate is 72% (+5%), production profit is 579 yuan/ton (-53); - Acrylonitrile capacity utilization rate is 78% (-1%), production profit is -158 yuan/ton (-45); - Phenol - acetone capacity utilization rate is 76% (-3%), production profit is -390 yuan/ton (-25). [1] 5. Propylene Inventory - The propylene inventory in the factory is 49,820 tons (+4,770). [1]

农产品日报 | 2025-11-12 现货供应充足，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3054元/吨，较前日变动-9元/吨，幅度-0.29%；菜粕2601合约2500元/吨，较前日 变动-27元/吨，幅度-1.07%。现货方面，天津地区豆粕现货价格3050元/吨，较前日变动+0元/吨，现货基差M01-4， 较前日变动+9；江苏地区豆粕现货3000元/吨，较前日变动+0元/吨，现货基差M01-54，较前日变动+9；广东地区 豆粕现货价格3000元/吨，较前日变动跌+0元/吨，现货基差M01-54，较前日变动+9。福建地区菜粕现货价格2690 元/吨，较前日变动-20元/吨，现货基差RM01+190，较前日变动+7。 近期市场资讯，外媒11月10日消息：咨询机构AgRural周一表示，截至11月6日，2025/26年度巴西大豆播种完成61%， 高于一周前的47%，低于去年同期的67%。截至2025年11月6日的一周，美国大豆出口检验量为108.8万吨，上周为 修正后的98.5玩吨，去年同期为236.4万吨。2025/26年度迄今美国大豆出口检验总量达到888.9万吨，同 ...

Report Summary 1. Report Industry Investment Ratings - Apple: Neutral - Bullish [4] - Red Dates: Neutral [8] 2. Core Views - **Apple**: The current apple spot market is at a seasonal transition point, with cold - storage trading becoming dominant. Short - term price trends depend on the final storage scale and inventory structure, and high - quality apples are expected to maintain a stable and firm price. The year's commodity rate is low, and the inventory volume is lower than the same period last year [3][4]. - **Red Dates**: The red date futures price dropped slightly. The acquisition progress in Xinjiang has accelerated, and farmers' price - holding sentiment has weakened. The current harvesting progress is about 40% - 50%. The supply - demand contradiction has not been substantially alleviated, and the market has a pessimistic outlook. The actual consumption situation during the consumption season will be a key focus [7]. 3. Summaries by Related Catalogs Apple - **Market News and Key Data**: The closing price of the apple 2601 contract was 9229 yuan/ton yesterday, up 70 yuan/ton (+0.76%) from the previous day. The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.75 yuan/jin, unchanged from the previous day. The price of Shaanxi Luochuan 70 semi - commodity late Fuji was 4.15 yuan/jin, unchanged from the previous day [1]. - **Recent Market Information**: The ground trading in late Fuji producing areas has ended, and cold - storage trading has begun. The acquisition of small fruits is active, and farmers are selling at market prices. The cold - storage trading in Gansu and Shaanxi has started, and the same - quality ex - warehouse prices are firmer than during the acquisition period. It is expected that high - quality apple prices will remain stable and firm in the short term, and general - quality apple prices will remain stable. The peak of cold - storage entry may occur this week [2]. - **Market Analysis**: The apple futures price rose slightly. The short - term price trend depends on the final storage scale and inventory structure. The ground trading in Shandong and Shanxi has ended, and the cold - storage entry work is in the later stage. The trading atmosphere in the sales areas is still weak, and the demand side is under pressure. The ex - warehouse prices of farmers' apples in Shaanxi and Gansu are about 0.3 yuan higher than the ground prices [3]. - **Strategy**: Neutral - bullish. The supply of late Fuji has increased, but the annual commodity rate is low. Merchants are cautious about ordering general - quality apples. The cold - storage entry work is in the later stage, and the inventory volume is lower than last year [4]. Red Dates - **Market News and Key Data**: The closing price of the red date 2601 contract was 9495 yuan/ton yesterday, down 90 yuan/ton (-0.94%) from the previous day. The spot price of first - grade grey dates in Hebei was 9.00 yuan/kg, unchanged from the previous day [5]. - **Recent Market Information**: The acquisition progress in Aksu and Alar has accelerated, and the prices have slightly decreased by 0.20 yuan/kg. The acquisition in Hotan and Qiemo has basically ended. The new red dates in the Hebei sales area have been slightly listed, and downstream merchants are purchasing cautiously. It is expected that the spot prices will remain stable in the short term [6]. - **Market Analysis**: The red date futures price dropped slightly. The acquisition of long - staple cotton in Xinjiang is in the middle stage, and the acquisition progress in Aksu and Alar has accelerated. Farmers' price - holding sentiment has weakened. The new red dates in the Hebei sales area have been slightly listed, and downstream purchasing is cautious. It is expected that the spot prices will remain stable in the short term. The new - season jujube trees have over - exhausted, and a production reduction is a normal expectation. The jujube quality is better than last year. The actual consumption situation during the consumption season will be a key focus [7]. - **Strategy**: Neutral. The red date futures have dropped significantly recently, and market gaming has increased. The new - season red dates in the main producing areas have not been fully harvested. Attention should be paid to changes in acquisition prices, jujube quality, and consumption during the peak season [8].

Group 1: Report Industry Investment Rating - The investment strategy for both the pig and egg markets is cautiously bearish [3][6] Group 2: Report's Core View - The pig market is in a situation where supply exceeds demand, and this pattern is difficult to change. The secondary fattening pigs entering the market in October are expected to be slaughtered around the Winter Solstice, and there is a risk of early slaughter if prices decline. The future pig supply remains in an oversupply state, and the slaughter of secondary fattening pigs will further increase the supply pressure [2] - The egg market also has a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 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