Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - On November 13, the main contracts 2601 of coke and coking coal futures declined slightly compared to the previous day's closing prices, hitting new lows since October 23 during intraday trading. The futures of coke and coking coal dropped significantly due to coal supply - guarantee policies. Although the spot market still has support, considering the large increase in Mongolian coal customs clearance and the significant growth in coking coal inventories of independent coking plants and ports, there may be downward pressure on prices due to oversupply. It is expected that the futures of coke and coking coal still need to digest the strong negative factors from the news, and it is advisable to try high - selling hedging or investment strategies. Attention should be paid to the implementation of supply - guarantee policies and the rhythm of spot price declines [5][11]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Futures Market**: On November 13, the main contracts 2601 of coke and coking coal futures, J2601 and JM2601, first declined and then rebounded. J2601 closed at 1686 yuan/ton, down 0.30% from the previous day, with a trading volume of 13,768 lots and an open interest of 37,775 lots, a decrease of 164 lots. JM2601 closed at 1214 yuan/ton, down 0.29%, with a trading volume of 572,483 lots and an open interest of 592,106 lots, a decrease of 991 lots. In the black - series futures, the long - short positions of the top 20 in RB2601, HC2601, SS2601, J2601, JM2601, and I2601 contracts also changed [5][6]. - **Spot Market**: On November 13, the ex - warehouse price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port remained unchanged at 1620 yuan/ton. The aggregated price of low - sulfur main coking coal in some regions was stable, with a 40 - yuan increase in Linfen [8]. 3.2 Outlook for the Future - **Policy**: The National Development and Reform Commission organized a video conference on energy supply guarantee for the 2025 - 2026 heating season, requiring all regions and relevant enterprises to ensure stable energy production and supply, improve the performance of medium - and long - term coal contracts, and focus on ensuring coal demand in northern heating areas [10]. - **Supply and Demand**: Due to continuous losses for four weeks, the coke output of independent coking enterprises dropped to a new low since late March. Although coking plants and steel mills continued to reduce coke inventories, port coke inventories have increased in the past five weeks. Since October 25, the customs clearance volume of Mongolian coal has increased significantly, and the coking coal inventories of 230 independent coking plants and ports have also increased [10]. 3.3 Industry News - **Water Conservancy Construction**: From January to October this year, China completed 1.00947 trillion yuan in water conservancy construction investment, implemented 46,000 water conservancy projects, and started 28,000 new projects, creating 2.484 million jobs and paying 47.06 billion yuan in wages [12]. - **Energy in Yunnan**: From January to September, Yunnan's energy department promoted the integrated development of "source - network - load - storage", driving a 11.3% increase in coal production, a 7.4% increase in crude oil processing volume, a 6.2% increase in refined oil production, and a 17% increase in natural gas consumption [12]. - **Anhui Kuangneng**: From November 10 - 12, Anhui Kuangneng held a production and operation work symposium for the coal sector, summarizing this year's work and planning next year's key tasks [12][13]. - **Concrete Industry**: Affected by the real - estate market adjustment and infrastructure investment slowdown, the demand in the cement industry is weak, and prices are low. However, prices are expected to recover to some extent under the anti - involution trend [13]. - **Shanxi Coking Coal**: The company's main products are high - quality coking coals, and it has established long - term strategic partnerships with many large steel enterprises. It also has a power generation business with a power - generation capacity of 4.32 million kilowatts per year [13]. - **Other News**: There were coal mine accidents in Henan; Lu'an Huaneng announced its coal production and sales in October; Fangda Special Steel is cooperating with CATL; Handan launched a level - II emergency response for heavy pollution; Shaanxi's industrial production and consumption of coal, natural gas, and oil showed different trends; Inner Mongolia's coal production was stable, and its new - energy installed capacity increased; Newcastle Port and Indian coal production and exports had certain changes; OPEC predicted an oversupply in the oil market in 2026; India imposed anti - dumping duties on Vietnamese steel [11][12][13][14][15]. 3.4 Data Overview The report provides various data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization of coking plants and steel mills, iron - water production, coke and coking coal inventories, and the basis of futures contracts [18][20][25][27][28][29].

行业 碳酸锂期货日报 日期 2025 年 11 月 14 日 ＃summary＃ 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 每日报告 一、 行情回顾与操作建议 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 数据来源：Wind，建信期货研究发展部 碳酸锂期货价量创年内新高，资金博弈情绪高涨。本周碳酸锂周度产量 21545 吨， 较上周微增 9 吨，碳酸锂周度产量见顶信号逐渐清晰，其中辉石产碳酸锂量下降 至 12904 吨，云母产碳酸锂下降至 2941 吨，盐湖产和回收产碳酸锂量均在增加， 考虑到冬季到来，预计后续盐湖产碳酸锂量也将下降，因此碳酸锂供应增量已经 微乎其微，前期高供应压力年内在放缓。需求端，本周电解 ...

Report Summary 1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 14, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - Although the actual demand may not support a large price increase, the freight rate is likely to form a bottom - up trend, and the bottom of the freight rate within the year may have appeared. It is recommended to pay attention to short - selling the off - season 04 contract on rallies [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The SCFIS index rose 24.5% week - on - week to 1504.8 this week, better than expected. The price increase in the first half of November was well - implemented, but the second - half increase fell short. Shipping companies' quoted price increases in November and December were lower than before. The 12 - month contract is in a premium state, and the market is considering the price increase space and implementation. The 02 contract has strong expectations of the pre - Spring Festival shipping peak, driving up far - month contracts [8]. 4.2 Industry News - From November 3 to 7, the China export container shipping market was generally stable, with freight rates diverging by route. The comprehensive index declined slightly. China's exports in October decreased by 1.1% year - on - year in US dollars, and the growth rate slowed down compared to September. In the European route, the eurozone's composite PMI in October reached 52.5, but different countries had different economic performances. The freight rate in the European route declined after continuous increases, while the Mediterranean route's freight rate increased slightly. In the North American route, the US government shutdown has lasted for 36 days, and the freight rate dropped from a high level. The situation in northern Israel is tense, and Egypt has proposed a new plan [9][10]. 4.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS European route index rose from 1208.71 to 1504.8, a 24.5% increase; the US - West route index rose from 1267.15 to 1329.71, a 4.9% increase [12]. - **Container Shipping Index (European Line) Futures Quotes**: The trading data of different contracts on November 13 are shown in Table 1, including opening price, closing price, settlement price, price change, and trading volume [6]. - **Shipping - Related Data Charts**: There are multiple charts showing data such as container ship capacity in Europe, global container ship orders, and shipping freight rates [13][18][19]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: November 14, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not mentioned in the report Core Viewpoints - The negative factors in the bond market have basically been released, and November has entered a stage of accumulating positive factors. The bond market environment has improved, with support at the bottom of Treasury bond futures and rising expectations of easing due to the slowdown of economic momentum. Investors should pay attention to this week's economic activity data and the central bank's outright reverse repurchase operations and seize opportunities to buy on dips [12]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: The stock - bond seesaw reappeared. The stock market reached a new high, suppressing the bond market, and Treasury bond futures closed down across the board. Yields of major term interest - bearing Treasury bonds in the inter - bank market rose across the board. The yield of the 10 - year Treasury bond active bond 250016 reached 1.8040%, up 0.3bp [8][9]. - **Funding Market**: With continuous central bank injections, the pressure on bank funds has been significantly relieved. The central bank conducted a net injection of 972 billion yuan today, and it has been a consecutive net injection this week. The inter - bank funding sentiment index declined slightly, indicating a marginal easing of funding pressure. Overnight weighted interest rates and 7 - day interest rates in the inter - bank market both decreased, while medium - and long - term funds remained stable [10]. - **Conclusion**: The domestic economic fundamentals face pressure, with economic indicators weakening since June, especially the accelerating decline in investment and the decline in exports in October. Currently, there is an increase in loose monetary and fiscal policies, and the restart of Treasury bond trading has brought direct buying demand. The impact of loose fiscal policies on the bond market is expected to be limited in the short term. Overall, the bond market environment has improved, but there are still some uncertain disturbances [11][12]. 2. Industry News - Chinese Vice - Premier He Lifeng met with relevant American figures, stating that China and the US have broad cooperation space in the economic and trade field and should jointly promote the stable development of bilateral economic and trade relations [13]. - During the 8th China International Import Expo, Vice - Minister of Commerce Sheng Qiuping held a symposium for foreign - funded retail enterprises, welcoming them to develop in China [13]. - The US House of Representatives will vote on a temporary appropriation bill, which may end the 43 - day federal government shutdown. The government shutdown may reduce Q4 economic growth by two percentage points [13]. - US Treasury Secretary Besent said that the Trump administration will announce "substantial" tariff news in the next few days and plans to implement tariff exemptions on commodities such as coffee and bananas. The government is also discussing a "tariff dividend" plan to provide a $2000 tax refund to families with an annual income of less than $100,000 [13]. - White House National Economic Council Director Hassett said that he would accept the nomination to replace Powell as the Fed Chairman if nominated and hopes for a larger - scale interest rate cut at the December policy meeting [14]. 3. Data Overview - **Treasury Bond Futures Market**: The report presents data on Treasury bond futures trading on November 13, including contract information such as opening price, closing price, settlement price, price change, trading volume, open interest, and open interest change. It also mentions various cross - period and cross - variety spreads of Treasury bond futures main contracts [6]. - **Money Market**: The report shows the term structure change and trend of SHIBOR, as well as the change in the weighted interest rate of inter - bank pledged repurchase and the change in the pledged repurchase rate between banks and depository institutions [28][32]. - **Derivatives Market**: The report shows the fixed - rate curves (average) of Shibor3M interest rate swaps and FR007 interest rate swaps [34].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The copper price resumed its upward trend this week due to the impending restart of the US government, which led to a rebound in market risk appetite. Meanwhile, the spot premium remained stable, and the downstream procurement sentiment increased steadily. With macro - level positives and support from the spot market, the copper price was pushed up. The supply - side support for the copper price is weakening this year, while the demand is expected to pick up and support the copper price. From a macro perspective, after the US government restarts, the release of employment and inflation data is expected to increase the probability of an interest rate cut in December, and the US dollar is expected to weaken. Overall, it is difficult for the copper price to decline, and it is expected to continue rising with the improvement of the macro - environment and demand [10]. 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - **Price Trend Reasons**: The resumption of the upward trend in copper prices is due to the upcoming restart of the US government, the recovery of market risk appetite, stable spot premiums, and increased downstream procurement sentiment. The support from macro factors and the spot market has pushed up copper prices. - **Supply - Side Situation**: The narrative of tight copper ore supply continues, but the supply pressure of cold materials has weakened as the refined - scrap price spread has widened. The production reduction pressure on smelters in November has eased. SMM expects a decrease of only 0.4 million tons in November and a slight increase in December, so the supply - side support for copper prices is weakening this year [10]. - **Demand - Side Outlook**: The demand that was squeezed by the sharp increase in copper prices in the early stage is gradually being released in November. There is an expectation of rush - work in the power grid sector near the end of the year. SMM expects the operating rate in the refined copper rod sector to rebound, mainly driven by the need to complete production value tasks in the wire and cable sector and the continuous growth of demand in the new energy and transformer sectors in the enameled wire field. However, the social inventory has not effectively started to decline, making the upward rhythm of copper prices unstable [10]. - **Macro - Economic Impact**: After the US government restarts, the release of employment and inflation data is expected to increase the probability of an interest rate cut in December, and the US dollar is expected to weaken. Overall, the copper price is expected to continue rising [10]. 3.2. Industry News - **Peru's Copper Production**: In September 2025, Peru's copper production increased by 3.7% year - on - year to 240,995 tons. In the first nine months of 2025, Peru's copper production was about 2.048 million tons, a year - on - year increase of 2.7%. Peru is the world's third - largest copper producer [11]. - **SandfireResources' Acquisition Plan**: Australia's largest listed independent copper producer, SandfireResources, announced on Thursday that it had reached a binding term sheet with HavilahResources. It plans to acquire an 80% stake in the Kalkaroo copper - gold project in South Australia through a two - stage investment of up to A$210 million. The first stage requires a payment of A$105 million (70% in Sandfire shares and 30% in cash) to obtain the qualification, and the second stage requires another A$105 million after the pre - feasibility study (PFS) is completed [11]. - **TasekoMines' Performance**: Vancouver copper producer TasekoMines had a revenue of C$174 million in the third quarter, an adjusted EBITDA of C$62 million, and a net profit of C$6 million. The copper production of its core asset, the Gibraltar mine, increased to 27.6 million pounds (including 895,000 pounds of cathode copper) due to the high - grade mining area. The grade was 0.22%, the recovery rate was 77%, and the C1 cost dropped to US$2.87 per pound. The solvent extraction and electrowinning plant of the Florence Copper project in Arizona has been basically completed, with the first solution injection in early November. The commercial well - field flow met expectations, and the first batch of cathode copper production is imminent. Drilling will resume in the coming weeks to support capacity ramp - up in 2026 [11][12].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 日期 2025 年 11 月 14 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：11月13日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2601 | 3038 | 3040 ...

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: November 14, 2025 [2] 2. Market Review and Operation Suggestions Market Review - Futures Market: BU2601 opened at 3052 yuan/ton, closed at 3029 yuan/ton, with a high of 3058 yuan/ton, a low of 2999 yuan/ton, a decline of 1.05%, and a trading volume of 26.99 million lots. BU2512 opened at 3053 yuan/ton, closed at 3028 yuan/ton, with a high of 3063 yuan/ton, a low of 3003 yuan/ton, a decline of 1.21%, and a trading volume of 0.64 million lots [6]. - Spot Market: The asphalt spot prices in North China, South China, and Sichuan-Chongqing regions continued to decline, while those in other regions remained relatively stable. The decline in crude oil and asphalt futures prices had a negative impact on the sentiment of the asphalt spot market [6]. Supply and Demand Analysis - Supply: Qilu Petrochemical plans to switch to producing residual oil, while Jincheng Petrochemical is expected to resume asphalt production. Jinling Petrochemical in East China and Shengxing Petrochemical in Shandong are likely to maintain stable production after resuming operations. Shanghai Petrochemical also plans to switch to asphalt production around November 9. The asphalt plant operating rate is expected to increase slightly [7]. - Demand: The demand pattern shows regional differentiation. In the Northeast and Northwest regions, the rigid demand has dropped to the lowest point of the year due to the suspension of road projects. In North China, Shandong, and surrounding areas, the rigid demand remains stable due to the construction rush before the heating season. In the South, some projects are entering the construction rush stage, and the demand is expected to be stable. Overall, downstream procurement is mainly based on demand, and the speculative demand remains weak, putting pressure on the market [7]. Market Outlook - The oil price lacks support, and the supply and demand of asphalt are both weak. After this round of decline, the basis has significantly narrowed. It is expected that the market will mainly fluctuate in the short term [7]. 3. Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt is 2980 - 3620 yuan/ton, remaining stable compared to the previous working day. Although the international oil price declined again, the asphalt futures showed strong performance during the session. Due to the queuing for loading at some refineries, the quotes of most traders remained stable, and only a few refineries raised their prices [8]. - East China Market: The mainstream transaction price of 70 A-grade asphalt is 3300 - 3400 yuan/ton, remaining stable compared to the previous working day. The asphalt futures weakened again during the session after two days of increase. The price of social inventories in Jiangsu is around 3200 yuan/ton, and the price increase is restricted by demand and regional price differences. Some refineries are under great inventory pressure, and the price difference between refineries and social inventories is large, so the prices are also under pressure. The ex-factory price for road transportation remains at 3300 - 3400 yuan/ton [8]. 4. Data Overview - The report provides data on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of Jianxin Futures [11][13][15]

Report Information - Report Title: Sugar Daily Report - Date: November 14, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [2][3] Industry Investment Rating - Not provided in the report Core Viewpoints - New York raw sugar futures rebounded significantly, with the主力 March contract up 2.25% to 14.57 cents per pound. London ICE white sugar futures'主力 March contract rose 1.76% to $416.40 per ton. The Indian government plans to allow 1.5 million tons of sugar exports, but the market believes current prices are below India's export parity, making exports difficult. Raw sugar is fluctuating around the 14 - cent mark [7]. - Zhengzhou sugar's主力 contract soared. The 01 contract closed at 5,512 yuan per ton, up 34 yuan or 0.62%, with an increase of 7,691 contracts in positions. Domestic sugar spot prices rose. The market is waiting for new sugar from Guangxi to enter the market, and there is no obvious bullish or bearish driver currently. The rise in Zhengzhou sugar is due to funds following the external market. Speculative funds have shifted from short to long, while industrial hedging positions have increased significantly [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,512 yuan per ton, up 34 yuan or 0.62%, with a position of 381,667 contracts and an increase of 7,691 contracts; SR605 closed at 5,433 yuan per ton, up 23 yuan or 0.43%, with a position of 117,747 contracts and an increase of 1,479 contracts; US sugar 03 closed at 14.57 cents per pound, up 0.32 cents or 2.25%, with a position of 488,112 contracts and an increase of 3,660 contracts; US sugar 05 closed at 14.11 cents per pound, up 0.25 cents or 1.80%, with a position of 172,321 contracts and a decrease of 896 contracts [7]. 2. Industry News - Indonesia plans to achieve self - sufficiency in white sugar by 2026, consumer sugar self - sufficiency by 2028, and full self - sufficiency including industrial and ethanol demand by 2030. The president has urged the acceleration of this schedule [11]. - As of November 13, 2025, in the 2025/26 sugar - crushing season, 4 sugar mills in Yunnan have started crushing, an increase of 1 compared to the same period last year, with a planned designed production capacity of 13,200 tons per day, an increase of 9,700 tons per day compared to the same period last year [11]. - DATAGRO has lowered the expected global sugar surplus in the 2025/26 season from 2.8 million tons to 1 million tons, and has revised the sugar production forecast in Brazil's central - southern region from 41.1 million tons to 40.8 million tons, and the sugar - making ratio of sugarcane from 51.6% to 51.2% [11]. 3. Data Overview - **Top 20 Seats' Trading and Position Data in Zhengzhou Sugar's主力 Contract**: The total trading volume was 275,269 contracts, an increase of 136,414 contracts; the total long - position volume was 259,152 contracts, an increase of 6,146 contracts; the total short - position volume was 298,349 contracts, an increase of 3,512 contracts [23].

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: November 14, 2025 [2] - Energy and Chemical Research Team: Peng Jinglin (Polyolefins), Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 2: Futures Market Quotes - Plastic 2601: Opened at 6780 yuan/ton, closed at 6818 yuan/ton, up 34 yuan/ton (0.5%), with a trading volume of 278,000 lots and a decrease in open interest of 5317 lots to 581,602 lots [5] - Plastic 2605: Opened at 6855 yuan/ton, closed at 6893 yuan/ton, up 28 yuan/ton (0.41%), with an increase in open interest of 16,282 lots to 112,385 lots [5] - Plastic 2609: Opened at 6905 yuan/ton, closed at 6938 yuan/ton, up 23 yuan/ton (0.33%), with an increase in open interest of 27 lots to 2289 lots [5] - PP2601: Opened at 6445 yuan/ton, closed at 6480 yuan/ton, up 25 yuan/ton (0.39%), with a decrease in open interest of 8169 lots to 628,423 lots [5] - PP2605: Opened at 6565 yuan/ton, closed at 6577 yuan/ton, up 9 yuan/ton (0.14%), with an increase in open interest of 3798 lots to 147,232 lots [5] - PP2609: Opened at 6600 yuan/ton, closed at 6612 yuan/ton, down 1 yuan/ton (-0.02%), with an increase in open interest of 632 lots to 8233 lots [5] Group 3: Market Review and Outlook - Lian su L2601 opened lower, fluctuated slightly higher during the session, and closed higher at 6818 yuan/ton, up 34 yuan/ton (0.5%). PP2601 closed at 6480 yuan/ton, up 25 yuan/ton (0.39%). The futures market opened higher, but the market trading atmosphere was not significantly boosted. Traders focused on selling, and downstream buyers made small and cautious purchases at low prices [6] - There are no new production plans in November. The products from previous production have entered the market, significantly increasing the supply of spot resources and intensifying the imbalance between supply and demand. The operating rate of the agricultural film industry has peaked seasonally and declined. The demand for pipes has increased first and then decreased. The operating rate of the PP woven bag industry has been boosted by packaging demand, while BOPP enterprises are mainly digesting inventory, and the subsequent orders are expected to weaken, mostly short - term small orders. The support for raw materials has weakened [6] - The expectation of oversupply in the crude oil market has resurfaced, leading to a sharp decline in oil prices. The cost side has led the decline and weakened the support for the plastic and chemical sectors. The downward pressure on polyolefin prices is expected to continue [6] Group 4: Industry News - On November 13, 2025, the inventory level of major producers was 665,000 tons, a decrease of 25,000 tons (3.62%) from the previous working day. The inventory at the same time last year was 670,000 tons [7] - The PE market prices have partially declined. The LLDPE prices in North China are in the range of 6750 - 7000 yuan/ton, in East China 6900 - 7400 yuan/ton, and in South China 7000 - 7400 yuan/ton [7] - The mainstream price of propylene in the Shandong market is temporarily in the range of 5760 - 5800 yuan/ton, up 15 yuan/ton from the previous working day. The market is in a state of supply - demand game, and the directional trend is still unclear. Downstream factories are cautious about purchasing, and production enterprises are mainly stabilizing prices for sales, with a small number of offers rising slightly [7] - The PP market has remained generally stable with minor fluctuations. The mainstream prices of North China drawn yarn are in the range of 6200 - 6450 yuan/ton, in East China 6300 - 6600 yuan/ton, and in South China 6400 - 6540 yuan/ton [7] Group 5: Data Overview - The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][13][16]

报告类型 股指日评 日期 2025 年 11 月 14 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 11 月 13 日，万得全 A 放量上涨，开盘震荡上行，午后小幅回落后再度走高， 收涨 1.33%；沪深 300、上证 50、中证 500、中证 1000 收盘分别上涨 1.21%、0.96%、 1.55%、1.39%，中小盘股表现更优。期货方面，IF、IH 主力合约分别收涨 1.06%、 0.85%，表现弱于现货，IC、IM 主力合约分别收涨 1.59%、1.47%，表现强于现货 （按收盘价计算）。 | 表1:股指期货、现货行情数据 | | --- | 资料来源：Wind，建信期货研究发展部 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读 ...