Report Information - Report Date: November 14, 2025 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - Not provided Core Views - The oil and fat sector rebounded from a low level, and the strategy is mainly to go long in bands [7] Section Summaries 1. Market Review and Operation Suggestions - **Price Quotes**: Dongguan rapeseed oil traders quoted prices with Dongguan factories' third - grade rapeseed oil at 01 + 620 and first - grade rapeseed oil at 01 + 720. In the East China market, the basis price of first - grade soybean oil was 01 + 270 in November and 01 + 280 from December to January. Guangdong traders' palm oil quotes were stable [7] - **Market Analysis**: Rapeseed oil continuously increased positions and rose, showing the strongest trend. Due to the interruption of imported rapeseed supply, domestic coastal oil mills' rapeseed crushing has not recovered, and rapeseed oil inventory has been continuously depleted. The domestic spot basis is stable with a slight upward trend. Soybean oil has limited downward price space based on import cost calculations and has buying value but is currently suppressed by high inventory. Palm oil is expected to see a decrease in production and inventory starting from November after the high - production reality in October was confirmed by the MPOB report [7] 2. Industry News - **Production Forecast**: Driven by favorable weather, improved labor supply, and high - yield new plantations, Malaysia's crude palm oil production in 2025 is expected to exceed 20 million tons for the first time, which may lead to higher - than - expected inventory and put pressure on the benchmark futures price [8] - **Export Data**: From November 1 - 10, 2025, Malaysia's palm oil exports were 190,533 tons, a 49.5% decrease compared to the same period in October. Exports to China were 0.57 million tons, a decrease of 48,000 tons compared to the previous month [8] - **Price Spread**: On November 12, 2025, the price of Indonesian crude palm oil was $1,070, and that of Malaysian crude palm oil was equivalent to $987, with a price spread of $83, up $11 from the previous day and down from $102 in the same period last week [8] 3. Data Overview - **Graphs**: The report includes graphs of spot prices and basis changes of rapeseed oil, soybean oil, and palm oil, as well as price spreads and exchange rates [12][13][20]

行业 PTA 日报 日期 2025 年 11 月 14 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、 行情回顾与操作 ...

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 14, 2025 [2] Industry Investment Rating - No relevant information provided. Core Viewpoints - The soda ash market may continue to have a supply - surplus pattern in the long - term, with short - term expectations of a slightly stronger and volatile market. The glass market is expected to have a downward trend in the medium - term if there is no new market stimulus [8][9][10] Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - **Market Data**: On November 13, the main soda ash futures contract SA601 closed at 1239 yuan/ton, up 23 yuan/ton or 1.89%, with an increase of 10469 lots in positions [7] - **Fundamentals**: The production and sales of enterprises tend to balance, with insignificant inventory reduction. Weekly production decreased 1.01% to 73.93 million tons, still at a high level. The operation of soda ash plants is stable. In the first and middle of November, the total shipment volume of Chinese soda ash enterprises was 74.62 million tons, a 1.57% increase. The production of float glass decreased 1.08% to 111.39 million tons. The inventory of soda ash plants slightly decreased to 170.73 million tons [8] - **Market Outlook**: The short - term rebound of the futures price is affected by the increase in light soda ash price and the expected equipment maintenance in late November. In the long - term, the supply - demand drive is insufficient, but the demand for photothermal power generation may stimulate short - term demand [8] Glass - **Market Data**: On November 13, the FG601 contract closed at 1056 yuan/ton, up 3 yuan/ton or 0.28%, with a decrease of 96688 lots in positions; the FG605 contract closed at 1173 yuan/ton, down 4 yuan/ton or 0.33%, with an increase of 19337 lots in positions [7] - **Fundamentals**: Four coal - fired production lines in Shahe were shut down in the short - term. The supply of glass is at a high level this year, with high post - festival factory inventory and increasing inventory days. The real - estate market has not stabilized, and the demand for float glass may not continue to recover [9] - **Market Outlook**: The short - term market is mainly volatile. In the medium - term, if there is no new market expectation, the downward trend of the market is difficult to reverse [9][10] 2. Data Overview - The report provides charts on the price trends of active soda ash and glass contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production [12][14][15]

多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 行业 日期 2025 年 11 月 14 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

Report Information - Report Name: Pig Daily Report [1] - Date: November 14, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The spot market is expected to be stable with a slight increase in demand, but the support for prices is weak due to the wait - and - see attitude of secondary fattening, so it will mainly fluctuate. The futures market, especially the 2601 contract, is likely to be under dual supply pressure before the Spring Festival, with a medium - to - long - term weakening trend [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 13th, the main 2601 contract of live pigs opened slightly lower, then bottomed out and rebounded, closing up. The highest price was 11,865 yuan/ton, the lowest was 11,690 yuan/ton, and the closing price was 11,860 yuan/ton, up 0.64% from the previous day. The total index positions decreased by 31 to 359,899 lots [6]. - **Spot Market**: On the 13th, the average price of ternary pigs nationwide was 11.65 yuan/kg, down 0.1 yuan/kg from the previous day [6]. - **Supply - side Analysis**: In the long run, pig slaughter is expected to increase slightly until the first half of next year. In October, the concentrated secondary fattening and holding back of pigs increased the supply pressure before the Spring Festival. In the short term, according to Yongyi sample data, the planned sales volume in November was 26.66 million heads, a month - on - month decrease of 3.27% compared to the actual sales volume in October, with the daily average remaining the same. Currently, farmers are mainly selling pigs at a normal pace [7]. - **Demand - side Analysis**: With the rebound of spot prices and the high utilization rate of pigsties, secondary fattening is mainly in a wait - and - see state. As the weather gets colder, terminal consumer demand continues to rise, but the continuous increase is insufficient. The orders of slaughtering enterprises are average, and the slaughter rate and volume have increased slightly. Mid - to - late - month pickling and enema may increase slightly. On November 13th, the slaughter volume of sample slaughtering enterprises was 162,900 heads, a decrease of 1,200 heads from the previous day, an increase of 2,300 heads week - on - week, and an increase of 3,600 heads month - on - month [7]. 2. Industry News - As of October 30th, the average profit per self - breeding and self - fattening pig was - 34.5 yuan/head, a month - on - month increase of 20 yuan/head; the profit from purchasing piglets for fattening was - 258 yuan/head, a month - on - month increase of 50 yuan/head [8][10]. 3. Data Overview - As of October 31st, the utilization rate of fattening pigsties was 55.5%, a month - on - month increase of 21.2 percentage points, and the same year - on - year [15]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a month - on - month increase of 0.36 yuan/jin [15]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [15]. - In October, the average slaughter weight of pigs nationwide was 128.1 kg, a decrease of 0.3 kg from September, a month - on - month decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [15]. - In September, the slaughter volume of large - scale designated pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [15].

日期 2025 年 11 月 14 日 工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

Group 1: Report General Information - Report Type: Crude Oil Daily Report [1] - Date: November 14, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Trading Recommendations Market Review - WTI: Opened at $60.96, closed at $58.48, high of $61.01, low of $58.30, down 4.12%, with a trading volume of 20.31 million lots [6] - Brent: Opened at $65.15, closed at $62.86, high of $65.15, low of $62.56, down 3.81%, with a trading volume of 40.35 million lots [6] - SC: Opened at 464 yuan/barrel, closed at 449.5 yuan/barrel, high of 464.1 yuan/barrel, low of 446.9 yuan/barrel, down 3.66%, with a trading volume of 9.40 million lots [6] - EIA raised the Q4 inventory build forecast from 2.58 million barrels per day to 2.79 million barrels per day. OPEC lowered the demand forecast for OPEC+ crude oil [6] - India is tendering for crude oil purchases in early 2026, retaining Russian oil but requiring the producers and terminals of the goods to be unsanctioned [6] - Lukoil's overseas assets are under US sanctions, and the West Qurna-2 oil field project is under force majeure and may exit operation later [6] Trading Recommendations - OPEC+ decided to temporarily halt production increases in Q1 2026, which is marginally bullish for supply, but the inventory build rate in Q1 2026 may reach 3 million barrels per day, and current policies are unlikely to reverse the oversupply [7] - The medium-term oil price still faces continuous oversupply pressure, and short positions are recommended [7] Group 3: Industry News - OPEC maintained its global crude oil demand growth forecast for this year and next, but changed the Q3 global oil market outlook from supply shortage to supply surplus [8] - EIA raised its oil price forecasts for this year and next. The expected Brent crude oil price in 2025 is $68.76 per barrel (previously $68.64 per barrel), and the expected WTI crude oil price in 2025 is $65.15 per barrel (previously $65.00 per barrel) [8] - The US Department of Energy awarded a contract to purchase about 1 million barrels of crude oil for the Strategic Petroleum Reserve [8] - Russia's seaborne oil product exports in October were basically the same as in September, at 7.804 million tons [8] Group 4: Data Overview - Data includes global high-frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [11][12][15][22] - Data sources include EIA, Bloomberg, and wind, as well as the Research and Development Department of CCB Futures [10][14][17]

行业 棉花 日期 2025 年 11 月 14 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 请阅读正文后的声明 - 2 - 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉震荡调整。现货方面，最新棉花价格指数 328 级在 14819 元/吨，较上一 ...

Report Overview - Report Date: November 14, 2025 [2] - Industry: Eggs [1] - Research Team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The egg market is currently in a phase of adjustment. The recent decline in egg prices is mainly due to the end of the previous price increase, with short - sellers re - entering the market, especially in the near - month contracts. In the future, the decline is expected to be limited due to improved storage conditions and slightly better存栏量. In the long run, the decline may accelerate the elimination of laying hens and keep the replenishment rate low, presenting potential long - position opportunities in the more distant months. In the short - term, the market will likely experience bottom - level fluctuations with near - month contracts being relatively weak [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: The egg futures market showed a downward trend. The 2601 contract closed at 3265, down 62 points or 1.86%; the 2602 contract closed at 3045, down 27 points or 0.88%; the 2512 contract closed at 3040, down 52 points or 1.68%. The average price of eggs in the main production areas was 2.98 yuan/jin, down 0.01 yuan/jin from the previous day, and in the main sales areas was 3.31 yuan/jin, also down 0.01 yuan/jin [7] - **Operation Suggestions**: In the short - term, the market is expected to experience bottom - level fluctuations with near - month contracts being relatively weak. In the long - term, as the decline may accelerate the elimination of laying hens and keep the replenishment rate low, long - position opportunities in the more distant months can be gradually considered [8] 3.2 Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a month - on - month decrease of 0.66%, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to October 2024 [9] - **Replenishment**: In October 2025, the monthly output of laying hen chicks from sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period of 2024 [9] - **Elimination Volume**: From the latest data, in the three weeks up to November 6, 2025, the national elimination volume of laying hens was 20.02 million, 20.53 million, and 19.81 million respectively, showing a fluctuating trend. The average elimination age was 493 days as of November 6, 2025, 1 day earlier than the previous week and 6 days earlier than the previous month, indicating an accelerated elimination process [9][14] 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg production area average prices, egg 12 - contract basis, and egg 12 - 02 spread, etc., but no specific data analysis is provided in the text [13][10][11]

行业 纸浆日报 日期 2025 年 11 月 14 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...