Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 7, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Market Review - **Futures Market Performance**: The main contract of SHFE zinc, 2512, closed at 22,675 yuan/ton, up 65 yuan or 0.29%, with reduced trading volume and increased open interest, which rose by 528 lots to 113,005 lots. The domestic zinc ore supply is on a downward trend due to seasonal production cuts in northern mines and some mines' active production control after completing their annual plans. The zinc ore TC is expected to weaken. The LME zinc inventory increased by 175 tons to 33,825 tons, and the 0 - 3 Back structure weakened to $98.23/ton. The domestic market has basically shifted to quoting the December contract. With continuous zinc ingot exports, the domestic social inventory has decreased, and the spot premium has remained firm. The Shanghai market quoted a premium of 50 yuan/ton for the December contract, the Tianjin market quoted a discount of 40 yuan/ton compared to the Shanghai market, and the Guangdong market quoted a discount of 95 yuan/ton for the December contract. Against the backdrop of the realized increase in exports, the supply - demand pattern has improved marginally. The focus of the fundamentals has shifted to the impact of the tight - mine logic on the zinc price, which provides some support. The SHFE zinc has rebounded weakly from the low level, and the upper track of the short - term Bollinger Band forms resistance [7]. Industry News - **Price Information on November 6, 2025**: The mainstream transaction price of 0 zinc was concentrated between 22,595 - 22,695 yuan/ton, and that of Shuangyan was between 22,595 - 22,715 yuan/ton. The mainstream transaction price of 1 zinc was between 22,525 - 22,625 yuan/ton. In the morning, the market quoted a premium of 90 - 100 yuan/ton to the SMM average price. In the second trading session, the ordinary domestic zinc was quoted at a premium of 50 - 60 yuan/ton for the 2512 contract, Baiyin was quoted at a premium of 20 yuan/ton for the 2512 contract, and the high - end brand Shuangyan was quoted at a premium of 50 - 80 yuan/ton for the 2512 contract [8]. - **Regional Market Conditions**: In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,565 - 22,655 yuan/ton, with a premium of 15 yuan/ton for the 2512 contract and a premium of 70 yuan/ton for the Shanghai spot. In the Tianjin market, 0 zinc was traded at 22,450 - 22,630 yuan/ton, and Zijin was traded at 22,620 - 22,700 yuan/ton. The 0 zinc was quoted at a discount of 0 - 100 yuan/ton for the 2512 contract, and Zijin was quoted at a premium of 70 yuan/ton for the 2512 contract. In the Guangdong market, 0 zinc was traded at 22,440 - 22,550 yuan/ton, with a discount of 95 yuan/ton for the 2512 contract and a discount of 40 yuan/ton for the Shanghai spot. The price difference between Shanghai and Guangdong has widened [8].

1. Report Information - Industry: Treasury Bonds [1] - Date: November 7, 2025 [2] - Researchers: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds & Container Shipping), Nie Jiayi (Stock Index Futures) [3] 2. Core View - The stock - bond seesaw continues, with the strengthening of the A - share market suppressing the bond market, and most treasury bond futures falling. The yields of major on - the - run interest rate bonds in the inter - bank market have fully rebounded. The money market at the beginning of the month is stable and loose. Considering the economic fundamentals and policies, the negative factors in the bond market have basically been released, and November is a period of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved, and it is recommended to actively seize allocation opportunities if there is market over - adjustment [8][9][10][11][12] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Performance** - Stock - bond seesaw: The strengthening of the A - share market suppresses the bond market, and most treasury bond futures decline [8] - Interest rate bonds: The yields of major on - the - run interest rate bonds in the inter - bank market have fully rebounded. By 16:30 pm, the yield of the 10 - year on - the - run treasury bond 250016 reported 1.8010%, up 0.85bp [9] - Money market: At the beginning of the month, the money market is stable and loose. There was 342.6 billion yuan of maturity in the open market today, and the central bank injected 92.8 billion yuan, resulting in a net withdrawal of 249.8 billion yuan. The inter - bank money sentiment index is stable, with the weighted overnight rate of inter - bank deposits fluctuating narrowly around 1.31, the 7 - day rate dropping slightly by 1.25bp to 1.4253%, the medium - and long - term funds being stable, and the 1 - year AAA certificate of deposit rate rising slightly by 1bp to 1.64% [10] - **Conclusion** - Economic fundamentals: Since June, domestic economic indicators have continued to weaken, especially the investment side has accelerated its decline. Currently, exports are the main support, but the export leading indicators in October have significantly weakened, and the bond market may face pressure from the decline in exports and weak domestic demand. Market expectations of monetary easing may heat up again [11] - Policy: The current combination of loose monetary policy and loose fiscal policy is being intensified. The resumption of treasury bond trading brings direct buying demand to the bond market. Based on past experience, the credit - easing effect of loose fiscal policy may not be significant in the short term, and the impact on the bond market should be limited [11][12] - Suggestion: The negative factors in the bond market have basically been released, and November is a period of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved. If there is market over - adjustment due to phased disturbances, it is recommended to actively seize allocation opportunities [12] 3.2 Industry News - The central bank's release of the liquidity injection situation of various tools in October shows that the net injection of treasury bond trading in the open market is 2 billion yuan, indicating that the treasury bond trading operation suspended since January this year has resumed, which is conducive to releasing liquidity and stabilizing market expectations. The central bank also announced a 70 - billion - yuan 3 - month outright reverse repurchase operation on November 5, which is an equal - amount roll - over considering the maturity amount in the same month. Market institutions generally expect the central bank to conduct another 6 - month outright reverse repurchase operation in November, and are optimistic about the continued net injection of outright reverse repurchases in that month [13] - The U.S. federal government shutdown has entered the 35th day, tying the longest shutdown record in U.S. history. The U.S. Supreme Court will hear the case of whether Trump's tariff policy is legal this Wednesday. The U.S. Treasury Secretary said that if China continues to block rare - earth exports, the U.S. may impose additional tariffs on China. The Chinese Ministry of Foreign Affairs responded that dialogue and cooperation are the right way. The China - EU export control dialogue and consultation were held in Brussels, and both sides agreed to maintain communication [14] 3.3 Data Overview - **Treasury Bond Futures Market**: The report presents data on treasury bond futures trading on November 6, including contract information such as previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and change in open interest for multiple contracts [6] - **Money Market**: The report includes information on the SHIBOR term structure change, SHIBOR trend, inter - bank pledged repo weighted interest rate change, and inter - bank deposit pledged repo interest rate change [29][31] - **Derivatives Market**: The report shows the Shibor3M interest rate swap fixing curve (mean) and FR007 interest rate swap fixing curve (mean) [34]

行业 纸浆日报 日期 2025 年 11 月 7 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 一、行情回顾与操作建议 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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：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） 请阅读正文后的声明 ＃summary＃ ...

Report Information - Report Name: Pig Daily Report [1] - Date: November 07, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year, and the second-round fattening and holding in October have increased the supply pressure before the Spring Festival. In the short term, the planned sales volume in November decreased by 3.27% month-on-month compared with the actual sales volume in October, with the daily average remaining flat. At the beginning of the month, the enthusiasm for slaughter was average, and the sentiment of reluctance to sell increased in some regions. On the demand side, after the current spot price rebounded to a high level, the second-round fattening is mainly on the sidelines. As the weather continues to cool, the terminal consumer demand continues to rise, but the continuous increase is insufficient. The orders of slaughtering enterprises are average, and the operating rate and slaughter volume of slaughtering enterprises fluctuate slightly. The pickling and sausage-making in the middle and late months may increase slightly. Overall, the spot market will be mainly volatile, while the futures market will be weak in the medium and long term and may rebound in the short term [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 6th, the main 2601 contract of live pigs opened flat, then fluctuated narrowly after hitting a low and rebounding, and closed down at the end of the session. The highest was 11,975 yuan/ton, the lowest was 11,860 yuan/ton, and the closing price was 11,940 yuan/ton, up 0.67% from the previous day. The total open interest of the index decreased by 917 lots to 351,356 lots [6]. - **Spot Market**: On the 6th, the average price of ternary live pigs nationwide was 11.79 yuan/kg, up 0.01 yuan/kg from the previous day [6]. 2. Industry News - Not provided 3. Data Overview - **Profit**: As of October 30, the average profit per self - bred and self - raised pig was -34.5 yuan/head, a month - on - month increase of 20 yuan/head; the profit per pig purchased as a piglet was -258 yuan/head, a month - on - month increase of 50 yuan/head [12]. - **Utilization Rate**: As of October 31, the utilization rate of fattening pens was 55.5%, a month - on - month increase of 21.2 percentage points, and the same as the same period last year [12]. - **Price Difference**: 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 [12]. - **Cost**: 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 [12]. - **Slaughter Weight**: The average slaughter weight of pigs nationwide in October 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 from the same period last year, a year - on - year increase of 1.75% [12]. - **Slaughter Volume**: In September, the slaughter volume of large - scale 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% [12].

Group 1: Report Overview - Report date: November 7, 2025 [2] - Report type: MEG Daily Report [1] Group 2: Investment Rating - Not provided Group 3: Core View - Currently, the supply - demand outlook for ethylene glycol remains weak, but with macro - level stimulus, the ethylene glycol market price is expected to be mainly on the strong side [7] Group 4: Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 3924 yuan/ton, up 22 yuan; the closing price of EG2605 was 4004 yuan/ton, up 12 yuan. The trading volume was 189,773 lots, and the open interest was 355,469 lots. The opening price of the main ethylene glycol futures contract on the 6th was 3910 yuan/ton, the highest was 3929 yuan/ton, the lowest was 3865 yuan/ton, and the settlement price was 3902 yuan/ton [7] Group 5: Industry News - Oil price: US crude oil inventories unexpectedly increased significantly, and international oil prices continued to fall. However, gasoline inventories dropped to the lowest level in three years, limiting the decline. On November 5th, the settlement price of WTI crude oil futures for December 2025 was $59.6 per barrel, down $0.96 or 1.59%; the settlement price of Brent crude oil futures for January 2026 was $63.52 per barrel, down $0.92 or 1.43% [8] - Ethylene glycol market: The spot negotiation price in the Zhangjiagang ethylene glycol market this week was 3998 - 3999 yuan/ton, up 23.5 yuan/ton from the previous working day. As of November 6th, the inventory of the main ports in East China was 529,200 tons, an increase of 84,700 tons from the previous period [8] Group 6: Data Overview - Multiple data charts are presented, including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory [10][15][16][18]

Report Summary 1. Report Information - Report Name: Asphalt Daily Report - Date: November 7, 2025 - Industry: Asphalt [1][2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - With oil price adjustments, the asphalt market is facing weak supply and demand and may continue to decline [7]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - **Futures Market**: The asphalt futures prices showed significant declines. For example, BU2601 closed at 3109 yuan/ton, down 2.05%, and BU2512 closed at 3118 yuan/ton, down 1.61%. The decline in futures prices is negative for spot prices [6]. - **Spot Market**: Prices in the Northeast, Shandong, and South China regions continued to fall, while those in other regions remained relatively stable. The overall开工 load rate is expected to remain basically flat due to the offset between production increases and decreases in different refineries. Demand is seasonally weakening, with rigid demand shrinking in the Northeast and Northwest, limited demand growth in North China and Shandong, and slow resource consumption in the South. Insufficient funds are still the core factor restricting project progress, and actual demand continues to be weaker than expected [6]. 4.2 Industry News - No industry news content is provided in the report. 4.3 Data Overview - **Shandong Market**: The mainstream transaction price of 70 A-grade asphalt was 3050 - 3620 yuan/ton, a decrease of 25 yuan/ton from the previous trading day. The futures price decline led to active selling in the market, and the local supply increased due to the resumption of production by Shengxing [10]. - **South China Market**: The mainstream transaction price of 70 A-grade asphalt was 3290 - 3520 yuan/ton, a decrease of 20 yuan/ton from the previous trading day. Market demand is weak, and Sinopec's refineries in Maoming and Guangzhou may adjust prices downwards. Social inventory traders have lowered their spot quotes to lock in terminal demand in advance [10].

Report Information - Report Type: Crude Oil Daily Report [1] - Date: November 7, 2025 [2] Investment Rating - Not provided Core Viewpoints - EIA data shows that U.S. crude oil inventories increased significantly, but refined oil inventories declined, with a neutral impact. OPEC+ decided to suspend production increases in Q1 next year, which provides some support to the supply side but cannot change the oversupply situation. The market is supported by macro and geopolitical factors, leading to a rebound in oil prices. After the positive factors are digested, oil prices may decline again under the pressure of oversupply. It is recommended to maintain a short - term bearish strategy, such as shorting on rebounds or reverse arbitrage [6][7] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: WTI closed at $59.64 per barrel, down 1.52%; Brent closed at $63.55 per barrel, down 1.38%; SC closed at 460.4 yuan per barrel, down 0.37%. The trading volumes of WTI, Brent, and SC were 26.38 million lots, 33.45 million lots, and 9.28 million lots respectively [6] - **Operation Suggestions**: Maintain a bearish strategy, short on rebounds or conduct reverse arbitrage [7] 2. Industry News - India's Reliance Industries, usually a major oil importer, is seeking to sell some Middle - Eastern oil cargoes. After U.S. sanctions on Russia, it bought millions of barrels of crude oil from the Middle East last month [8] - Kazakhstan's crude oil production in October decreased by 10% month - on - month to 1.69 million barrels per day [8] - U.S. crude oil inventories increased by 5.202 million barrels last week due to increased imports and reduced refining activities, higher than market expectations [8] - Commodity trader Mercuria said that an oversupply is slowly forming and may impact the market in the next few months [8] 3. Data Overview - The report presents multiple data charts, including WTI and Oman spot prices, global high - frequency crude oil inventories, EIA crude oil inventories, U.S. crude oil production growth rate, Dtd Brent price, U.S. gasoline and diesel consumption [11][12][15][22]

Group 1: General Information - Report industry: Cotton [1] - Report date: November 7, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - Zhengzhou cotton futures closed higher with fluctuations. For example, CF2601 opened at 13,535 yuan/ton, closed at 13,605 yuan/ton, up 0.52%. CF2605 opened at 13,545 yuan/ton, closed at 13,615 yuan/ton, up 0.52%. CF2609 opened at 13,715 yuan/ton, closed at 13,785 yuan/ton, up 0.51% [7] - The latest cotton price index for grade 328 was 14,825 yuan/ton, down 16 yuan/ton from the previous trading day. The 2025/26 Xinjiang cotton had various prices and basis quotes [7] - Pure cotton yarn trading was mediocre. High - count yarn sales were okay, while low - count yarn sales were weaker than the previous two weeks. The grey fabric market had poor production and sales, with no large orders and difficult access to export orders [8] Operation Suggestions - In the domestic market, Xinjiang seed cotton procurement is approaching the end, with short - term driving forces weakening. Zhengzhou cotton faces hedging pressure at high prices, and low - basis transactions are good. The downstream terminal demand is tepid, but there is rigid demand. From November 10, 2025, the import tariff rate of US cotton quota will drop from 26% to 11%. The overall trading center is expected to move up slowly with fluctuations [8] Group 3: Industry News - Zhengzhou Commodity Exchange adjusted the premium and discount of alternative delivery goods for cotton futures starting from the 2026/27 production year. For out - of - range color grades due to natural variation during the re - evaluation period, the premium and discount will refer to the "2025 November Saw - ginned Fine - staple Cotton Quality Price Difference Table" issued by the China Cotton Association [9] Group 4: Data Overview - The report includes multiple data charts such as China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, and various price spreads and inventory data, with data sources from Wind and the Research and Development Department of Jianxin Futures [16][17][19]

Group 1: Report Summary - The report is a daily report on polysilicon dated November 07, 2025, by the Energy and Chemical Research Team of Jianxin Futures [2][3] Group 2: Market Performance and Outlook - The price of the main polysilicon contract was strong first and then weak. The closing price of the PS2601 contract was 53,395 yuan/ton, a decline of 0.09%. The trading volume was 256,104 lots, and the open interest was 122,244 lots, with a net decrease of 2,818 lots [4] - The transaction price range of polysilicon n-type re-feeding material was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, unchanged from the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also unchanged [4] - The profit repair of polysilicon has curbed the active production reduction. The polysilicon output in October was 137,000 tons (68GW downstream). In November, the devices in the southwest production area actively reduced production, and the monthly supply was about 120,000 tons (60GW). The downstream demand lacked an increase, and the terminal demand was still weak due to "rush installation" and policy uncertainties. The imbalance between supply and demand has not been reversed. The spot price was stagnant. There was news that a polysilicon restructuring "consortium" platform was being planned, but the details of the acquisition plan were still under discussion. The futures price dropped during the session. Although there were policy expectations, the funds were cautious and did not rush in, and the price fluctuated within a range (net long position decreased by 3,193 lots) [4] Group 3: Market News - On November 06, the number of polysilicon warehouse receipts was 9,790 lots, an increase of 60 lots from the previous trading day [5] - In September 2025, the new installed capacity of photovoltaics was 9.66GW, a month-on-month increase of 31.25%. From January to September, the cumulative new installed capacity of photovoltaics was 240.27GW [5]

报告类型 股指日评 日期 2025 年 11 月 7 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 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 1.2 后市展望： 外围市场方面，美国总统特朗普周三表示股市将创下更多"历史新高"，必 须尽快重启政府，美股有所反弹，美国最高法院多名法官质疑特朗普关税政策， 认为其关税政策已超越职权范围。国内方面，9 月经济数据显示基本面压力进一 步加深，社零消费、固定资产投资等均低于预期，固定资产投资同比增速由正转 负，房地产投资跌幅进一步扩大，有待政策提振。政策方面，四中全会公报上确 认了十五五规划内容，提振信心的同时也为未来市场风格带来政策指引。流动性 方面，两融余额持续 ...