1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The imbalance between supply and demand of polysilicon has not been reversed, with spot prices remaining stagnant and the 01 contract price fluctuating widely within a range [4] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Market Performance: The main contract price of polysilicon showed a weak and narrow - range oscillation. The closing price of the PS2601 contract was 53,390 yuan/ton, a decline of 2.44%. The trading volume was 175,236 lots, and the open interest was 125,062 lots, with a net decrease of 3,814 lots [4] - Spot Price: The transaction price range of polysilicon n - type re - feedstock 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 from the previous period [4] - Future Outlook: The profit repair of polysilicon restrains the active production reduction. The polysilicon output in October was 137,000 tons (equivalent to 68GW downstream). In November, the equipment in the southwest production area actively reduced production, and the monthly supply was about 120,000 tons (equivalent to 60GW). Downstream demand lacks increment, and terminal demand remains weak in the situation of "rush installation" and policy bearishness [4] 3.2 Market News - On November 05, the number of polysilicon warehouse receipts was 9,730 lots, an increase of 140 lots compared with the previous trading day [5] - In September 2025, the newly - added photovoltaic installed capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - added photovoltaic installed capacity was 240.27GW [5]

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 报告类型 铁矿石日评 日期 2025 年 11 月 5 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4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 | 30 ...

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: November 5, 2025 [2] Market Review - **Futures Market Performance**: The Shanghai Zinc futures opened with a gap - up. The contract 2512 closed at 22,670 yuan/ton, up 185 yuan or 0.82%. It showed a pattern of increasing volume and decreasing positions, with positions decreasing by 2,016 to 116,923 lots. Other contracts like 2511 and 2601 also had price increases [7]. - **Supply - Side Situation**: Domestic northern mines are seasonally reducing production, and some mines are actively controlling production after completing their annual plans. Domestic zinc ore supply is on a downward trend, and zinc ore TC is expected to weaken. The imported zinc ore processing fee in October also started to decline, and zinc ore imports are still at a loss, making domestic ore more price - competitive. With smelters' winter storage demand, domestic TC is under more pressure. Although smelters currently have relatively sufficient raw material inventories, zinc ingot production may be restricted due to the decline in domestic zinc ore processing fees and tightened raw material supply [7]. - **LME Inventory and Market Support**: The 0 - 3 Back extreme value has significantly declined. There was a 225 - ton delivery at LME Hong Kong and a 1,700 - ton reduction in Singapore. LME zinc inventory is below 35,000 tons. The tight supply pattern and an overall optimistic macro - environment strongly support the London zinc price. Overall, with the realization of export increments, the supply - demand pattern has marginally improved. The focus of the fundamentals has shifted to the impact of the tight ore situation on zinc prices, which provides some support, while weak consumption restricts the upside. Shanghai zinc has a weak rebound from a low level [7]. Industry News - **Price Ranges in Different Markets on November 4, 2025**: In the mainstream market, 0 zinc was traded at 22,610 - 22,810 yuan/ton, double - swallow brand at 22,670 - 22,890 yuan/ton, and 1 zinc at 22,540 - 22,740 yuan/ton. In the morning, the market offered a premium of 50 yuan/ton for the next - month ticket against the SMM average price, with few quotes against the market [8]. - **Regional Market Details**: In the Ningbo market, the mainstream 0 zinc was traded at 22,620 - 22,800 yuan/ton, with a discount of 40 yuan/ton against the 2512 contract and a premium of 50 yuan/ton against the Shanghai spot price. In the Tianjin market, 0 zinc was traded at 22,540 - 22,720 yuan/ton, and the 0 ordinary zinc was at a discount of 10 - 90 yuan/ton against the 2512 contract. In the Guangdong market, 0 zinc was traded at 22,520 - 22,750 yuan/ton, with a discount of 100 yuan/ton against the 2512 contract and a discount of 10 yuan/ton against the Shanghai spot price [8]. Data Overview - **Data Charts**: The report includes charts such as the price trends of zinc in two markets, SHFE month - to - month spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [11][13]

Report Overview - Report Type: Steel Daily Review [1] - Date: November 5, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The steel futures market has shifted from an upward trend to a downward one due to concerns about high social steel inventories, geopolitical factors, and currency exchange rate fluctuations. The market is expected to continue its downward trend, and investors should focus on the spot market and production data [10][11]. 3. Summary by Directory 3.1 Market Review and Future Outlook 3.1.1 Spot Market and Technical Analysis - On November 4, prices in a few spot markets for rebar and hot-rolled coils declined. Rebar prices in Wuxi, Nanchang, Guangzhou, Shenyang, Hangzhou, and Changsha dropped by 10 - 20 yuan/ton, while hot-rolled coil prices in Nanjing, Jinan, Wuxi, Guangzhou, and Shenyang decreased by 10 - 20 yuan/ton [9]. - The daily KDJ indicators of the rebar and hot-rolled coil 2601 contracts continued to decline after a death cross the previous day. The daily MACD red bars of these contracts have been narrowing for three consecutive days [9]. 3.1.2 Future Outlook - After a significant rebound due to eased geopolitical tensions and improved terminal demand, the steel futures market has reversed its trend. The focus has shifted to the high social steel inventories, leading to a sharp decline [10]. - The strengthening of the US dollar, weakening of the RMB, and reduced foreign capital inflows have negatively impacted the pricing of industrial products related to domestic demand, including black metals [10][11]. - The recent sharp decline in iron ore and coking coal prices is mainly due to the accelerated production cuts by steel mills in the past two weeks, which has led to a lack of cost support for steel and a full manifestation of the negative feedback effect [11]. - The steel futures market is expected to continue its downward trend, and it is difficult to find support at previous lows. Investors should monitor the spot market and this week's production data [11]. 3.2 Industry News - From January to September 2025, the construction industry continued to contract, while the manufacturing industry grew steadily. The real estate market remained sluggish, infrastructure investment growth slowed, and various manufacturing sectors showed different trends [12]. - During the "14th Five-Year Plan" period, China's steel product structure has been optimized. The proportion of steel used in manufacturing has increased from 42% in 2020 to 50% in 2024, and is expected to exceed 50% in 2025, while the proportion used in construction has decreased from 58% to 50% and is still declining [12]. - At the end of October, the social inventory of five major steel products in 21 cities decreased slightly, but was still higher than at the beginning of the year and the same period last year [12]. - Baoshan Iron & Steel Co., Ltd. has made breakthroughs in the research and application of ultra-high-strength steel for automobiles and is actively developing aluminum and magnesium alloys for automobiles [12]. - Xining Special Steel's controlling shareholder, Tianjin Jianlong, pledged 50.2397 million shares to support the company's production and operations [12]. - China Shenhua Energy Co., Ltd. announced its semi - annual profit distribution plan for 2025 [12][13]. - As of October 31, the Ganqimao Port had completed a certain amount of import and export freight volume, mainly including coal, copper concentrate, and manganese ore [13]. - China responded to the US threat of imposing tariffs on rare earth exports, emphasizing dialogue and cooperation [13]. - OPEC expects positive oil demand and plans to maintain supply - demand balance, with a projected increase in oil demand of 1.3 million barrels per day this year [13]. - Russian coal enterprises suffered a net loss of 263.2 billion rubles from January to August 2025, with a lower proportion of profitable enterprises compared to the same period last year [13]. 3.3 Data Overview - The report provides various data charts, including spot prices, social inventories, production, and capacity utilization rates of steel products, with data sources from Mysteel and the research and development department of Jianxin Futures [15][19][23][26][29][33]

Group 1: General Information - Reported industry: Cotton [1] - Report date: November 5, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions Market Review - Zhengzhou cotton prices faced downward pressure and declined. The latest price index for Grade 328 cotton was 14,841 yuan/ton, a decrease of 18 yuan/ton from the previous trading day. Spot prices for 2025/26 southern Xinjiang hand - picked cotton and northern Xinjiang machine - picked cotton were mostly between 14,600 - 14,800 yuan/ton (public standard), with some lower prices around 14,500 - 14,600 yuan/ton. The basis for different qualities of cotton varied [7]. - The trading of pure cotton yarn was lackluster. High - count yarn sales were okay, while low - count yarn sales were worse than the previous two weeks. The fabric market had low production and sales, with no large orders and difficulties in obtaining export orders [7]. Operational Suggestions - In the domestic market, the purchase of Xinjiang seed cotton was mostly ending. The cost of new cotton was relatively high, providing support for Zhengzhou cotton prices, but there was also hedging pressure at high prices. The downstream demand was weak but had some resilience, and the inventory of finished products was not high. With the Sino - US trade in a period of easing, the export competitiveness of textile and clothing enterprises might improve. The trading center of cotton prices was expected to slowly move up while the hedging pressure from the peak season of new cotton listing and processing needed to be digested [8]. Group 3: Industry News - As of October 30, 2025, the national new cotton picking progress was 87.1%, 1.9 percentage points higher than the same period last year and 5.9 percentage points higher than the average of the past four years. The national delivery rate was 90.4%, 3.5 percentage points higher than last year and 15.2 percentage points higher than the four - year average. The national processing rate was 39.9%, 0.5 percentage points higher than last year but 1.5 percentage points lower than the four - year average. The national sales rate was 14.2%, 9.3 percentage points higher than last year and 11.0 percentage points higher than the four - year average [9] Group 4: Data Overview - The report presented multiple data charts, including those related to China's cotton price index, cotton spot and futures prices, cotton basis changes, spreads between different cotton futures contracts, cotton commercial and industrial inventories, warehouse receipt totals, and exchange rates such as the US dollar against the Chinese yuan and the Indian rupee [17][18][29]

Report Information - Report Type: Container Shipping Index Daily Report [1] - Date: November 5, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - No investment rating is provided in the report. Core View - Although the actual demand may not support a large price increase, the shipping rates are likely to have bottomed out and are expected to recover. It is recommended to maintain a bullish position on the December contract [8]. Summary by Section 1. Market Review and Operation Suggestions - Market Expectations: With the arrival of the year - end peak season, market expectations have improved, and shipping companies have continued to raise their quotes for November and December. However, considering the current average demand and the decline of the SCFIS index, the price increase may not fully materialize [8]. - Regional Situation: The conflict in the Middle East remains unresolved, and the Red Sea is unlikely to resume normal shipping in the short term [8]. - Operation Suggestion: Continue to maintain a bullish position on the December contract and buy on dips [8]. 2. Industry News - Market Conditions: From October 27 to 31, the China Export Container Shipping Market showed positive trends. The overall transportation demand was stable, and the freight rates of most routes continued to rise, driving up the comprehensive index [9]. - European Route: In October, the euro - zone's composite PMI rose to 52.2, and the freight rates in the European route continued to increase. On October 31, the freight rate from Shanghai Port to European basic ports was $1344/TEU, up 7.9% from the previous period [9]. - Mediterranean Route: The market conditions were similar to those of the European route. The supply - demand fundamentals were stable, and the spot booking prices continued to rise. On October 31, the freight rate from Shanghai Port to Mediterranean basic ports was $1983/TEU, up 12.4% from the previous period [9]. 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS Index: On November 3, 2025, the SCFIS for the European route (basic ports) was 1208.71, down 7.9% from October 27; the SCFIS for the US West route (basic ports) was 1267.15, up 14.4% from October 27 [12]. 3.2 Container Shipping Index (European Route) Futures Market - Futures Data: The report provides trading data for various contracts on November 4, including EC2512, EC2602, etc., such as opening price, closing price, settlement price, and trading volume [6]. 3.3 Shipping - Related Data Charts - The report includes multiple charts showing data such as European container ship capacity, global container ship orders, Shanghai - Europe basic port freight rates, etc. [17][18][20]

Report Information - Report Type: Asphalt Daily Report [1] - Date: November 5, 2025 [2] Report Summary Investment Rating No investment rating is provided in the report. Core View - The adjustment of oil prices and the weak supply and demand of asphalt may lead to a continued decline in asphalt prices [7]. Section Summaries 1. Market Review and Operation Suggestions - Futures Market: The BU2601 contract opened at 3228 yuan/ton, closed at 3193 yuan/ton, with a maximum of 3245 yuan/ton, a minimum of 3189 yuan/ton, a decline of 2.00%, and a trading volume of 174,100 lots. The BU2512 contract opened at 3228 yuan/ton, closed at 3198 yuan/ton, with a maximum of 3248 yuan/ton, a minimum of 3182 yuan/ton, a decline of 2.24%, and a trading volume of 26,400 lots [6]. - Spot Market: The spot prices of asphalt in North China, Shandong, South China, and Sichuan and Chongqing regions have declined, while the spot prices of asphalt in other regions are relatively stable. The continuous decline of asphalt futures has a negative impact on the spot price of asphalt [6]. - Supply: Some refineries have production reduction or shutdown plans, but the increase in production of other refineries will form a hedge, and the overall operating load rate is expected to remain basically the same [6]. - Demand: The demand side has begun to decline seasonally. The road projects in the Northeast and Northwest are coming to an end, and the rigid demand for asphalt is shrinking rapidly. The demand in North China and Shandong is only supported by some key projects, and the demand increment is scarce. The construction in the South is stable, but the slow consumption of resources highlights the weak demand. The lack of funds is still the core factor restricting the project progress, and the actual demand for asphalt continues to be weaker than expected [6]. 2. Industry News No industry news is provided in the report. 3. Data Overview - South China Market: The mainstream transaction price of 70A grade asphalt is 3350 - 3520 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. The price adjustment of Sinopec's asphalt road transportation has a negative impact on the market sentiment, and the decline of asphalt prices in the north has led to some resources seizing the South China sales area, resulting in a sporadic decline in the social inventory quotation in South China [10]. - Shandong Market: The mainstream transaction price of 70A grade asphalt is 3130 - 3620 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. Although the international oil price has risen slightly, the asphalt futures have continued to decline. The spot and contracts sold by futures - spot traders and the pre - sale of forward contracts by refineries have led to an oversupply of market offers and a continuous decline in asphalt prices [10].

Industry Investment Rating - No relevant content provided Core Viewpoints - The industrial silicon futures price continued to decline after the mid - day session. Although some spot prices increased slightly within the range, the strong driving force for industrial silicon itself is limited. The fourth - quarter benefits focus on production cuts in the southwest. The intraday short - term accelerated decline started in the afternoon due to the continuous strengthening of the US dollar index and the weakening of multiple equity markets, but the decline space is expected to be limited [4]. Summaries by Directory 1. Market Review and Outlook Market Performance - The industrial silicon futures price declined continuously after the mid - day session. The Si2601 closed at 8885 yuan/ton, a drop of 2.31%. The trading volume was 379,786 lots, and the open interest was 242,153 lots, with a net increase of 13,885 lots [4]. Spot Price - The spot price increased slightly, with the price range remaining unchanged. The 553 price range was 8900 - 9300 yuan/ton, and the 421 price range was 9550 - 9950 yuan/ton [4]. Future Outlook - Some spot prices increased slightly within the range, but the strong driving force for industrial silicon itself is limited. The fourth - quarter benefits focus on production cuts in the southwest. The intraday short - term accelerated decline started in the afternoon. The continuous strengthening of the US dollar index led to a sharp decline in the prices of commodities priced in foreign markets, and multiple equity markets also declined, spreading strong macro - hedging risks. However, the overall market is still within the adjustment range since August, and the net long positions of the 01 contract increased by 16,008 lots. It is expected that the decline space is limited, and attention should be paid to the support at the lower edge of the range [4]. 2. Market News - On November 4, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 45,823 lots, a net decrease of 338 lots from the previous trading day [5]. - On October 31, the industrial silicon market inventory was 447,700 tons, a weekly increase of 0.58% and a year - on - year increase of 43.59% [5]. - In September, the industrial silicon export volume was 70,232.72 tons, a decrease of 8.36% from the previous month and a year - on - year increase of 7.73%. From January to September, the cumulative industrial silicon export volume was 491,400 tons, a cumulative year - on - year increase of 1.55%, with an average monthly export volume of 61,500 tons [5].

1. Report Information - Report Title: Pulp Daily Report [1] - Report Date: November 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions Market Review - Pulp futures contract 01: The previous settlement price was 5,274 yuan/ton, and the closing price was 5,288 yuan/ton, a 0.27% increase [7]. - Shandong wood pulp market: The intended transaction price range for softwood pulp was 4,870 - 6,500 yuan/ton, remaining stable from the previous trading day. The price of Shandong Yinxing was 5,500 yuan/ton [7]. - Arauco's October pulp offers: Softwood pulp Yinxing was $680/ton, down $20 from the previous month; unbleached kraft pulp Jinxing was $590/ton, unchanged; hardwood pulp Mingxing was $540/ton, unchanged [8]. - European pulp inventory and consumption in September: Inventory was 722,300 tons, up 3% month - on - month and 16.1% year - on - year; consumption was 813,200 tons, up 16.3% month - on - month and down 1.6% year - on - year [8]. - As of October 30, 2025: The weekly pulp inventory in major regions and ports decreased 0.85% month - on - month, and the overall shipping speed was stable [8]. Operation Suggestions - The downstream base paper performance remains differentiated, with slow growth in pulp market demand and a late start to the traditional peak season. The market demand for offset paper is generally weak. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow. In the short term, the market focuses on the potential boost to the futures price from the low number of old warehouse receipts after cancellation, but the rebound space is limited under the weak fundamental situation. It is recommended to try shorting on rallies [8]. 3. Industry News - National Bureau of Statistics data for January - September 2025: The total profit of industrial enterprises above designated size was 5.3732 trillion yuan, a 3.2% year - on - year increase. For the papermaking and paper products industry, the operating income was 1.03757 trillion yuan, down 2.1% year - on - year; the operating cost was 916.95 billion yuan, down 2.1% year - on - year; the total profit was 27.12 billion yuan, down 15.6% year - on - year [9]. - Company performance: Sun Paper's operating income was 28.936 billion yuan, down 6.58% year - on - year, and the net profit attributable to shareholders was 2.5 billion yuan, up 1.66% year - on - year; Wuzhou Special Paper's operating income was 6.457 billion yuan, up 18.13% year - on - year, and the net profit attributable to shareholders was 181 million yuan, down 44.66% year - on - year; Xianhe Co., Ltd.'s operating income was 9.063 billion yuan, up 24.8% year - on - year, and the net profit attributable to shareholders was 778 million yuan, down 4.77% year - on - year; Hengfeng Paper's operating income was 2.039 billion yuan, up 6.29% year - on - year, and the net profit attributable to shareholders was 148 million yuan, up 34.76% year - on - year [9]

报告类型 股指日评 日期 2025 年 11 月 5 日 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＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 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 11 月 4 日，万得全 A 缩量下跌，开盘震荡下滑，尾盘有所修复，收跌 1.03%， 全市仅 3 成个股上涨；沪深 300、上证 50、中证 500、中证 1000 收盘分别下跌 0.75%、 0.11%、1.67%、1.36%，大盘蓝筹股表现更优。指数期货方面，期货表现弱于现货， IF、IH、IC、IM 主力合约分别下跌 0,99%、0.28%、2.00%、1.54%（按前一交易日 收盘价为基准计算）。 | ...