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 日期 2025 年 12 月 01 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） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

Group 1: General Information - Reported industry: Soybean meal [1] - Date: December 1, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - The US soybean futures contract on the external market was closed today, with the main contract at 1130 cents. The USDA's November monthly supply and demand report showed that the yield per unit was lowered from 53.5 bushels to 53 bushels, and the export item was reduced from 1.685 billion bushels to 1.635 billion bushels. The ending inventory was slightly lowered to 290 million bushels, which was bearish. The US NOPA's October crushing data exceeded expectations and reached a record high for a single month [6]. - The domestic soybean meal fluctuated at a high level this week following the CBOT soybeans. After the China - US reached a phased agreement, the domestic soybean meal returned to the cost - pricing model of CBOT soybeans. There is support at the bottom due to cost increase and low crushing profit, but there is also inventory pressure [6]. Operational Suggestions - The recent volatility may decrease, and it should be treated as a high - level oscillation. For options, pay attention to the straddle short - selling strategy [6]. Contract Data | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2601 | 3039 | 3055 | 3060 | 3041 | 3044 | 5 | 0.16% | 622626 | 1297132 | - 48625 | | Soybean Meal 2603 | 3015 | 3054 | 3054 | 3026 | 3036 | 21 | 0.70% | 95620 | 543481 | 13990 | | Soybean Meal 2605 | 2836 | 2828 | 2855 | 2828 | 2845 | 9 | 0.32% | 398648 | 1462928 | 46714 | [6] Group 3: Industry News - As of the week of November 16, 2025, the US soybean harvest rate was 95%, compared with 98% in the same period last year and a five - year average of 96% [9]. - On November 18, private exporters reported selling 792,000 tons of soybeans to China for delivery in the 2025/2026 market year [9]. - The Brazilian Soybean Industry Association (Abiove) predicted that Brazil's 2025/26 soybean production would be a record 177.7 million tons, with a predicted crushing volume of 60.5 million tons and an export volume of 111 million tons in 2026 [10].

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The spot price of eggs in the country remained stable today, with the average price in the main producing areas at 2.99 yuan/jin and that in the main consuming areas at 3.23 yuan/jin, up 0.03 yuan/jin from yesterday. The 01 contract rose 0.73%. After the spot price stabilized in the previous few days, it increased in some areas today. The futures market rose strongly, mainly due to the anticipation being factored in early. As the spot price has reached a phased bottom and the demand expectation for the double festivals in December is hard to disprove, the market generally believes that the egg price may be slightly stronger in early December. Traders are willing to wait for the subsequent small peak season to sell, reducing the supply pressure. Attention should be paid to whether the spot price will rise as expected this weekend and next week. If the egg price continues to strengthen, there may be an opportunity to expand the 1 - 2 spread, and short - sellers are advised to lay out positions in post - festival contracts. The 01 contract's rebound is based on phased expectations, and its sustainability depends on the spot market [8]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Market Review**: The 2601 contract of eggs opened at 3282, closed at 3293, up 24 points or 0.73% from the previous settlement price, with a trading volume of 185,804 and an open interest of 170,648, an increase of 154,196. The 2602 contract opened at 3056, closed at 3073, up 24 points or 0.79%, with a trading volume of 60,460 and an open interest of 135,972, an increase of 4,315. The 2512 contract opened at 2960, closed at 2907, down 41 points or - 1.39%, with a trading volume of 13,969 and an open interest of 339, a decrease of 10,419 [7]. - **Operation Suggestions**: If the egg price runs strongly in the future, pay attention to the potential opportunity of the 1 - 2 spread expansion. Short - sellers are advised to lay out positions in post - festival contracts. Treat the 01 contract's rebound as a phased expectation, and its sustainability requires support from the spot market [8]. 3.2 Industry News - **Inventory**: As of the end of October 2025, the monthly inventory of laying hens in the country was about 1.359 billion, a decrease of 0.66% from the end of September 2025 (1.368 billion), ending the previous continuous growth trend, but an increase of 5.59% compared with the end of October 2024 (1.287 billion) [9]. - **Replenishment**: In October 2025, the monthly output of laying hen chicks of 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 in 2024. The total replenishment in the past four months (July - October 2025) was about 158.14 million, compared with about 176.1 million in the same period last year [9]. - **Elimination Volume**: As of November 20, 2025, the elimination volumes of laying hens in the previous three weeks were 19.81 million, 19.47 million, and 20.21 million respectively. The elimination volume fluctuated recently, but generally increased slightly compared with the previous period [9][10]. - **Elimination Age**: As of November 20, 2025, the average elimination age of laying hens was 492 days, one day earlier than last week and seven days earlier than last month, indicating an accelerated elimination speed [10].

行业 贵金属日评 日期 2025 年 12 月 1 日 请阅读正文后的声明 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 每日报告 一、贵金属行情及展望 日内行情： 因美联储降息预期继续发酵，中国印度年底首饰消费旺季即将到来，同时特 朗普称美国将很快对委内瑞拉展开地面行动，旺季需求预期、流动性溢价预期和 避险需求推动近期贵金属偏强运行，伦敦黄金进一步反弹至 4200 美元/盎司附近； 由于美联储降息改善美国甚至全球经济增长前景，工业属性较强的白银走势强于 黄金，伦敦金银比值跌破 78，在铂钯上市炒作背景下短期内白银仍将强于黄金。 中短期内多空因素交织，我们判断伦敦黄金需要在 3880-4380 美元/盎司的 ...

行业 集运指数日报 日期 2025 年 11 月 28 日 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(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货11月27日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 仓差 | | | 价 | | | | | （%） | | | | | EC2512 | 1,628.9 | 1,613.0 | 1,612. ...

Report Information - Report Title: Carbonate Lithium Futures Daily Report [1] - Date: November 28, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - The carbonate lithium futures price rose and then fell, with the decline expanding at the end of the session, closing at 95,850. The spot price increased by 500 to 93,300. The prices of Australian ore, mica, 6F, ternary and lithium iron electrolytes, ternary materials, and lithium iron materials all increased. The short - term carbonate lithium futures price is expected to be supported by the spot price, with limited downward space, but it is difficult to break the previous high after the emotional release [11]. Summary by Directory 1. Market Review and Operation Suggestions - Carbonate lithium futures showed a trend of rising and then falling, with the closing price at 95,850. The spot price rose to 93,300. The prices of upstream and downstream products in the industrial chain continued to increase. The futures market has large fluctuations due to emotions, and the futures price is at a premium to the spot price. The short - term futures price is supported by the spot price, with limited downward space and difficult to break the previous high [11]. 2. Industry News - Critical Resources expanded the land holding area of its Mavis Lake project by 25% to over 400 square kilometers, strengthening its position in the emerging lithium corridor in north - western Ontario. It has identified 8 million tons of inferred mineral resources with a Li2O content of 1.07% and completed over 58,000 meters of drilling [12]. - At the 2025 Second China International Lithium Industry Conference, it was shown that the energy storage market has become the core growth pole of lithium demand. The global energy storage new - installed capacity in 2025 is expected to reach 268GWh, a year - on - year increase of 48%, with a compound growth rate of over 20% in the next decade. The carbonate lithium price has rebounded to over 90,000 yuan/ton, and the inventory days have dropped to a nearly three - year low of 32 days. The supply - demand pattern has turned to a tight balance. Some companies are accelerating the layout of solid - state batteries. The industry predicts that the global lithium demand will reach 2 million tons of carbonate lithium equivalent in 2026, and the price center may continue to rise [12][13]

行业 锌期货日报 日期 2025 年 11 月 28 日 021-60635740 期货从业资格号：F3075681 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2512 | 22475 | 22380 | 22530 | 22370 | 25 | 0.11 | 20351 | -5964 | | 沪锌 | 2601 | 22480 | 22415 | 22565 | 22410 | 55 | 0.25 | 101749 | 1019 | | 沪锌 | 2602 | 22465 | 22445 | 22590 | 22440 | 70 | 0.31 | 43628 | 3124 | 数据来源： Wind ，建信期货研究发展部 沪锌主力冲高回落，收于 22415 元/吨，涨 55，涨幅 0.25% ...

Report Information - Report Title: Copper Futures Daily Report [1] - Date: November 28, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The copper price is still expected to rise. The domestic social inventory is accelerating the destocking process, and domestic and foreign spot prices are supportive of the copper price. The market is also continuously trading on the expectation of a Fed rate cut in December [11]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Shanghai copper rose slightly, with the main contract closing at 86,990. Overnight, the overseas market continued to trade on the expectation of a Fed rate cut in December, driving up the copper price. The spot price rose by 430 to 87,085 during the day, and the spot premium rose by 25 to 105. The domestic social inventory decreased by 0.7 tons this week and 2.1 tons compared to last Thursday. The import loss of spot copper was nearly 1,000 yuan, and subsequent imported supplies will continue to decrease, driving domestic destocking. The C - L spread has widened again, supporting non - US spot prices [11]. 3.2 Industry News - The International Copper Study Group (ICSG) predicts that the global copper market will face a supply shortage of 150,000 tons in 2026. Global copper mine production is expected to increase by 2.3% in 2026, and the growth rate of copper production is expected to slow to 0.9% in 2026 from 3.4% in 2025 [12]. - A London Metal Exchange (LME) executive said that due to the uncertainty of US copper tariff policies, the COMEX copper price will remain higher than the LME copper price in the next 18 months. The spread between COMEX and LME has led to a continuous loss of LME inventory, and copper inventory is shifting to COMEX warehouses. COMEX copper inventory exceeded 400,000 short tons for the first time this Monday [12]. - Aya Gold&Silver announced strong mineralization intercept results from the latest drilling at its Boumadine polymetallic project in Morocco and discovered a new high - grade parallel structure. The company holds an 85% stake in the project and plans to build 6 open - pit mines and 3 underground mines with a target daily ore processing capacity of 8,000 tons [12][13]. - The Canadian government has launched a national security review of the proposed merger between Anglo American and Teck Resources. The review will focus on the impact of the transaction on key minerals and related supply chains. Copper is listed as a key mineral in Canada. The two companies have promised to invest approximately C$4.5 billion in five years, but most of the investment was previously announced by Teck Resources. Anglo American also proposed to relocate its global headquarters from London to Vancouver and rename itself "Anglo Teck" [13].

Group 1: Report Information - Industry: Pulp [1] - Date: November 28, 2025 [2] Group 2: Market Review and Operation Suggestions - Pulp futures contract 01 had a previous settlement price of 5,218 yuan/ton and a closing price of 5,184 yuan/ton, a decline of 0.65%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4,750 - 6,400 yuan/ton, stable compared to the previous trading day. The Shandong Yinxing offer was 5,480 - 5,500 yuan/ton [7] - The ex - factory price of imported wood pulp in November was unclear, with more rumors of price increases. Market players still had a wait - and - see attitude. In October, the chemical pulp shipments of 20 pulp - producing countries decreased by 3.5% year - on - year, coniferous pulp by 7.1%, and broadleaf pulp by 1.9%. Shipments to the Chinese market decreased significantly. In October, the European wood pulp inventory was 703,900 tons, a month - on - month decrease of 2.8% and a year - on - year increase of 3.4%. European wood pulp consumption was 844,100 tons, a month - on - month increase of 4.8% and a year - on - year increase of 1.2%. As of November 20, 2025, the weekly pulp inventory in major regions and ports was 2.0104 million tons, a 1.71% increase from the previous week [8] - Downstream base paper prices had limited increases, with most remaining stable. The price increase of white cardboard slowed down. Paper mills faced processing pressure, had limited acceptance of high - priced raw materials, and poor restocking intentions. Supply pressure showed signs of weakening, but downstream profit margins were insufficient, leading to poor cost transmission. Pulp prices fell under pressure at high levels and were expected to fluctuate in a wide range at low levels [8] Group 3: Industry News - A Russian company expressed its willingness to invest in Indonesia's pulp and paper industry. On November 20, 2025, the CEO of Indonesia's Dana Tarra Group met with Russia's Sistema Group. The Indonesian government was ready to promote cooperation between the two sides by matching potential Russian investors with suitable local enterprises. The meeting was in the early stage, and potential investment amounts had not been discussed. Relevant license approvals and technical evaluations were in progress [9]

Report Information - Report Title: Polyolefin Daily Report [1] - Report Date: November 28, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Quotes Futures Market Quotes - Plastic 2601: Opened at 6707 yuan/ton, closed at 6699 yuan/ton, down 41 yuan/ton (-0.61%), with a trading volume of 270,000 lots and an open interest of 495,726 lots, a decrease of 1,873 lots [5] - Plastic 2605: Opened at 6768 yuan/ton, closed at 6763 yuan/ton, down 31 yuan/ton (-0.46%), with an open interest of 232,562 lots, an increase of 10,864 lots [5] - Plastic 2609: Opened at 6809 yuan/ton, closed at 6804 yuan/ton, down 28 yuan/ton (-0.41%), with an open interest of 4,234 lots, an increase of 376 lots [5] - PP2601: Opened at 6261 yuan/ton, closed at 6295 yuan/ton, down 2 yuan/ton (-0.03%), with an open interest of 557,253 lots, a decrease of 29,319 lots [5] - PP2605: Opened at 6360 yuan/ton, closed at 6393 yuan/ton, down 7 yuan/ton (-0.11%), with an open interest of 263,547 lots, an increase of 19,590 lots [5] - PP2609: Opened at 6431 yuan/ton, closed at 6435 yuan/ton, down 19 yuan/ton (-0.29%), with an open interest of 12,254 lots, an increase of 661 lots [5] Spot Market Quotes - PE Market: Prices continued to be weak. LLDPE prices in North China were 6720 - 7000 yuan/ton, in East China were 6850 - 7300 yuan/ton, and in South China were 6980 - 7350 yuan/ton [7] - Propylene Market: The mainstream price in Shandong was 6050 - 6050 yuan/ton, down 25 yuan/ton from the previous working day. The cost of polypropylene was under pressure, and the demand support for propylene weakened [7] - PP Market: Prices were stable to weak, with a decline of 10 - 40 yuan/ton. The mainstream price of North China drawstrings was 6130 - 6300 yuan/ton, in East China was 6220 - 6400 yuan/ton, and in South China was 6300 - 6450 yuan/ton [7] Market Analysis Market Review and Outlook - Linear futures opened lower and fluctuated. The market trading atmosphere changed little. Traders sold at discounted prices, and most spot prices declined slightly. Downstream buyers were mostly on the sidelines [6] - The load of previously restarted plants increased slowly, and the weekly supply decreased. There were no new maintenance plans this week, so the weekly supply might increase month-on-month [6] - The peak demand season was ending, follow-up orders were slow, and most factories had already stocked up. Downstream sentiment was bearish, and purchasing enthusiasm weakened [6] - Crude oil prices fell again due to the easing of geopolitical risks. There was pressure to accumulate inventory in the fourth quarter and the first quarter of next year, which put pressure on prices. The cost support for plastics and chemicals was hard to find, and combined with the weak fundamentals, the price center declined weakly [6] Industry News - On November 27, 2025, the inventory level of major producers was 650,000 tons, a decrease of 5,000 tons (-0.76%) from the previous working day. The inventory in the same period last year was 605,000 tons [7] Data Overview - The report includes charts 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 [9][12][16]