行业 鸡蛋 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 日期 2025 年 11 月 26 日 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 26, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The spot SCFIS index rose 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping companies' price increase in December was less than expected. Maersk's quotes are the most aggressive, suppressing the price increase space of other airlines. There is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush. Shorting is not cost-effective. Pay attention to the possibility that the off-season April contract may be overvalued, and focus on the positive spread opportunity between the 02 and 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS index rose 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping companies' price increase in December was less than expected. Maersk's quotes are the most aggressive, suppressing the price increase space of other airlines. There is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Pay attention to the actual implementation of cargo volume and price increases [8] - Operation suggestions: Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush. Shorting is not cost-effective. Pay attention to the possibility that the off-season April contract may be overvalued, and focus on the positive spread opportunity between the 02 and 04 contracts [8] 2. Industry News - From November 17th to November 21st, the China Export Container Transport Market was basically stable, and the freight rates in the long-haul routes showed an adjustment trend, with the comprehensive index declining. On November 21st, the Shanghai Export Container Composite Freight Index was 1393.56 points, a 4.0% decrease from the previous period [9] - European routes: The initial value of the eurozone's consumer confidence index in November was -14.2, lower than market expectations, indicating that consumers remain cautious about the economic outlook and consumer demand is still suppressed. The recovery prospects of the European economy still face challenges. This week, the shipping demand lacked further growth momentum, and the spot market booking prices declined. On November 21st, the market freight rate from Shanghai Port to basic ports in Europe (ocean freight and ocean freight surcharges) was $1367/TEU, a 3.5% decrease from the previous period [9] - Mediterranean routes: The supply-demand fundamentals are slightly better than those of European routes, and the market freight rates increased slightly. On November 21st, the market freight rate from Shanghai Port to basic ports in the Mediterranean (ocean freight and ocean freight surcharges) was $2055/TEU, a 1.3% increase from the previous period [9] - North American routes: Due to the US government shutdown, the US September non-farm payrolls report was postponed to this week. The number of new jobs in September was 119,000, better than market expectations, but the unemployment rate rose to 4.4%, the highest in four years. The weak performance of the employment market indicates that the future US economic outlook is not optimistic. This week, the shipping demand growth was weak, and the market freight rates continued to decline. On November 21st, the market freight rates from Shanghai Port to basic ports in the US West and US East (ocean freight and ocean freight surcharges) were $1645/FEU and $2384/FEU respectively, a 9.8% and 8.3% decrease from the previous period [10] - Middle East situation: After Israel launched an air strike on Gaza, Hamas threatened to end the ceasefire agreement. The Israeli Defense Forces and Shin Bet carried out a coordinated operation in the Gaza Strip, targeting senior Hamas members involved in major attacks, maritime infiltration, tunnel construction, and hostage-taking. The US has informed mediators and partner countries preparing to join the Gaza International Stabilization Force that if Hamas refuses to disarm, Israel will be allowed to resume military operations. The Israeli military carried out multiple air strikes in Lebanon, and the situation may continue to escalate [10] 3. Data Overview 3.1 Container Shipping Spot Prices | Route | November 24, 2025 | November 17, 2025 | Change | Week-on-Week Change | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1639.37 | 1357.67 | +281.7 | +20.7% | | SCFIS: US West Routes (Basic Ports) | 1107.85 | 1238.42 | -130.57 | -10.5% | [12] 3.2 Container Shipping Index (European Routes) Futures Market | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2512 | 1,779.7 | 1,792.3 | 1,650.0 | 1,697.4 | -129.7 | -7.29% | 6884 | 6454 | -408 | | EC2602 | 1,576.2 | 1,590.0 | 1,453.5 | 1,501.8 | -122.7 | -7.78% | 51412 | 48279 | 4946 | | EC2604 | 1,141.0 | 1,159.0 | 1,126.4 | 1,140.2 | -14.6 | -1.28% | 5004 | 17016 | 920 | | EC2606 | 1,363.9 | 1,378.4 | 1,338.0 | 1,354.1 | -25.9 | -1.90% | 272 | 1629 | 95 | | EC2608 | 1,481.1 | 1,498.0 | 1,464.0 | 1,471.6 | -17.1 | -1.15% | 171 | 1399 | 74 | | EC2610 | 1,108.1 | 1,113.0 | 1,108.0 | 1,111.3 | -0.1 | -0.01% | 563 | 2556 | 65 | [6] 3.3 Shipping-related Data Charts - The report provides charts on European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of Jianxin Futures [17][21]

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 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 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 行业 纯碱、玻璃日报 日期 2025 年 11 月 26 日 ＃summary＃ 每日报 ...

Report Overview - Report Date: November 26, 2025 [2] - Reported Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Market Review and Operation Suggestions Market Review - Zhengzhou cotton futures showed a volatile upward trend. The latest price index of Grade 328 cotton was 14,832 yuan/ton, up 39 yuan/ton from the previous trading day. The quoted price of machine-picked cotton in Northern Xinjiang was around 14,600 - 14,800 yuan/ton on a legal weight basis, with a few low prices at 14,500 - 14,600 yuan/ton. The basis of the same quality of spot goods was between CF01 + 1000 - 1350, and a few low prices were within 1000. The mainstream basis of machine-picked cotton of Grade 41 in Northern Xinjiang was above CF01 + 900 [7]. - The trading volume in the pure cotton yarn market decreased, with fewer new orders. Downstream buyers mainly made purchases based on rigid demand. High-count yarn maintained a good sales trend, and the price remained stable. The prices of other varieties of yarn decreased slightly, with some manufacturers reducing prices by 100 - 200 yuan/ton. The market for all-cotton garment greige fabrics remained sluggish, and the inventory level was still rising. The conventional varieties faced intense homogeneous competition due to poor demand, and the demand for some differentiated varieties was also scarce. In the export market, there was a significant shortage of terminal orders, and the competition among greige fabric mills for orders was fierce [7]. - Overseas, as of the week ending November 21, 2025, the cumulative inspection volume of U.S. upland cotton and Pima cotton was 1.5066 million tons, accounting for 49.1% of the estimated annual U.S. cotton production, 15% slower than the same period last year. In the domestic market, the purchase of cottonseed in Xinjiang was almost completed, and the daily inspection volume was at a peak. The market's expectation of Xinjiang's cotton production in the 2025/26 season increased with the progress of the purchase. The downstream market remained weak. Last week, the finished product inventory of spinning mills increased slightly, and the operating rate decreased slightly. In some local areas, the sales of some products were relatively good, and the pressure on the finished product inventory of downstream enterprises was not high. Spinning mills made rigid purchases of raw materials. Recently, after the cancellation of warehouse receipts from the 2024/25 season, there were few warehouse receipts from the 2025/26 season. In the short term, supported by cost, it was advisable to try to go long at low prices and pay attention to the performance of the upper pressure level [8]. Operation Suggestions - In the short term, supported by cost, try to go long at low prices and pay attention to the performance of the upper pressure level [8] 2. Industry News - As of November 23, 2025, a total of 1,044 cotton processing enterprises across the country processed cotton and conducted notarized inspections in accordance with the reform plan of the cotton quality inspection system. The cumulative inspection volume was 16,370,365 bales, totaling 3.6958 million tons, an increase of 92,000 tons from the previous day. Among them, the inspection volume in Xinjiang was 16,221,448 bales, totaling 3.6625 million tons, an increase of 91,400 tons from the previous day; the inspection volume in inland areas was 77,487 bales, totaling 17,100 tons [9] 3. Data Overview - The report presents multiple charts related to the cotton market, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, total warehouse receipts, USD/CNY exchange rate, and USD/INR exchange rate. All data sources are from Wind and the Research and Development Department of CCB Futures [18][19][16]

行业 油脂 日期 2025 年 11 月 26 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 数据来源：Wind，建信期货研究发展部 华东转三级菜油：01+350 11 月 华东；01+320 12 月 华东；12-1 月： OI2601+280。华东转一级菜油：11 月：OI2601+460，12 月：OI2601+420；12-1 月：OI2601+380。华东市场一级豆油基 ...

行业 生猪日报 日期 2025 年 11 月 26 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，25 日生猪主力 2601 合约小幅低开后探底回升震荡走高，尾盘收 阳，最高 11445 元/吨，最低 11300 元/吨，收盘报 1 ...

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 26 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 ...

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 11 月 26 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 ...

一、行情回顾与操作建议 | 表1： | | 行情回顾(美元/桶) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | SC：元/桶 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | WTI | 主力 | 58.05 | 58.89 | 59.06 | 57.42 | 1.43 | 21.86 | | Brent | 主力 | 61.9 | 62.73 | 62.92 | 61.34 | 1.28 | 27.47 | | SC | 主力（元/桶） | 447.9 | 448.6 | 450.6 | 443.3 | 0.67 | 8.62 | 行业 原油日报 日期 2025 年 11 月 26 日 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 028-8663 0631 penghaozhou@ccb.ccbfutures. ...

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 25 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 一、行情回顾与后市展望 数据来源：上期所、大商所网站，建信期货研究发展部 11 月 24 日，铁矿石期货主力 2601 合约震荡偏强，开盘后震荡走高，午后有 所回落，收报 790.5 元/吨，涨 0.44%。 | | 表2：11月24日黑色系期货持仓情况（单位：手、%） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前 20 多头 持仓 | 前 20 空头 持仓 | 前 20 多头 持仓变化 | 前 20 空头 持仓变化 ...