Report Information - Report Name: Zinc Futures Daily Report [1] - Date: November 19, 2025 [2] Industry Investment Rating - Not provided Core Views - Macro cooling and continuous LME zinc warehousing led to a downward shift in the center of LME zinc. On the 18th, LME inventory increased by 3,550 tons to 39,975 tons, with warehousing in Singapore, Kaohsiung, and Hong Kong. The low - inventory concern eased, the Cash - 3M Back structure dropped to 104.97, and the SHFE/LME ratio recovered to 7.5. The domestic non - ferrous market continued to correct, and SHFE zinc broke below the middle Bollinger Band. The main contract closed at 22,310 yuan/ton, down 130 yuan or 0.58%. The 12 - 01 spread was - 20 yuan/ton [7]. - The intraday market weakened compared to the previous day, but the spot premium increased. The Shanghai market had a premium of 180 yuan/ton over the December contract, the Tianjin market reported a discount of 50 yuan/ton compared to the Shanghai market, and the Guangdong market reported a discount of 70 yuan/ton to the January 2026 contract. Some zinc ingot exports led to a significant decrease in inventory, and domestic social inventory decreased slightly [7]. - With the reduction of northern mines in China and the concentrated release of smelters' winter stockpiling demand, the supply of domestic zinc ore was tight. The panic buying by smelters pushed down the processing fees. SMM estimated that the refined zinc output in November might decline slightly month - on - month. The tightening of the ore end was transmitted to the ingot end, providing support for zinc prices. In the short term, zinc prices were expected to fluctuate in the range of 22,200 - 22,800 yuan/ton, and the current price was at the lower end of the range. Attention should be paid to the support at 22,200 yuan [7]. Section Summaries 1. Market Review - Futures market data: For SHFE zinc 2512, the opening price was 22,460 yuan/ton, the closing price was 22,310 yuan/ton, the highest was 22,465 yuan/ton, the lowest was 22,265 yuan/ton, down 130 yuan or 0.58%, with a position of 82,326 and a position change of 76,806. For SHFE zinc 2601, the opening price was 22,495 yuan/ton, the closing price was 22,330 yuan/ton, the highest was 22,495 yuan/ton, the lowest was 22,295 yuan/ton, down 145 yuan or 0.65%, with a position of 82,373 and a position change of - 9,077. For SHFE zinc 2602, the opening price was 22,540 yuan/ton, the closing price was 22,345 yuan/ton, the highest was 22,540 yuan/ton, the lowest was 22,305 yuan/ton, down 165 yuan or 0.73%, with a position of 29,010 and a position change of - 49,321 [7]. 2. Industry News - On November 18, 2025, the mainstream transaction price of 0 zinc was concentrated in the range of 22,435 - 22,555 yuan/ton, double - swallow brand in the range of 22,455 - 22,575 yuan/ton, and 1 zinc in the range of 22,365 - 22,485 yuan/ton. In the morning, the market quoted a premium of 150 - 160 yuan/ton over the SMM average price, and there were few quotes against the market [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,435 - 22,475 yuan/ton. The regular brands in Ningbo quoted a premium of 100 yuan/ton to the 2512 contract and a premium of 80 yuan/ton to the Shanghai spot. The mainstream in the Ningbo area quoted against the 2512 contract. In the first period, the pre - sale of Qilin brand quoted a delivered premium of 180 yuan/ton to the 2512 contract [8]. - In the Tianjin market, 0 zinc ingots were mainly traded in the range of 22,240 - 22,430 yuan/ton, Zijin brand in the range of 22,470 - 22,560 yuan/ton, and 1 zinc ingots around 22,170 - 22,270 yuan/ton. The Huludao brand was quoted at 23,320 yuan/ton. The common 0 zinc quoted a discount of 50 to a premium of 50 yuan/ton to the 2512 contract, and Zijin brand quoted a premium of 180 yuan/ton to the 2512 contract. The Tianjin market reported a discount of about 50 yuan/ton compared to the Shanghai market [8]. - In the Guangdong market, 0 zinc was mainly traded in the range of 22,215 - 22,350 yuan/ton. The mainstream brands quoted a discount of 70 - 25 yuan/ton to the 2601 contract and a discount of 50 yuan/ton to the Shanghai spot. The price difference between Shanghai and Guangdong widened. In the first period, holders of Qilin, Mengzi, Danxia, Anning, and Lanxing brands quoted a discount of 70 - 25 yuan/ton. In the second period, Qilin, Mengzi, Anning, and Lanxing brands quoted a discount of 70 - 35 yuan/ton to the net price [8]. 3. Data Overview - The report presented figures such as the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE month - to - month spreads, with data sources including Wind and SMM [12][14]

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 19 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18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 | ...

日期 2025 年 11 月 19 日 有色金属研究团队 行业 镍日报 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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：Wind，建信期货研究发展部 镍观点： 受宏观转弱以及基本面高库存压制，沪镍继续下跌，18 日主力合约进一步刷 新低点，几近最低价收盘，报 114840 元/吨。金川镍平均升水较上日涨 150 报 4050， 国产电积镍升贴水涨 75 报 100-400。8-12%高镍生铁均价下跌 3 至 899.5 元/镍点， 电池级硫酸镍均价较上日下跌 50 至 28330 元/吨。产业链价格均走弱。印尼矿端 短期支撑有限，而镍终端需求拖累显著。不锈钢市场已进入年末的消费淡季 ...

行业 铝日报 日期 2025 年 11 月 19 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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：Wind，建信期货研究发展部 铝观点： 18 日沪铝继续下跌，跌幅较前几日有所扩大，主力 2601 跌至 21465，跌幅 1.22%，总持仓较上一交易日大幅减少 6 万余手至 680374 手，显示资金离场迹象。 现货上，伴随铝价下行，采购情绪进一步回升，但下游观望情绪也随之升温，尚 未出现大规模补库行为，日内华东贴水-30，中原贴水-150，华南贴水-165。进口 窗口关闭，但沪伦比值上修明显，现货进口亏损大幅收窄 500 至-1500 元/吨左右。 国产矿相 ...

行业 铜期货日报 日期 2025 年 11 月 19 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 数据来源：Wind，建信期货研究发展部 沪铜主力跌至 85630，市场避险情绪较浓，美重磅数据即将到来，全球风险资产 全都下跌。日内铜现货跌 505 至 86005，现货对盘面升水缩窄 35 至 70，现货进口 亏 370，LME0-3 再转为 contango 结构为 32.6，且沪伦比值回升至 8 以上，预计 将带动进口增加。随着盘面铜价跌破 8.6 万，预计下游买货情绪将回暖，将令铜 价下跌空间有限，短期谨慎追空。 二、 行业要闻 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图 ...

报告类型 股指日评 日期 2025 年 11 月 19 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＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 11 月 18 日，万得全 A 放量下跌，开盘后一路震荡走低，尾盘小幅修复，收 跌 0.93%；沪深 300、上证 50、中证 500、中证 1000 收盘分别下跌 0.65%、0.30%、 1.17%、1.00%，大盘蓝筹股表现更优。期货方面，期货表现整体强于现货，IF、 IH、IC、IM 主力合约分别收跌 0.58%、0.39%、0.89%、0.58%（按收盘价计算）。 | 表1:股指期货、现货行情数据 ...

Group 1: Report Information - Reported industry: Soybean meal [1] - Report date: November 19, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Investment Rating - Not provided Group 3: Core View - The USDA's November monthly supply - demand report adjusted the production, crush, and supply - demand for 24/25 and 25/26 soybean years. The adjustment of the export item in the report indicates a lack of confidence in China's full - scale purchase of US soybeans, causing short - term adjustment in CBOT soybeans. Domestic soybean meal is affected by the decline of foreign markets. Its future trend depends on China's import data of US soybeans [6] Group 4: Section Summaries 1. Market Review and Operation Suggestions - **Contract Quotes**: The "Soybean Meal 2601" contract closed at 3041 yuan, down 10 yuan or 0.33% from the previous settlement; "Soybean Meal 2603" closed at 3008 yuan, up 8 yuan or 0.27%; "Soybean Meal 2605" closed at 2832 yuan, up 15 yuan or 0.53% [6] - **USDA Report**: The 24/25 ending stocks decreased from 330 million bushels to 316 million bushels. For the 25/26 year, the yield per acre was lowered from 53.5 bushels to 53 bushels, and the export item was reduced by 0.5 bushels to 1.635 billion bushels. The ending stocks of 290 million bushels were higher than market expectations [6] - **China - US Trade Agreement**: China is required to purchase 12 million tons of US soybeans by January next year and 25 million tons annually for the next 3 years. However, the USDA's adjustment of the export item shows a lack of confidence in China's full - scale purchase [6] - **Market Outlook**: CBOT soybeans may have a short - term adjustment. Domestic soybean meal is affected by the decline of foreign markets. It may regain its upward trend if China's import of US soybeans improves; otherwise, it will return to the previous range - bound pattern [6] 2. Industry News - **US 2025/26 Soybean Data**: The yield per acre decreased from 53.5 bushels to 53 bushels; the production decreased from 4.301 billion bushels to 4.253 billion bushels; the crush remained unchanged at 2.555 billion bushels; the export decreased from 1.685 billion bushels to 1.635 billion bushels; the ending stocks decreased from 300 million bushels to 290 million bushels [7][8] - **Global 2025/26 Soybean Meal Data**: The production is expected to be 286.418 million tons, a decrease of 1.32 million tons from the previous estimate. The ending stocks are expected to be 18.271 million tons, an increase of 0.117 million tons. The export is expected to be 81.548 million tons, a decrease of 0.62 million tons. Argentina's export is expected to decrease by 1.1 million tons, while Brazil's is expected to increase by 0.8 million tons [8] 3. Data Overview - The report provides multiple data charts, including soybean meal ex - factory price, 01 contract basis, 1 - 5 spread, 5 - 9 spread, US dollar - RMB central parity rate, and US dollar - Brazilian real exchange rate, with data sources from Wind and the research and development department of Jianxin Futures [14][16]

Report Overview - Report Date: November 19, 2025 [2] - Reported Industry: Egg [1] - Research Team: Agricultural Products Research Team [4] Industry Investment Rating - Not provided in the given content Core Viewpoints - The spot egg prices across the country declined today. The average price in the main production areas was 2.87 yuan/jin, down 0.09 yuan/jin from yesterday, and the average price in the main sales areas was 3.24 yuan/jin, down 0.04 yuan/jin from yesterday. The 01 contract dropped 0.87%. The spot market weakened again last week, with prices in the Hubei and Hunan powder egg regions, the main force of the previous rebound, gradually falling, while the supply and demand of red eggs in the north were relatively balanced and prices were stable. Market sales returned to sluggishness. Considering the cooler temperatures, egg storage conditions have improved, and there will be no large - scale dumping as in the rainy season and summer. Egg prices are expected to fluctuate narrowly at low levels this week. [8] - Due to the temporary downturn in the spot market, futures prices declined this week. Near - month contracts had a larger decline due to approaching delivery, while far - month contracts were relatively firmer due to the expectation of reduced inventory. Fundamentally, the laying hen inventory decreased month - on - month for the first time in October, indicating that the poor breeding profits have gradually affected the supply side. The year - on - year data of the replenishment volume in the past four months also shows that there is an expectation of a continuous slight decline in the medium - term laying hen inventory. The longer the low - price period in the fourth quarter, the greater the probability and elasticity of a reversal in the first quarter and second quarter of next year. [8] - In the short term, the market is expected to fluctuate at low levels, and the low spot prices may continue for some time. Opportunities for long positions in far - month contracts can be considered on dips, but there may still be fluctuations in the near term. A reverse spread between near - and far - month contracts is advisable. [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: - For the 2601 egg contract, the previous settlement price was 3213, the opening price was 3222, the highest price was 3233, the lowest price was 3164, the closing price was 3185, down 28 or 0.87%, with a trading volume of 208,846 and an open interest of 214,974, an increase of 202,658. - For the 2602 egg contract, the previous settlement price was 3029, the opening price was 3037, the highest price was 3043, the lowest price was 2965, the closing price was 2970, down 59 or 1.95%, with a trading volume of 56,431 and an open interest of 123,191, an increase of 5,926. - For the 2512 egg contract, the previous settlement price was 2992, the opening price was 2970, the highest price was 2981, the lowest price was 2927, the closing price was 2930, down 62 or 2.07%, with a trading volume of 73,622 and an open interest of 50,827, a decrease of 6,510. [7] - **Operation Suggestions**: Short - term low - level fluctuations are expected. Low spot prices may persist. Opportunities for long positions in far - month contracts can be considered on dips, but there may be fluctuations in the near term. A reverse spread between near - and far - month contracts is advisable. [8] 2. Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% month - on - month from 1.368 billion at the end of September 2025, ending the previous continuous growth trend, but up 5.59% year - on - year compared with 1.287 billion at the end of October 2024. [9] - **Replenishment**: In October 2025, the monthly output of laying hen chicks from sample enterprises was about 39.15 million, slightly down from 39.2 million in September 2025 and significantly down from 44.83 million in the same period of 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 of 2024. [9] 3. Data Overview - **Culling Volume**: As of November 13, 2025, the national culling volumes in the previous three weeks were 20.53 million, 19.81 million, and 19.47 million respectively, showing a downward trend recently. [17] - **Culling Age**: As of November 13, 2025, the average culling age was 493 days, unchanged from last week and 6 days earlier than last month. [17]

聚烯烃日报 日期 2025 年 11 月 19 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 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 行业 连塑 L2601 高开，盘中震荡向下，尾盘收跌，终收 6785 元/吨，跌 65 元/ 吨（-0.95%），成交 26 万手，持仓增 6049 手至 548344 手。PP2601 收于 6392 元/吨，跌 73，跌幅 1.13%，持仓增 5494 手 ...

Group 1: Report Overview - Report date: November 19, 2025 [2] - Report industry: Cotton [1] - Research analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - Domestic market: Zhengzhou cotton fluctuated weakly. The latest cotton price index for grade 328 was 14,801 yuan/ton, down 5 yuan/ton from the previous trading day. The purchase of Xinjiang seed cotton was almost over, and the market's expectation of Xinjiang cotton production in the 2025/26 season increased with the progress of the purchase. The downstream market remained weak, with the overall finished product inventory increasing slightly. The domestic consumption data of textiles and clothing in October was acceptable. Zhengzhou cotton adjusted in the short - term, and attention should be paid to cost support [7][8] - International market: As of the week ending November 14, 2025, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 1.2365 million tons, accounting for 40.3% of the estimated annual U.S. cotton production, 17% slower than the same period last year [8] Operation Suggestions - Pay attention to the cost support for Zhengzhou cotton in the short - term [8] Group 3: Industry News - In October 2025, China imported 90,000 tons of cotton, a decrease of 10,000 tons from the previous month and 20,000 tons from the same period last year. From January to October 2025, the cumulative import of cotton was 770,000 tons, a decrease of 1.62 million tons from the same period last year. In October 2025, China imported 140,000 tons of cotton yarn, an increase of 10,000 tons from the previous month and 20,000 tons from the same period last year. From January to October 2025, the cumulative import of cotton yarn was 1.18 million tons, a decrease of 70,000 tons from the same period last year [9] - As of the week ending November 14, 2025, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 1.2365 million tons, accounting for 40.3% of the estimated annual U.S. cotton production, 17% slower than the same period last year. The inspection volume of U.S. upland cotton was 1.2151 million tons, with an inspection progress of 40.6%, a decrease of 17% year - on - year; the inspection volume of Pima cotton was 21,300 tons, with an inspection progress of 26%, a decrease of 41% year - on - year [9] Group 4: Data Overview - The report presents multiple figures related to the cotton market, including price indices, futures prices, basis changes, commercial and industrial inventories, and exchange rates [16][18][19]