021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 行业 纸浆日报 日期 2025 年 11 月 25 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 021-60635727 fengzeren@ccb.ccbfutures.com 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） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 行业 棉花 日期 2025 年 11 月 25 日 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 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 近期纺企依旧交付前期订单为主，新增订单较少；中小型纺企按需生产，库 存压力不大，走货尚可；部分大型纺企产销比有所下降，库存稍累，开机有一定 下调。溯源单近期纯澳棉等高品质纱走货尚可，部分厂商有抢 ...

工业硅日报 一、行情回顾与展望 市场表现：工业硅期货价格窄幅震荡。Si2601 收盘价 8940 元/吨，跌幅 1%，成交 量 214012 手，持仓量 262676 手，净增 1672 手。 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 25 日 能源化工研究团队 研究员：李捷, ...

行业 沥青日报 日期 2025 年 11 月 25 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.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 期货从业资格号：F3015157 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：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 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 每日 ...

行业 白糖日报 日期 2025 年 11 月 25 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 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 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 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：期货行情 | | | | | | | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 美分/磅） | 涨跌 | 涨跌幅 | 持仓 ...

多晶硅日报 现货价格：多晶硅 n 型复投料成交价格区间为 4.9-5.5 万元/吨，成交均价为 5.32 万元/吨，环比持平。n 型颗粒硅成交价格区间为 5.0-5.1 万元/吨，成交均价为 5.05 万元/吨，环比持平。 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 25 日 能源化工研究团队 研究员：李捷,CFA ...

1. Industry Information - Industry: Eggs [1] - Date: November 25, 2025 [2] 2. Investment Rating - Not provided 3. Core View - The spot egg market is expected to stabilize at a low level this week. The demand is expected to enter the peak season in December with double - holiday stocking expectations. The downward price should not be overly underestimated, while the upward space depends on market digestion and sales. The futures market is likely to bottom out and wait for the spot rebound signal. The longer the low - price period in the fourth quarter, the higher the probability and elasticity of a reversal in the first quarter and second quarter of next year. For options, consider the wide - straddle double - selling strategy for near - month contracts, and for spreads, conduct rolling reverse arbitrage operations on near - and far - month spreads [8] 4. Summary of Each Section 4.1 Market Review and Operation Suggestions - **Market Review**: The national egg price was stable today. The average price in the main production areas was 2.90 yuan/jin, with a change of 0.06 yuan/jin compared to yesterday, and the average price in the main sales areas was 3.17 yuan/jin, up 0.02 yuan/jin from yesterday. The 01 contract rose 0.31%. The 2601 contract had a previous settlement price of 3200, an opening price of 3185, a high of 3232, a low of 3181, a closing price of 3210, a rise of 10, a rise rate of 0.31%, a trading volume of 255048, an open interest of 212297, and an open - interest change of 199106. The 2602 contract had a previous settlement price of 2981, an opening price of 2980, a high of 2998, a low of 2967, a closing price of 2990, a rise of 9, a rise rate of 0.30%, a trading volume of 47534, an open interest of 130493, and an open - interest change of 3811. The 2512 contract had a previous settlement price of 2954, an opening price of 2945, a high of 2969, a low of 2929, a closing price of 2950, a fall of 4, a fall rate of - 0.14%, a trading volume of 19014, an open interest of 27794, and an open - interest change of - 2299 [7] - **Operation Suggestions**: In the futures market, the main contract oscillated at a low level last week, and the direction was unclear. The 01 contract fell below 3200 points. Although it is close to the historical low, there are risks in going long. It is expected that the market will bottom out and wait for the spot rebound signal. For options, focus on the wide - straddle double - selling strategy for near - month contracts; for spreads, conduct rolling reverse arbitrage operations on near - and far - month spreads [8] 4.2 Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a month - on - month decrease of 0.66% compared to 1.368 billion at the end of September 2025, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to 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 less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period of 2024 [9][10] 4.3 Data Overview - **Culling Volume**: As of November 20, 2025, in the previous three weeks, the national culling volume of chickens was 19.81 million, 19.47 million, and 20.21 million respectively. The culling volume fluctuated recently but increased slightly compared to the previous period [19] - **Culling Age**: As of November 20, 2025, the average culling age of chickens was 492 days, 1 day earlier than last week and 7 days earlier than last month, indicating an accelerated culling speed [19]

Report Overview - Report Date: November 25, 2025 [2] - Report Type: Pig Daily Report [1] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - In the long - term, pig slaughter is expected to maintain a slight growth until the first half of next year, and the concentrated second - fattening and pig 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% compared with the actual sales volume in October. The demand for terminal consumption has increased due to the cooling weather, but the enthusiasm for second - fattening is weak. Spot prices are likely to fluctuate mainly, while futures prices are expected to continue to be weak in the medium - to - long term [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 24th, the main 2601 contract of live pigs opened slightly higher, then rose and fell back, closing up at the end of the session. The highest price was 11,480 yuan/ton, the lowest was 11,360 yuan/ton, and the closing price was 11,400 yuan/ton, down 0.04% from the previous day. The total open interest of the index increased by 7,940 lots to 381,487 lots [7]. - **Spot Market**: On the 24th, the average price of ternary pigs nationwide was 11.57 yuan/kg, down 0.04 yuan/kg from the previous day [7]. - **Supply and Demand Analysis**: In the long - term, pig slaughter will increase slightly until the first half of next year. In the short - term, the planned sales volume in November decreased. The demand for terminal consumption increased due to the cooling weather, and the orders of slaughtering enterprises increased. However, the enthusiasm for second - fattening is weak [8]. 3.2 Industry News - No industry news is provided in the report. 3.3 Data Overview - **Profit and Cost**: As of the week ending November 21, the average profit per self - bred and self - raised pig was - 96.6 yuan/head, a weekly decrease of 25 yuan/head; the profit per pig purchased as a piglet was - 273 yuan/head, a weekly increase of 2 yuan/head. The cost of fattening a 110 - kg pig to 140 kg was 14.47 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 14.89 yuan/kg, an increase of 0.04 yuan/kg from the previous week [18]. - **Average Slaughter Weight**: As of the week ending November 21, the average slaughter weight of live pigs was 128.81 kg, an increase of 0.33 kg from the previous week (a weekly increase of 0.26%), an increase of 0.91 kg from the previous month (a monthly increase of 0.71%), and an increase of 2.08 kg from the same period last year (an annual increase of 1.64%) [18].

huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 报告类型 股指日评 日期 2025 年 11 月 25 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 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 24 日，万得全 A 缩量上涨，开盘后震荡回落，午后明显拉涨，尾盘再 度走弱，收涨 0.62%；沪深 300、上证 50 收盘分别下跌 0.12%、0.18%，中证 500、 中证 1000 收盘分别是上涨 0.76%、1.26%，中小盘股表现更优。期货方面，IF、 IH、IC、IM 主力合约分别收跌 1.03%、0.88%、0.68%、0.49%，表现整体弱于现货 （按收盘价计算）。 | 表1:股 ...

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 25, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [4] Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Soda ash continues to be in a weak pattern of supply - demand imbalance. Although weekly production and operating rate have declined, the absolute output remains high. With flat shipments, weak supply - demand in downstream float glass, and no improvement in terminal real estate and photovoltaic demand, the cost provides support but high inventory restricts price increase. Short - term trend is expected to be volatile, and medium - long term may be treated with rebound short - selling [8]. - For glass, the spot performance is lower than expected, supply is stable, inventory is high, and demand in the real estate market is weak. However, with the accelerating cold - repair due to declining profits, if about 5000 tons of production lines are cold - repaired by the end of the year, inventory can be reduced. Currently, the glass price is undervalued, and the downward space is limited. Without new market expectations, the downward trend may continue [9]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 24, the main soda ash futures SA601 contract rebounded slightly. The closing price was 1183 yuan/ton, up 12 yuan/ton or 1.02%, with a daily reduction of 58,280 lots [7]. - Soda ash is in a weak supply - demand imbalance. Weekly production and operating rate are down, but absolute output is still high. Downstream float glass has weak supply - demand, and terminal real estate and photovoltaic demand show no improvement. Cost supports the price, but high inventory restricts price increase. Short - term trend is volatile, and medium - long term may be rebound short - selling [8]. Glass - The spot performance is lower than expected, and the impact of concentrated production line shutdowns in Shahe is less than expected. Supply is stable, inventory is high after the holiday, and demand in the real estate market is weak. With declining profits, cold - repair is accelerating. About 5000 tons of production lines are planned for cold - repair by the end of the year. If cold - repaired, inventory can be reduced. Currently, the glass price is undervalued, and the downward trend may continue without new expectations [9]. 2. Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, but no specific data analysis is presented in the text [12][16][15]