Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 21, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - Futures Performance: Carbonate lithium futures rose and then fell, with high capital gaming sentiment. The main contract rose by over 4% during the day, turned negative in the afternoon, and the total open interest decreased by 15,747 lots [8]. - Spot Price Changes: Spot electric carbon rose by 2,400 to 91,300, Australian ore rose by 45 to 1,245, mica ore rose by 125 to 2,700, 6F rose by 4,000, electrolyte remained flat, lithium iron phosphate rose by 560 - 590, and ternary rose by 400 - 700 [8]. - Industry Fundamentals: Weekly production increased by 585 tons to 22,130 tons, social inventory decreased by 2,052 tons, and the weekly destocking volume was lower than last week. Lithium iron phosphate and ternary production continued to increase. The decrease in destocking was likely due to the sharp rise in lithium prices this week. The industry fundamentals remained healthy [8]. - Future Outlook: With the futures price leading the spot price, the pressure of futures - spot convergence was a drag on the short - term rise of futures lithium prices. Short - term futures were expected to fluctuate [8]. Group 3: Industry News - Business Agreement: EVE Energy and Smoore International signed a procurement framework agreement on November 20, 2025. Smoore will continuously purchase battery cells from EVE, but the specific amount is uncertain [11]. - Industry Regulation: The China Chemical and Physical Power Sources Industry Association will issue a notice on referring to the lithium iron phosphate cost index and standardizing industry development. It suggests that enterprises use the industry average cost range disclosed on November 18 as an important reference for quotations and submit production and operation data regularly [11]. - Mining Performance: Greenbushes lithium mine, in which TLEA (a joint - venture of IGO) holds 51%, showed strong profitability in the 2025 fiscal year, producing 1.48 million tons of spodumene concentrate, with a cash cost of 325 Australian dollars per ton, generating 1.5 billion Australian dollars in cash flow and a 66% EBITDA margin. Its third chemical plant is scheduled to be put into operation by the end of the year, increasing the annual production capacity by 500,000 tons [12]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 21, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided Core View - The expectation of the pre - Spring Festival shipment rush further fermented in the February contract, while the December contract was weak due to the falling - short of price increase expectations. The SCFIS index declined 9.8% week - on - week to 1357.67, and shipping companies haven't formed a unified price - support force. There is a long - term price increase expectation, which may overvalue the April contract. It is advisable to focus on the positive spread trading opportunity between the February and April contracts [8]. Summary by Section 1. Market Review and Operation Suggestions - **Market Performance**: After the Shanghai Futures Exchange clarified the last trading day of the February contract on Friday, the expectation of the pre - Spring Festival shipment rush affected the February contract, while the December contract was weak due to unmet price increase expectations. The SCFIS index dropped 9.8% week - on - week to 1357.67, and shipping companies' online quotes changed little. The price increase of CMA CGM is expected to be difficult to implement, and the price increase in December fell short of expectations. However, there is a long - term price increase expectation, which may overvalue the April contract, so pay attention to the positive spread trading opportunity between the February and April contracts [8]. 2. Industry News - **Overall Market**: From November 10 to 14, the China export container shipping market was generally stable, with the freight rates of ocean routes showing a differentiated trend, and the comprehensive index slightly declined. In October, the industrial added value of large - scale industries increased by 4.9% year - on - year, indicating a stable and progressive economic development [9]. - **European Routes**: On November 14, the Shanghai Export Containerized Freight Index was 1451.38 points, down 2.9% from the previous period. The ZEW economic sentiment index in the eurozone in November was 25, up from the previous value, showing a recovery in market confidence in the European economic outlook. The freight rate of the Shanghai - Europe basic port market increased by 7.1% to 1417 US dollars/TEU [9]. - **Mediterranean Routes**: The supply - demand relationship remained balanced, and the market freight rate was stable at 2029 US dollars/TEU on November 14 [9]. - **North American Routes**: The US Congress passed a temporary appropriation bill, ending the government shutdown. It is estimated that the shutdown will reduce the US GDP in the fourth quarter by 1.5 percentage points. The freight rate of the Shanghai - US West and US East basic port markets decreased by 17.6% and 8.7% respectively to 1823 US dollars/FEU and 2600 US dollars/FEU on November 14 [10]. - **International Situation**: There are complex political and military situations in the Gaza Strip and Israel - Turkey relations, which may have an impact on the shipping market [10]. 3. Data Overview 3.1 Container Shipping Spot Prices - **SCFIS**: The SCFIS for European routes decreased from 1504.8 to 1357.67, a week - on - week decline of 9.8%. The SCFIS for US West routes decreased from 1329.71 to 1238.42, a week - on - week decline of 6.9% [12]. 3.2 Container Shipping Index (European Routes) Futures Market - **Futures Data**: The trading data of multiple contracts such as EC2512, EC2602 are provided, including opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and open interest change [6]. 3.3 Shipping - Related Data Charts - **Charts**: Include the Shanghai Export Containerized Freight Index, container shipping futures contract trends, European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [13][18]

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 21 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 ...

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 每日报告 行业 沥青日报 日期 2025 年 11 月 21 ...

1. Report Date - The report is dated November 21, 2025 [2] 2. Research Team and Researchers - The research is conducted by the Energy and Chemical Research Team. Researchers include Li Jie, CFA (Crude Oil and Fuel Oil), Ren Junchi (PTA/MEG), Peng Haozhou (Industrial Silicon/Polycrystalline Silicon), Peng Jinglin (Polyolefins), and Liu Youran (Pulp) [3] 3. Market Performance - Industrial silicon futures prices basically gave back yesterday's gains. The closing price of Si2601 was 9,075 yuan/ton, a decline of 2.37%. The trading volume was 574,345 lots, the open interest was 273,978 lots, with a net decrease of 32,691 lots [4] - Spot prices were slightly raised. The price range of 553 was 9,300 - 9,500 yuan/ton, and that of 421 was 9,700 - 10,050 yuan/ton [4] 4. Market Outlook - Although the spot price of industrial silicon has increased recently, the stable price center provides no upside space for the futures market. Yesterday, the production cut of silicone was less than expected, leading to a joint upward movement with other market products due to capital sentiment. However, after the market closed, the significant increase in net short positions among the top 20 institutions reflected capital's pessimism about an upward breakthrough. Today's prices basically gave back yesterday's gains, and the collective weakness of other market products also showed a similar capital sentiment [4] - Fundamentally, production cuts on the supply side are ongoing, and weekly output still has room to decline. However, demand is lackluster, especially when polysilicon and silicone are both in the production - cut stage, so the supply - demand contradiction will not intensify. The relatively strong spot price provides support at the bottom. The price of the main contract has not effectively broken through, and the market should be treated as a range - bound one [4] 5. Market News - On November 20, the number of industrial silicon warehouse receipts on the GZFE was 43,297 lots, a net decrease of 115 lots from the previous trading day [4] - A meeting of actual controllers of silicone monomer plants was held in Shanghai as scheduled. The organizer was the China Fluorine and Silicone Organic Materials Industry Association, and all leading enterprises participated. The total production capacity of participating enterprises accounted for over 80% of the industry's capacity. The meeting was about joint production cuts and price support. According to SMM, regarding production cuts, the plan is to start on December 1st, with an unclear implementation period. Assuming full implementation in December, the DMC output in December is expected to be about 210,400 tons, a reduction of about 8,000 tons compared to before the cut. The expected impact on the monthly consumption of industrial silicon is about 4,400 tons [4]

行业 纯碱、玻璃日报 日期 2025 年 11 月 21 日 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 ＃summary＃ 每日报 ...

行业 贵金属日评 日期 2025 年 11 月 21 日 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 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 由于会议纪要显示较多美联储官员在 10 月底会议时即已反对降息，市场对美 联储 12 月会议降息概率从 50%附近骤降至 25%，美元指数则强势反弹至 100 上方， 美联储降息预期降温与美元汇率反弹使得隔夜伦敦黄金冲高后显著回落至 4080 美元/盎司附近，而且市场传言特朗普政府力推 28 点计划，试图联合俄罗斯施压 乌克兰同意停火，这也削弱了贵金属的避险需求。我们判断短期内美联储放缓降 息步伐甚至暂停降息、中美贸易形势边际缓和等利空因素， ...

报告类型 股指日评 日期 2025 年 11 月 21 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 ＃summary＃ 每日报告 一、行情回顾与后市展望 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 1.1 行情回顾： 11 月 20 日，万得全 A 再次缩量下跌，高开后一路震荡走低，收跌 0.66%，全 市超 7 成个股下跌；沪深 300、上证 50、中证 500、中证 1000 收盘分别下跌 0.51%、 0.40%、0.85%、0.63%，大盘蓝筹股表现更优。期货方面，IF、IH、IC、IM 主力 合约分别收跌 0.57%、0.28%、0.78%、0.47%，表现整体强于现货（按收盘价计算）。 | 表1:股指期货、现货 ...

Report Information - Report title: Polyolefins Daily Report [1] - Report date: November 21, 2025 [2] - Research team: Energy and Chemical Research Team [4] Investment Rating - No investment rating provided in the report Core Viewpoint - The short - term polyolefin market has no clear cost guidance, and the supply - demand fundamentals lack support, so it will be adjusted weakly [6] Summary by Directory 1. Market Review and Outlook - Futures: L2601 opened higher, fluctuated upward during the session, and closed up at 6835 yuan/ton, up 22 yuan/ton (0.32%), with a trading volume of 310,000 lots and a decrease of 11,929 lots in positions to 516,737 lots. PP2601 closed at 6400 yuan/ton, down 22 yuan, a decline of 0.34%, with a decrease of 2378 lots in positions to 618,000 lots. The futures' rise had limited impact on the market atmosphere. Traders adjusted prices slightly, and downstream buyers purchased raw materials as needed with weak speculative intention [6] - Supply: The loss of production due to maintenance decreased, and the weekly output increased as expected [6] - Demand: In November, demand is expected to weaken. After replenishing at low prices, downstream buyers returned to purchasing based on rigid demand [6] - Cost: OPEC+ suspended production increase in the first quarter of next year, but the oversupply situation is hard to reverse. Oil prices face continuous oversupply pressure, and the cost support for plastics is hard to find [6] 2. Industry News - Inventory: On November 20, 2025, the inventory level of major producers was 690,000 tons, a decrease of 10,000 tons (1.43%) from the previous working day. The inventory in the same period last year was 635,000 tons [7] - PE price: The PE market price was weakly sorted. The LLDPE price in North China was 6800 - 7050 yuan/ton, in East China was 6900 - 7400 yuan/ton, and in South China was 7000 - 7400 yuan/ton [7] - Propylene price: The mainstream price of propylene in Shandong market was 5900 - 5980 yuan/ton, a decrease of 10 yuan/ton from the previous day. The cost of polypropylene was under pressure, the enthusiasm for plant operation decreased, and the downstream's willingness to pursue high prices weakened slightly [7] - PP price: The PP market price fluctuated slightly. The mainstream price of North China drawstring was 6200 - 6380 yuan/ton, in East China was 6280 - 6500 yuan/ton, and in South China was 6400 - 6540 yuan/ton [7] 3. Data Overview - The report presents multiple figures including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change, with data from Wind and Zhuochuang Information [9][12][15]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: November 21, 2025 [2] - Research Team: Macro Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No relevant information provided. Core Viewpoints - The negative factors in the bond market have basically been released, and November has entered a stage of accumulating positive factors. The bond market environment has improved. Considering the central bank's bond - buying, the bottom of Treasury bond futures is supported. With the slowdown of economic momentum, the expectation of monetary easing is expected to heat up again, and investors should seize the opportunity to buy on dips. [12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The November LPR quote remained unchanged, which was in line with expectations and had limited impact on the bond market. The bond market showed a narrow - range oscillation. The buying of 5 - year and 7 - year Treasury bond cash bonds was relatively obvious, possibly related to the central bank's bond - buying. [8] - **Interest Rate Cash Bonds**: The yields of major - term interest - rate cash bonds in the inter - bank market all changed within a narrow range. By 16:30 PM, the yield of the active 10 - year Treasury bond 250016 reported 1.8090%, up 0.2bp. [9] - **Funding Market**: After the impact of the tax payment period ended, the inter - bank funding market became looser, and the central bank shifted to net withdrawal. There were 310 billion yuan of open - market maturities, and the central bank injected 300 billion yuan, resulting in a net withdrawal of 10 billion yuan. The inter - bank funding sentiment index dropped significantly, indicating further relief of funding pressure. The weighted overnight rate of inter - bank deposits dropped 5.69bp to 1.3652%, and the 7 - day rate dropped 2.74bp to 1.4857%. The medium - and long - term funds were stable, and the 1 - year AAA certificate of deposit rate fluctuated narrowly around 1.62 - 1.64%. [10] - **Conclusion**: In terms of the economic fundamentals, since June, various domestic economic indicators have continued to weaken, especially the investment side has accelerated its decline. The export, which was the main support of the economy, also turned negative in October. The combination of export decline and weak domestic demand led to price indicators remaining low. The fundamentals still face certain pressure. In terms of policies, the current combination of loose monetary and fiscal policies has been strengthened again. The restart of Treasury bond trading has brought direct buying demand to the bond market. The credit - expansion effect of loose fiscal policies may not be significant in the short term, and the impact on the bond market should be limited. The central bank may increase the space for easing. Overall, the bond market environment has improved, but there are still some uncertain disturbances. [11][12] 2. Industry News - The November LPR quote remained stable: the 1 - year LPR was reported at 3%, and the over - 5 - year variety was reported at 3.5%. [13] - The Shanghai Real Estate Brokerage Industry Association organized an integrity initiative to strengthen industry self - discipline and maintain the real - estate market order. [13] - Recently, multiple "two - important" construction projects have started. "Two - important" construction will be an important focus of the stable - growth policy, and infrastructure investment is expected to maintain a moderate growth rate. [13] - The China Chemical and Physical Power Sources Industry Association will issue a notice on referring to the cost index of lithium iron phosphate and standardizing industry development to prevent low - price dumping. [14] - Japan plans to launch a new expenditure plan of 17.7 trillion yen and needs to issue more bonds to raise funds. [15] 3. Data Overview - **Treasury Bond Futures Market**: Data on the trading of various Treasury bond futures contracts on November 20, including opening price, closing price, settlement price, price change, trading volume, open interest, and change in open interest, were presented. [6] - **Money Market**: Information on the term - structure change and trend of SHIBOR, as well as the change in the weighted inter - bank pledged - repo rate and the inter - bank deposit pledged - repo rate, was provided. [29][31] - **Derivatives Market**: Information on the Shibor3M interest - rate swap fixing curve (mean) and the FR007 interest - rate swap fixing curve (mean) was provided. [34]