Group 1: Report Information - Report Name: Copper Futures Daily Report [1] - Date: November 19, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Overview and Recommendations - The main contract of Shanghai copper dropped to 85,630. Market risk - aversion sentiment was strong. With important US data upcoming, global risk assets declined. The spot copper price fell by 505 to 86,005. The spot premium over the futures narrowed by 35 to 70. The spot import loss was 370. The LME 0 - 3 price structure changed to contango at 32.6, and the Shanghai - London ratio rose above 8, which is expected to increase imports. As the copper price dropped below 86,000, the downstream buying sentiment is expected to improve, limiting the downside of copper prices. Short - term shorting is not recommended [10] Group 3: Industry News - In October 2025, China's exports of unwrought copper and copper products were 134,304 tons, a year - on - year increase of 67.8%. From January to October, the cumulative export volume was 1,277,140 tons, a year - on - year increase of 15.0%. In October, the import volume was 440,000 tons, a year - on - year decrease of 13.5%. From January to October, the cumulative import volume was 4.46 million tons, a year - on - year decrease of 3.1% [11] - The European Investment Bank (EIB) and the Australian government will deepen cooperation in the key minerals field. The EU will launch a comprehensive economic security package on December 3. The EIB established a special working group to support key minerals project development this year, aiming to double the financing scale in this field [11]

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]

Group 1: Report General Information - Report Type: Crude Oil Daily Report [1] - Date: November 19, 2025 [2] Group 2: Investment Rating - Not provided Group 3: Core View - The 1Q 2026 production increase suspension has some support for the supply side but the effect is insufficient. Non - OPEC supply continues to rise, leading to obvious supply surplus in Q4 and Q1 2026 with an accelerating inventory build - up. Short - term sanctions on Russia and the situation in Venezuela may push up oil prices, but the supply surplus expectation is clear. The operation should follow a short - selling strategy, such as shorting on rebounds or reverse spreads [6][7] Group 4: Market Review and Operation Suggestion Market Review | Oil Type | Opening Price ($/barrel) | Closing Price ($/barrel) | Highest Price ($/barrel) | Lowest Price ($/barrel) | Daily Change (%) | Trading Volume (10,000 lots) | | --- | --- | --- | --- | --- | --- | --- | | WTI (Main Contract) | 59.67 | 59.66 | 60.30 | 59.21 | - 0.48 | 18.14 | | Brent (Main Contract) | 64.03 | 64.03 | 64.72 | 63.67 | - 0.56 | 25.88 | | SC (Main Contract, Yuan/barrel) | 462.8 | 458.8 | 466.0 | 457.8 | - 0.43 | 7.76 | [6] Operation Suggestion - Adopt a short - selling strategy, such as shorting on rebounds or reverse spreads [7] Group 5: Industry News - Goldman Sachs lowers the average prices of WTI and Brent crude oil in the next year to $52/barrel and $56/barrel respectively. - UBS expects the target price of Brent crude oil to be $62 by the end of this year and $67 by the end of next year. - Sudan's energy facilities are attacked, and oil exports are interrupted. - Sanctions on Russian oil companies Rosneft and Lukoil by the US Treasury Department's Office of Foreign Assets Control (OFAC) may have a long - term negative impact on Russia's oil sales volume, reducing Russia's oil revenue and pushing Russian crude oil prices to multi - year lows [8] Group 6: Data Overview - The report presents multiple data charts including global high - frequency crude oil inventory (thousand barrels), EIA crude oil inventory (thousand barrels), US crude oil production growth rate (thousand barrels per day), Dtd Brent price ($/barrel), WTI spot price ($/barrel), Oman spot price ($/barrel), US gasoline consumption (thousand barrels per day), and US diesel consumption (thousand barrels per day) [10][11][18][22]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: November 19, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The current 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, with the bottom of Treasury bond futures supported by the central bank's bond purchases. Considering the slowdown in economic momentum, expectations of monetary easing are likely to heat up again. It is advisable to seize opportunities to buy on dips. In the short term, the release of weak economic data is expected to boost market expectations of monetary easing, but this week's tax payment period may cause disturbances, and long - term varieties are expected to outperform short - term ones [12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: A - share weakness boosted risk - aversion sentiment, but the tax payment period tightened the capital market, resulting in narrow fluctuations across the board in Treasury bond futures. The yields of major inter - bank interest rate bonds also fluctuated narrowly. The yield of the 10 - year Treasury bond active bond 250016 rose 0.15bp to 1.8040% [8][9] - **Funding Market**: Monday was the tax declaration deadline, and the impact of the tax period will continue for 2 - 3 working days. The capital market tightened further. The central bank achieved a net injection of 3.7 billion yuan. The inter - bank capital sentiment index rose significantly, with the overnight weighted average rate of inter - bank deposits rising 1.66bp to 1.5285%, and the 7 - day rate fluctuating around 1.5239%. 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] - **Economic Fundamentals**: Since June, domestic economic indicators have continued to weaken, especially in the investment sector, which has accelerated its decline. Exports, which were the main support for the economy, turned negative in October. With weak domestic demand and low price indicators, the economic fundamentals still face pressure [11] - **Policy**: Currently, loose monetary and fiscal policies are being intensified. The restart of Treasury bond trading has brought direct buying demand to the bond market. The effect of loose fiscal policies on credit expansion may not be significant in the short term, and the impact on the bond market should be limited. The central bank may increase its efforts to support economic growth, and the space for monetary easing is expected to expand [12] 2. Industry News - Diplomatic: China has lodged solemn representations and strong protests against Japanese Prime Minister Kaochi Sanae's wrong remarks on Taiwan. Premier Li Qiang has no arrangements to meet with Japanese leaders during the G20 Summit [13] - Financial: The Fourth China - Germany High - Level Financial Dialogue was jointly chaired by Chinese Vice - Premier He Lifeng and German Vice - Chancellor and Finance Minister Christian Lindner. Both sides welcomed cross - listing of depositary receipts between the two countries and agreed to promote the interconnection of financial infrastructure [13] - Fiscal: From January to October this year, China's national fiscal revenue was 18.65 trillion yuan, a year - on - year increase of 0.8%. In October, the national fiscal revenue was 2.26 trillion yuan, a year - on - year increase of 3.2%. From January to October, national fiscal expenditure was 22.58 trillion yuan, a year - on - year increase of 2% [13] - Foreign Exchange: In October, the bank settlement surplus was 17.7 billion US dollars, narrowing month - on - month. Cross - border capital inflows increased in October, and the average monthly cross - border payment surplus in September and October was 24 billion US dollars [14] - Real Estate: Since the beginning of this year, the real estate market has shown a trend of being dominated by second - hand housing transactions and gradually stabilizing. From January to October, the online signing area of second - hand housing transactions increased by 4.7% year - on - year, accounting for 44.8% of the total transactions [14] 3. Data Overview - **Treasury Bond Futures Market**: The report provides data on the trading of Treasury bond futures contracts on November 18, including opening prices, closing prices, settlement prices, price changes, trading volumes, open interests, and changes in open interests [6] - **Money Market**: The report presents data on the term structure and trends of SHIBOR, as well as changes in the weighted average interest rates of inter - bank pledged repurchase and inter - bank deposit pledged repurchase [28][32] - **Derivatives Market**: The report shows the Shibor3M interest rate swap fixing curve (mean) and the FR007 interest rate swap fixing curve (mean) [34]

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 请阅读正文后的声明 每日报告 一、行情回顾与展望 市场表现：多晶硅主力合约价格低开后震荡运行，PS2601 合约收盘价 52210 元/ 吨，跌幅 1.67%，成交量 173704 手，持仓量 137091 手，净增 848 手。 行业 日期 2025 年 11 月 19 日 能源化工研究团队 ...

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: November 19, 2025 [2] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract was 5,472 yuan/ton, and the closing price was 5,408 yuan/ton, a decline of 1.17%. The intended transaction price range of softwood pulp in the Shandong market was 4,900 - 6,500 yuan/ton, with the price remaining stable compared to the previous trading day. The Shandong Yinxing quotation was 5,550 yuan/ton [7]. - Production and Inventory: In September, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market continued to grow. 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%. The 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 14, 2025, the weekly pulp inventory in major regions and ports was 1.9766 million tons, a 4.22% increase from the previous week [7]. - Downstream Paper: The performance of downstream base paper remained differentiated. The packaging paper market continued to be favorable, while the prices of other base papers were stable. The improvement of social orders for offset paper was limited, and the publishing tenders continued. Pay attention to the cost digestion performance of downstream paper mills, and pulp is under pressure at the previous high [7]. Group 3: Industry News - On November 17, Hong Kong - listed paper stocks rose. Chenming Paper led with a gain of over 6%, Nine Dragons Paper rose over 5%, and Lee & Man Paper rose nearly 3%. Since November, the price increase wave in the domestic paper industry has continued to heat up. Shanying Paper and Nine Dragons Paper have raised prices, and downstream cardboard factories in Zhejiang and Hunan have responded with price increases. However, industry insiders pointed out that the price increase of packaging paper may not be sustainable due to the falling prices of bulk paper materials and the oversupply situation [8].