Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the short - term, the RMB - US dollar exchange rate is likely to continue the two - way fluctuation pattern of "weak US dollar and stable RMB", with the core fluctuation range between 7.05 - 7.10. The RMB appreciation rhythm will be relatively mild, and the two - way fluctuation characteristics will be more obvious. Some institutions predict that the US dollar - RMB exchange rate may gradually approach 7.025 by the end of December [4]. - The short - term profit growth rate of large - scale industrial enterprises is under pressure and is likely to maintain a weak shock pattern. In the medium - and long - term, the profitability of industrial enterprises is expected to enter a gradual repair channel in 2025 [2]. - Stock index is expected to continue to fluctuate in the short - term due to the balance between long and short forces [6]. - For treasury bonds, medium - term long positions can be continued to hold, and attention should be paid to the Politburo meeting [7]. - The container shipping European line futures price will continue to fluctuate in the short - term due to the game between the expectation of resuming navigation and the price - holding actions of shipping companies [8]. - For precious metals, in the medium - and long - term, the price center of precious metals will continue to rise, and in the short - term, the price elasticity is increased [16]. - For base metals such as copper and aluminum, the prices are affected by factors like the increase in LME copper cancelled warrants, the strengthening of interest rate cut expectations, and the improvement of macro - sentiment, showing different trends [17][19]. - For black commodities, the prices of steel products may gradually increase in shock, and iron ore prices will maintain a high - level shock pattern [23][27]. - For energy and chemical products, the oil price is in a game between geopolitical tensions and weak fundamentals, showing a downward shock trend in the medium - and long - term; other products have different trends based on their own supply and demand fundamentals [33][35]. - For agricultural products, the prices of different varieties such as pigs, oilseeds, and oils are affected by factors such as supply and demand, policies, and weather, showing different trends [77][78][80]. Summary by Relevant Catalogs Financial Futures - **Macro**: The US ADP data unexpectedly declined, with employment decreasing by 32,000 people, the largest decline since March 2023. The US ISM services PMI expansion rate reached the fastest in nine months, with the price index at a seven - month low and the employment index at a six - month high. The new Fed Chairman Hasset is likely to be appointed, and bond investors have warned the US Treasury [1][5]. - **RMB Exchange Rate**: The on - shore RMB against the US dollar closed at 7.0661, up 51 points. The US ADP employment in November decreased by 32,000 people, the lowest since March 2023. The short - term RMB - US dollar exchange rate is expected to be in a two - way fluctuation pattern [3][4]. - **Stock Index**: The stock index fluctuated weakly, and the trading volume of the two markets increased by 76.532 billion yuan. The US ADP data made investors almost certain that the Fed would cut interest rates next week, but the impact on the market was limited. The stock index is expected to continue to fluctuate in the short - term [4][6]. - **Treasury Bonds**: T, TF, TS fluctuated and closed up, while TL continued to decline. The open - market reverse repurchase was 7.93 billion, with a net withdrawal of 13.4 billion. The money market was loose. Attention should be paid to the Politburo meeting, and medium - term long positions can be continued to hold [6][7]. - **Container Shipping European Line**: The futures price of the container shipping European line continued to fluctuate. The market focused on the game between the expectation of resuming navigation in the Red Sea and the price - holding actions of shipping companies in late December. There are both positive and negative factors in the market [8][10]. Commodities Non - ferrous Metals - **Platinum & Palladium**: The prices of platinum and palladium were mainly driven by investment attributes, showing a shock - upward trend. The Fed's December interest rate cut probability was about 89%. Long - term platinum ETFs increased, while palladium ETFs decreased [13]. - **Gold & Silver**: The prices of gold and silver were in a shock pattern. The US ADP data supported the Fed's interest rate cut expectation. In the medium - and long - term, the price center of precious metals will continue to rise [14][16]. - **Copper**: The copper price rose sharply due to the large increase in LME copper cancelled warrants and the strengthening of interest rate cut expectations. The short - term copper price is expected to remain high [17]. - **Aluminum Industry Chain**: The price of Shanghai aluminum was shock - upward, mainly driven by the improvement of macro - sentiment and the rise of copper and silver. The price of alumina is expected to be weak, and the price of cast aluminum alloy is expected to be shock - upward [18][19]. - **Zinc**: The zinc price was in a shock - upward trend. The ADP data strengthened the interest rate cut expectation. The supply of zinc may shrink, and the demand is in the off - season [20]. - **Tin**: The tin price rose driven by funds. The short - term supply is tight, and the interest rate cut expectation is strong. It is not recommended to short in the short - term [20][21]. - **Lead**: The lead price was in a narrow - range shock. The supply of the lead smelting end decreased, and the inventory decreased slightly [21][22]. Black Commodities - **Rebar & Hot Rolled Coil**: The prices of rebar and hot - rolled coil were shock - upward. The overseas macro - sentiment was warming up, and the market expected policy support. However, the iron ore valuation was high, and there was a risk of decline [23][24]. - **Iron Ore**: The iron ore price rose first and then fell. The short - term fundamentals improved, and the price is expected to maintain a high - level shock pattern [26][27]. - **Coking Coal & Coke**: The coking coal price was under pressure, and the coke price may face a decline. The 01 contract of coking coal can hold short positions, and the 05 contract can be considered for long - term allocation [29][30]. - **Silicon Iron & Silicon Manganese**: The prices of silicon iron and silicon manganese were shock - downward. The demand is weak, and the inventory is high [31][32]. Energy and Chemical Products - **Crude Oil**: The oil price was in a game between geopolitical tensions and weak fundamentals, showing a downward shock trend in the medium - and long - term. Attention should be paid to OPEC+ policies and the progress of Russia - Ukraine peace talks [33][35]. - **LPG**: The LPG price was in a shock pattern. The supply increased slightly, and the demand changed little [36][37]. - **PTA - PX**: The PTA - PX supply - demand pattern is expected to be good. The aromatics blending oil speculation has cooled down, and the PTA processing fee has been repaired to a certain extent [38][41]. - **MEG - Bottle Chips**: The MEG valuation is under pressure. The supply has increased, and the demand is expected to decline. The 12 - month inventory accumulation expectation is revised to a tight balance [43][46]. - **Methanol**: The 01 contract of methanol maintains a weak expectation. The main factors affecting it include the slow unloading in ports and the situation of Iranian device shutdown [47][48]. - **PP**: The PP price has a marginal improvement expectation. The supply may decrease, and the demand is relatively stable. Attention should be paid to the PDH device operation and the basis change [49][50]. - **PE**: The PE price is expected to continue to fluctuate. The supply is increasing, and the demand is decreasing. Attention should be paid to the spot situation and the basis change [51][52]. - **Pure Benzene - Styrene**: The pure benzene shows a near - weak and far - strong pattern, and styrene shows a near - strong and far - weak pattern [53][54]. - **Fuel Oil**: The high - sulfur fuel oil cracking is weak, and the low - sulfur fuel oil cracking may rebound after the price of Dar Blend stabilizes [55][56]. - **Asphalt**: The asphalt price is in a weak shock pattern. The winter storage may be insufficient in quantity, and attention should be paid to the winter storage policy [56][58]. - **Rubber**: The natural rubber price is expected to be in a wide - range shock pattern, and the synthetic rubber price may decline. The difference between natural rubber and synthetic rubber is expected to expand [62][63]. - **Urea**: The urea price is expected to continue to fluctuate. The high supply is under pressure, but the export policy provides support [64][65]. - **Soda Ash & Caustic Soda**: The soda ash price is mainly cost - determined, and the glass price is affected by cold - repair expectations. The caustic soda price is expected to be weak [66][68]. - **Pulp - Offset Paper**: The pulp price is expected to continue to rise, and the offset paper price is expected to be shock - upward [69][70]. - **Log**: The log price is in a low - level shock pattern, and the supply and demand are not improved [71][72]. - **Propylene**: The propylene market remains loose, and the price is in a shock pattern [74][75]. Agricultural Products - **Pigs**: The short - term supply pressure of pigs is still high, and the long - term supply may be affected by policies [77]. - **Oilseeds**: The external soybean market is mainly concerned with the supply and Chinese procurement. The domestic soybean meal lacks a single - side driver, and the rapeseed meal has a supply recovery expectation [78][79]. - **Oils**: The oil price is in a shock pattern. The supply pressure of palm oil and soybean oil exists, and the supply of rapeseed oil may be alleviated [80]. - **Cotton**: The cotton price is supported by the downstream demand. Pay attention to whether it can break through the hedging pressure level [81]. - **Sugar**: The sugar price is in a weak state, affected by factors such as production in India and Brazil [82][84]. - **Eggs**: The long - term egg production capacity is still excessive, and the short - term price may rebound [85]. - **Apples**: The apple price maintains a strong pattern, and the inventory is increasing [86]. - **Jujubes**: The jujube price is in a low - level shock pattern. Pay attention to the new jujube production determination [87][88].

金融期货早评 宏观：关注下任美联储主席人选动态 【市场资讯】1）特朗普称明年初将宣布美联储主席人选，暗示哈塞特。新美联储通讯社： 哈塞特当选美联储主席已"内部确定"。2）美国假日购物季"开门红"！美国零售联合会：感 恩节假日购物人数飙至超 2 亿人次。3）欧元区 11 月 CPI 回升至 2.2%，服务业价格顽固， 欧央行 12 月降息"几无可能"。 【核心逻辑】国内方面，10 月份受上年同期基数抬高、财务费用增长较快等因素影响，规 模以上工业企业利润同比下降 5.5%。当前工业企业利润增速受"量价双弱"格局拖累，边际 回落特征显著，营收利润率偏弱的态势未得到明显改善。展望短期，预计年内规模以上工 业企业利润增速将持续面临较大压力，大概率维持弱势震荡格局。中长期来看，随着宏观 托底政策逐步落地见效，叠加"反内卷"相关政策推动行业竞争格局优化，企业经营环境将 逐步改善，2025 年工业企业盈利有望进入逐步修复通道。中国 11 月官方制造业 PMI 环比 回升至 49.2，整体呈现边际改善趋势，但弱于季节性表现。海外方面，11 月以来，美元指 数两度站上 100 点。回顾两轮突破 100 点的过程，我们认为其强势 ...

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report Macro - In the short - term, the profit growth rate of large - scale industrial enterprises will face great pressure and likely maintain a weak and volatile pattern. In the long - term, the profit of industrial enterprises is expected to enter a recovery channel in 2025. The RMB is likely to continue a stable and relatively strong trend in the short - term, with a slower appreciation speed and more obvious two - way fluctuations. In the long - term, it is expected to start a gentle appreciation channel [1][3][4] Stock Index - Overseas market fluctuations may disturb the A - share market, but the impact is limited. In the short - term, it is expected to be mainly volatile [4][5] Treasury Bonds - The central bank's bond - buying scale should be focused on. Mid - term long positions can be held, and short - term long positions can be gradually closed for profit [6] Container Shipping to Europe - The supply - demand pattern is still loose, and the short - term price fluctuation is intensified [6][8] Commodities Precious Metals - In the medium - to - long - term, central bank gold purchases and investment demand growth will boost the price of precious metals. In the short - term, silver has set a new high, and platinum and palladium mainly follow the trend of gold and silver [10][14] Copper - If there is no new contradiction in the short - term, the futures price will maintain a high - level shock after the breakthrough [17] Aluminum Industry Chain - Aluminum shows a strong and volatile trend, alumina is in a weak operation, and cast aluminum alloy is strong and volatile [18][19] Zinc - It shows a strong and volatile trend [19] Nickel and Stainless Steel - They are strong in the short - term, but the upward momentum of stainless steel is limited [20][21] Tin - It is not recommended to short in the short - term, and the strategy of entering the market on dips is maintained [22] Lithium Carbonate - There may be a short - term correction, but there are opportunities to go long on dips in the medium - to - long - term [24] Industrial Silicon and Polysilicon - Industrial silicon is in a volatile state, and polysilicon is expected to have an enlarged fluctuation range [26] Lead - There is support below, and it is expected to fluctuate between 16900 - 17300 [27] Black Metals Rebar and Hot - Rolled Coil - The profit is improving, and they are in a strong and volatile trend [29][30] Iron Ore - The price will maintain a high - level shock, and it is recommended to take profit on long positions at high prices [33][34] Coking Coal and Coke - The macro - sentiment is improving. Coking coal prices are under short - term pressure, and coke may face inventory accumulation pressure [35][36] Ferrosilicon and Silicomanganese - They are in a weak and volatile trend [38] Energy and Chemicals Crude Oil - In the short - term, it is in a volatile pattern, and in the long - term, it is in a downward trend [40] LPG - It is in a volatile state [41][43] PTA - PX - The speculation on blending for oil has cooled down, and it is recommended to go long on dips [44][47] MEG - Bottle Chips - The downward driving force is weakening, and it is recommended to sell call options [49][50] PP - The cost support is strong, and the fundamental situation is expected to improve marginally [52][53] PE - The upward space is limited due to insufficient self - driving force [54][56] Pure Benzene - Styrene - Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern [58] Fuel Oil - The cracking is weak, and the high - sulfur cracking is still bearish in the short - term [59] Low - Sulfur Fuel Oil - The cracking is weakening, and it may rebound after the Dar Blend discount stabilizes [60] Asphalt - The bottom space is limited, and the winter storage policy should be focused on [61][62] Rubber and 20 - Number Rubber - The weather speculation sentiment has subsided, and it is recommended to wait and see [63] 3. Summaries According to Related Catalogs Macro - **Market Information**: China's November Manufacturing PMI was 49.9, with the new export order growing at the fastest rate in 8 months. The US November ISM Manufacturing PMI shrank at the largest rate in four months. Japan's central bank governor hinted at a December interest - rate hike [1] - **Core Logic**: Domestically, the profit of large - scale industrial enterprises decreased year - on - year in October. In the short - term, the profit growth rate will face pressure, and in the long - term, it is expected to recover. Overseas, the US dollar index is expected to be volatile at a high level [1] RMB Exchange Rate - **Market Review**: The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [2] - **Important Information**: The US November ISM Manufacturing PMI declined, and the Japanese central bank governor signaled a possible interest - rate hike [2] Stock Index - **Market Review**: The stock index closed up, and the trading volume in the two markets increased. The futures index showed different volume changes [4] - **Important Information**: The US November ISM Manufacturing PMI shrank, and the Japanese central bank governor hinted at a December interest - rate hike [4][5] - **Core Logic**: The expectation of the Fed's interest - rate cut and the easing of geopolitical risks strengthen the support for the stock index. The hawkish remarks of the Japanese central bank may affect the A - share market [5] Treasury Bonds - **Market Review**: The bond futures rebounded on Monday, and the funds were loose [5] - **Important Information**: The Japanese central bank governor said to evaluate the pros and cons of raising interest rates [5][6] - **Core Logic**: The signal of the Japanese central bank's interest - rate hike may affect the A - share market and increase the rebound power of the bond market. Attention should be paid to the central bank's bond - buying data [6] Container Shipping to Europe - **Market Review**: The futures market of container shipping to Europe strengthened, and the SCFIS declined after the market closed [7][8] - **Information Sorting**: Positive factors include the expectation of China - EU trade cooperation and the warming of the shipping sector. Negative factors include the loose supply - demand pattern, the expectation of Red Sea shipping resumption, and macro - risks [8] Commodities Precious Metals - **Market Review**: Silver set a new high, and gold and platinum fluctuated after rising [10] - **Interest - Rate Cut Expectation and Fund Holdings**: The expectation of the Fed's interest - rate cut is stable, and the holdings of some ETFs have changed [12] - **This Week's Focus**: Pay attention to the US data and the speeches of Fed officials [13] Copper - **Market Review**: The prices of copper futures in different markets showed different trends, and the basis and cross - border ratio changed [15] - **Industry Information**: The copper inventory decreased, and the CSPT planned to reduce the copper ore production capacity in 2026 [15][16][17] Aluminum Industry Chain - **Market Review**: The prices of aluminum, alumina, and cast aluminum alloy showed different trends [17] - **Core Logic**: Aluminum is affected by macro - sentiment and copper and silver. Alumina is in an oversupply situation, and cast aluminum alloy follows the trend of aluminum [18] Zinc - **Market Review**: The price of zinc futures was strong [19] - **Industry Performance**: A zinc - lead mine project in a certain country is expected to start production [19] - **Core Logic**: The macro - sentiment has improved, and the smelting end has a willingness to reduce production due to raw material problems. The demand is in the off - season, and the inventory situation is different at home and abroad [19][20] Nickel and Stainless Steel - **Market Review**: The price of nickel futures rose, and that of stainless steel futures fell [20] - **Industry Performance**: The prices of nickel and stainless steel in the spot market changed, and the inventory situation was reported [20] - **Market Analysis**: They are affected by copper, and the prices of nickel ore are stable. Nickel iron has a tendency to reduce production, and the upward momentum of stainless steel is limited [21] Tin - **Market Review**: The price of tin futures was blocked from rising [22] - **Core Logic**: The supply - side raw material problem is difficult to solve, and the price is expected to fluctuate at a high level. It is not recommended to short in the short - term [22] Lithium Carbonate - **Market Review**: The price of lithium carbonate futures rose, and the trading volume decreased while the open interest increased [22] - **Industry Performance**: The spot market sentiment of the lithium - battery industry chain was weak, and the prices of some products changed [23] - **Core Logic**: The supply - demand game in the lithium carbonate market will intensify, and there may be a short - term correction [24] Industrial Silicon and Polysilicon - **Market Review**: The prices of industrial silicon and polysilicon futures changed, and the trading volume and open interest showed different trends [25] - **Industry Performance**: The spot market sentiment of the industrial silicon and photovoltaic industries was general, and the prices of some products changed [25][26] - **Core Logic**: Industrial silicon is in a supply - demand weak pattern, and polysilicon will have greater fluctuations [26] Lead - **Market Review**: The price of lead futures fluctuated narrowly [27] - **Industry Performance**: A new national standard for electric bicycles will be implemented in 2025 [27] - **Core Logic**: The raw material problem of primary lead has not been solved, and the production willingness of recycled lead has decreased. The import window is open, and the price is expected to fluctuate between 16900 - 17300 [27] Black Metals Rebar and Hot - Rolled Coil - **Market Review**: The prices of rebar and hot - rolled coil were strong and volatile [29] - **Core Logic**: The supply - demand balance is improving marginally, the profit is improving, and the risk of negative feedback is increasing. The price is expected to be strong and volatile [30][31] Iron Ore - **Market Information**: The global iron ore shipment volume increased, and the arrival volume in China changed [32][33] - **Core Logic**: The short - term fundamentals have improved, the demand is supported, the valuation is repaired, and the price is expected to be volatile at a high level [33][34] Coking Coal and Coke - **Market Review**: They were in a strong and volatile trend [35] - **Information Sorting**: The purchase price of coke by some steel mills was lowered, and there were environmental protection problems in some regions [35] - **Core Logic**: The supply of coking coal has limited marginal changes and is in a slight surplus. The supply of coke is expected to increase, and attention should be paid to the price - cut rhythm of steel mills [36] Ferrosilicon and Silicomanganese - **Market Review**: They rebounded slightly, driven by coking coal and finished products [37] - **Core Logic**: The demand is expected to decline, the inventory is high, the production profit is declining, and the price is expected to be weak and volatile [38] Energy and Chemicals Crude Oil - **Market Dynamics**: The prices of WTI and Brent crude oil rose. There were attacks on Russian energy infrastructure, and Chevron signed an exploration agreement [39] - **Core Logic**: The supply concern has increased, and the price is in a volatile pattern. In the long - term, the supply surplus pressure remains, and attention should be paid to OPEC+ policies and the Russia - Ukraine peace talks [40] LPG - **Market Dynamics**: The prices of LPG futures and related benchmarks changed [42] - **Spot Feedback**: The average prices in different regions changed [42] - **Fundamentals**: The supply increased slightly, the demand changed little, and the inventory decreased [42][43] PTA - PX - **Fundamentals**: The supply of PX decreased, and the supply of PTA had some changes. The demand of polyester was expected to be high, and the processing fee of PTA was repaired [44][45][46] - **Core Logic**: The speculation on blending for oil has cooled down, and the PTA - PX supply - demand structure is relatively good. Attention should be paid to the implementation of maintenance plans and the actual situation of blending for oil [46][47] MEG - Bottle Chips - **Inventory**: The inventory in East China ports increased [48] - **Device**: Some devices were restarted and some were shut down [48] - **Fundamentals**: The supply increased, the profit of each route was repaired, and the inventory was expected to increase. The demand of polyester was expected to be high [48][49] - **Core Logic**: The downward driving force of ethylene glycol is weakening, and the inventory accumulation expectation in December is revised to a tight balance. In the long - term, the cost support will weaken, and the short - term strategy is to sell call options [49][50] PP - **Market Dynamics**: The price of PP futures decreased slightly [51] - **Spot Feedback**: The spot prices in different regions were reported [51] - **Fundamentals**: The supply is expected to increase, the demand is differentiated, and the inventory decreased [52] - **Core Logic**: The cost support is strong, the fundamental situation is expected to improve marginally, and attention should be paid to the PDH device status and the basis change [53] PE - **Market Dynamics**: The price of PE futures increased slightly [54] - **Spot Feedback**: The spot prices in different regions were reported [54] - **Fundamentals**: The supply is expected to increase, the demand is in the off - season, and the inventory decreased [54][55][56] - **Core Logic**: The self - driving force is insufficient, the supply - demand pressure is large, and the price is expected to continue to be volatile after the rebound. Attention should be paid to the spot and the basis [56] Pure Benzene - Styrene - **Market Review**: The prices of pure benzene and styrene futures decreased [57] - **Spot Feedback**: The spot prices and basis of pure benzene and styrene changed [57] - **Inventory Situation**: The inventory of pure benzene increased, and that of styrene in some places decreased and in some places increased [57] - **Core Logic**: Pure benzene shows a near - weak and far - strong pattern, and styrene shows a near - strong and far - weak pattern [58] Fuel Oil - **Market Review**: The price of fuel oil futures was reported [59] - **Industry Performance**: The supply and demand of fuel oil in different regions changed in November, and the inventory situation was reported [59] - **Core Logic**: The supply of high - sulfur fuel oil increased in November, the demand for power generation was weak, and the high - sulfur cracking is still bearish in the short - term [59] Low - Sulfur Fuel Oil - **Market Review**: The price of low - sulfur fuel oil futures was reported [60] - **Industry Performance**: The supply and demand of low - sulfur fuel oil in different regions changed in November, and the inventory situation was reported [60] - **Core Logic**: The supply of low - sulfur fuel oil was affected by some factors in November, the cracking was compressed, and it may rebound after the Dar Blend discount stabilizes [60] Asphalt - **Market Review**: The price of asphalt futures was reported [61] - **Spot Performance**: The average price of asphalt in the domestic market decreased, and the prices in different regions changed [61] - **Fundamentals**: The supply increased, the demand increased, and the inventory decreased [61] - **Core Logic**: The spot and futures prices were stable near the integer mark, and the winter storage may face the problem of insufficient volume. After the winter storage policy is introduced, it may be the valuation anchor for BU01. In the short - term, it is expected to be weakly volatile [62] Rubber and 20 - Number Rubber - **Related Information**: China's November PMI data, the Fed's interest - rate cut expectation, and the rubber inventory situation were reported [64]

2025年12月01日 本周重要气象提示——中国 12月是我国南方地区进入集中开榨期，晴朗的天气有利于甘蔗糖分的积累和甘蔗的砍运。 截至11月27日，广西已经有21家糖厂开榨，同比减少36家，日榨产15万吨，同比减少31.6万吨。 当前广西、云南地区整体天气较为干燥，有利于糖分积累。 本周重要气象提示——巴西 南华浩淞白糖期货气象分析报告 ——巴西中南部降水偏少不利于甘蔗拔节 边舒扬（投资咨询资格证号：Z0012647） 交易咨询业务资格：证监许可【2011】1290号 当前巴西中南部进入甘蔗的压榨后期，对于当前需要收获的甘蔗而言，需要晴朗少雨的天气，有利于机 械收割，减少甘蔗含水量，提升蔗糖分。需要昼夜温差大，有利于甘蔗糖分转化与累积。 巴西中南部现在逐步进入雨季，压榨量开始下降，不过近期降水又有所减少。 巴西中南部近期降水减少，对于新榨季的甘蔗生长造成一定影响，不利于甘蔗的拔节。 本周重要气象提示——印度 当前印度甘蔗处于工艺成熟期，正是糖分积累的冲刺阶段，甘蔗停止营养生长，茎秆蔗糖浓度达到年度 峰值，汁液浓稠度最佳，即将步入榨糖黄金窗口期。印度马邦、卡邦已于11月开始压榨。 理想的降雨条件是日降雨量＜1 ...

南华期货尿素产业周报 在政策保供与生产利润修复的支撑下，尿素日产预计将维持高位，高供应对价格构成显著压力。然而出口 政策的适时、连续调节，持续为基本面泄压，从而削弱了价格的下行驱动强度。在出口政策调控背景下，短 期现货价格受到明显支撑，业内情绪有提升，短线国内尿素行情稳中偏强。由于目前东北地区已经连续补库 两周，复合肥工厂及贸易商追高意愿逐步减弱，但尿素显性库存连续去库，基本面对价格形成支撑。总体而 言，尿素市场处于基本面与政策的区间内。短期其下行空间受到有力支撑，但上方同样承压，预计将延续震 荡走势。 ∗ 近端交易逻辑 尿素现货日产销与尿素期货收盘价 元/吨 尿素平均产销(右轴) 尿素期货主力合约收盘价 1 2 3 1600 1800 2000 2200 2400 尿素山东产销季节性 2023 2024 2025 2 4 6 | | | | | | | | 0 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 23/12 | 24/04 | 24/08 | 24/12 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - The supply of coking coal has limited marginal changes, but the terminal steel mills are under profit pressure, and the molten iron production continues to decrease, resulting in a slight oversupply of coking coal. The supply of coke is expected to increase, and there may be a pressure of inventory accumulation. The coking coal 01 contract has a clear short - term bearish trend, while the far - month 05 contract has medium - to - long - term long - allocation value. The current valuation of the coke main contract is reasonable, and it is not recommended to blindly participate in the downward market [4]. - There is still a rigid demand for winter storage, and the price decline will stimulate restocking demand. The macro - policy expectations of the first year of the "15th Five - Year Plan" and the "anti - deflation" policy will provide bottom support for the far - month contracts. However, the expectation of coke price cuts is increasing, and coke enterprises are cautious in purchasing, leading to marginal accumulation of upstream mine inventories. The 01 contract is suppressed by warehouse receipts, and a short - term bearish trend has formed [8]. 3. Summary by Relevant Catalogs 3.1. Double - Coking Price Range Forecast - **Price Range and Volatility**: The price range forecast for coking coal (01) in the month is 1000 - 1200, with a current 20 - day rolling volatility of 24.37% and a historical percentile of 41.27%. The price range forecast for coke (01) in the month is 1500 - 1750, with a current 20 - day rolling volatility of 23.45% and a historical percentile of 40.92% [3]. - **Risk Management Strategies**: - **Procurement for Coking Plants**: With the rapid decline of the coking coal main contract on the futures market and the relatively slow adjustment of spot prices in Shanxi, the basis is still high. Terminal users with coking coal procurement plans can wait for the spot price to decline before purchasing [3]. - **Management for Steel Mills**: As the first round of spot price cuts for coke is imminent and the futures market has already priced in 5 rounds of cuts, the space for further price cuts is limited. Steel mills should control coke arrivals and sell coke put options [3][4]. - **Sales Management for Coking Plants**: After the fourth round of spot price increases for coke is implemented, the futures price follows the decline of coking coal, the basis of coke strengthens, and the valuation is moderately high. Coking plants holding coke spot are advised to speed up sales [3]. 3.2. Black Warehouse Receipt Daily Report - **Warehouse Receipt Data**: The warehouse receipt data of various black commodities such as rebar, hot - rolled coil, iron ore, coking coal, coke, ferrosilicon, and ferromanganese on different dates are provided, showing their day - on - day and week - on - week changes [4]. - **Core Logic and Strategy Suggestions**: - **Core Logic**: The supply of coking coal has limited marginal changes, and the demand decreases, resulting in a slight oversupply. The supply of coke is expected to increase, and there may be inventory accumulation pressure. The spot price of coke may face more than 2 rounds of price cuts [4]. - **Strategy Suggestions**: Hold short positions in the coking coal 01 contract, and wait for a clear stabilization signal to layout long positions in the 05 contract. It is not recommended to blindly participate in the downward market of coke [4]. 3.3. Coal - Coking Futures and Spot Price Data - **Futures Price Spread**: The price spreads between different contracts of coking coal and coke on different dates are provided, including 09 - 01, 05 - 09, and 01 - 05 [6]. - **Spot Price and Profit**: The spot prices of various coking coal and coke products, as well as import and export profits, coking profits, and price ratios are provided [7]. 3.4. Factors Affecting Coal - Coking Prices - **Positive Factors**: There is still a rigid demand for winter storage, and the macro - policy expectations of the first year of the "15th Five - Year Plan" and the "anti - deflation" policy will provide bottom support for the far - month contracts [8]. - **Negative Factors**: The expectation of coke price cuts is increasing, and coke enterprises are cautious in purchasing, leading to marginal accumulation of upstream mine inventories. The 01 contract is suppressed by warehouse receipts, and a short - term bearish trend has formed [8].

Report Summary - The report focuses on the option market from November 24 to November 28, 2025, covering financial and commodity options, with a decline in implied volatility and an overall rise in the financial and commodity markets [1]. Financial Options Trading Volume and Open Interest - 50ETF options had an average daily trading volume of 749,700 contracts, a -7.02% decrease from the previous week. The put - call trading volume ratio was 1.02, lower than the previous week but higher than the historical average. The put - call open interest ratio was 0.99, higher than the previous week and the historical average [1]. - Other ETF and index options also had corresponding average daily trading volumes and open interests, such as Huatai - Ba瑞 300ETF options with an average daily trading volume of 1,045,400 contracts and an average daily open interest of 1,325,000 contracts [1]. Implied Volatility - As of the end of Friday, the implied volatility of CSI 300 index options was 13.89%, a 2.10% decrease from a week ago; 50ETF options was 11.84%, a 2.43% decrease; and CSI 1000 index options was 17.75%, a 2.11% decrease [2]. Commodity Options Implied Volatility - As of the end of Friday, the implied volatility of most commodity options decreased, such as crude oil options (17.09%, -0.86% decrease), lithium carbonate options (37.43%, -6.50% decrease), etc. However, the implied volatility of palm oil, rapeseed oil, and rubber options increased [2].

Report Industry Investment Ratings No information provided in the given content. Core Views of the Report - Domestic industrial enterprise profit growth is currently dragged down by the "weak volume and price" situation, with significant marginal decline. In the short - term, it will face pressure and maintain a weak oscillation. In the long - term, it is expected to enter a repair channel in 2025 [2]. - The upward space of the US dollar index is limited, and it will maintain a high - level oscillation in the short - term. The release of November non - farm payroll data and the determination of the Fed chair candidate will test its resilience [2]. - The RMB exchange rate will likely show a complex pattern of depreciation trend (appreciation of the RMB against the US dollar) and volatility risks coexisting within the year. In the short - term, it will be robust and strong, but the appreciation speed may slow down, and the two - way fluctuation will be more obvious [4][5]. - The stock index trading atmosphere is sluggish and is expected to continue to oscillate in the short - term. In the long - term, the logic of valuation repair driven by liquidity easing remains unchanged [6][7]. - The mid - term outlook for treasury bonds is not pessimistic. Although the market is weak due to rumors, the economic fundamentals suggest that interest rates will remain low for some time, waiting for monetary policy signals [8]. - The container shipping European line futures are expected to maintain a weak oscillation in the short - term, with geopolitical trends as the key variable [11][12]. - Precious metals prices are expected to continue rising in the long - term, driven by central bank gold purchases and investment demand. In the short - term, low inventory and potential demand release will increase the upward elasticity of prices [14][16]. - Copper prices are expected to continue to break through at the end of the year. The impact of PMI data and US ADP employment changes on market sentiment should be noted [17][20]. - Aluminum is expected to oscillate strongly in the short - term, mainly affected by macro - sentiment and the rise of copper and silver. Alumina will run weakly, and cast aluminum alloy will oscillate strongly [20][21]. - Zinc prices are expected to continue to build a bottom, with short - term strong oscillation due to supply contraction and demand decline [23]. - Nickel and stainless steel will maintain a wide - range oscillation, with a downward trend due to weak fundamentals. Tin prices will maintain a high - level oscillation, and it is recommended to enter the market on dips [23][25]. - Carbonate lithium prices will be in a game range, waiting for a driving force. It is recommended to avoid chasing high prices near 100,000 yuan/ton and seize opportunities to build positions on dips [26][27]. - Industrial silicon will be in a weak supply - demand situation, with short - term oscillation and long - term value for position building on dips. Polysilicon trading is shifting to the game between warehouse receipts and positions, and position risks should be noted [28][31]. - Lead prices are expected to oscillate between 16,900 - 17,300 yuan, with strong support at 16,700 yuan [32]. - Steel prices are expected to oscillate strongly, with the operating range of rebar at 3,000 - 3,300 yuan and hot - rolled coil at 3,200 - 3,500 yuan. Attention should be paid to the destocking speed and downstream consumption [33][35]. - Iron ore prices are expected to maintain a high - level oscillation, with short - term valuation repair. It is recommended to take profits on long positions at high prices [36][37]. - Coking coal and coke prices are under pressure. For coking coal, short - term short positions can be held, and long positions can be considered for the far - month contract after a stable signal. For coke, it is not recommended to blindly participate in the downward market [38][39]. - Ferrosilicon and ferromanganese are expected to oscillate weakly due to high inventory and weak demand [40][41]. - Crude oil prices will continue to oscillate, with a long - term downward trend due to supply - surplus pressure. Attention should be paid to OPEC+ policy implementation and the progress of Russia - Ukraine peace talks [43][45]. - LPG prices are supported by supply - demand conditions and the external market, although the domestic LPG valuation is relatively high [47][48]. - PX - PTA prices may fall back after the departure of speculation funds. It is recommended to consider building long positions on dips, with attention to maintenance plans and blending oil dynamics [49][53]. - MEG prices have a weakened downward drive, and it is recommended to sell call options. The long - term supply - surplus situation remains unchanged [55][57]. - Urea prices are expected to continue to oscillate, with the downside space supported and the upside pressured [58][59]. - PP prices are supported by the cost side. Attention should be paid to the PDH device operation status and basis changes [60][63]. - PE prices are expected to continue to oscillate after a rebound. Attention should be paid to the spot situation and basis changes [64][65]. - Pure benzene and styrene prices are affected by device maintenance. Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern [66][68]. - High - sulfur fuel oil cracking is expected to decline, and low - sulfur fuel oil cracking may rebound after the stabilization of Dar Blend discount [69][70]. - Asphalt prices will maintain a weak oscillation in the short - term, with attention to winter storage policies [71][72]. - Rubber and 20 - number rubber prices are expected to oscillate strongly [73]. Summary by Relevant Catalogs Financial Futures - **Macro**: China's November official manufacturing PMI rebounded to 49.2, and the high - tech manufacturing PMI remained above 50 for 10 consecutive months. The US "Black Friday" sales increased by 4.1% year - on - year, and the AI traffic soared by 600%. The US - Ukraine negotiation was considered "productive" [1]. - **RMB Exchange Rate**: The on - shore RMB against the US dollar closed at 7.0794 on the previous trading day, up 12 points. The RMB against the US dollar central parity rate was 7.0789, down 10 points. The RMB exchange rate is expected to show a complex pattern of appreciation and volatility risks [3][4]. - **Stock Index**: The trading atmosphere is sluggish, and it is expected to oscillate in the short - term. In the long - term, the logic of valuation repair driven by liquidity easing remains unchanged [6][7]. - **Treasury Bonds**: The mid - term outlook is not pessimistic. Although the market is weak due to rumors, the economic fundamentals suggest that interest rates will remain low for some time, waiting for monetary policy signals [7][8]. - **Container Shipping European Line**: The futures are expected to maintain a weak oscillation in the short - term, with geopolitical trends as the key variable [11][12]. Commodities Non - ferrous Metals - **Gold & Silver**: Precious metals prices are expected to continue rising in the long - term, driven by central bank gold purchases and investment demand. In the short - term, low inventory and potential demand release will increase the upward elasticity of prices [14][16]. - **Copper**: Copper prices are expected to continue to break through at the end of the year. The impact of PMI data and US ADP employment changes on market sentiment should be noted [17][20]. - **Aluminum Industry Chain**: Aluminum is expected to oscillate strongly in the short - term, mainly affected by macro - sentiment and the rise of copper and silver. Alumina will run weakly, and cast aluminum alloy will oscillate strongly [20][21]. - **Zinc**: Zinc prices are expected to continue to build a bottom, with short - term strong oscillation due to supply contraction and demand decline [23]. - **Nickel, Stainless Steel**: Nickel and stainless steel will maintain a wide - range oscillation, with a downward trend due to weak fundamentals [23][24]. - **Tin**: Tin prices will maintain a high - level oscillation, and it is recommended to enter the market on dips [25]. - **Carbonate Lithium**: Carbonate lithium prices will be in a game range, waiting for a driving force. It is recommended to avoid chasing high prices near 100,000 yuan/ton and seize opportunities to build positions on dips [26][27]. - **Industrial Silicon & Polysilicon**: Industrial silicon will be in a weak supply - demand situation, with short - term oscillation and long - term value for position building on dips. Polysilicon trading is shifting to the game between warehouse receipts and positions, and position risks should be noted [28][31]. - **Lead**: Lead prices are expected to oscillate between 16,900 - 17,300 yuan, with strong support at 16,700 yuan [32]. Black Metals - **Rebar & Hot - Rolled Coil**: Steel prices are expected to oscillate strongly, with the operating range of rebar at 3,000 - 3,300 yuan and hot - rolled coil at 3,200 - 3,500 yuan. Attention should be paid to the destocking speed and downstream consumption [33][35]. - **Iron Ore**: Iron ore prices are expected to maintain a high - level oscillation, with short - term valuation repair. It is recommended to take profits on long positions at high prices [36][37]. - **Coking Coal & Coke**: Coking coal and coke prices are under pressure. For coking coal, short - term short positions can be held, and long positions can be considered for the far - month contract after a stable signal. For coke, it is not recommended to blindly participate in the downward market [38][39]. - **Ferrosilicon & Ferromanganese**: Ferrosilicon and ferromanganese are expected to oscillate weakly due to high inventory and weak demand [40][41]. Energy and Chemicals - **Crude Oil**: Crude oil prices will continue to oscillate, with a long - term downward trend due to supply - surplus pressure. Attention should be paid to OPEC+ policy implementation and the progress of Russia - Ukraine peace talks [43][45]. - **LPG**: LPG prices are supported by supply - demand conditions and the external market, although the domestic LPG valuation is relatively high [47][48]. - **PTA - PX**: PX - PTA prices may fall back after the departure of speculation funds. It is recommended to consider building long positions on dips, with attention to maintenance plans and blending oil dynamics [49][53]. - **MEG - Bottle Chip**: MEG prices have a weakened downward drive, and it is recommended to sell call options. The long - term supply - surplus situation remains unchanged [55][57]. - **Urea**: Urea prices are expected to continue to oscillate, with the downside space supported and the upside pressured [58][59]. - **PP**: PP prices are supported by the cost side. Attention should be paid to the PDH device operation status and basis changes [60][63]. - **PE**: PE prices are expected to continue to oscillate after a rebound. Attention should be paid to the spot situation and basis changes [64][65]. - **Pure Benzene & Styrene**: Pure benzene and styrene prices are affected by device maintenance. Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern [66][68]. - **Fuel Oil**: High - sulfur fuel oil cracking is expected to decline, and low - sulfur fuel oil cracking may rebound after the stabilization of Dar Blend discount [69][70]. - **Asphalt**: Asphalt prices will maintain a weak oscillation in the short - term, with attention to winter storage policies [71][72]. - **Rubber & 20 - number Rubber**: Rubber and 20 - number rubber prices are expected to oscillate strongly [73].

期货策略周报 I 2025 年 12 月 01 日 底部漫长反复 本周主要观点： 前一段时间的商品共振下跌，但是化工和黑色等品种的估值 偏低，并不认为它们仍然有较大的下跌空间，追空的价值不大。 尽管焦煤持续下跌，但是，大的框架仍然服从于反内卷，不宜过 度看空。农产品仍然维持震荡的判断，目前不具备持续上涨的基 本面预期。棕榈油阶段性的供应增加，并不能改变油脂板块整体 的供需逻辑，未来仍然是逢低做多的思路去对待油脂板块。在本 轮调整结束后，可以考虑一些基本面尚可的品种博反弹，比如油 脂和聚酯板块。 风险点：宏观政策变化、产业政策变化、移仓换月变化； 重要声明：本报告内容及观点仅供参考，不构成任何投资建议 顾双飞 投资咨询证号：Z0013611 王建锋 投资咨询证号：Z0010946 胡乐克 投资咨询证号：Z0013991 陈敏涛 期货从业证号：Z0022731 请务必阅读正文之后的免责条款部分 南华研究院 投资咨询业务资格： 证监许可【2011】1290 号 底部漫长反复 期货策略周报 I 2025 年 12 月 01 日 资料来源：WIND 南华研究 请务必阅读正文之后的免责条款部分 第 1 页 周行情观点综述 ...

Report Industry Investment Rating No relevant information provided. Core Views of the Report - The crude oil market maintains a volatile pattern, with short - term multi - and short - factors in balance, but the medium - to long - term supply surplus pressure remains unchanged, and oil prices are in a volatile downward trend. Attention should be paid to OPEC+ policy implementation and the substantial progress of Russia - Ukraine peace talks [1]. - Near - term oil prices are difficult to break out of the volatile range, and it is recommended to play lightly within the range. The long - term trading logic depends on the evolution of the supply - demand pattern. If the Russia - Ukraine conflict eases and US sanctions on Russia loosen, and OPEC+ production policies are relaxed, supply pressure will increase, while the global economic weakness may limit demand growth [3]. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The crude oil market shows a volatile pattern. Geopolitical factors such as the Russia - Ukraine peace talks and US sanctions on Russian energy companies support oil prices at the bottom, but the expectation of increased Russian oil exports due to potential sanctions relief and long - term supply surplus concerns suppress oil prices. Asian traders expect Saudi Aramco to lower the official selling price of Arabian Light crude oil to Asia, weakening the support for oil prices [1]. 1.2 Speculative Strategy Recommendations - **Market Positioning**: The short - term market is volatile and relatively stable. - **Strategy Suggestions**: For single - side trading, operate within the range, paying attention to the potential pressure around $65/barrel and support around $62/ton for Brent crude oil. For arbitrage and options, adopt a wait - and - see approach [6]. Chapter 2: This Week's Important Information and Next Week's Focus Events 2.1 This Week's Important Information - **Positive Information**: Tensions in Venezuela with the US, the UK's delay in sanctioning Lukoil, and two oil tankers exploding and catching fire in the Black Sea may support oil prices [7][8]. - **Negative Information**: The Nigerian National Petroleum Corporation lowered the official selling prices of most of its December - loaded crude oil grades [10]. 2.2 Next Week's Focus Events - **Russia - Ukraine Peace Talks**: The progress of the talks will affect market expectations of Russian oil supply. A breakthrough may increase supply surplus concerns, while a deadlock may raise geopolitical risk premiums [11]. - **OPEC+ Ministerial Meeting**: OPEC+ may keep the Q1 2026 oil production unchanged, and the market is worried about supply surplus risks [11]. Chapter 3: Market Interpretation 3.1 Volume, Price, and Capital Interpretation - **Trend Analysis**: International oil prices remain stable, continuing the recent volatile pattern and declining for the fourth consecutive month [14]. - **Domestic Market**: The SC2601 contract of the Shanghai Futures Exchange closed at 455.9 yuan/ton last week, up 0.44% week - on - week. The trading volume was 55,800 lots, and the open interest was 73,000 lots [16][17]. - **International Market**: The settlement price of the ICE Brent crude oil futures main contract was $62.38/barrel, up 0.69% week - on - week; the NYMEX WTI crude oil futures main contract settled at $58.48/barrel, up 0.86% week - on - week. The trading volume of the Brent contract was 1.5387 million lots, and the WTI contract had a trading volume of 1.4125 million lots with an open interest of 379,500 lots, an increase of 42,000 lots [18][19]. Chapter 4: Valuation and Profit Analysis 4.1 Crude Oil Market Calendar Spread Tracking - As of November 28, the Brent calendar spread (01 - 03) was $1.23/barrel, the WTI calendar spread (01 - 03) was $0.46/barrel, and the SC calendar spread (01 - 03) was - 5.6 yuan/barrel [28]. 4.2 Crude Oil Regional Spread Tracking - As of November 28, the SC - Brent spread was $0.58/barrel, and the Brent - WTI spread was $4.65/barrel [31]. 4.3 Crude Oil Downstream Valuation Tracking - This week, the crude oil crack spreads in the European market weakened across the board. In North America and the Asia - Pacific region, diesel crack spreads were stronger than gasoline. The crack spreads in the Chinese market strengthened, and refinery profits were divided. The East - West crack spreads weakened [44]. Chapter 5: Supply - Demand and Inventory Projections 5.1 Supply - Side Tracking - EIA slightly raises the forecasts for global and US crude oil production in 2025 and 2026. In October, global crude oil and related liquid production decreased by 310,000 barrels per day compared to September, while US crude oil production increased by 10,000 barrels per day [77]. 5.2 Demand - Side Tracking - The report provides seasonal data on US refinery crude oil weekly feed and operating rates, as well as Chinese refinery operating rates, reflecting the demand situation in the refining industry [68][70]. 5.3 Inventory - Side Tracking - The report shows seasonal data on US commercial crude oil inventories (excluding strategic reserves) and Cushing crude oil inventories [74]. 5.4 Import - Export Tracking - The report presents seasonal data on US and Russian crude oil export volumes and related shipping data [76]. 5.5 Balance Sheet Tracking - In October, OPEC and Non - OPEC DoC countries' crude oil production decreased compared to September. EIA slightly raises the forecasts for OPEC countries' crude oil production in 2025 and 2026 [77].