1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The apple futures price is expected to maintain high - level operation in the short term, and the impact of other substitute fruits should be noted [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9,488 yuan/ton, a decrease of 38; the main contract position is 73,846 lots, a decrease of 8,260; the net long position of the top 20 futures holders is 7,278 lots, a decrease of 417 [2] 3.2 Spot Market - The spot prices of apples in Gansu Jingning, Shandong Yiyuan, Shaanxi Luochuan, and Shandong Yantai Qixia are 5.25 yuan/jin, 2.6 yuan/jin, 4.2 yuan/jin, and 4 yuan/jin respectively, with no change [2] 3.3 Upstream Situation - The national apple output is 5,128.51 million tons [2] 3.4 Industry Situation - The weekly apple wholesale price is 9.4 yuan/kg, a decrease of 0.03 yuan/kg; the average weekly wholesale price of Fuji apples is 9.06 yuan/kg; the total national apple cold - storage inventory is 766.75 million tons, a decrease of 6.41 million tons; the weekly storage capacity ratio in Shandong is 54.11%, a decrease of 0.01; the weekly storage capacity ratio in Shaanxi is 58.44%, a decrease of 0.01; the monthly apple export volume is 80,000 tons, an increase of 10,000 tons; the monthly import amount of fresh and dried fruits and nuts is 1,334,364 million US dollars, a decrease of 503,616 million US dollars; the year - on - year monthly export amount of apples is - 14.3% [2] 3.5 Downstream Situation - The weekly wholesale prices of duck pears, bananas, and watermelons are 6.71 yuan/kg, 5.37 yuan/kg, and 5.78 yuan/kg respectively, with changes of 0.04 yuan/kg, 0.03 yuan/kg, and 0.22 yuan/kg; the early - morning daily average arrival vehicle numbers in Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets are 16, 19.2, and 25.2 respectively, with changes of 3.8, not provided, and 1.4 [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 1.85%, a decrease of 15.66%; the implied volatility of at - the - money put options for apples is 17.51%, a decrease of 9.27% [2] 3.7 Industry News - The overall apple production area trading is a bit light. In Shandong and Shaanxi, there are few merchants in cold - storage, and most of the small - volume shipments are self - picked by merchants. The inventory apple transfer trading is concentrated in Gansu, where the trading of Huaniu and small fruits is okay and the prices are stable. The trading of late - Fuji apples slows down, and the origin shipments are mainly for packaging pre - ordered goods. As of November 27, 2025, the national main - producing area apple cold - storage inventory is 766.75 million tons, a decrease of 6.41 million tons from last week. The storage capacity ratio in Shandong is 54.11%, a decrease of 0.18% from last week; the storage capacity ratio in Shaanxi is 58.44%, a decrease of 0.66% from last week. The warehousing work in Shandong is basically over, with a small amount of ground - trading merchants directly shipping to the market, and cold - storage trading starting gradually. The foreign - trade channel continues to look for goods, with small - fruit shipments being the main, and the outbound speed is slightly faster than the same period last year. Shaanxi is gradually shipping out, with Luochuan mainly having merchants packaging their own goods and shipping through their own channels, with a small amount of fruit from fruit farmers being transferred, and the cold - storage trading atmosphere being light [2]

| 项目类别 | 数据指标 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | | 96,560.00 | -380.00↓ 前20名净持仓（日，手） | -180,180.00 | -9007.00↓ | | | 主力合约持仓量（日，手） | | 552,239.00 | +8606.00↑ 近远月合约价差（日，元/吨） | -180.00 | +380.00↑ | | | 广期所仓单（日，手/吨） | | 8,992.00 | +770.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | | 94,400.00 | +50.00↑ 工业级碳酸锂平均价（日，万元/吨） | 91,950.00 | +50.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | | -2,160.00 | +430.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | | 1,230.00 | 0.00 磷锂铝石 ...

Group 1: Report Investment Rating - No investment rating provided in the report Group 2: Core Views - The I2601 contract reduced positions and consolidated on Tuesday. Although the overall fundamentals of iron ore show a loose supply situation with port inventories turning from decreasing to increasing as molten iron output continues to decline, the positive macro - expectations and the firmness of spot prices still support the futures price. The view is to expect a volatile and bullish trend, with attention to risk control [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the I main contract was 800.50 yuan/ton, down 0.50 yuan; the position volume was 358,611 lots, down 18,063 lots. The I 1 - 5 contract spread was 25 yuan/ton, up 1.50 yuan; the net position of the top 20 in the I contract was 12,183 lots, up 430 lots. The DCE warehouse receipt of I was 1,300 lots, unchanged. The quoted price of the Singapore iron ore main contract as of 15:00 was 103.8 US dollars/ton, up 0.23 US dollars [2] Spot Market - The price of 61.5% PB fines at Qingdao Port was 866 yuan/dry ton, down 1 yuan; the price of 60.8% Mac fines was 859 yuan/dry ton, down 1 yuan. The price of 56.5% Super Special fines at Jingtang Port was 761 yuan/dry ton, down 3 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 58 yuan, down 1 yuan. The 62% Platts iron ore index (previous day) was 107.35 US dollars/ton, up 1.35 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.07, unchanged. The estimated import cost was 874 yuan/ton [2] Industry Situation - From November 24 - 30, 2025, the global iron ore shipping volume was 3.3232 billion tons, up 447,000 tons week - on - week. The shipping volume from Australia and Brazil was 2.7658 billion tons, up 1.284 million tons week - on - week. Australia's shipping volume was 1.8205 billion tons, down 191,000 tons, with 1.5911 billion tons shipped to China, up 375,000 tons. Brazil's shipping volume was 945,300 tons, up 147,500 tons. The arrival volume at 47 Chinese ports was 2.784 billion tons, down 1.555 million tons week - on - week; the arrival volume at 45 Chinese ports was 2.6993 billion tons, down 1.178 million tons; the arrival volume at six northern ports was 1.4632 billion tons, up 249,000 tons [2] - The 47 - port iron ore inventory was 15.90122 billion tons, up 1.6637 million tons week - on - week; the sample steel mill iron ore inventory was 8.94248 billion tons, down 587,500 tons week - on - week. The iron ore import volume (monthly) was 11.131 billion tons, down 5.02 million tons. The available days of iron ore were 18 days, unchanged. The daily output of 266 mines was 399,900 tons, down 6,000 tons week - on - week; the operating rate of 266 mines was 63.41%, down 0.59 percentage points week - on - week. The iron concentrate inventory of 266 mines was 403,200 tons, down 7,000 tons week - on - week. The BDI index was 2,583, up 23 [2] - The freight rate of iron ore from Tubarao, Brazil to Qingdao was 25.28 US dollars/ton, up 0.19 US dollars; the freight rate from Western Australia to Qingdao was 12.075 US dollars/ton, up 0.18 US dollars [2] Downstream Situation - The blast furnace operating rate of 247 steel mills was 81.07%, down 1.10 percentage points week - on - week; the blast furnace capacity utilization rate of 247 steel mills was 87.96%, down 0.60 percentage points week - on - week. The domestic crude steel output (monthly) was 7.2 billion tons, down 1.49 million tons [2] Option Market - The 20 - day historical volatility of the underlying was 13.24%, down 0.49 percentage points; the 40 - day historical volatility of the underlying was 15.90%, down 0.13 percentage points. The implied volatility of at - the - money call options was 16.76%, down 1.67 percentage points; the implied volatility of at - the - money put options was 17.53%, down 0.89 percentage points [2] Industry News - The China Iron and Steel Association held a symposium on domestic iron ore resource development for the "Iron Resource Development Plan". Vice - President Xia Nong emphasized that domestic mining enterprises should accelerate key iron ore projects [2] View Summary - The view is that the iron ore market is expected to be volatile and bullish, with attention to risk control. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA are running above the 0 - axis [2]

Report Summary Investment Rating - No investment rating provided in the report. Core View - In early December, the market will remain in a vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to move randomly, and stock index futures will maintain a volatile trend [2]. Summary by Directory Futures Prices - IF main contract (2512) dropped 14.4 to 4535.8, IF next main contract (2603) dropped 16.2 to 4497.0; IH main contract (2512) dropped 11.8 to 2971.4, IH next main contract (2603) dropped 12.0 to 2963.8; IC main contract (2512) dropped 44.6 to 6982.2, IC next main contract (2603) dropped 41.8 to 6809.8; IM main contract (2512) dropped 46.4 to 7239.6, IM next main contract (2603) dropped 43.6 to 7008.0 [2]. Futures Spreads - IF - IH current - month contract spread dropped 4.6 to 1564.4; IC - IF current - month contract spread dropped 29.8 to 2446.4; IM - IC current - month contract spread dropped 1.0 to 257.4; IC - IH current - month contract spread dropped 34.4 to 4010.8; IM - IF current - month contract spread dropped 30.8 to 2703.8; IM - IH current - month contract spread dropped 35.4 to 4268.2 [2]. Futures Term Spreads - IF current - quarter minus current - month dropped 1.6 to - 38.8, IF next - quarter minus current - month dropped 2.6 to - 89; IH current - quarter minus current - month increased 0.4 to - 7.6, IH next - quarter minus current - month dropped 0.4 to - 20; IC current - quarter minus current - month increased 1.4 to - 172.4, IC next - quarter minus current - month increased 6.0 to - 379.6; IM current - quarter minus current - month increased 0.8 to - 231.6, IM next - quarter minus current - month increased 6.0 to - 470.8 [2]. Futures Net Positions - IF top 20 net positions dropped 1801 to - 19,640; IH top 20 net positions increased 18 to - 12,245; IC top 20 net positions dropped 1279 to - 21,928; IM top 20 net positions dropped 3156 to - 33,266 [2]. Spot Prices - CSI 300 dropped 22.2 to 4554.33, IF main contract basis increased 2.6 to - 18.5; SSE 50 dropped 15.2 to 2978.5, IH main contract basis increased 0.2 to - 7.1; CSI 500 dropped 61.5 to 7040.3, IC main contract basis increased 12.1 to - 58.1; CSI 1000 A - share trading volume (daily, billion yuan) dropped 73.5 to 7313.2, IM main contract basis dropped 2821.83 [2]. Market Sentiment - Northbound trading volume (previous trading day, billion yuan) increased 434.09 to 2297.63; reverse repurchase (maturity, operation volume, billion yuan) increased 1563 to - 3021; main funds (yesterday, today, billion yuan) dropped from - 31.25 to - 526.51; rising stock ratio (daily, %) dropped 34.06 to 28.27; Shibor (daily, %) dropped 0.005 to 1.302 [2]. Market Strength - Weakness Analysis - All A - shares dropped 3.2 to 3.5; technical analysis dropped 3.4 to 2.8; capital analysis dropped 2.9 to 4.2 [2]. Industry News - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from last month; non - manufacturing PMI was 49.5%, down 0.6 percentage points from last month; composite PMI output index was 49.7%, down 0.3 percentage points from last month [2]. - A - share major indices closed down across the board. The Shanghai Composite Index fell below 3900 points. Small and medium - cap stocks were weaker than large - cap blue - chip stocks. The Shanghai Composite Index fell 0.68%, the Shenzhen Component Index fell 0.76%, and the ChiNext Index fell 0.69%. Trading volume in the Shanghai and Shenzhen stock markets fell sharply. Over 3700 stocks declined. Most industry sectors fell, with media and non - ferrous metals leading the decline, and the petroleum and petrochemical sector leading the gain [2]. Key Data to Watch - December 2, 18:00, Eurozone November HCPI, core HCPI, unemployment rate - December 3, 21:15, US November ADP employment - December 4, 20:30, US November Challenger job cuts; 21:30, US November 29 weekly initial jobless claims - December 5, 23:00, US November PCE, core PCE [3]

Report Industry Investment Rating - No relevant content provided Core View - The MA2601 contract is expected to fluctuate in the range of 2100 - 2200 in the short term. The port inventory has a potential to accumulate due to the expected high volume of incoming vessels, but the unloading time is uncertain as some vessels are affected by cargo quality. The demand side shows that the load of olefin enterprises in East China has increased, and the olefin industry's weekly average operating rate is expected to continue to rise [2] Summary by Directory Futures Market - The closing price of the main methanol contract is 2132 yuan/ton, down 4 yuan/ton; the 1 - 5 spread is -100 yuan/ton, down 4 yuan/ton. The main contract's open interest is 978,569 lots, down 25,153 lots; the net long position of the top 20 futures holders is -196,042 lots. The number of warehouse receipts is 3,800 [2] Spot Market - The price in Jiangsu Taicang is 2115 yuan/ton, up 15 yuan/ton; in Inner Mongolia, it is 1995 yuan/ton, up 2.5 yuan/ton. The East - Northwest price spread is 105 yuan/ton, down 2.5 yuan/ton; the basis of the main Zhengzhou methanol contract is -17 yuan/ton, up 19 yuan/ton. The CFR price at the main Chinese port is 247 dollars/ton, up 1 dollar/ton; in Southeast Asia, it is 317 dollars/ton. The FOB price in Rotterdam is 260 euros/ton. The price spread between the Chinese main port and Southeast Asia is -70 dollars/ton, up 1 dollar/ton [2] Upstream Situation - The NYMEX natural gas price is 4.89 dollars/million British thermal units, up 0.03 dollars/million British thermal units [2] Industry Situation - The inventory at East China ports is 93.75 tons, down 8.03 tons; at South China ports, it is 42.6 tons, down 3.55 tons. The methanol import profit is -19.78 yuan/ton, down 3.44 yuan/ton. The monthly import volume is 161.26 tons, up 18.57 tons. The inventory of inland enterprises is 373,700 tons, up 15,000 tons. The operating rate of methanol enterprises is 89.09%, up 0.32% [2] Downstream Situation - The operating rate of formaldehyde is 42.98%, up 0.97%; of dimethyl ether, it is 7.88%, up 2.19%; of acetic acid, it is 73.06%, up 3.47%; of MTBE, it is 69.97%. The operating rate of olefins is 89.93%, up 0.28%. The on - paper profit of methanol - to - olefins is -786 yuan/ton, up 25 yuan/ton [2] Option Market - The 20 - day historical volatility of methanol is 19.87%, down 0.57%; the 40 - day historical volatility is 20.52%, down 0.03%. The implied volatility of at - the - money call options and put options for methanol is 19.67%, down 0.24% [2] Industry News - As of November 26, the inventory of Chinese methanol sample production enterprises was 37.37 tons, up 1.50 tons or 4.19% from the previous period; the pending orders of sample enterprises were 23.07 tons, down 1.56 tons or 6.34%. The total inventory at Chinese methanol ports was 136.35 tons, down 11.58 tons from the previous period. As of November 27, the capacity utilization rate of domestic methanol - to - olefin plants was 91.01%, up 0.9% [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - EB261 rebounded after a decline, closing at 6,564 yuan/ton. Styrene production and capacity utilization decreased month-on-month. Downstream operating rates varied, with a slight decline in the consumption of downstream EPS, PS, and ABS. Factory and port inventories changed differently, and the de-stocking pace slowed down. Losses in non-integrated processes decreased, while profits in integrated processes deepened. With the recent launch of a 200,000-ton new device in Dongming and the restart of a 600,000-ton device at Lianyungang Petrochemical this week, domestic styrene supply is expected to recover. The impact of styrene maintenance in December will gradually weaken, and the capacity utilization rate is expected to rise. In the short term, the load on the downstream demand side will be slightly adjusted, with little overall change. The tight balance between supply and demand of styrene may gradually turn into a loose balance, weakening price support. In terms of cost, geopolitical uncertainties in Russia-Ukraine and US-Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December, with international oil prices fluctuating strongly recently. In the short term, EB2601 is expected to fluctuate, with daily K-line support around 6,400 and resistance around 6,620 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 6,564 yuan/ton, up 15 yuan; the trading volume was 396,054 lots, up 125,956 lots; the long positions of the top 20 holders were 320,590 lots, up 4,091 lots; the net long positions of the top 20 holders were -40,233 lots, up 6,230 lots; the short positions of the top 20 holders were 360,823 lots, down 2,139 lots; the total number of warehouse receipts was 0 lots, unchanged [2]. Spot Market - The spot price of styrene was 6,656 yuan/ton, unchanged; the FOB Korea intermediate price was 810 US dollars/ton, down 1 US dollar; the CFR China intermediate price was 820 US dollars/ton, down 1 US dollar; the mainstream price in the Northeast region was 6,375 yuan/ton, unchanged; the mainstream price in the South China region was 6,785 yuan/ton, down 5 yuan; the mainstream price in the North China region was 6,505 yuan/ton, down 35 yuan; the mainstream price in the East China region was 6,600 yuan/ton, down 5 yuan [2]. Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 741 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 721 US dollars/ton, unchanged; the CIF Northwest Europe intermediate price was 643 US dollars/ton, up 1.5 US dollars; the FD US Gulf price was 457 US dollars/ton, down 6 US dollars; the CIF price of pure benzene in Taiwan was 658 US dollars/ton, down 3.33 US dollars; the FOB price of pure benzene in the US Gulf was 273 cents/gallon, unchanged; the FOB price of pure benzene in Rotterdam was 714 US dollars/ton, down 6 US dollars; the market price of pure benzene in the South China market was 5,300 yuan/ton, unchanged; the market price of pure benzene in the East China market was 5,320 yuan/ton, down 35 yuan; the market price of pure benzene in the North China market was 5,270 yuan/ton, unchanged [2]. Industry Situation - The overall styrene production from November 21st to 27th was 334,700 tons, a decrease of 2.39% from the previous period; the factory capacity utilization rate was 67.29%, a month-on-month decrease of 1.66%. The consumption of downstream EPS, PS, and ABS from November 21st to 28th was 268,800 tons, a month-on-month decrease of 0.3%. As of November 27th, the styrene factory inventory was 190,400 tons, a week-on-week increase of 1.24%. As of December 1st, the styrene inventory at East China ports was 160,600 tons, a week-on-week decrease of 2.19%; the inventory at South China ports was 9,500 tons, a week-on-week decrease of 39.1% [2]. Downstream Situation - The operating rate of EPS was 54.75%, down 1.52 percentage points; the operating rate of ABS was 71.2%, down 1.2 percentage points; the operating rate of PS was 57.6%, up 1.7 percentage points; the operating rate of UPR was 37%, unchanged; the operating rate of styrene-butadiene rubber was 75.99%, up 1.23 percentage points [2]. Industry News - From November 21st to 27th, the overall production of Chinese styrene factories was 334,700 tons, a decrease of 2.39% from the previous period; the factory capacity utilization rate was 67.29%, a month-on-month decrease of 1.66%. From November 21st to 28th, the consumption of styrene downstream EPS, PS, and ABS was 268,800 tons, a month-on-month decrease of 0.3%. As of November 27th, the styrene factory inventory was 190,400 tons, a week-on-week increase of 1.24%. As of December 1st, the styrene inventory at East China ports was 160,600 tons, a week-on-week decrease of 2.19%; the inventory at South China ports was 9,500 tons, a week-on-week decrease of 39.1%. As of November 26th, the non-integrated profit of styrene was -159 yuan/ton, and the integrated profit was 208.76 yuan/ton [2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The short - term price of Zhengzhou jujube futures may remain weak. The market acceptance of general - quality jujubes is poor, and downstream merchants make purchases as needed. The inventory of 36 sample points has increased, and follow - up attention should be paid to the acquisition progress of the remaining goods in each production area [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main jujube futures contract is 9,110 yuan/ton, with a week - on - week increase of 55; the main contract position is 93,633 lots, with a week - on - week decrease of 5,350 [2]. - The net long position of the top 20 futures holders is - 13,922 lots, with a week - on - week increase of 2,180; the number of warehouse receipts is 516, with a week - on - week increase of 462; the total number of valid warehouse receipt forecasts is 928, with a week - on - week decrease of 462 [2]. Spot Market - The prices of jujube in various regions have generally declined. For example, the price of Kashgar jujube general goods is 6.15 yuan/kg, with a week - on - week decrease of 0.35; the wholesale price of first - grade grey jujube in Hebei is 4.3 yuan/jin, with a week - on - week decrease of 0.15 [2]. Upstream Market - The annual jujube output is 6.069 million tons, with an increase of 3.187 million tons; the planting area is 1.993 million hectares, with a decrease of 41,000 hectares [2]. Industry Situation - The national jujube inventory is 10,848 tons, with an increase of 518 tons, a week - on - week increase of 5.01% and a year - on - year increase of 90.32%; the monthly jujube export volume is 2,205,220 kg, with a decrease of 78,451 kg; the cumulative monthly jujube export volume is 25,753,622 kg, with an increase of 2,205,220 kg [2]. Downstream Situation - The cumulative quarterly sales volume of jujubes of Hao Xiang Ni is 36,480.43 tons, with a decrease of 2,981.06 tons; the cumulative year - on - year jujube production growth rate is 1.47%, with a decrease of 34.59 percentage points [2]. Industry News - The Hebei Cuierzhuang market mainly trades new jujubes. After the new - season harvest, jujubes are gradually sent back to the factory for processing. The prices of new - season jujubes vary greatly. The成交 price is trending weakly, and downstream merchants make purchases as needed [2]. - The Guangdong Ruyifang market has 5 trucks of jujubes arriving, with sufficient supply. Some holders sell at a discount to avoid storage costs [2]. - In the Xinjiang main production area, the acquisition in Hotan, Qiemo, and Ruoqiang has ended. In Aksu, about 80% of jujubes have been sold; in Alar, about 60 - 70% have been sold. The acquisition progress in the Third Division is about 20%, and in Maigaiti, it is about 30 - 40%. The prices in the production area are trending weakly [2].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - For alumina, suggest light - position oscillatory trading, control rhythm and trading risks due to factors like supply and demand changes and technical indicators [2]. - For electrolytic aluminum, recommend light - position oscillatory trading, pay attention to rhythm and trading risks considering supply - demand situation and option market sentiment [2]. - For cast aluminum alloy, advocate light - position oscillatory trading, control rhythm and trading risks based on raw material supply, supply - demand and technical analysis [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Aluminum - related Contracts**: The closing price of the Shanghai aluminum main contract is 21,910 yuan/ton, up 45 yuan; the main - second - consecutive contract spread is - 75 yuan, up 10 yuan. The main contract position of Shanghai aluminum is 258,440 hands, down 7,183 hands. The LME aluminum three - month quotation is 2,888 US dollars/ton, up 23 US dollars; the LME aluminum inventory is 537,900 tons, down 1,150 tons. The Shanghai - London ratio is 7.59, down 0.05 [2]. - **Alumina Contracts**: The closing price of the alumina futures main contract is 2,670 yuan/ton, down 7 yuan; the main - second - consecutive contract spread is - 85 yuan, up 1 yuan. The main contract position of alumina is 358,708 hands, down 1,212 hands [2]. - **Cast Aluminum Alloy Contracts**: The closing price of the cast aluminum alloy main contract is 21,095 yuan/ton, up 40 yuan; the main - second - consecutive contract spread is - 115 yuan, down 60 yuan. The main contract position is 15,759 hands, up 12,052 hands [2]. 3.2 Spot Market - **Aluminum Spot**: The price of Shanghai Non - ferrous Network A00 aluminum is 21,730 yuan/ton, up 280 yuan; the price of Yangtze River Non - ferrous Market AOO aluminum is 21,730 yuan/ton, down 40 yuan. The Shanghai Material Trade aluminum premium/discount is - 60 yuan, unchanged. The LME aluminum premium/discount is - 27.51 US dollars/ton, down 1.56 US dollars [2]. - **Alumina Spot**: The alumina spot price of Shanghai Non - ferrous is 2,770 yuan/ton, unchanged. The average price (tax - included) of ADC12 aluminum alloy ingots nationwide is 21,500 yuan/ton, unchanged [2]. - **Base - related Data**: The base of cast aluminum alloy is 405 yuan/ton, down 305 yuan; the base of electrolytic aluminum is - 180 yuan/ton, up 235 yuan; the base of alumina is 100 yuan/ton, up 7 yuan [2]. 3.3 Upstream Situation - **Alumina Production and Supply - demand**: The monthly output of alumina is 786.50 million tons, down 13.40%. The demand for alumina (electrolytic aluminum part) is 730.23 million tons, up 25.92 million tons. The supply - demand balance of alumina is 37.98 million tons, down 8.87 million tons [2]. - **Aluminum Scrap Trade**: The average price of crushed raw aluminum in Foshan metal scrap is 17,150 yuan/ton, up 200 yuan; in Shandong metal scrap is 16,700 yuan/ton, up 150 yuan. China's import of aluminum scrap and fragments is 158,360.01 tons, up 2,945.61 tons; export is 32.46 tons, down 36.08 tons [2]. - **Alumina Import and Export**: The export of alumina is 18.00 million tons, down 7.00 million tons; the import is 18.93 million tons, up 12.93 million tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The import of primary aluminum is 248,261.37 tons, up 4,462 tons; the export is 24,573.56 tons, down 4,396.36 tons. The total production capacity of electrolytic aluminum is 4,523.20 million tons, unchanged. The production of electrolytic aluminum is affected by winter environmental protection and seasonal demand, showing a slight decline [2]. - **Aluminum Products**: The monthly output of aluminum products is 569.40 million tons, down 20.60 million tons. The export of unwrought aluminum and aluminum products is 50.00 million tons, down 2.00 million tons [2]. - **Recycled Aluminum Alloy**: The production of recycled aluminum alloy ingots is 60.83 million tons, down 4.82 million tons. The export of aluminum alloy is 3.09 million tons, up 0.74 million tons [2]. 3.5 Downstream and Application - **Automobile Industry**: The monthly output of automobiles is 327.90 million vehicles, up 5.25 million vehicles [2]. - **Real Estate**: The National Housing Prosperity Index is 92.43, down 0.34 [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum is 10.66%, down 0.30%; the 40 - day historical volatility is 10.72%, down 0.01%. The implied volatility of the Shanghai aluminum main - contract at - the - money IV is 10.04%, up 0.0081. The call - put ratio is 1.69, up 0.0507 [2]. 3.7 Industry News - The US November ISM manufacturing PMI index dropped 0.5 points to 48.2, below the boom - bust line of 50 for nine consecutive months [2]. - In November, BYD's new - energy vehicle sales were 480,200 units. Zero - Run's total delivery reached 70,327 units, up over 75% year - on - year. Other auto companies also had different sales performances [2]. - French President Macron will visit China from December 3 - 5 [2]. - The production schedule of the three major white - goods in December 2025 is 30.18 million units, down 14.1% compared with the same period last year [2]. 3.8 Alumina View Summary - The alumina main contract oscillates downward, with decreasing positions, spot premium, and strengthening basis. Supply may gradually converge due to profit issues, and demand shows some resilience. Suggest light - position oscillatory trading [2]. 3.9 Electrolytic Aluminum View Summary - The Shanghai aluminum main contract oscillates stronger, with decreasing positions, spot discount, and strengthening basis. Supply decreases slightly, and demand has some resilience due to end - of - year factors. The option market sentiment is bullish. Recommend light - position oscillatory trading [2]. 3.10 Cast Aluminum Alloy View Summary - The cast aluminum main contract oscillates, with increasing positions, spot premium, and weakening basis. Supply may decline due to raw material shortage, and demand has some support from end - of - year consumption. Suggest light - position oscillatory trading [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On December 2nd, the manganese - silicon 2601 contract was reported at 5722, up 0.07%. The spot price of Inner Mongolia silicon - manganese was reported at 5520. Considering macro - factors, the US ISM manufacturing PMI index in November dropped 0.5 points to 48.2, staying below the 50 boom - bust line for nine consecutive months. Fundamentally, inventory rebounded rapidly, production continued to decline slightly from a high level, and inventory increased for 9 consecutive weeks. In terms of cost, the port inventory of imported manganese ore increased by 330,000 tons. On the demand side, hot metal production declined seasonally. The spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia it was - 410 yuan/ton. The final price of Hebei Iron and Steel Group's silicon - manganese in November was 5820 yuan/ton, unchanged from the previous month. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was expected to be volatile [2]. - On December 2nd, the silicon - iron 2603 contract was reported at 5448, up 0.04%. The spot price of Ningxia silicon - iron was reported at 5200. Macro - wise, as of November 26th, the coal inventory of the national unified - regulated power plants exceeded 2.3 billion tons, with an available days of about 35. In terms of supply and demand, market transactions were mainly for terminal rigid - demand restocking, and prices declined. The inventory continued to decrease this period. The spot profit in Inner Mongolia was - 270 yuan/ton, and in Ningxia it was - 525 yuan/ton. In the market, the tender price of Hebei Iron and Steel's 75B silicon - iron in November was 5680 yuan/ton, 20 yuan/ton higher than the previous round. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was expected to be volatile [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price: 5724 yuan/ton, up 112 yuan; SF (silicon - iron) main contract closing price: 5466 yuan/ton, up 76 yuan [2]. - SM futures contract holding volume: 658,779 hands, down 5617 hands; SF futures contract holding volume: 482,043 hands, up 6290 hands [2]. - Manganese - silicon top 20 net holding volume: - 24,616 hands, up 179 hands; Silicon - iron top 20 net holding volume: - 22,000 hands, down 757 hands [2]. - SM 5 - 1 month contract spread: 44 yuan/ton, down 2 yuan; SF 5 - 1 month contract spread: 0 yuan/ton, down 8 yuan [2]. - SM warehouse receipts: 15,851 pieces, up 1093 pieces; SF warehouse receipts: 11,316 pieces, down 71 pieces [2]. 3.2 Spot Market - Inner Mongolia and Guizhou manganese - silicon FeMn68Si18: 5520 yuan/ton, unchanged; Yunnan manganese - silicon FeMn68Si18: 5550 yuan/ton, unchanged [2]. - Inner Mongolia silicon - iron FeSi75 - B: 5250 yuan/ton, unchanged; Qinghai silicon - iron FeSi75 - B: 5150 yuan/ton, unchanged; Ningxia silicon - iron FeSi75 - B: 5200 yuan/ton, unchanged [2]. - Manganese - silicon index average: 5499 yuan/ton, down 16.75 yuan; SF main contract basis: - 266 yuan/ton, down 76 yuan; SM main contract basis: - 204 yuan/ton, down 112 yuan [2]. 3.3 Upstream Situation - South African ore (Mn38 block, Tianjin Port): 32 yuan/ton - degree, unchanged; Silica (98%, Northwest): 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1250 yuan/ton, down 50 yuan; Lanthanum charcoal (medium - sized, Shenmu): 890 yuan/ton, up 10 yuan [2]. - Manganese ore port inventory: 4.263 million tons, unchanged [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate: 385.09%, up 345.96 percentage points; Silicon - iron enterprise operating rate: 33.41%, down 0.40 percentage points [2]. - Manganese - silicon supply: 194,775 tons, down 2135 tons; Silicon - iron supply: 107,200 tons, down 1100 tons [2]. - Manganese - silicon manufacturer inventory: 368,000 tons, up 5000 tons; Silicon - iron manufacturer inventory: 71,830 tons, down 1220 tons [2]. - Manganese - silicon national steel mill inventory (monthly, days): 15.84 days, up 0.14 days; Silicon - iron national steel mill inventory (monthly, days): 15.80 days, up 0.13 days [2]. 3.5 Downstream Situation - Five major steel types' manganese - silicon demand: 121,727 tons, up 320 tons; Five major steel types' silicon - iron demand: 19,660 tons, up 117 tons [2]. - 247 steel mills' blast furnace operating rate: 81.07%, down 1.10 percentage points; 247 steel mills' blast furnace capacity utilization rate: 87.96%, down 0.60 percentage points [2]. - Crude steel production (monthly): 71.997 million tons, down 1.4931 million tons [2]. 3.6 Industry News - On December 1st, the purchase price of coke by mainstream steel mills in Hebei and Shandong was lowered. The price of wet - quenched coke was lowered by 50 yuan/ton, and that of dry - quenched coke was lowered by 55 yuan/ton [2]. - The US ISM manufacturing PMI index in November dropped 0.5 points to 48.2, staying below the 50 boom - bust line for nine consecutive months, with the largest contraction in four months [2]. - Jiang Wei, the deputy secretary of the Party Committee, vice - president and secretary - general of the China Iron and Steel Industry Association, stated that the total steel demand has entered a downward period, and the cost pressure is extremely high. Chinese steel and Hebei steel should focus on high - end, green, intelligent and integrated development [2]. - Liaoning released the "14th Five - Year Plan" proposal, which mentioned strengthening the clean and efficient use of fossil energy, actively promoting the transformation and upgrading of coal - fired power and the replacement of scattered coal, and promoting the peak of coal and oil consumption [2].

Report Summary 1. Industry Investment Rating - No investment rating is provided in the report. 2. Core View - The current supply - demand situation in the domestic cotton (yarn) market remains loose. The new cotton delivery is almost finished, but the sales progress is slow, and the port inventory is high. The downstream demand has not improved significantly, with fewer new orders for spinning mills and slower yarn sales. Future attention should be paid to the improvement of actual restocking willingness and macro - dynamics [2]. 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closed at 13,800 yuan/ton, up 35 yuan; cotton futures top 20 net positions were - 125,271 lots, down 682 lots; main contract cotton positions were 544,158 lots, down 2785 lots; cotton warehouse receipts were 2499, up 96. The main contract of cotton yarn closed at 20,005 yuan/ton, down 40 yuan; cotton yarn futures top 20 net positions were - 696 lots, up 215 lots; main contract cotton yarn positions were 5997 lots, down 546 lots; cotton yarn warehouse receipts were 14, unchanged [2]. 3.2 Spot Market - The China Cotton Price Index (CCIndex:3128B) was 14,980 yuan/ton, up 44 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,770 yuan/ton, unchanged. The 1% tariff - based FCIndexM was 12,956 yuan/ton; the sliding - duty FCIndexM was 13,941 yuan/ton, up 9 yuan. The arrival price of imported pure - combed 32 - count cotton yarn was 20,984 yuan/ton, down 4 yuan; the arrival price of imported pure - combed 32 - count cotton yarn was 22,240 yuan/ton, down 5 yuan [2]. 3.3 Upstream Situation - The national cotton sown area was 2838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 540,000 tons [2]. 3.4 Industry Situation - The cotton - yarn price difference was 5790 yuan/ton, down 44 yuan; the national industrial cotton inventory was 785,000 tons, down 76,000 tons; the monthly import volume of cotton was 90,000 tons, down 10,000 tons; the monthly import volume of cotton yarn was 140,000 tons, up 10,000 tons; the daily profit of imported cotton was 995 yuan/ton, up 31 yuan; the national commercial cotton inventory was 2.9306 million tons, up 1.9089 million tons [2]. 3.5 Downstream Situation - The inventory days of yarn were 26.12 days, up 1.27 days; the inventory days of grey cloth were 31.97 days, up 0.85 days; the monthly output of cloth was 2.62 billion meters, down 180 million meters; the monthly output of yarn was 2.001 million tons, down 73,000 tons; the monthly export value of clothing and clothing accessories was 11003480.43 million US dollars, down 1449766.57 million US dollars; the monthly export value of textile yarns, fabrics and products was 11258418.92 million US dollars, down 708097.08 million US dollars [2]. 3.6 Option Market - The implied volatility of at - the - money call options for cotton was 8.02%, up 0.62%; the implied volatility of at - the - money put options for cotton was 7.91%, up 0.51%; the 20 - day historical volatility of cotton was 6.27%, up 0.06%; the 60 - day historical volatility of cotton was 7.32%, down 0.41% [2]. 3.7 Industry News - As of November 30, 2025, the cumulative notarized inspection of cotton by national cotton processing enterprises was 19045387 bales, totaling 4.299376 million tons, a year - on - year increase of 18.72%. The cumulative notarized inspection of Xinjiang cotton was 4.229727 million tons, a year - on - year increase of 19.93%. ICE cotton futures fell on Monday, with the March contract down 0.08 cents, or 0.12%, to settle at 64.63 cents per pound [2].